If you are on the hunt for a house in Calgary, one area is on the up.
Looking at which districts are seeing the biggest jumps in detached house prices over the past year, east Calgary leads the charge, increasing by a whopping 13.42% year-over-year to $532,500. It is the only area in the city that has seen its benchmark price spike more than 10%.
It is followed by south Calgary, which saw an 8.46% jump year-over-year to $720,200. The district that endured the third largest jump was city centre, with an 8.14% price increase to $955,000.
The smallest year-over-year increase was observed in north Calgary, where prices rose just 4.8% to a benchmark price of $679,900 for a detached house.
CREB
The CREB says year-over-year demand in Calgary remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20% above long-term trends for the month.
Experts point to supply as the reason for the significant shift. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.
“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, chief economist at CREB. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”
If rising home prices have you down, you aren’t alone. A recent report found that Calgarians are setting their eyes on Edmonton in the hopes of saving some cash when buying a house.