Booming luxury market pushes Calgary house prices to records
Average sale and median prices at unprecedented levels
Realtor Christina Hagerty inside one of her listings in downtown Calgary.
CALGARY – A booming luxury market, and tight overall conditions with listings not keeping pace with demand, has pushed Calgary house prices to unprecedented levels.
Average sale and median prices hit all-time records for the city in 2013 for both total MLS transactions and in the single-family home category, according to data released Thursday by the Calgary Real Estate Board.
The average sale price for total MLS reached $456,703 for the year, up 6.54 per cent from 2012, while the single-family average price rose by 7.61 per cent to $517,887.
The median sale price for total MLS was $401,000 and it was $450,000 for single-family homes. The median price rose by 5.53 per cent from the previous year for total MLS and it was a 7.14 per cent hike in the single-family market.
Also, December capped a solid year for the residential real estate market with the highest-ever monthly average sale price at $527,764, eclipsing the previous record of $526,546 set in June 2013.
“Momentum was building from the last quarter of 2012,” said Christina Hagerty, a realtor with RE/MAX Realty Professionals in Calgary. “We approached 2013 with low interest rates, one of the lowest unemployment rates in the country and the lowest vacancy rate in the past decade. Employment growth and higher than expected net migration into the city helped support the demand for housing and increased sales and pricing. 2013 was an extremely busy year for us with informed and prepared purchasers.
“People talk about the flood adding to this, but I focus on the amazing ability for a city to rebound in a very short period of time. Something that may have devastated other major centres. I believe that this is largely due to the sense of community and the job market allowing people the ability to rebuild.”
The previous records for average sale prices were set in 2012 at $428,649 for total MLS and $481,259 for single-family homes.
Prices in the city ballooned this year as a result of a strong luxury market that set a record for most transactions ever at $1 million or more.
According to Mike Fotiou, associate broker with First Place Realty, there were 727 luxury home sales in 2013, which was a 33.6 per cent hike from the previous annual peak in 2012. The year was marked by 10 consecutive months of new monthly sales records. Only January and December did not set records in 2013.
Total MLS sales in the city reached 23,489 units in 2013, up 10.78 per cent from the previous year. New listings of 32,153 were up 0.97 per cent but active listings at the end of December were down by 17.80 per cent to 2,235.
“Companies are recruiting professionals across Canada and globally and this has put Calgary on the map as a thriving metropolis of opportunity and a safe place to raise their families,” said Hagerty. “With vacancy rates at one per cent and an abundance of job opportunity, there is a confidence in the city. 2014 looks to continue with solid growth fueled by sound fundamentals.”
MLS sales and percentage increase from 2012 for different housing categories were: single-family, 16,302, 7.92 per cent; condo apartment, 4,007, 14.45 per cent; condo townhouse, 3,180, 22.40 per cent; and towns, 4,516, 13.81 per cent.
Average sale price and percentage increase from 2012 were: single-family, $517,887, 7.61 per cent; condo apartment, $299,517, 5.17 per cent; condo townhouse, $341,116, 7.73 per cent; and towns, $381,884, 9.55 per cent.
Median price and percentage increase from 2012 were: single-family, $450,000, 7.14 per cent; condo apartment, $261,000, 3.78 per cent; condo townhouse, $306,000, 6.45 per cent; and towns, $355,700, 6.18 per cent.
Scott Bollinger, broker with the ComFree Commonsense Network, said prices in Calgary climbed because of increased sales and listings not keeping pace with the demand.
“Most notably in 2013 we saw rising wages, low interest rates and record in-migration. So it’s not surprising after three to five years of relatively little price growth, and despite the steady employment and the wage growth along with record low interest rates, that prices surged this year,” he said.
“Add to that the Alberta and Calgary economies outperformed almost every other region in Canada in 2013 by a wide margin, which had the effect of attracting all of those people. But the interesting thing is that 70 per cent of the net migration to Calgary in particular was international. And the other thing about the migration was that we set a record this year for the growth of the cohort of ages between 25 and 45 and those people, along with the international crowd, are most likely to engage in household formation.”
Bollinger said he is surprised that the listings didn’t catch up with the sales. He said the market might expect to see more of a reaction from the listing side early in the new year.
“If we don’t see that increase in listings, I think we’re going to continue to see farily significant price increases,” said Bollinger.
