Read all about it! Don’t miss the big Calgary real estate news from Feb. 17-March 4. Compliments of the Calgary Home Team.
Calgary Real Estate Market Soars to New Highs, Calgary Herald
While the mercury tumbled in February, it was piping hot for Calgary’s resale housing market. February established all-time highs for MLS sale prices, as well as luxury home sales, while nearly 1 in 5 transactions turned into bidding wars in the marketplace due to a continued low inventory of available properties. “Prices are high, for sure, but other factors are driving those strong sales. Calgary is adding close to 30,000 people a year. And Calgarians, whether they’ve just arrived or have lived here for years, can flat-out service those bigger mortgages and higher property tax bills,” Scott Bollinger, a broker with the ComFree Commonsense Network, told the Herald. “Even at high prices, homes are still relatively affordable, because people are making more money. It all adds up to confidence: confidence in the city, confidence in the market.”
Data released March 3 by the Calgary Real Estate Board indicates all-time records, for any month, were set in the average city sale price ($482,530) and the median city price ($424,900), as well as in the single-family sale price ($550,312) and the single-family median price ($480,000). Previous records were $466,466 for the city average set in June last year and $417,250 for the median price set in January of this year. For the single-family home market, the previous record for the average sale price was $527,634 established in December of last year, as was the median price record of $463,500.
Despite Record Prices, Homes Still Affordable according to RBC, CBC
This may be a shock after reading the above story, given how hot Calgary's housing market is right now, but a new report says the city's residential real estate market is more affordable than most. According to the Royal Bank of Canada, Calgary home prices are the third highest in the country. However, the report still ranks the city's housing market as one of the most affordable compared to other major centres in Canada. Craig Wright, RBC’s chief economist, said the seeming anomaly is a reflection of a strong economy where household incomes are keeping up with housing costs in Canada’s energy capital. "Yes, housing prices have moved up. But income gains are much stronger and that makes carrying a home more affordable,” Wright told CBC.
The Royal Bank report looked at data from the last three months of 2013. It found that owning a detached bungalow in Calgary would take up 33.8% of the average household's income. That's compared to 55.6% in Toronto and 81.6% in Vancouver. The bank predicts those numbers will increase because mortgage rates are expected to start rising this year.
Shane and Morrison Homes Win Houzz Awards, Calgary Sun
Two Calgary builders — Morrison Homes and Shane Homes — have been awarded Best of Houzz Awards by Houzz, a leading online platform for home remodelling and design.
The Best Of Houzz award is given in two categories: Customer Satisfaction and Design. Customer Satisfaction honours are determined by a variety of factors, including the number and quality of client reviews a professional received in 2013. Design award winners’ work was the most popular among the more than 16 million monthly users on Houzz, known as “Houzzers,” who saved more than 230 million professional images of home interiors and exteriors to their personal ideabooks via the Houzz site, iPad/iPhone app and Android app.
Do you want to buy or sell a home in Calgary? Feel free to use our quick and easy search feature, or to learn more about making your Calgary real estate experience a success, please contact Calgary Home Team via email or directly @ 403-519-9102.
Ryan MacDonald, B.Sc. Real Estate Professional
Million Dollar Club Member
Top 1% Real Estate Professional in Calgary
O: 403.278.2900; F: 403.592.8008