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April 2013

Found 3 blog entries for April 2013.

Calgary's luxury home market is making headlines again, as a recent report has named our city one of the most 'robust markets for luxury homes'.

Sotheby's International Realty released a report this week that states the baseline entry point for a single-family luxury home in Calgary has reached the $2 million point. Year-to-date, there have been 204 luxury home sales in our city of properties over $1 million (according to statistics from CREB).

A story in the Calgary Herald today stated:

“According to agents surveyed, top-tier single-family homes start at $2 million dollars with a minimum of 3,500 square feet and are typically in the Traditional, Craftsman/Arts and Crafts, Westcoast Modern or Character architectural styles,” said the report.

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We've already heard the recent reports about the price growth of resale Northwest Calgary real estate, but now we're getting word that new home prices in Calgary are showing price growth—4.3% growth to be exact.

Statistics Canada is reporting that our city is showing the second highest rate of year-over-year growth in the new home market since February. If you're wondering where the highest market is, that would be Winnipeg (5.5%). Because of the rise here and other Western markets, growth nationally is sitting at 2.1%.

According to a Calgary Herald article:

“Calgary was the top contributor to the advance in February, up 1.0 per cent from January. This was the largest month-over-month increase in that region since May 2007. Builders indicated

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New numbers from Royal LePage Canada show that average home prices are up year-over-year for the first quarter of this year.

A story published in the Financial Post outlined this trend:

“The combination of very low mortgage rates and flat home prices, against a background of general economic improvement across the nation, is not something we’ve seen before,” [Phil] Soper [Royal LePage CEO] said Thursday. “The current environment is very supportive for housing,” Soper added.

Here's a breakdown of the figures:

• Average price for 2-storey detached house = $407,044, up 2.2%
• Average price for detached bungalow = $364,857, up 2.4%
• Average price for a condominium = $246,071, up 1.2%

Read the full story from the Financial Post here.

 

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