In a statement, Ann-Marie Lurie, CREB’s chief economist, said sales growth exceeded expectations in 2013, pushing above long-term trends.
“Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth,” she said.
“In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded this year. While factors influencing demand will support growth in 2014, rising listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.”
Those factors, combined with potential increases in long-term lending rates, should take some of the steam off the exceptionally strong price growth recorded in 2013, said Lurie.
Listings for Tue Jan 14
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2066013 – M1P – 2 Porter Crescent Toronto, Ontario – $ 509,900
Location and opportunity with this one! Don t miss this lovely well maintained 3 bedroom bungalow on a professionally landscaped premium lot in the high …
C2809677 – M4A – 12 PRESTBURY ST Toronto, Ontario – $ 649,900
Bright Basement Walkout To Yard That Opens To 90 Feet!3 Separate Entrances- Apt Potential- 2400 Total Sq Ft- Many Possibilities. Many Updates …
C2809725 – M2L – 72 NORTHDALE RD Toronto, Ontario – $ 1,388,000
A Rare Opportunity! Premium 71? X 195.16? Beautiful Natural Treed Lot In A Prestigious Enclave Of Multi-Million Dollar Homes. This Single Level With …
C2809741 – M6K – 12 DOURO ST Toronto, Ontario – $ 529,900
This Is The One You Have Been Waiting For! A Spacious 3 Bedroom Town Home In The Heart Of King West. Walk To Everything! Shopping, Restaurants, Cafes, & …
C2809755 – M3H – 180 CODSELL AVE Toronto, Ontario – $ 2,299,000
Spectacular Custom Smart Home, Over 4600 Sq. Ft+ 1600 Sq.Ft Finished Bsmnt. 11″” Ceil 1st Flr, Coffered Ceilings, Superb Craftsmanship, Gourmet Kitchen …
C2809767 – M5R – 92 ROXBOROUGH ST W Toronto, Ontario – $ 1,850,000
A Coveted Location Between Yonge & Avenue. Well Maintained Detached Home, Owned By The Same Family Since 1963. Bright + Sunny Corner 27 X 149 Ft Deep …
C2809776 – M6A – 80 BROOKVIEW DR Toronto, Ontario – $ 1,595,000
Luxury & Value Finally Meet! / Brand New Custom Executive Home / Premium Pie Shaped Lot / Over 5000 Sf Of Finished Living Space / 3800+ Above Grade / …
C2809783 – M2N – 270 SHEPPARD AVE W Toronto, Ontario – $ 1,475,000
Rare Opportunity On Redeveloping Sheppard Corridor. 110 Foot Frontage And Corner Lot. Have You Office Here As Area …
C2809808 – M3A – 79 FENELON DR Toronto, Ontario – $ 649,900
Beautifully Maintained Raised Bungalow In A Wonderful Neighbourhood. Move-In Condition. Features Gorgeous Hardwood Floors On Main Floor, Finished …
C2809857 – M6B – 126 GLEN PARK AVE Toronto, Ontario – $ 729,000
Fabulous Treed Building Lot – 40 X 131.40 . Very Private! Terrific Opportunity On Hi Demand Street! Superb Location, Wonderful …
C2809909 – M2P – 10 FOURSOME CRES Toronto, Ontario – $ 1,385,000
Rare, Renovated 5 Bdrm On A Premium 65 Wide Pie-Shaped Lot On One Of St. Andrews Most Sought-After Crescents! Larg. Lr W/Fp. Eat-In Kitchen W/ B/Fast. …
C2809920 – M2K – 60 HAWKSBURY DR Toronto, Ontario – $ 2,888,000
**One Of A Kind Ravine Lot!!**Ravine**Table-Land**60Ftx185.69Ft**Spectacu lar Custom-Built,2Yrs**4835Sf (Main/2nd Flr;Exclueds …
C2810048 – M3H – 173 CODSELL AVE Toronto, Ontario – $ 1,988,000
First Time Offered For Sale. Premium 72X153 Ft Lot. Approx. 4500 Sq/Ft + 2400 Sq/Ft Fully Finished Basement. Custom Mansion. Full Stone Exterior. 200K In …
