July 20, 2012
Royal LePage: Calgary home prices “balanced”
A new national study found that Calgary home prices remain balanced, even as the national price appreciation is forecast to soften moderately for the rest of 2012. According to a national home price survey by Royal LePage, while market activity in Calgary rose approximately 30 per cent, the southern Alberta city remains “a balanced market.”
The Royal LePage House Price Survey and Market Survey Forecast showed the average price of a home in Canada increased year-over-year between 3.3 and 5.5 per cent in the second quarter of 2012. By the end of 2012, Royal LePage expects national average prices to be 3.2 per cent higher compared to the same period of 2011, in line with the company’s original year-beginning forecast of 2.8 per cent.
In Calgary, the second quarter saw detached bungalows posting the largest average year-over-year price increases, rising five per cent to $432,322. But prices for standard two-storey homes rose only a modest 2.5 per cent year-over-year to $425,456. While standard condominiums declined slightly by 0.8 per cent year-over-year to $247,056.
Nationally, the standard price of two-storey homes rose 4.7 per cent year-over-year to $408,423, while detached bungalows increased 5.5 per cent to $376,311. Average prices for standard condominiums increased
3.3 per cent to $245,825.