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.
From 2003 - 2007, average Calgary real estate home prices rose by 118 per cent. Following the 2008 recession the market became sluggish, with a correction in both home and condo price gains realized in the earlier boom.
2012 marked a breakout year for Calgary real estate, with the highest number of sales since 2007 and a new high for average home prices.
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).
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).
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 real estate listing sells in under 6 weeks. 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 February 2014
- Average single family home selling price: $549,372 up 6% from last year. The median Calgary house price was $480,000, up 10% from the same period in 2013
- Average condo selling price: $348,994, up 13% from the same period last year. The median Calgary condo price was $315,000 up 15% from the same period last year
- Average Days on Market (DOM): 29 Days for Single Family Calgary home listings sold (vs. 37 days last February). The average DOM for Calgary condo listings sold was 30 days (vs. 41 days last February)
- Total combined Calgary sales (houses + condos): 1,863 properties, up 9% from last February. There were 1,238 Calgary homes sold, a 2% increase, and 625 Calgary condos sold, up 25% from the same period last year
- Combined Calgary listing inventory is currently 1.6 months of supply, 19% fewer listings than same time last year. Calgary home listing inventory sit at 1.5 months, while condo listing inventory is now 1.6 months, indicating a continued seller's market in Calgary
- February Sales-to-new listing ratio was 69% for Calgary homes vs 65% last February. Calgary condo sales-to-new listing ratio was 62% vs 44% last February
- February Sales-to-active listing ratio was 65% for Calgary condos vs 50% last February. Calgary condo sales-to-active listing ratio was 55% vs 35% last February
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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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