MARKET BUSY DURING JUNE
Uptick in prices, resales
This past June marked the highest prices for single-family homes sold through Calgary’s resale market in more than a year.
The benchmark price on singlefamily homes last month reached $509,400, up 1.7 per cent from the same time in 2016, and the most expensive price for the segment since December 2015, when it was $511,600, says the Calgary Real Estate Board.
Benchmark prices are that of a typical home based on a formula that uses various factors to ensure accurate comparisons.
June was also the fifth straight month that the single- family benchmark grew from the month earlier, following prices of $499,200 in February, $500,400 in March, $502,300 in April and $506,700 in May.
Price gains were joined by both an uptick in sales and a surge in new listings through Calgary’s resale market last month.
There were 2,168 new listings of single-family homes in June, jumping 24 per cent over the same time in 2016, says CREB.
“While there were many buyers waiting for lower prices to step into the housing market, there were also many sellers waiting until prices stabilized before listing their home,” says CREB’s president David P. Brown.
“Some of this recent growth in listings will help provide more choice, particularly in the detached market where market conditions had significantly tightened over the past few months.”
Areas CREB defines as south Calgary and north Calgary paced all ends of the city in new listings with 435 and 322 additions to the market, respectively.
Meanwhile, homes in west Calgary put sellers in the most favourable position. This end of the city had the second lowest number of new listings and the most substantial increase in prices year over year. With a benchmark of $734,400, prices rallied to nearly seven per cent from June 2016.
When it came to resale, the 1,385 deals in June marked a two-year high. The last time there were more sales in a month, 1,550 homes changed hands in June 2014, says CREB.
The $ 450,000- to-$ 499,999 bracket led all price ranges, accounting for 203 of last month’s single-family sales. This was a step up from the 183 homes that changed hands in this bracket a year earlier.
However, the strongest yearover-year upswing last month came from the $ 700,000- to$799,999 range, rising to 94 sales from 63.
When looking at the busiest areas for resale of single-family homes in June, south Calgary had a decisive lead. It saw new owners for 281 homes, followed by 211 in the city’s northwest. South Calgary’s benchmark price was $480,500, a 0.17 per cent improvement from the same month in 2016.