According to the latest statistics released by the Canadian Real Estate Association, the highest price growth in Canada so far this year could be found in Calgary. The annual price growth in Calgary was at 9.83% for the year-to-date while the national growth was at 5.33% overall.
Across Canada, sales were up 1.8% in August compared to July. This increase, however, could be attributed for the most part to strong sales that were occurring in the major real estate centres such as Calgary, Greater Toronto and Greater Vancouver. Sales activity went down in more than half of the local Canadian markets last month.
Sales were the highest in Vancouver where they went up 10.3% with 2,820 homes sold. In Calgary, sales increased by 5.2% with 2,976 units selling. These cities continue to be hot markets and substantially help to boost the national statistics.
In August, the average price for a home in Canada was $398,618. This was a rise of 5.3% when compared to the numbers that were reported in August 2013. In Calgary, the average price for a home was $454,994, which was up 5.2% when compared to the August 2013 figures.
In Calgary, and across Alberta in general, the sales activity remains strong. While the market continues to become more balanced, sellers still have the upper hand when selling their homes. This is due to the continued migration into the province, a positive economic outlook and consistently low interest rates.
The Canadian Real Estate Association is predicting that home sales in Alberta will rise by 7.7% in 2014 and by 1% in 2015. It is also forecasting that national sales will go up by 3.8% in 2014 but will go down by 0.4% in 2015. The sales price average for a home in Alberta is expected to rise by 5.0% in 2014 and by 1.9% in 2015. On a national level, the forecasted average price increase is 5.9% for 2014 and 0.7% for next year.