The average price of a single-family home in Calgary ended the year at $517,887, up 7.61 per cent from December 2012 and an all-time high. (Tweet this stat)
Taking a look at the bigger picture, according to year end data from the Calgary Real Estate Board (CREB), the average sale price of a Calgary home across all housing types was $456,703 for the year, up 6.54 per cent from 2012.
There were 23,489 residential sales in Calgary in 2013, an 11 per cent increase from 2012. (Tweet this stat)
“Sales growth exceeded expectations in 2013, pushing above long-term trends,” CREB economist Ann-Marie Lurie said. “Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth.”
The condo market
Condo sales totaled 4,007 units in 2013, more than 14 per cent higher than in 2012. (Tweet this stat)
The benchmark price for a Calgary condo ended the year at $278,600, a 12 per cent increase from December 2012.
“The condominium market is more affordable than single family, and that is attractive to first-time buyers who are weighing rising rental costs against ownership costs,” said CREB president Becky Walters. “Investors are also attracted to condos, because prices have not yet fully recovered to their previous highs.”
The townhouse market
There were 3,180 townhouse sales in Calgary in 2013, up 22 per cent from 2012. The benchmark price ended the year at $307,100, up eight per cent from December 2012.
In 2014, CREB says both sales activity and prices are expected to improve, but not at the same pace recorded this year.
“While factors influencing demand will support growth in 2014, rising listings and increased competition from the new home sector should alleviate some of the supply pressure in the market,” CREB economist Ann-Marie Lurie said.
Those factors, combined with potential increases in long-term lending rates, should take some of the steam off the exceptionally strong price growth recorded in 2013, Lurie added.