Calgary House Prices Climb at Fastest Rate in Canada

Calgary again posted the country’s biggest annual price growth for repeat home sales in November, the latest Teranet-National Bank house price index shows.

It found prices in the city rose 9.2 per cent from a year ago, compared with the national average of 5.2 per cent from the 11 major centres surveyed. Dwellings that have been sold at least twice are considered in the calculation of the index.

Calgary Real Estate Board data, through Wednesday, show 533 MLS sales for December, a 7 per cent increase from the same 2013 period.

While home prices in Canada’s 11 major cities may have edged down slightly in November, they still remain quite elevated, hovering near record highs.  Moreover, while the decline was fairly broad based, prices in several key cities are well up from year-ago levels.

Going forward, solid momentum in the job market over the past few months, combined with an ultra-low interest rate environment should continue to support the housing market in the near term.

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