Freak snowstorms, falling trees and power outages didn’t dissuade Calgary buyers from home shopping. It’s been busy! With 941 sales through two weeks this month, we’re on pace for a September sales record.
Month-to-date average and median prices are up y/y across all three housing categories, but fortunately the gains have been tempered with the influx of new listings and added inventory. Aside from SFH average prices (which can easily be skewed due to the booming luxury segment), there aren’t any other double-digit percent increases.
This is a good thing since Calgary is once again on bank radars due to rapidly increasing house prices. A research note released today by BMO states in part:
“The major potential flashpoint is that prices in the three hottest
cities—Calgary, Toronto and Vancouver—are rising faster than family income, further straining affordability. The continued rapid price gains in these cities will increase their vulnerability to a shock—whether economic, interest rate, or something else.”