If you thought home prices have really surged in Calgary over the past year, four nearby cities have seen an even larger spike in their detached benchmark price.
The Calgary Real Estate Board (CREB) outlined in its September statistics package that when you compare detached benchmark prices in cities around Calgary, the price explosion in four even eclipses what YYC has seen over the past year.
Calgary has seen an 8.8% year-over-year increase in the benchmark price of detached homes, settling at $757,100.
That rise is trumped by four surrounding communities starting with Cochrane, which has seen a 9.3% year-over-year rise to hit $681,800.
Next up is Okotoks, which landed at a 10% spike year-over-year to hit $713,400, then Canmore with a 10.2% jump with the benchmark average for a detached home at a whopping $1,674,900.
The spot that has seen the highest year-over-year increase is High River, with a 10.5% swell and a detached home running you $571,200.
CREB
In its report on Calgary’s housing market, the CREB says sales in September were 2,003, 17% below last year’s record high. Despite that decline, sales were still over 16% higher than levels traditionally achieved in September.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, chief economist at CREB. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market.”
If rising home prices have you down, there’s at least one sliver of hope — a recent report from Ratehub.ca has found that the income required to buy a home has dropped significantly in Calgary.