Calgary Real Estate Market update
The Calgary real estate market continues to do well with sales up around 20% when compared to last year. Both condos and houses are selling quickly and prices are rising. It is basically a seller’s market for people that have a good property in a good location. It is not however, like the boom of 2006 to 2007 where sellers could almost ask any price they wanted and get it. Now that prices have rebounded to the same level they were at in 2007, buyers still remember what can happen when prices get too high. After the peak of the boom in 2007 and the subsequent global recession in 2008 when prices dropped dramatically, people know that they shouldn’t get too enthusiastic about the future, so they are sticking to a reasonable price when they make an offer. There are still multiple offers, but only on great properties in fantastic and popular neighbourhoods.
Prices have increased in Calgary by twice as much as the rest of the country. The average increase for a home in Canada was around 4%, but Calgary had average increases of 8% in 2013. The average price for a single family detached house in December was $527,043 and $280,786 for an apartment style condo according to the Calgary Real Estate Board. Townhouse condos had an average price of $$327,391.
So what is keeping the Calgary real estate market going? Well I think that it is a combination of a good economy that continues to chug along because of strong oilsands activity which in turn is creating a lot of jobs. Alberta and Saskatchewan are still the places to be for employment and will be for the foreseeable future. In-migration to Calgary is very strong and is expected to reach 30,000 new people on a net basis this year – that is taking into account the people that left the city. The rental market has it’s lowest vacancy rate in years approaching 1% for apartments, and if you want to rent a townhouse or single family home you need to be prepared to pay.
This all bodes well for 2014 where most economists, realtors, and business people predict more of the same. Not everything is rosy, but with the southeast portion of the ring road recently opening, and a new deal on the Southwest portion with the Tsuu T’ina Nation we do have a lot of good things going when it comes to transportation. However, transit will continue to be a problem in the city’s southeast and North where new C-train lines would seem to be decades away because of the cost.
So, the future looks pretty good for real estate and Calgary in General. If you need a good site that has all the houses for sale in Calgary from every realtor, try Carmen Paradis at RE/MAX Real Estate Central 206, 2411 4 Street Northwest (403) 703-8516 www.carmenslistings.ca
If you are interested in Edmonton, try RE/MAX at 102 12650 – 151 Ave (780) 457-3777