If you have peeked at the Calgary real estate market over the past year, you may have noticed that house prices have spiked, and two spots in the city have risen.
The CREB added that rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17% below last year’s record high. Despite the decline, sales this month were still over 16% higher than levels traditionally achieved in September.
Looking at which districts are seeing the biggest jumps in house prices, east Calgary leads the charge, increasing by a whopping 13% year-over-year to $437,500. It is followed by northeast Calgary, which saw a 9.5% jump year-over-year to $526,800.
The smallest year-over-year increase was observed in the city centre, where prices rose just 2.3% to a benchmark price of $603,100.
CREB
“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.”
Lurie added that improved supply combined with lower lending rates is set to keep demand in YYC strong throughout the fall, and the market will be dropping the extreme seller conditions that contributed to the rapid price growth earlier this year.
New listings in September rose to 3,687 units, the highest September total since 2008.
If you were curious about how Calgary stacks up in the detached housing market, there are numerous nearby cities that are surpassing YYC in year-over-year price increases. Yikes!