The frenzy in Calgary — the city set an all-time record for home sales in June, up 11 per cent year-over-year, with apartment sales alone up an eye-popping 48 per cent — flies in the face of what’s happening nationally.
And while prices have fallen nationwide — the Canadian Real Estate Association’s aggregate composite home price index for the month of May sat 8.6 per cent below 2022 levels — they are sizzling in Calgary.Article content “And how strong activity has been even in the upper ranges, in spite of the interest rate increases.”
That year alone, home sales in Calgary plunged 26 per cent. In the city’s condo and apartment market, it has taken eight years for prices to recover to their 2014 levels. People are also flocking to the province, in particular the city. Statistics Canada says Alberta saw the largest net interprovincial migration of all the provinces during the first three months of the year, with more than 15,000 people arriving from other parts of the country — in particular, Ontario, B.C. and Saskatchewan.Article content“A lot of that growth coming into Alberta is funnelling into Calgary. Calgary’s market is performing more than other markets ,” Lurie said.
But while the influx of people is good news for the province’s economy — and for the Alberta government, which has been trying to entice new residents from other parts of the country through its “Alberta Is Calling” marketing campaign — it can make for a stressful home-buying experience.
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