Calgary Real Estate Market Trends
Calgary has long been considered on of the best cities to live in Canada. More recently, the strength of the area's oil & gas economy have created an excellent environment for real estate investment, a trend analysts expect to continue for many years.
The Calgary Real Estate Board (CREB®) predicts growth in sales to continue in 2014, projecting home sales to increase 2.4%, while condo sales will grow by 6.4%. CREB® anticipates Calgary home prices will increase 3.8% ($481,113), while Calgary condo prices are projected to rise 5.3% ($303,606).
June 2014 Update: The Calgary market is well ahead of the projected CREB® forecast, both for number of sales & increases in selling price.
The price of Calgary homes YTD 2014 is now $482,500, a 7.5% increase from same period last year *median price*. Sales of Calgary homes has increased 10% over the same period last year. At the same time, Calgary condo prices *median* have increased 11.5% YTD vs 2013 to $310,000 on the back of 19.4% increase in sales.
Higher prices & sales volume continued in 2013. Total Calgary sales rose 11% over 2012's numbers and both average & median home prices reached new record levels. The median price of a Calgary home rose 7.1% in 2013 ($450,000), while the median price for a Calgary condo increased 6.3% ($284,900).
2012 marked a breakout year for Calgary real estate, with the greatest number of sales since 2007 and a new record for average home prices.
2008 - 2011
2008 began much as 2007 had ended. Home & condo prices had experienced a slight downward correction following the 2005-2007 bubble, but demand was still strong and prices were stable. Following the collapse of Lehman Brothers in September 2008, the Calgary market became sluggish, with a 14% drop in Calgary home prices and a 20% correction in price of condos. Prices did begin to rise again mid-2009, but demand remained realtively weak until the end of 2011.
Back in 2003, the typical Calgary home was worth about $196,000 while the average Calgary condo cost less than $140,000. 2004 marked the year crude oil prices climbed above $40 per barrel, at which time Calgary's economic boom began.
The price of Calgary homes rose 26% by the end of 2005, condo prices increased by 35%. 2006 brought a staggering 47% increase in home prices vs the previous year, while condo prices rose 36% that year. By mid 2007, Calgary property prices, both homes and condos, had risen by 115% vs. the 2003 prices. The market at that point took a breather, even correcting slightly by Christmas time.
It's not just Calgary home for sale listings that are performing well, either. Alberta's booming economy attracts workers from all over the country in the oil and high tech sectors, pushing up demand for all types of property. Calgary is now second in the nation to Toronto for its concentration of corporate head offices, with investment return for downtown property commonly topping 50 per cent. Calgary is also the nation leader for industrial real estate return.
Property Market Trend
Calgary property is in high demand, and the average Calgary home is now selling in just 28 days *June 2014*. Many of the hottest properties only remain on the MLS® System a day or so before they are sold, as buyers seek to close the deal with as little competition as possible. If you're in the market for a Calgary home for sale, and want a leg up on other buyers, consider working with a qualified Calgary real estate agent - it's a decision that will save you considerable time and money.
Summary of Calgary Housing Statistics for June 2014
- Average single family home selling price: $562,382 up 7% from last year. The median Calgary house price was $490,000, up 9% from the same period in 2013
- Average condo selling price: $353,958, up 10% from the same period last year. The median Calgary condo price was $308,000 up 7% from the same period last year
- Average Days on Market (DOM): 28 Days for Single Family Calgary home listings sold (vs. 33 days last June). The average DOM for Calgary condo listings sold was 32 days (vs. 39 days last June)
- Total combined Calgary sales (houses + condos): 2,670 properties, up 16% from last June. There were 1,769 Calgary homes sold, a 9% increase, and 901 Calgary condos sold, up 33% from the same period last year
- Combined Calgary listing inventory is currently 1.8 months of supply, 4% more listings than same time last year. Calgary home listing inventory is now 1.8 months, while condo listing inventory is the same [1.8 months], indicating a strong seller's market in Calgary
- June Sales-to-new listing ratio was 68% for Calgary homes vs 76% last June
- Calgary condo sales-to-new listing ratio was 74% vs 79% last June
- June Sales-to-active listing ratio was 57% for Calgary homes vs 51% last June
- Calgary condo sales-to-active listing ratio was 57% vs 50% last June
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Please fill out our contact form, or call 403-703-2404 for assistance anytime you need to know more about Calgary real estate or any property that interests you. When you're ready to take the next step toward purchasing a home, we're here to help.
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