Calgary Real Estate Market Trends
Calgary has long been considered one of the best cities in Canada to live. In the past 10 years, the strength of the area's oil & gas economy have created an incredible environment for lifestyle and real estate investment, a trend analysts expect to continue for years to come.
Summary of Calgary Housing Statistics for October 2014
- The Median Calgary House Sale Price was $490,000 up 8% from October 2013
- The Average Calgary house sale price was $555,201 up 8% vs. same period last year
- The Median Calgary Condo sale price was $313,250 up 6% vs. same period last year
- The Average Calgary condo sale price was $345,897 up 4% from Sept 2013
- Average Days on Market (DOM) was 36 Days for Calgary homes sold vs. 38 days last year. Average DOM for Calgary condo listings was 38 days vs. 43 days last October
- There were 2,149 properties sold on the Calgary MLS® System in October 2014, 10% higher than the same period last year *metro Calgary homes & condos combined*. 1,463 Calgary homes sold last month, 10% more than last October. 686 Calgary condos sold, 11% more than the same period last year *Sales reflect residential metro Calgary MLS® system sales only*
- Metro Calgary Real Estate listing Inventory is currently 2.1 months worth of supply, 16% more listings than the same time last year. Calgary home listing inventory is now at 1.9 MOI *months of inventory* (vs. 2.0 MOI last Oct). Calgary Condo listing inventory is currently 2.4 MOI vs. 1.8 MOI last October. Last month 53% of all Calgary homes listings & 41% of all condos listed on the Calgary MLS® System sold.
- Calgary SF home Sales to new listing ratio was 78% vs 77% last October. Calgary condo Sales to new listings ratio was 66% vs 79% last October.
- The seller's market Calgary property owners enjoyed earlier this year is growing more balanced, however record home prices continue as migration growth fuels competition for the limited supply of available property, a reflection of the strong economic growth being experienced in the city of Calgary.
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2014 Market Trends
The Calgary Real Estate Board (CREB®) predicted 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).
November 2014 Update: Calgary's real estate market is well ahead of the projected CREB® forecast, both for number of sales and increases in selling price.
The median price of a Calgary home is now $490,000, an 8% increase from the same period last year *median price*. Sales of Calgary homes have increased 7% YTD vs the same period last year. Meanwhile, the median price of a Calgary condo has increased to $313,250, up 6% vs 2013 on the back of 20% increase in condo sales.
2013 Market Trends
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 Market Trends
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 Market Trends
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.
2003-2007 Market Trends
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 35 days *Sept 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.
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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