Calgary homes summary for 2013 and higher prices for 2014

Below is part of an article that notes all the in-bound migration supporting home prices …

Mark Herman

Calgary sales powered by economy

In Calgary, 16,302 single family homes changed hands, an eight per cent increase, and 4,007 condos were sold, a 14 per cent rise.

The benchmark price for a single-family home was $472,200 in December, an 8.6 per cent increase from the previous year.  

“Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth,” said Ann-Marie Lurie, chief economist for the Calgary Real Estate Board.

How strong the housing market remains in 2014 depends on interest rates.

Finance Minister Jim Flaherty warned in an interview Sunday that Canada will face global pressure to raise rates in 2014 as the U.S. Federal Reserve pulls back on its stimulus efforts and the U.S. economy rebounds.

Toronto and Calgary prices to continue upward

The Toronto Real Estate Board predicts price growth will continue to exceed inflation in 2014, largely because demand for low-rise houses continues to far outstrip supply.

… In Calgary, both prices and numbers of sales are expected to rise in 2014, the Calgary real estate board said, but the increases are not likely to be as steep as in 2013.