Calgary’s benchmark home price up 11% since last August: real estate board

FILE: An aerial view of housing is shown in Calgary on June 22, 2013. Jonathan Hayward, The Canadian Press

The Calgary Real Estate Board said August’s benchmark price for a home in the city rose by 11 per cent since last year, while the number of sales was almost unchanged in the same period.

The board said last month’s benchmark price across all housing types totalled $531,800 with detached homes averaging $633,000, semi-detached properties coming in at $569,300 and apartments reaching $277,700.

August’s sales amounted to 2,136, a 0.5 per cent fall from the same time the year before.

Read more: Home sales down 3% in Calgary as of July as interest rates rise: real estate board

Detached home sales saw the greatest fall, dropping 18 per cent since last year, though semi-detached properties only decreased by three per cent. Apartment sales rose by 58 per cent.

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The board says August sales activity was comparable to last year, but well above long-term trends for the month.

Click to play video: 'Bidding wars a thing of the past in Calgary’s once hot housing market'
Bidding wars a thing of the past in Calgary’s once hot housing market

It has also detected a shift toward more cost-effective housing as the year-over-year pullback in detached sales was nearly matched by gains for multi-family homes.

“While higher lending rates have slowed activity in the detached market, we are still seeing homebuyers shift to more affordable options which is keeping sales activity relatively strong,” said Ann-Marie Lurie, the board’s chief economist, in a release.

“This makes Calgary different than some of the larger cities in the country which have recorded significant pullbacks in sales.”

Read more: Alberta housing starts rebound to 2015 levels as oil prices surge


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