CALGARY- It was quite the year in Calgary’s red hot housing market, with strong December sales capping off a robust sales year.
2013 saw an 11 per cent sales jump compared to 2012 numbers, and the Calgary Real Estate Board says that was due to a number of factors.
“Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects supported the demand growth,” explains CREB economist Ann-Marie Lurie.
It was a seller’s market for much of the year, leading to price jumps in both single-family homes and condos. More than 23-thousand residences changed hands in 2013, compared to just over 21-thousand in 2012. The average price was $456,703.
She adds that many buyers are looking at purchasing condos instead.
“The condominium market is more affordable than single family, and that is attractive to first-time buyers who are weighing rising rental costs against ownership costs. Investors are also attracted to condos, because prices have not yet fully recovered to their previous highs.”
Despite the strong sales in 2013, the numbers are still well below what was seen during the boom of 2005-2007, when over 25,000 sales were made each year.
Click here for a full summary of the sales stats.
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