Real Estate Market in Calgary May 2014

Single family homes (all homes that are not a condo) 

Sales in May are at 2027 

Active single family homes are at 2919

Median prices are recording at $490,000

Sales for the single family home market are the highest CREB has  recorded March 2007, and witnessing a 14.75% increase since this time. Last month, we had 1.44 months worth of inventory which is a great Seller’s market. The single family home market has seen an 8.17% price increase since May of last year. 

Apartment Condos

Sales in May are at 511 

Active apartment condos are at 1051

Median prices are recording at $284,000

A great boost to the apartment condo sales in Calgary, these are also CREB’s highest recorded sales since March 2007 and witnessing a 2.34% increase since this time. In the past month, we had 2.05 months worth of inventory which is a great Seller’s market for condo owners. The Condominium apartment market has seen a price increase since May 2013 of approximately 9.27%. 

Townhome Condos

Sales in May are at 410 

Active town homes are at 529

Median prices are recording at $321400

The best amount of sales the townhouse market has seen since March 2007. From that time, the median price increase is 2.7%. This May we had 1.29 months worth of inventory which is a certain Seller’s market. A price increase of 6.4% since May of last year. 

All price increases are based on the median price quoted from the Calgary Real Estate Board. Sales have reached the same height as the height of our market in 2007. From that point we all felt the pain of a global recession, many waiting years before they could resell their homes, faced with a “short sale” position, and many others faced foreclosure. 

Calgary and Alberta’s demand for real estate is based on the economy and population growth in the province. It is still very strong with demand for pricing still increasing on resale and new homes. 

“The underlying driver is a robust economy. Alberta’s economy has grown at double the rate of the Canadian average over the past three years, and accounted for a disproportionately high share of the nation’s new jobs,” said the report. “Job opportunities have lured migrants from other provinces, creating a need for new housing, while rising wages have kept affordability in check.” http://www.calgaryherald.com/business/Alberta+housing+market+standout+performer/9858815/story.html