Calgary Outpacing Toronto in Canadian Real Estate Market
Canada’s hottest real estate markets seem to be moving increasingly westward, with Calgary poised to overtake Toronto as the country’s second highest priced city by the end of this year.
Sales in the Alberta city jumped almost 50% this January from the same month a year previous. The number of properties being put on the market, meanwhile was down 16.2%, sending prices into a 20.2% increase for the previous year.
“There is a shortage of listings in Calgary and very strong demand,” said the chief economist of the Canadian Real Estate Association, Gregory Klump. He predicts that real estate sales in Alberta will easily outpace the rest of the country in 2006.
The average cost of a home in Calgary now sits at $289,130. The gap for second place is closing quickly with Toronto homes selling for an average of $332,670, but the market growing just 2.9% in the past year. Vancouver holds on to the top spot, with a healthy lead, and prices secured by the upcoming 2010 Olympic games.