Resale home prices reach record level

Calgary’s resale housing market, lifted by the record-setting sale of a $10.3 million mansion, reached an all-time average sale price in February, eclipsing a mark that has stood since the boom of 2007.
The Calgary Real Estate Board said Friday the average MLS sale price for a single-family home last month was $518,452, up 10 per cent from 2012. The previous high was $506,671, in July 2007.
The average price for all MLS sales in the city last month, including townhouses and condos, was $457,120, up seven per cent year-over-year.
The past overall record was $452,589, also in July 2007.
“Calgary’s housing market remains one of the most affordable in Canada and while other major centres have recently been experiencing slower sales activity Calgary is among the top markets in Canada for demand growth,” said Re/Max realtor Cody Battershill.
“Alberta incomes continue to lead the country. This is all-around good news for the city as we continue to welcome a steady stream of new Calgar-ians to be a part of the energy that is Calgary.”
Total Calgary MLS sales of 1,711 in February were down 1.2 per cent from a year ago while single-family home sales fell by 5.6 per cent to 1,209.
February prices were pushed up by continuing strong sales in the luxury home market.
Mike Fotiou, with First Place Realty, said 63 proper-ties sold for $1 million or more during the month, a record number for February.
Those figures included the $10.35 million sale of an Aspen Woods home, the highest MLS price ever paid in Calgary.
“While the average price reflects record levels in Calgary, those numbers can be misleading,” said Becky Walters, president of CREB.
“Last year there were more home sales in the higher-end segment of the Calgary market compared to 2007, and this trend has continued into 2013, causing the average price to rise above peak levels.”
The real estate board said it focuses on the benchmark price, based on the attributes of the home, believing it offers a more accurate indication of price trends.
Its benchmark prices for all residential properties rose eight per cent, to $396,100. Single-family sales increased nine per cent to $442,500.