Calgary resale housing market sets all-time record for average sale price
February MLS sales eclipse prices set in boom of July 2007
CALGARY — Calgary’s resale housing market set an all-time average sale price record in February, eclipsing the mark which has stood since the boom in July 2007.
However, total sales in the market were down 1.21 per cent from the year before.
According to the Calgary Real Estate Board, the average MLS sale price for a single-family home during the month was $518,452, up 10.30 per cent from last year while the average price for overall MLS sales in the city was $457,120, up 7.46 per cent year-over-year.
The previous single-family home record high for average sale price was $506,671 in July 2007 and it was $452,589 in July 2007 as well for overall MLS sales in the city.
“Calgary’s housing market remains one of the most affordable in Canada and while other major centres have recently been experiencing slower sales activity Calgary is among the top markets in Canada for demand growth,” said Cody Battershill, a realtor with RE/MAX House of Real Estate.
“Alberta incomes continue to lead the country. This is all-around good news for the city as we continue to welcome a steady stream of new Calgarians to be a part of the energy that is Calgary. The city remains an amazing small, big city with one of the highest standards of quality of living in the world and unmatched economic opportunity across all of Canada.”
Total Calgary MLS sales of 1,711 in February were down 1.21 per cent from a year ago while single-family home sales fell by 5.62 per cent to 1,209.
In the condo apartment category, sales rose by 13.41 per cent to 279 but the average sale price dipped by 0.40 per cent to $287,830.
And in the condo townhouse sector, sales were up 8.78 per cent to 223 and the average sale price increased by 8.50 per cent to $336,406.
Benchmark prices, which CREB describes as typical properties sold, rose in all housing categories: total residential, 8.25 per cent, $396,100; single-family, 9.31 per cent, $442,500; condo apartment, 5.95 per cent, $252,900; and condo townhouse, 4.62 per cent, $283,000.
Prices during the month were buoyed by very strong activity in the luxury home market.
According to Mike Fotiou, associate broker with First Place Realty in Calgary, there were 63 properties that sold for $1 million or more during the month, a 50 per cent hike from last year, and a record amount for a February.
The month also had the $10.35 million sale of a home in Aspen Woods which set the all-time record for an MLS sale in the city.
“While the average price reflects record levels in Calgary, those numbers can be misleading,” said Becky Walters, president of CREB. “Last year there were more home sales in the higher-end segment of the Calgary market compared to 2007, and this trend has continued into 2013, causing the average price to rise above peak levels.”
The real estate board said it focuses on the benchmark price which is based on the attributes of the home including repeat sales. This pricing methodology provides a better indication of how prices for similar properties have trended over time, it said.
However, total sales in the market were down 1.21 per cent from the year before.
According to the Calgary Real Estate Board, the average MLS sale price for a single-family home during the month was $518,452, up 10.30 per cent from last year while the average price for overall MLS sales in the city was $457,120, up 7.46 per cent year-over-year.
The previous single-family home record high for average sale price was $506,671 in July 2007 and it was $452,589 in July 2007 as well for overall MLS sales in the city.
“Calgary’s housing market remains one of the most affordable in Canada and while other major centres have recently been experiencing slower sales activity Calgary is among the top markets in Canada for demand growth,” said Cody Battershill, a realtor with RE/MAX House of Real Estate.
“Alberta incomes continue to lead the country. This is all-around good news for the city as we continue to welcome a steady stream of new Calgarians to be a part of the energy that is Calgary. The city remains an amazing small, big city with one of the highest standards of quality of living in the world and unmatched economic opportunity across all of Canada.”
Total Calgary MLS sales of 1,711 in February were down 1.21 per cent from a year ago while single-family home sales fell by 5.62 per cent to 1,209.
In the condo apartment category, sales rose by 13.41 per cent to 279 but the average sale price dipped by 0.40 per cent to $287,830.
And in the condo townhouse sector, sales were up 8.78 per cent to 223 and the average sale price increased by 8.50 per cent to $336,406.
Benchmark prices, which CREB describes as typical properties sold, rose in all housing categories: total residential, 8.25 per cent, $396,100; single-family, 9.31 per cent, $442,500; condo apartment, 5.95 per cent, $252,900; and condo townhouse, 4.62 per cent, $283,000.
Prices during the month were buoyed by very strong activity in the luxury home market.
According to Mike Fotiou, associate broker with First Place Realty in Calgary, there were 63 properties that sold for $1 million or more during the month, a 50 per cent hike from last year, and a record amount for a February.
The month also had the $10.35 million sale of a home in Aspen Woods which set the all-time record for an MLS sale in the city.
“While the average price reflects record levels in Calgary, those numbers can be misleading,” said Becky Walters, president of CREB. “Last year there were more home sales in the higher-end segment of the Calgary market compared to 2007, and this trend has continued into 2013, causing the average price to rise above peak levels.”
The real estate board said it focuses on the benchmark price which is based on the attributes of the home including repeat sales. This pricing methodology provides a better indication of how prices for similar properties have trended over time, it said.
“While our economy does not reflect growth recorded pre-recession and continues to be plagued by short-term risk, consumers are feeling confident about the long-term prospects of this city and continue to support growth in our housing sector,” said Ann-Marie Lurie, chief economist of CREB.
mtoneguzzi@calgaryherald.com
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mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
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