House prices went up again in Calgary last month; rising 10 per cent compared to October last year.
New figures from Calgary Real Estate Board show that there were 2,147 resales with condos continuing to be the biggest driver with a 14 per cent increase year-over-year.
“Tight rental market conditions combined with low
mortgage rates have supported demand growth for condominium product in Calgary,” said CREB president Bill Kirk, noting apartment sales have also set a year-to-date record, totalling 4,202 units. “Much of this demand is coming from both first-time homebuyers and investors.”
The heat in the condo market isn’t down to low supply either; listings were up 30 per cent year-over-year and there was a net increase in inventory. Single-family units also saw high growth with a 9.7 per cent rise on a year earlier.
Prices are also still trending higher with year-over-year increases approaching 10 per cent across all property types.
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