Record-breaking May for Calgary housing market – New all-time peaks set for prices

May was a record-breaking month for Calgary’s resale housing market.

Unofficially, all-time highs were set for median and average MLS sales prices, the number of properties sold for the month of May, and the level of luxury home transactions, according to Mike Fotiou, associate broker with First Place Realty.

Official MLS statistics for May will be released later today by the Calgary Real Estate Board.

In Calgary, there were 2,948 MLS sales, up 16.3 per cent from a year ago while the median price rose by 7.1 per cent to $435,000 and the average sale price was up by 5.4 per cent to $486,537.

Monthly sales set a record for May and were the second highest ever, behind only March 2007’s 3,283 transactions.

Previous price records were registered in March of this year at $430,000 for the median price and $484,918 for the average sale price.

There were also 94 properties sold in the $1-million plus price point in May, eclipsing the previous record for any month of 83 in May 2013.

“The Calgary real estate market continues to set new records and reach new heights, echoing the same accolades our great city continues to enjoy. Calgary has been ranked the fifth best city to live in the world several years in a row, one of the most prosperous and one of best places to raise a family,” said Cody Battershill, a realtor with RE/MAX House of Real Estate.

“Continued record migration and a steady job market along with best in Canada incomes continue to support the strong real estate market. Builder inventory, resale listings and rental vacancies are all very tight driving time lines for quick decisions and in many cases multiple offers. Alberta is ranked one of the best economies in the whole world and Calgary is helping lead the charge.”

 

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