Resale prices soar within Calgary
It looks as though Calgary’s real estate market is on the upswing.
Several communities had substantial price increases and sales from January to the end of October compared to the same period last year, says the Calgary Real Estate Board.
More than 61 per cent saw increases in the average number of sales, with Collingwood leading the way with a whopping 220 per cent increase.
When it came to price increases, the southwest neighbourhood of Shaganappi took centre stage with average price increases of 140 per cent compared to 2010.
Chinook Park, Downtown, Elboya and Scarboro were the areas of next highest increases, averaging price hikes of almost 33 per cent.
“A boost in full-time jobs throughout the year is gradually translating into improved sales in the real estate sector,” says CREB president Sano Stante in a news release. “Consumers are taking advantage of price stability and a healthy variety of selection. While these gains are moderate, we are set to outpace 2010 sales.”
Calgary residential sales totalled 16,184 after the first 10 months of the year — an increase of more than eight per cent compared to the same period last year.
Almost 75 per cent of those sales were single-family homes totalling 11,503, a 10-per-cent increase compared to last year.
Meanwhile, condo sales from January to the end of October lagged behind the pace for single-family homes, increasing three per cent compared to the same period last year.
Average condo prices experienced a slight decline, mostly due to increased sales in units priced under $200,000.
“Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year,” says Stante.
LUXURY SALES RISE
Sales of luxury single-family resale homes increased within October, says the Calgary Real Estate Board.
Sales of such homes were on the rise, boosting the average price of single-family homes for October to $455,399. The median price was $395,000.