According to the Calgary Real Estate Board, single family house prices in Calgary increased 4.5 per cent, in part due to the slight decrease in new listings. New listings of single family homes were down almost 14 percent this August compared with August of last year. As a result of the decrease in new single family listings, many Calgary home buyers looked to condominiums or areas surrounding Calgary.
Residential home sales in areas around Calgary like Airdrie, Cochrane and Okotoks were very brisk with an increase of 42 per cent in August compared to last year. Although Calgary sales were not as active as surrounding areas, there was still a 10 per cent increase during the same period. Â The greatest number of sales in Calgary for the month of August was in the $200,000 to $299,999 price range with 388 sales.
The benchmark price for a single family home in August was $432,600, the price for a condominium apartment was $248,700 and a townhouse style condominium was $248,700.
Calgary continues to be an affordable city to live in compared to other Canadian cities, and although there was an increase in house prices this summer, single family homes are still $20,000 below peak 2007 levels. Calgary's affordability along with current economic growth expectations means a housing price correction is not expected.
Want to know more about the Calgary housing market? Calgary Realtor®, Marnie Campbell can tell you more.
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