Calgary — When the city is still under the thumb of the oilpatch, it’s easier to get your fix of real estate than it is to buy.
In the last six months, the number of Calgary properties sold has jumped, with the median price of a single home in the city now at $929,500.
This means Calgary’s housing market is in the midst of a boom, but there are also signs of concern about what the real estate industry will look like in the future.
Real estate agents are already warning the city that prices are going to go up and that buyers should beware.
“There are going [to be] some big changes, like the sale of homes, because of what’s going to happen in the market, but we’re not quite there yet,” said Tom Stenning, vice-president of real-estate brokerage Ava Real Estate Services.
“There’s a lot of volatility out there, and the risk is high.”
The rise in the number and price of Calgary homes The number of condos, townhouses and townhomes sold in Calgary has risen from just over 500 in February 2016 to over 2,500 homes in January 2018.
That’s the highest monthly increase in any month since January 2017.
It’s the largest increase in more than 20 years.
In fact, it is the largest year-over-year increase in a single month in Calgary real estate history.
That is a big part of the reason for the spike in the median home price.
“I would say it’s not just condos, but condos are being sold more aggressively,” said Stenking.
The average price of single-family homes in Calgary is now $1,923,900. “
And they’re selling for the high end of the market.”
The average price of single-family homes in Calgary is now $1,923,900.
The average for condos is $2,868,000.
While condos have gone up, the average price for townhouses is now at just $1.6 million.
That means the median house price in Calgary now sits at $1 million.
The increase in the price of condos is not because of the new condos coming on line, said Stensing.
The city is going to have a lot more people buying homes in the next couple of years, and those people are going be very interested in buying condos.
That will bring a lot less competition.
But the demand for townhoes and condos will increase, so it could cause some price increases for single-unit homes.
The boom in condo sales will also create a lot fewer condos.
It could also cause more condo owners to leave town, which could create a shortage for townhouse sales.
So, it could affect the supply of townhouses as well as the supply for condos.
And that could lead to prices going up.
That could be a problem.
And there’s not a lot that’s happening in terms of supply of single family homes right now, said Michael Lees, president and CEO of the Calgary Real Estate Association.
“It’s kind of like we’re in a bubble, and if we didn’t have the housing market to sell, the prices would go up,” he said.
“If we did have a housing market, the market would be very, very low.”
Lees said there are lots of good reasons why people want to buy homes in Canada, and he doesn’t think prices are high because they’re up in the sky.
“The people that have money, they want to have that money to spend.
They want to live here,” he explained.
But if you’re someone that wants to buy a house, the reality is that Calgary isn’t as affordable as it used to be, he said, and people need to be aware that there are still a lot places out there that are cheaper than Calgary.
“They’re not as expensive as they used to go to be,” he added.
“But people are still going to want to come here and live.”
The Calgary housing market will also have some major changes over the next few years.
A number of measures will have to be implemented in the coming years to make sure the housing is as accessible as possible, said Lees.
He said there will be changes to the way properties are sold in certain areas, such as by the city, provincial and local governments.
In other areas, there will need to not be any changes, he added, because it will make things more affordable for Calgary residents.
“People need to get on board, because you can’t keep it stagnant,” said Leens.
“You can’t maintain the status quo.”
The City of Calgary’s chief executive, Jim Stevenson, said there’s a long list of measures that will have an impact on the affordability of housing in Calgary, and that the city will be working with the government and private developers to help ease the burden.
“This is going a long way to