The resale housing market in Calgary has been hot during 2014 and if it remains on pace, this may turn out to be a record-setting year. The previous record for sales was made in 2007 during the boom years when $11.3 billion worth of resale homes were sold.
So far this year, $8.9 billion worth of housing has been recorded. This accounts for 18,521 total transactions that took place from the beginning of January 2014 until August 31, 2014. In 2007, there were 26,611 sales during the year.
The average price for a home back in 2007 was $423,770. The average price for a 2014 home in Calgary is $482,185. Last year, the sales price average for a home was $456,595 with 23,474 homes sold. As well, 2013 came in second place for the highest dollar volume for sales with $10.7 billion worth of homes changing hands.
One of the biggest reasons why housing is selling so quickly this year is due to the high net migration into the city. The new arrivals are looking at their housing options and with the cost of rent so high, home ownership has become a popular choice. Investors also see the potential of Calgary real estate with so many newcomers making their way into the city.
This year may just turn out to be a record-breaking one that surpasses many of the records that were sent back in 2006 and 2007. Back then, there was a peak of 25,120 in terms of net migration. In 2013, 45,168 people joined our city to call it home.
Now is the perfect time to start looking for a new property. As we have seen with the recent weather, winter isn't that far away. If you want to get settled before the colder months, you should definitely start your home shopping soon.