Calgary house prices were up big year-over-year across all segments in the third quarter of 2014. According to Royal LePage’s quarterly house price survey, the average condo price recorded the highest year-over-year price increase on record, surging 11.8 per cent to $294,156. During the same period, the average price for a detached bungalow increased 10.8 per cent to $515,844 and two-storey homes increased 9.2 per cent to $499,811.
“Calgary’s real estate market has been hot for the past few years and the third quarter was no exception, with meaningful price appreciation for all housing types,” said Calgary Royal LePage broker Ted Zaharko in a release. “Demand for homes continues to healthily outstrip supply, which is why prices continue to trend upward. There are currently just too many would-be homeowners for the number of homes available right now.”
That said, the price increases are crowding some buyers out of the market.
“Inventory for homes selling for less than $700,000 is scarce and being swept up quickly making it difficult for some buyers to find a home in the area,” Zaharko continued, adding that sales could have been higher if more homes were available.
Here’s how the price growth broke down for various regions across the city.
Nationally, the price of a home in Canada rose between 4.4 per cent and 6.1 per cent year-over-year in the third quarter of 2014.
We have more in-depth coverage on the national numbers here.