According to recently released data from the Calgary Real Estate Board, there were 1,725 sales in August, an increase of 9.94% over the same period last year. The average buying price has also increased to $416,767, a jump of 3.12% since August 2011.
These increases have also affected the types of properties available in Calgary. The average price of single-family homes is currently $475,272, a 4.55% increase since last year, while condo apartment prices have increased by 7.22% to $281,941.
Despite the price increases for some types of properties, one category experienced a slight drop. Condo townhouses fell 3.45% to $309,208, a statistic that may encourage some investors to sell instead of buy.
The increases to the prices of both single-family homes and condo apartments are enticing for prospective buyers, but some investors in a buying mode may choose to hold off for now until market conditions and prices change again.
Any hoped-for drop may be slow in coming.
Calgary is a hot real estate market right now as the oil sector continues to expand, helping lift GDP. It means some buyers are anxious to expand their holding now rather than hold off on new acquisitions.
In fact, small multifamily properties continue to attract multiple bids as investors clamour to get into the market to capitalize on in-migration.
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