Calgary resale house prices on the rise
Low inventory, population growth and healthy economy drive increase
CALGARY - Inventory shortages, population growth and a healthy economy have driven price increases across all housing categories in Calgary in the past year, says the Royal LePage House Price Survey and Market Survey Forecast released Thursday.
The report said the Calgary market saw healthy price appreciation in all categories in the fourth quarter of 2013, with average prices for detached bungalows increasing 6.4 per cent year-over-year to $468,967 and standard two-storey homes increasing 6.1 per cent to $461,089. Standard condominiums saw the greatest price growth, rising 7.0 per cent to $269,778.
“Prices in the Calgary market have gone up across the board in the fourth quarter,” said Ted Zaharko, broker/owner for Royal LePage Foothills, in a statement. “There are three good reasons for this: a long-standing shortage of inventory, the steady influx of individuals to the area and the city’s healthy economy.”
Zaharko said there is a tremendous amount of pent-up demand from would-be buyers but there are not enough homes for sale in the city.
Royal LePage is predicting average prices will increase by 5.1 per cent in 2014 with sales to rise by 5.0 per cent.
At the national level, the report said year-over-year average price increases in the fourth quarter of 2013 were 3.6 per cent to $418,282 for standard two-storey homes and 3.8 per cent to $380,710 for detached bungalows, while the average price of a standard condominium rose 1.2 per cent to $246,530. Royal LePage is predicting prices to rise by 3.7 per cent this year across Canada.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
The report said the Calgary market saw healthy price appreciation in all categories in the fourth quarter of 2013, with average prices for detached bungalows increasing 6.4 per cent year-over-year to $468,967 and standard two-storey homes increasing 6.1 per cent to $461,089. Standard condominiums saw the greatest price growth, rising 7.0 per cent to $269,778.
“Prices in the Calgary market have gone up across the board in the fourth quarter,” said Ted Zaharko, broker/owner for Royal LePage Foothills, in a statement. “There are three good reasons for this: a long-standing shortage of inventory, the steady influx of individuals to the area and the city’s healthy economy.”
Zaharko said there is a tremendous amount of pent-up demand from would-be buyers but there are not enough homes for sale in the city.
Royal LePage is predicting average prices will increase by 5.1 per cent in 2014 with sales to rise by 5.0 per cent.
At the national level, the report said year-over-year average price increases in the fourth quarter of 2013 were 3.6 per cent to $418,282 for standard two-storey homes and 3.8 per cent to $380,710 for detached bungalows, while the average price of a standard condominium rose 1.2 per cent to $246,530. Royal LePage is predicting prices to rise by 3.7 per cent this year across Canada.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123
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