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Seller's Market Condition Persist - Calgary Real Estate News September 2013

Posted by Mark Sadiua on Thursday, September 12th, 2013 at 6:01pm.

Seller’s market conditions persist, pushing up prices

Despite recent flooding, Calgary's housing market continues to push forward thanks in large part to a strong economy, solid labour market, rising population and continuing attractive affordability.

Housing trends and affordability reports showed monthly resale activity increased for six straight months, while affordability levels in Calgary continue to be among the better in Canada.

Summer sales have remained strong in Calgary as seller's market conditions persist and push up prices.

Residential sales within city limits totaled 2,196 units, representing a 27.5 per cent increase over 2012 and 8.8 per cent on a year-to-date basis. The level of transactions was well above long-term trends for the month.

Single-family sales totaled 1,517 units in August, a 30 per cent increase over the previous year.

Sales activity has grown by 5.4 per cent, slightly stronger than anticipated.

Condominium sales also rose as year-to-date condominium apartment sales totaled 2,823 units, a 13.7 per cent increase over the previous year.

Meanwhile, the condominium townhouse market, like the single-family market, not only recorded strong sales growth but also saw a rise in new listings. Year-to-date sale and new listings increased at a respective 21.4 and 2.6 per cent.

Housing demand has been supported by another year of strong migration levels, improving employment and wage growth.

While recent increases in lending rates may require purchasers to adjust their expectations, Calgary remains a relatively affordable Canadian city. Calgary's affordability, combined with a positive economic outlook is expected to support demand growth for the remainder of the year.

 

Calgary Single Home Statistics

Total Calgary Homes
2,791
Average Price of Calgary Homes
$517,234
Average Days on Market
37
Total Sales
1,517

Calgary Condo Statistics

Total Calgary Condos
690
Average Price of Calgary Condos
$297,807
Average Days on Market
397
Total Sales  

Calgary Townhouse Statistics

Total Calgary Townhouse
417
Average Price of Calgary Townhouse
$331,793
Average Days on Market
34
Total Sales
282

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Re/Max, CREB Certified Condominium Specialist