Calgary Resale Single Home Market All Set For A Boom

    The numbers released by Calgary Real Estate Board says it all: March became the busiest month when it came to resale of Calgary single family homes. About 1,176 homes were sold in this Canadian city. This was a jump of 17 percent from 2016. About 1,005 homes changed hands during the identical period in 2016. The initial three months of 2017 witnessed better sales over an identical period in 2016. The number of transactions went up by 19 percent. It went from 2,164 to 2,584.

    Reality

    According to David P. Brown of CREB, it is not that demand increased radically in March. The reason is that the market suffered from less supply, thus balancing things out. He added that such changes are banishing the uncertainty cloud for the housing consumers. The markets also became nicely positioned as the industry moves into the greater active spring season.

    Prices are going up. Although the benchmark price for the single family homes continues to be less than 2016, the improvement is palpable. It was $502,067 as single family benchmark. This was a dip of one percent from 2016’s $507,667. According to the CREB, it went up in March, rising to $503,900. This is a hike of $2,000 since February 2017. The benchmark princes are defined as that of typical home which is based on a formula that uses a number of factors to make sure that the comparisons remain accurate.

    Changes in price

    A CREB defined area termed West Calgary created a record when it enjoyed the steepest YOY increase when it came to benchmark single family homes price in March. The March benchmark was $715,900, an increase of 2.5 percent from the identical period in 2016. East Calgary and also Northwest Calgary followed with a YOY rise of about 1.4 percent and about 0.9 percent respectively. The benchmark for northwest was about $544,900. It was $357,800 at the city’s eastern parts.

    Popular price ranges

    The most active price range was the $450,000 to the $499,999 one when it came to sales of single family homes via the resale market during 2017’s first quarter.

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