July 1-14, 2013 Calgary Real Estate Update

I can’t stress enough how skewed the average price is this month and how important it will be to look at other pricing measures for an accurate snapshot of Calgary’s housing market.

The average price for single family homes is currently sitting at $545,923 on the strength of four $4M+ homes that have sold this month alone.   To put that in perspective, in 2012 only two homes above $4M sold the entire year.

Calgary’s luxury market is smashing records left and right.  It’s a shame that Sotheby’s recent Top-Tier report got Calgary’s figures all wrong and didn’t reflect the true strength of the high-end market.

Going forward there are a couple things that may put a damper on single family home sales:  eroded affordability (prices now at peak level, and a recent bump up in interest rates) and low, low inventory.

Overall Calgary sales month-to-date are essentially flat:  only 5 fewer homes have changed hands from the same period last year (-0.53%)

The flood has had a limited impact on the overall market thus far.   Buyers have just shifted focus from those riverfront communities to those a bit further away.

Downtown Calgary was  closed off for a week but it’s essentially back up and running now.  Even the Stampede went on as (mostly) planned which is no small feat and a testament to the resilience of Calgarians.

It’s a little early to say what impact the flooding has had on businesses and what it means for its employees.  The only big story I noticed was that the Calgary Zoo had to get lay off ~300 workers.   For the rest of Calgary, it seems like business as usual – and more work for the trades.

Has your employer been affected by the flooding? If so, can you share with us how?

Calgary Sales - July 14 2013

July 1-14 year-over-year comparison

July 1-14 year-over-year comparison

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