Calgary Real Estate Update: November 25
(Calgary - November 2013): Calgary residential property sales climbed 14% in the first 24 days of November *versus the same period in 2012*.
Despite the seasonal slowdown in the market - associated with colder weather and the upcoming holidays - the Calgary Board's MLS® System recorded combined metro sales of 1,349 properties month-to-date *MTD*.
Calgary homes accounted for most of the increase in sales, with single family home sales seeing a 17% increase month-to-date *MTD* over 2012. Calgary condo sales rose 8% over last year. The median sale price of both Calgary homes and condos rose by 9% *MTD*.
To paraphrase CREB's chief economist Ann-Marie Lurie:
Price growth is related to stronger than unexpected demand factors such as migration growth & lack of rental product, combined with supply levels not keeping pace. In spite of the near double-digit price increases, only unadjusted single family prices have improved beyond peak pricing seen in 2007. The rise in number of new listings over the past 60 days has not outpaced demand growth, keeping the market in sellers conditions.
Calgary Home Sales
There were 946 Calgary home sales in the Nov 1-24th period, 17% higher than the same period last year
- Median single family home sale price $457,000 (9% increase vs 2012)
- Average single family home sale price $516,480 (6% increase vs 2012)
- Year-to-date average home sale price $517,407 (8% increase vs 2012)
Calgary Condo Sales
There were 403 Calgary condo sales in the Nov 1-24th period, 8% higher than the same period last year
- Median condo sale price $297,000 (9% increase vs 2012)
- Average condo sale price $330,186 (9% increase vs 2012)
- Year-to-date average condo sale price $318,260 (7% increase vs 2012)
Calgary Luxury Property Sales
Sales of luxury Calgary properties - $1,000,000 or more - grew 20% month-to-date vs 2012, with 42 sales registered to November 24th. Of the 42 sales, 37 million-dollar Calgary homes sold in the period (up 16%), while 5 million-dollar condos sales were recorded (up 67%).
There were 4 million-dollar-plus propertie sold in both Aspen Woods and Springbank Hill. Aspen Woods listings have been in high demand this month, with 8 properties worth more than $750,000 either sold or under contract MTD.
Year-to-date there have been 681 meto Calgary residential properties sold for one million dollars or more, 35% higher than the same time last year. Thre have been 614 Calgary homes sold for at least $1,000,000, 33% more than 2012, and 67 million-dollar-plus condos sold, a 116% increase over last year.
Calgary Quadrant Sales
Of the four quadrants in the city, Southwest Calgary saw the highest percentage of property sales, recording 35% of the total. 27% of the home sales and 53% of all Calgary condo sales MTD were in the SW corner of the city.
- Month-to-date median SW home sale price: $552,000 (up 8%)
- Month-to-date average SW home sale price: $651,650 (up 10%)
- Month-to-date median SW condo sale price: $320,000 (up 9%)
- Month-to-date average SW condo sale price: $362,434 (up 7%)
Northwest Calgaryaccounted for 32% of total sales. 35% of Calgary home sales and 28% of Calgary condo sales MTD were in the NW quadrant of the city.
- Month-to-date median NW home sale price: $490,000 (up 8%)
- Month-to-date average NW home sale price: $530,980 (up 7%)
- Month-to-date median NW condo sale price: $297,000 (up 7%)
- Month-to-date average NW condo sale price: $327,126 (up 13%)
Northeast Calgary recorded 14% of total sales. 16% of Calgary home sales and 7% of Calgary condo sales MTD were in the NE quadrant of the city.
- Month-to-date median NE home sale price: $327,000 (up 13%)
- Month-to-date average NE home sale price: $333,544 (up 12%)
- Month-to-date median NE condo sale price: $194,950 (up 24%)
- Month-to-date average NE condo sale price: $205,582 (up 26%)
19% of total sales were in Southeast Calgary. 22% of Calgary home sales and 13% of Calgary condo sales MTD were in the SE quarter of the city.
- Month-to-date median SE home sale price: $435,000 (up 9%)
- Month-to-date average SE home sale price: $460,584 (down 2%)
- Month-to-date median SE condo sale price: $271,500 (up 2%)
- Month-to-date average SE condo sale price: $274,191 (up 4%)
Calgary Rental Scams
Last week we had an inquiry from a woman who had been drawn into a scam for a Calgary rental property, this one involving parties looking to rent a 1,100 square foot home in Charleswood (NW Calgary). The "rental home" had been advertised on Craigslist, and was listed on the Calgary Board's MLS® System.
Here's the con artist's reply to the woman's inquiry:
When you get to the house there is a for sale sign in the house because my initial plan was to sell the house and I involved a local Realtor but I figure out that the Realtor was not honest with me and he has be inflating the sell price of the house, people has been finding it difficult to buy it due to the inflated price, due to this reason, I decided to put the house for rent, as soon as I find a tenant the for sale sign will be removed from the house and the house will not be for sale again It will only be available for rent provided I find a tenant good tenant.
In addition we all need to understand that there are many fake people on Craigslist, last time I lease my house I sent the keys first but the tenant never send my payment until I called the police to get him out, once bitten twice shy, I will not send my house keys to anyone until I get my payment first, If you don,t feel comfortable with this idea please don,t bother to contact me, I understand that most people might be nervous because they don,t know me but talk over the phone and also send Rental Agreement before any payment, so that the applicant can know It is all legit. I took all my time to send this to you because I don,t want a tenant that will waste my time.
If you don,t feel comfortable with my decision you can look for another house, get back to me as soon as you look at the house through the window the address is xxxx xx ST NW, Calgary, AB.
Thanks and God bless you.
ProTip: If you're about to rent a Calgary property, pull the title to the property and do your due diligence. The Property Title shows who the current owners are. No one other than the owner(s) have the authority to sign a tenancy agreement, unless a licensed property manager is handling leasing for the premises.
Please contact either the Calgary Police Service or the RCMP to report any questionable property rentals. Remember, if it seems too good to be true, it usually is. You're not going to rent an 1,100 sq ft home near the University for only $970 a month. Be careful out there!
If you're looking to sell or buy, do not hesitate to contact us.
We are prepared to work hard ensuring that your needs are met and that the result is more than you were hoping for. Nothing gives us more pleasure than your success and being with you through major life changes.