Calgary’s house prices are growing the fastest in Canada. As I have been saying for ages, this is due to the continued in-bound migration by workers from Canada and overseas and it has been sustained for more than a few years now. CMHC forcasts it to continue for a few more years as well. Mark Herman, top Calgary Alberta mortgage broker
Here is what the paper said today:
… The national average price for homes sold in August was $398,618, up 5.3 per cent from the same month last year while the average in Calgary rose by 5.2 per cent to $454,994.
In Alberta, the average price rose by 4.2 per cent to $397,701 as sales were 3.8 per cent higher to 6,354 transactions…
The average cost of a home in YYC is now 545,000! When you include condos in the mix the average is 459,500!
To be able to buy many people are turning to condos as most are priced below 400k.
BUT conod purchases include: AGM’s, reserve fund studies, board meetings minutes, financial statements, engineering reports, bylaws, post-tension cables, elevators, and all the rest.
Ensure you use a broker that is a condo expert and knows the in’s and out’s of how to get them financied. Surprise – we do lots of condos because we love 1st time buyers many of them buy condos!
Article from the Calgary Herald is below:
… The benchmark price, which CREB says is the cost of a typical home, was up 10.18 per cent to $459,800.
Total sales were the second highest ever for August behind only the 2,326 sales level set in August 2005.
Calgary sales this month were buoyed by strong activity in the condo market as single-famly home sales actually dropped from a year ago. The single-family market saw activity decline by 2.38 per cent to 1,477 sales but the median price rose by 6.47 per cent to $479,000 while the average price was up by 5.42 per cent to $545,238. The benchmark price rose by 10.24 per cent to $512,300…