According to a new report released Tuesday by the Conference Board of Canada Autumn Metropolitan Housing Outlook, the average price for a previously owned home in Calgary will be more than half a million dollars by 2017. The report states that the Calgary real estate market managed to “largely shrug off the floods” and average prices rose in June. The board also predicts steady growth in prices for years to come.
In 2012, the average price was $412,315 for a resale home in Calgary and this year it was $431,760. By 2017, the Conference Board expects the average home price to rise to $517,016. With steady population growth fueling housing demand and a booming economy, Alberta’s real estate market also looks strong. However, Calgary is expected to see the largest percentage increase, which will take place between 2013 and 2015.
The region will be followed closely by Edmonton and Winnipeg in Canadian housing price increases during this period. In 2012, Alberta’s average was up by 2.6 percent and the Conference Board of Canada expects it to rise an additional 4.5 percent in both 2013 and 2014. The report states, “These would be the fastest gains since the market corrected in 2009 but nowhere near boom-era advances.”
In 2012, Edmonton’s average resale price was $334,300 and this year it was $346,581. The report puts the figure at $407,405 in 2017. Vancouver’s prices were at $730,063 in 2012, for comparison, $737,162 for this year and by 2017 are expected to rise to $791,064. So far this year Vancouver, Calgary and Edmonton are the markets showing the greatest price growth in Canada.
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