Calgary’s housing market is having positive momentum and is a “lone shining star” in the Western Canadian real estate market, according to a report by TD Economics.
TD called Calgary’s situation ideal in comparison to what’s happening in Vancouver with the resale housing market seeing sales decrease there by 26 per cent in 2012. Calgary was the only one among its peers to register positive sales growth in 2012 at 14.3 per cent.
TD said average home prices will rise from $411,927 in 2012 to $423,400 this year and then to $431,400 in 2014. Those include all residential homes in Calgary and surrounding neighborhood.
Canada Mortgage and Housing Corp. is predicting MLS sales in the Calgary CMA to rise by 1.37 per cent this year followed by another 2.59 per cent in 2014.
The average sale price is expected to boost by 2.59 per cent this year to $423,000 and by another 2.6 per cent in 2014 to $434,000.