Calgary Real Estate Prices Show Unprecedented Growth
A quarterly report released this week by Royal LePage shows Calgary, Alberta as Canada’s fastest appreciating real estate market, with the average price of a two-story home skyrocketing to $397,867, a 54.6% increase over the second quarter of last year.
“Since we started doing this report in the ’70s, we’ve never seen this kind of price appreciation in one year, ever,” said Royal LePage president and CEO, Phil Soper, when interviewed about the findings.
Century 21’s president, Don Lawby, meanwhile, credited the growth to Alberta’s oil-rich economy, as well as severe housing shortages in the area. “The Alberta housing market is truly reacting to the fact it is by far the best-performing economy in Canada,” he said.
Edmonton showed the second largest appreciation with growth of 39%, while Vancouver prices grew by 20% in anticipation of the 2010 Winter Olympics.
Toronto’s real estate prices grew by a much more subdued 4.4% in the last year, with the average two-story home now costing $474,766 in Canada’s largest city.
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Canadian Real Estate Market Continues to Swell » PropertyPlex.com said,
August 10, 2006 @ 11:03 pm
[…] Prices rose in 15 of Canada’s top 21 metropolitan areas for the month of June. Calgary continued to lead the way with growth of 6.9% for the month, followed by Edmonton at 4.7%, and Saskatoon and Regina with 1.6% and 1.2%, respectively. […]