Comparatively extra inexpensive housing varieties, similar to row and apartment-style properties, noticed probably the most vital year-over-year value features
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Printed Apr 01, 2024 • Final up to date 21 minutes in the past • 2 minute learn
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The Calgary Actual Property Board says March house gross sales have been up 10 per cent from final 12 months as interprovincial migration to Alberta contributed to tight market circumstances.
The board says 2,664 items modified palms final month, whereas the benchmark value throughout all house varieties was $597,600 for March — up 10.9 per cent from a 12 months earlier and two per cent from February.
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Comparatively extra inexpensive housing varieties, similar to row and apartment-style properties, noticed probably the most vital year-over-year value features.
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New listings fell 4.3 per cent to three,172 and there have been 2,532 items in stock, 22 per cent decrease than final 12 months and half the degrees historically seen in March. The board says stock ranges declined probably the most for properties priced beneath $500,000.
Ann-Marie Lurie, chief economist at CREB, mentioned circumstances for March haven’t been this tight since 2006, which additionally marked the final time Calgary skilled excessive ranges of interprovincial migration.
Alberta obtained greater than 9,000 newcomers from different elements of Canada within the fourth quarter of 2023, lifting annual interprovincial migration to greater than 55,000 — the biggest acquire in interprovincial migration nationally in additional than 5 a long time, StatCan reported final week.
“Given provide changes take time, it isn’t a shock that we proceed to see upward strain on house costs,” Lurie mentioned.
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Gross sales of indifferent properties rose barely in March however have been doubtless suppressed by stock pressures, with listings down 24 per cent from March 2023.
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The unadjusted indifferent benchmark value rose to $739,700, up virtually three per cent from February and 14 per cent greater than a 12 months in the past. The typical value was $801,348.
Total, 71 per cent of the obtainable stock in March was priced above $700,000, the board reported.
House and condominium gross sales topped 800 items in March, lifting first-quarter gross sales to a document 1,940 items — 30 per cent greater than final 12 months.
“Demand for lower-priced properties has supported the expansion of apartment-style properties, however the tight circumstances have additionally contributed to additional value features,” the board reported.
The March benchmark value within the condo condominium class was $337,700, greater than two per cent greater than February and 17 per cent greater than a 12 months earlier.
— With recordsdata from The Canadian Press
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