“The long-awaited resurgence of the Calgary-housing market appears to have
been launched in recent months,” writes RBC in their latest Housing Trends and Affordability report released today. “Homebuyers in the Calgary area are motivated by a booming provincial economy, strong job creation, and attractive housing affordability…We expect the market resurgence to continue for the remainder of this year.”
While the report covers Q1 activity with a mention of April sales, this resurgence has obviously carried into the current month.
Through four weeks of May, Calgary home sales are up 26.52% over last year with 1503.
Prices in April were up a paltry 0.77% year-over-year, but it looks like it’s getting some traction this month. The average price is currently up 3.12% to $503,694 and on track to set a record for the month of May – falling just short of the all-time record set in summer of 2007. The median is up 3.57% y/y to $435,000.
The upper-end market continues to perform strongly with 67 single family homes selling for a million dollars or more, far above previous levels seen in May.
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