It took until week three but single family home sales are finally showing a y/y increase – albeit very slight. There were 684 sales averaging $490,489 which is an increase of 0.74% and 4.30% respectively over last year.
The median price is currently sitting at $420,000 – up $10,000 or 2.4% y/y.
The condominium market is performing better than last year with sales up 14.55% to 307 month-to-date.
So far this month the average price is up 8.9% to $300,260 ($275,757) and the median is up 9.75% to $273,500 ($249,200)
Note: without the $1.49M presale at the River, the MTD average price would be $296,372 with a median of $273,000.
New listings continue to be in short supply across all market segments. SFH new listings are down -10%, condo-apts -12.2% and condo-townhomes -13%
RBC Housing Trends & Affordability
Below is the excerpt for Calgary in RBC’s recent report (download here)
Calgary – Affordability at a multi-year best
The Calgary-area market both bucked and matched trends in other markets in Canada in the third quarter. It bucked the slowing trend in home resales by experiencing steady activity relative to the second quarter. At the same time, it matched the broad based improving trend in housing affordability. In the
third quarter, RBC measures eased between 0.2 percentage points and 0.7 percentage points in the Calgary area to multi-year lows. The last time the measure for two-storey homes was this low (39.3%) in the area, for instance, was in early 2009. We need to go even further back to late 2005 to find the last time we saw the current level for condominium apartments (22.7%).
A significant pick up in resale activity during the first half of this year tightened market conditions noticeably in Calgary. This tightening may eventually lead to stronger upward pressure on home prices in the area.
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