If you thought home prices have really surged in Calgary over the past year, six nearby spots where smaller spikes in their yearly detached benchmark price have been recorded might be for you.
The Calgary Real Estate Board (CREB) outlined in its October statistics package that when you compare the rise in detached benchmark prices in cities and towns around Calgary, YYC surpasses six nearby spots over the past year.
Calgary’s benchmark price of detached homes increased 8.1% year over year to $753,900.
YYC was only trumped by High River, which has seen a 9.4% year-over-year rise to hit $565,400.
Both Okotoks and Canmore saw a smaller year-over-year jump, both with a 7.3% spike to hit benchmark averages for a detached home at $698,500 and $1,632,400, respectively.
Next is Chestermere, which rose 6.6% to $800,000, followed by Strathmore, which increased 6.5% year-over-year to $540,000.
The spots that have seen the lowest year-over-year increase are Cochrane and Airdrie, with both spots going up by 6.3% and a detached home costing $671,500 and $644,700, respectively.
CREB
In its report on Calgary’s housing market, the CREB says sales in October were 2,174, an increase from September, and stood a whopping 24% above long-term trends for the month.
“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, chief economist at CREB.
“However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller’s market conditions in the lower to mid-price ranges of each property type.”
The CREB added that adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67% sales-to-new listings ratio, and the months of supply vary significantly by price range and property type.
“For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type,” the board added.