calgary housing market 1 Photo: Veronica Minozzi/Flickr

For the second month in a row, the Calgary housing market broke an all-time price record.

According to data from the Calgary Real Estate Board (CREB), the overall average sale price in March was $484,918, up 5.18 per cent from a year earlier and 0.4 per cent higher than the previous record set in February.

There were 2,485 home sales in the region last month, nearly 18 per cent more compared to the same time last year and the highest March total since 2007.

“There are several factors contributing to the growth in housing demand, including the inflow of people to our province over the past two years, strong gains in employment and tight rental conditions,” CREB economist Ann-Marie Lurie said in a statement.

“However, supply conditions vary amongst the different property segments, impacting the number of sales and price growth. If supply constraints persist in the single-family sector, prices are expected to record further gains as we move into the spring market,” she continued.

The benchmark price for all housing types totaled $431,100 in March, a 9.47 per cent increase compared to the same time last year.

calgary housing market

More monthly market highlights

Single-family homes

  • Average sale price hit $556,402, up 7.32% from a year earlier
  • Average number of days on the market dropped from 33 in March 2013, to just 27 last month

Condos

  • Average sale price climbed 3.2% from March 2013 to March 2014, and now sits at $311,075
  • 445 units sold last month, 28.6% more than the total 12 months earlier

Townhouses

  • The average sale price of a Calgary townhome was $355,617 last month, virtually unchanged from March 2013
  • 20.92% more units sold in March 2014 than they did in March 2013

All the CREB statistics can be seen here.

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