Calgary’s hot housing market continued its seemingly perpetual climb in November. According to the Calgary Real Estate Board, home sales were up 3.4 per cent from a year earlier while the benchmark price climbed 8.5 per cent.
“Relative to other major centres, economic growth in Calgary remains one of the strongest in the country,” said CREB chief economist Ann-Marie Lurie. “Employment opportunities and relatively higher wages have encouraged people to move here, supporting the demand growth in our housing sector.”
Once again it was the condo and townhome segments that accounted for the year-over-year sale growth. While single-family home transactions fell by one per cent in November, condo sales climbed 6.9 per cent while townhome sales soared 21.5 per cent.
The typical price of Calgary home, meanwhile, was up across all property types in November.
While Calgary’s price gains have garnered a significant amount of national attention, CREB says several indicators — including improving inventory levels — are “pointing toward more stable conditions, easing risk associated with an overheating market.” Indeed, Canada’s national housing agency predicted just last week that house prices in the city would climb 5.2 per cent over the next two years.
The full November statistics package can be seen here.