Three areas in Calgary are seeing HUGE jumps in detached house prices

If you are on the hunt for a house in Calgary, there are three areas in the city that have seen the benchmark price for a detached house skyrocket over the past year.

The Calgary Real Estate Board (CREB) outlined in its September statistics package that the total residential benchmark price was $596,900, slightly lower than last month but over 5% higher than last year’s levels.

Year-over-year gains ranged from nearly 9% growth for detached homes to nearly 14% gains in the apartment condominium market.

Looking at which districts are seeing the biggest jumps in detached house prices, east Calgary leads the charge, increasing by a whopping 15.1% year-over-year to $526,900. It is followed by northeast Calgary, which saw a 11.1% jump year-over-year to $614,300. The district that has endured the third largest jump was south Calgary, with a 10.1% price increase to $731,300.

The smallest year-over-year increase was observed southeast Calgary, where prices rose just 6.2% to a benchmark price of $718,300 for a detached house.

CREB

“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, chief economist at CREB.

“While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market.”

New listings in September rose to 3,687 units, the highest September total since 2008.

If rising home prices have you down, there’s at least one sliver of hope — a recent report from Ratehub.ca has found that the income required to buy a home has dropped significantly in Calgary.