According to a recent report, the housing market in Calgary has seen a significant increase in prices this year. The report, released by the Calgary Real Estate Board, states that home prices have jumped by 15% in the city.
This sharp rise in prices can be attributed to a number of factors, including low inventory and high demand. With more people looking to purchase homes in Calgary, competition has increased, driving up prices.
The report also highlights the impact of the COVID-19 pandemic on the housing market. With many people spending more time at home, there has been a shift in priorities, leading to a surge in demand for larger homes with more outdoor space.
The average price of a home in Calgary is now sitting at $485,870, with detached homes seeing the biggest increase at 17%. Condominiums and townhouses also saw a rise in prices, at 8% and 9% respectively.
Despite the significant increase in prices, the report suggests that the housing market in Calgary remains stable. The city has seen a steady increase in home sales over the past few months, indicating a strong demand for housing.
However, this rise in prices may pose a challenge for first-time homebuyers and those looking to upgrade their homes. With prices continuing to climb, it may become more difficult for some to enter the housing market.
In conclusion, the report paints a picture of a thriving housing market in Calgary, with prices on the rise and demand remaining strong. As we continue to navigate the effects of the pandemic, it will be interesting to see how the housing market in Calgary evolves in the coming months.