C2810152 – M6K – 50 SHIRLEY ST Toronto, Ontario – $ 770,000
Great Income Property, 3 Separate Unis: 37-Main Floor, 2Bdrm $ 900/Mth(Inclusive)37-2nd …
C2810153 – M3C – 8 WINDY GOLFWAY Toronto, Ontario – $ 379,900
Established Quiet Neighbourhood Located East Of Don Valley Pkwy Bounded By The Ravine & Linkwood Lane. Enjoy Walk To The Golf Course, Ttc, Schools, Close …
C2810179 – M2N – 162 PRINCESS AVE Toronto, Ontario – $ 2,198,000
Stunning Custom Made Home.1 Of The Best Streets In The Willowdale. Bright Exquisite Mill Work&Luxury Finishes. True Craftmanship & Finest Quality.1 Of …
C2810315 – M3A – 37 SHAWFIELD CRES Toronto, Ontario – $ 998,800
Truly An Oasis Of Tranquility In The Heart Of One Of The Best Neighbourhoods In Toronto-Child Friendly Crescent Close To Schools, 5 Parks Including …
C2810318 – M4W – 6 HIGHLAND AVE Toronto, Ontario – $ 3,995,000
Regal Rosedale Residence Featuring A Delicate Balance Of Understatement And Grandeur On One Of Toronto s Most Coveted Cul-De-Sacs. Formal And …
C2810325 – M4R – 140 ROSEWELL AVE Toronto, Ontario – $ 2,695,000
Lytton Park Gem For The Discerning Buyer. Large, Character Filled Family Home. Inspired By Irish Country Living. Impeccable Finishes. Traditional …
E2776815 – M1E – 65 MANSEWOOD GDNS Toronto, Ontario – $ 389,000
Price Change. Jan 14: $ 389,000 Nov 3: $ 399,000
Well Kept Home! Walk Out To Interlocking Brick Patio. Garden Setting Fenced Private Yard. …
E2786826 – M1E – 25 COLLINSGROVE RD Toronto, Ontario – $ 249,000
Price Change. Jan 14: $ 249,000 Nov 19: $ 259,000
Bright And Spacious End Unit Condo Townhouse With Extra Tall Windows For Natural Light** All Laminate Floors Thru-Out** Finished Basement Rec Room & …
E2788983 – – $ 369,900
Price Change. Jan 14: $ 369,900 Nov 22: $ 389,900
Immaculately Kept,Upgraded Kitchen With High Grade Granite Counter Top,Renovated Bathrooms,Newer Roof,Ac And Furnace.Finished …
E2802318 – M1N – 1415 KINGSTON RD Toronto, Ontario – $ 735,000
Price Change. Jan 14: $ 735,000 Dec 20: $ 750,000
Large Detached 2 Storey Building In The Heart Of Birch Cliff Village Neighboring The Prestigeous Hunt Club, Steps To Bluffs And The …
E2809674 – M1P – 21 RADNOR AVE Toronto, Ontario – $ 628,800
Beautiful And Spacious Bungalow, Just A Few Minutes To Kennedy Subway***Very Short Walk To Ttc/School*** Large Lot***Totally Renovated/Updated,* 2 Full …
E2809676 – M1H – 27 WANTANOPA CRES Toronto, Ontario – $ 599,800
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E2809748 – M2M – 50 GRADWELL DR Toronto, Ontario – $ 969,900
Stunning 4 Bedroom Home Thats Steps To The Bluffs* Beautiful Open Concept Granite Kitchen With Centre Island* Huge Master With Walk In Closet & Spa Like 5 …
E2809751 – M1C – 126 BATHGATE DR Toronto, Ontario – $ 449,900
This Is A Rare Opportunity To Own A Spacious 2 Bedroom Bungalow On An Oversized Lot In A Quiet & Desirable Neighbourhood.Great Location Amongst Many …
E2809793 – M1W – 29 CHIEFSWOOD SQ Toronto, Ontario – $ 769,900
Approaching 3000 S.F! Five Bedrooms With Two Ensuites Detached House In High Demmanded Area. Double Door With Sep. Entrance. Excellent Layout! Updated …
E2809859 – M4C – 59 THYRA AVE Toronto, Ontario – $ 699,000
Spectacular East York Custom Built House,Gorgeous Hardwood Floors Thru-Out The House , Sky Lites , ,Granite Counter …
