We are at Re/Max are also seeing numerous multiple offers in the Calgary First Time Home Buyer marketplace. Caused by Lack of Calgary Inventory, the strength of the Calgary economy and inbound oil employees continues to drive the Calgary Real estate market
CALGARY — A continued lack of Calgary Inventory is fueling house price growth in Calgary.
The Royal LePage House Price Survey, released Thursday, shows strong year-over-year price increase in all housing types in the city as competition for homes is being driven by a strong economy and the influx of professionals.
The survey said average home prices were particularly buoyant in the third quarter with detached bungalows increasing 7.2 per cent year-over-year to $465,411, standard condominiums increasing 5.6 per cent to $263,087 and standard two-storey homes increasing 3.4 per cent to $446,411.
“A sustained period of low housing inventory coupled with a healthy economy and an influx of corporate sector workers has pushed prices up further,” said Ted Zaharko, broker/owner, Royal LePage Foothills. “For some time now too many homebuyers have been chasing too few properties.”
He said Lack of Calgary Inventory is apparent in all categories, but particularly in detached bungalows, which are much rarer in Calgary compared to cities like Edmonton
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