Calgary Resale Market on The Upswing

Single-family home resale sales rose about 21 per cent in July over the same period last year.

Photograph by: Calgary Herald , Archive

The upswing on resale activity of single-family homes in Calgary continued in July.

Last month, 1,386 single-family homes changed hands in Calgary, a 21.37 per cent increase on the 1,142 units sold in July of last year, says the Calgary Real Estate Board (CREB).

Changes to Canada’s mortgage rules earlier this year fuelled talks of a national housing correction, which has yet to be seen in Calgary says CREB chief economist Ann-Marie Lurie. These changes include shortening the maximum amortization period from 30 years to 25 years.

“While the two largest cities (Vancouver and Toronto) have started to witness declines in home sales activity, Calgary continues to record improving sales and prices,” says Lurie in a news release.

To date, the city’s single-family resale activity is up 18.9 per cent over the same span in 2012.

That pace is fuelled by the region’s economic growth, adds Lurie.

“Last year, Alberta led the country in economic growth and, with Calgary being the energy capital of the country, the city has benefited from growth in full-time employment, migration and overall improved confidence.”

The average price of single-family homes sold in Calgary’s resale market is also on the rise.

Last month, the average price was $485,528, marking an 4.85 per cent climb over $456,374, the average price from July 2011.

The average resale price on single-family homes since the start of 2012 is 2.11 per cent higher than the same period one year ago.

Zone A, which roughly translates to northwest Calgary, had the highest sales totals in the city last month at 504 units moved.

Coventry Hills led the zone and the city in resale activity last month with 47 houses changing hands.

Zone C, which roughly covers southwest Calgary had the second highest resale activity in July with 405 units moved. The highest average resale price in the city last month also came from Zone C at $599,565.

The third highest sales totals came in Zone D, which roughly translates to southeast Calgary, with 295 sales.

The slowest section in the city for single-family homes last month was Zone B’s 189 sales.

This zone roughly covers northeast Calgary. Zone B also had the least average resale price at $301,602.

RISE IN LUXURY HOMES

Resale of luxury homes in Calgary soared in the first seven months of this year compared to the same time in 2011.

There have been 318 transactions of single-family homes priced $1 million or more since the start of 2012 compared to only 266 during the same span last year, according to numbers from the Calgary Real Estate Board.

The biggest rise was in the $1 million to $1.249 million price category, with 152 units sold since the start of the year after only 102 transactions during the same period in 2011.

E-mail jskapin@calgaryherald.com Follow Twitter.com/CalHeraldHomes Like Facebook.com/CalHeraldHomes


Original source article: Resale market on the upswing
Robert McIntyre

Robert McIntyre

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CENTURY 21 Bamber Realty Ltd.
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