CREB: Calgary’s benchmark house value up 11% since final Aug

The Calgary Actual Property Board says August’s benchmark value for a house within the metropolis rose by 11 per cent since final 12 months, whereas the variety of gross sales was virtually unchanged in the identical interval.

The Albertan board says final month’s benchmark value throughout all housing sorts totalled $531,800 with indifferent properties averaging $633,000, semi-detached properties coming in at $569,300 and residences reaching $277,700.

August’s gross sales amounted to 2,136, a 0.5 per cent fall from the identical time the 12 months earlier than.

Indifferent house gross sales noticed the best fall, dropping 18 per cent since final 12 months, although semi-detached properties solely decreased by three per cent. House gross sales rose by 58 per cent.

The board says August gross sales exercise was corresponding to final 12 months however effectively above long-term developments for the month.

It has additionally detected a shift towards more cost effective housing because the year-over-year pullback in indifferent gross sales was almost matched by features for multi-family properties.

“Whereas larger lending charges have slowed exercise within the indifferent market, we’re nonetheless seeing homebuyers shift to extra inexpensive choices which is maintaining gross sales exercise comparatively robust,” mentioned Ann-Marie Lurie, the board’s chief economist, in a launch.

“This makes Calgary totally different than a few of the bigger cities within the nation which have recorded vital pullbacks in gross sales.”

This report by The Canadian Press was first revealed Sept. 1, 2022.