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.