E2809876 – M4B – 116 REXLEIGH DR Toronto, Ontario – $ 699,000
Wow! Stunning Fully Renovated East York Three Bedroom Home W/Attached Garage Situated On An Enormous 62X156Ft Lot Size! Forth Bedroom In Lower Level. …
E2809892 – M1K – 510 BIRCHMOUNT RD Toronto, Ontario – $ 489,000
Location! Location! Large Family Home With 5 Bedrooms And Basement Apartment. $ 25,000 Recently Spent On …
E2809913 – M1P – 2 PORTER CRES Toronto, Ontario – $ 509,900
Well Maintained 3 Bdrm Bungalow On Premium, Professionally Landscaped Lot In High Demand Family Area. Elegant Lr/Dr With Crown Moulding And Picture …
E2809941 – M4C – 20 CAMBRAI AVE Toronto, Ontario – $ 849,999
Spectacular East York Custom Home!! No Expense Spared In The Construction Of This Magnificent Residence. Over-The-Top Gourmet Kitchen With Open Concept …
E2809972 – M1H – 340A AYLESWORTH AVE Toronto, Ontario – $ 621,000
Absolutely Removated 4 Bedroom Home. Close To School, Ttc And All Other Amenities. Great Neighbourhood In High Demand Area Finished Basement With …
E2809976 – M1S – 56 THISTLEWAITE CRES Toronto, Ontario – $ 615,000
Great 6 Year Old Detached Family Home With Neighborhood s Top Premium Lot. Unique And Clean Lines In Open Concept With Hardwood Floors, Upgraded Kitchen, …
E2809987 – M4J – 254 SAMMON AVE Toronto, Ontario – $ 499,900
Stunning & Private Semi! Corner Lot Situated In Prime Danforth Village! Main Floor Boasts Hrdwd Flrs, Open Concept Living/Dining W/ 9 Ceilings! Rustic …
E2810017 – M4E – 335 VICTORIA PARK AVE Toronto, Ontario – $ 389,000
Rare Find, Charming Bungalow In The Upper Beach For Under $ 400,000 . This Home Is Perfect For First Time Buyers, Handyman …
E2810145 – – $ 598,800
Renovated 3+1 Bdrm + Office Room. Great Upper Beach Location. Open Concept Liv/Din Rm. Brand New Hardwood Flooring, Brand New Modern Kitchen W/ …
E2810156 – M1B – 115 QUANTRELL TR Toronto, Ontario – $ 309,900
“”Freehold Townhome”” Home In Good Shape, Terrific Starter Home On “”Quiet Quantrell Trail”” South Facing And Quite …
E2810157 – M1R – 62 COURTON DR Toronto, Ontario – $ 599,000
Bright & Spacious, Rare 4 Bedroom Bungalow In Prime Wexford. Perfect For A Growing Or Extended Family. Large Principal Rooms. Newer Eat-In Kitchen With …
E2810180 – M1G – 16 FIRTH CRES Toronto, Ontario – $ 335,000
“”Only One Owner Since 1957″” Solid 2 Level Home On A 44 X143 Lot. Single Car Garage. Home In Excellent Condition. Unique Cathedral Ceilings …
E2810196 – M1E – 190 BEECHGROVE DR Toronto, Ontario – $ 490,000
Perfect For First Time Home Buyers To Live In Until You Are Ready To Renovate Or Build Your Dream House On A Large Premium Lot In An Area With New Homes …
E2810201 – M1P – 43 FORBES RD Toronto, Ontario – $ 579,900
Stunning Detached Bungalow Located At Dorset Park Community. Professionally Renovated From Top To Bottom,Stucco Exterior, Newer Windows, Modern Solid …
E2810204 – M4L – 315 GREENWOOD AVE Toronto, Ontario – $ 689,900
Upgraded Detached House At The Demand Area. Close To Shop, Ttc At The Door, Bus Direct To Subway. Quality Strip Hard Wood Floor Through Out Except Br Main …
E2810222 – M1B – 301 WASHBURN WAY Toronto, Ontario – $ 299,900
Clean Unit, It Has An Excellent North View, Excellent Location. Close To …
E2810235 – M4B – 37 WHITE PINE AVE Toronto, Ontario – $ 1,597,000
