Residential sales totaled 2,268 last month, compared to 1,932 from the same month last year. CREB chief economist Ann-Marie Lurie said the devastating floods that occurred on June 20 likely contributed to the increase in sales activity.
“Some of this activity is related to the displaced renters and owners seeking other accommodation,” Lurie said. “But those consumers already searching for a home may have sped up their purchase decision, in response to concerns regarding the impact tight supply levels would have on prices.”
CREB says while citywide prices are nearly seven per cent higher than levels recorded in July 2012, the unadjusted monthly gains have been easing. Calgary’s benchmark home price totaled $414,100 in July 2013.
Sales by housing form
A total of 1,575 single-family homes sold in July, a 14 per cent increase over the previous year. Year-to-date, the growth is 2.5 per cent. A total of 693 condos and townhouses sold in the month, a combined increase of 26 per cent over the previous year, and a year-to-date growth of 16 per cent.
CREB says stronger condo sales are due in part to their affordability.
“Clients looking for affordable homes are considering community, product and price,” said CREB p resident Becky Walters. “While there are affordable single-family homes in some communities, some may prefer condominiums in the same price range so they can live in a preferred community or get a home that requires less renovation.”
All CREB’s latest stats and figures can be see here.