The last ten years have been a pretty heady time for Calgary home and condo owners. Between 2003 and 2007, home prices in Calgary increased by an exhilarating 118%. Then, the market ground to a near halt during the recession of 2008. Thanks to a buoyant economy, demand for real estate and prices have been steadily gathering steam. 2012 was a boom year, and home sales were the highest they’d been since 2007.
In 2012, the average price for a single family dwelling in Calgary reached a new high – $428,649. This trend continued into 2013 and house sales were up 11% over 2012. House prices increased 7.1% over the previous year and the median house price in Calgary rose to $450,000 in 2013. Condo values have also been continually increasing. The median price increased 6.3% to $284,000 in 2013.
So, what can you expect for the remainder of 2014?
The Calgary Real Estate Board (CREB) forecasts that home sales will be up 2.4% this year, and condo sales will increase by 6.4%. House prices will show a more modest increase than previous years and are expected to increase by 3.8%. The median house price will reach $481,113. Condo values will increase 5.3% to $303,606. In January of this year, the average house price in Calgary was $520,686.
Calgary is still one of Canada’s most desirable cities to live in and the strength of the oil and gas industry will help to ensure that Calgary will continue to be a great place to invest in real estate for many years to come. People continue to move to the region from all parts of Canada for jobs in the oil and gas industry and that continues to fuel demand for real estate. The average home in Calgary sells in 6 weeks and really hot properties are selling in just one day.
By Patrick Murray Join me on Google+