Very Special Custom 4 Bedr House, Crown Mouldings Throughout, 10 Ft. Ceilings, 2Beds W/Ensuite Baths And W/I Closets, Fireplaces, Custom Designed Kitchen …
E2810242 – M1P – 291 BIRKDALE RD Toronto, Ontario – $ 549,800
Birkdale Ravine! Lovely Tree Lined Street*Stunning 3 Bedroom 2 Sty*Huge Family Rm Addition With Gas F.P. W/Remote.*Reno d Kitchen W/Quartz Counter, Glass …
E2810276 – M1K – 685 DANFORTH RD Toronto, Ontario – $ 399,900
Fully Updated Affordable Semi-Detached 2 Story Home In A Prime And Convenient Location. Hardwood Flooring Throughout. Separate …
W2795868 – M8Z – 12 WILLOWBROOK RD Toronto, Ontario – $ 679,900
Price Change. Jan 14: $ 679,900 Dec 5: $ 689,900
Spacious Brick & Stone Bungalow Set On A Large 50 Ft Lot. Many Updates!! Great Curb Appeal. Desirable Neighborhood! Long Private Drive With Detached …
W2797145 – M1G – 238 AILEEN AVE Toronto, Ontario – $ 500,000
Price Change. Jan 14: $ 500,000 Dec 7: $ 530,000
Very Large, Beautiful, Bright And Well Maintained Family Home. Excellent Opportunity To Live-In/Invest Or Both.Open Concept Living And Dining, Eat-In …
W2798520 – M8W – 188 DELTA ST Toronto, Ontario – $ 469,000
Price Change. Jan 14: $ 469,000 Dec 11: $ 499,000
Bright And Spacious, Detached Bungalow,2 Bedroom, Family Size Kitchen,4 Piece Bath, Close To All …
W2809691 – M9B – 219 MARTIN GROVE RD Toronto, Ontario – $ 721,000
Exquisite Reno&Decor.Reno dtop To Bottom.Designer Open Concept Kitchen W/Brkfst Bar&S/S Appliances.Granite Counter.Separate Shower Stall In Main Floor …
W2809796 – M9C – 51 STONEHAM RD Toronto, Ontario – $ 499,900
Semi-Detached In Desirable Centennial Park Location. 3 Bed, 2.5 Bath, Open Living Space W/ Hardwood Floors & W/Out Deck To Yard. Large Master W/ …
W2809887 – M9W – 105 FORDWICH CRES Toronto, Ontario – $ 548,000
Must See This Beautiful Home On Quiet Street In Excellent Neighbourhood. New Paved Driveway, Carport With Potlights. Completely Move-In Ready. Kitchen …
W2810138 – M9A – 26 PRINCESS MARGARE BLVD Toronto, Ontario – $ 949,000
Prime Princess Anne Manor. 80 Frontage- Customize, Renovate Or Build- Public Open House Jan 18 & 19. T.T.C., …
W2810203 – M9B – 39 ABINGER CRES Toronto, Ontario – $ 750,000
Spectacular Princess Margaret Gardens Location. Original Owner Home Is A Renovators Dream! Great Flooplan Lends Itself To Numerous Possibilities, Maybe …
W2810260 – M9L – 49 APTED AVE Toronto, Ontario – $ 699,900
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W2810262 – – $ 399,900
Rare 4 Bdrm Semi Detached Town Home In Desirable Area Of The City. Appx 1900 Sq.Ft. Renovated With The High Quality Materials. 9 Foot Ceiling …
W2810284 – M2N – 75 TAVISTOCK RD Toronto, Ontario – $ 629,000
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W2810344 – M9N – 180 WRIGHT AVE Toronto, Ontario – $ 499,900
Absolutely Beautiful And Well Maintained 3 Floors, Semi Detached Home In Prestigious Weston Village. Separate Entrance To A Furnished Basement Apartment …
W2810356 – M1X – 47 DATCHET RD Toronto, Ontario – $ 479,900
** Located On Quiet Cul-De-Sac And Situated On A Premium 50 Ft Landscaped Lot, Gorgeous Renovated 3+2 Bedroom Bungalow, Open Concept Living And Dining …
W2810360 – M6M – 66 CRAYDON AVE Toronto, Ontario – $ 459,900
Amazing Detached,3 Bedroom Bungalow Located In Up And Coming Mount Dennis Neighbourhood. Huge Home With An Impressive Lot (Almost 69 Foot Frontage).Very …