The world’s economy, whether it is the currency market, commodities of equities, is in a financial dither. But within this insanity is one location where the economy, and subsequently its real estate market, is doing well.
Calgary is running rings around the world’s real estate markets. In October, the average price for a residential property, including all types, was $360,000. Though it is down a hair from this past September, the figure is $1,000 higher than in October of last year. The number of unsold homes still on the market is also stable, holding at 11,064, with the ratio slightly favoring the buyer.
In October of this year, a single family home went for an average of $455,400. At the same time the median price worked out to be $395,000, which is two percent higher than October of 2010. The Calgary Real Estate Board attributes this to the large number of luxury homes that changed hands this October.
As far as condos, sales prices were a bit lower, coming at $282,900 this year, indicating more sales in the under $200,000 category. Sano Sante, who is the CREB president, notes that the market is stable and improving. He foresees no changes in the interest rates in the near future, which will contribute to that improvement.