A national report predicts average house prices in Calgary will increase by 3.6 per cent this year.
The Royal LePage House Price Survey and Market Survey Forecast, released Thursday, said a vibrant local economy and low interest rates will drive demand for homes in the city in 2012.
It expects Calgary to post some of the highest year-over-year price increases in Canada.
The year-over-year growth rate for Calgary MLS residential sales in November grew at a pace three times more than the national average, according to data released Thursday by the Canadian Real Estate Association.
The association said there were 1,656 MLS sales in Calgary during the month, a hike of 16.0 per cent from November 2010.
Nationally, there were 34,534 sales representing an increase of 5.0 per cent.
The ‘sizzle’ will be taken out of the Canadian housing market next year, according to the Housing Forecast report from the Altus Group.
Actually, using ‘sizzle’ in the same sentence as ‘Canadian housing market’ is misleading in that the hot areas are only in certain parts of the country and certainly not in Alberta.
Single-family and condominium MLS sales increased in October compared with a year ago, according to the Calgary Real Estate Board.
The board said Tuesday that single-family sales of 988 for the month were up by 11.39 per cent from October 2010 while condo transactions jumped by 19.87 per cent to 368 units.
On September 28, Calgary Economic Development and TD Bank Group presented the annual Economic Outlook event featuring Craig Alexander, Senior Vice President and Chief Economist for TD Bank Group and Mario Lefebvre, Director of the Centre for Municipal Studies at the Conference Board of Canada.
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