These Calgary areas are seeing the biggest detached home price increases
A detached home in Calgary can cost a pretty penny, and a new report has revealed that benchmark prices in our city can vary by a LOT depending on where you look.
The Calgary Real Estate Board (CREB) outlined in its January statistics package thatĀ the unadjusted benchmark price for a detached home was $750,800, slightly higher than last month and 7% Ā higher than last January.
When it came to a price breakdown for areas in Calgary, City Centre has seen the largest year-over-year benchmark price change, rising by 10.15% to sit at $954,700, followed by South Calgary with an 8.88% increase to reach $725,000.
A full breakdown of the biggest year-over-year benchmark price increase is as follows;
- City Centre – a 10.15% increase to sit at $954,700
- South – a 8.88% increase to sit at $725,000
- West – a 7.91% increase to sit at $964,900
- North West – a 6.99% increase to sit at $783,400
- South East – a 6.95% increase to sit at $718,700
- East – aĀ 5.73% increase to sit at $526,000
- North East – a 4.89% increase to sit at $600,700
- North – a 3.05% increase to sit at $672,800
The CREB says that, driven by gains from homes priced above $600,000, new listings reached 1,228 units in January, 29% higher than last year. At the same time, sales activity slowed to 674 units, which brought levels in line with long-term trends.
The CREB added that in January, Calgary saw inventories rise across all property types, with apartment-style condominiums driving some of the largest gains.
“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, chief economist at CREB. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached, and row properties while apartment condominiums show signs of excess supply for higher priced units.”