Calgary benchmark home price up 11% from last August

Sales down slightly from a year ago, unlike other major Canadian cities

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CALGARY — The Calgary Real Estate Board says the August benchmark price for a home in the city is up 11 per cent from a year ago, while the number of sales has remained nearly unchanged over the same period.

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Alberta council says last month’s benchmark price for all housing types was $531,800, with detached homes averaging $633,000, semi-detached properties $569,300 and apartments $277,700 .

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It also detected a move toward more profitable housing, as the year-over-year decline in single-detached home sales was nearly matched by gains for multi-family homes.

“While higher lending rates have slowed activity in the single-family home market, we are still seeing homebuyers shift to more affordable options, which is keeping sales activity relatively strong,” said Ann-Marie Lurie, the council’s chief economist, in a statement.

“It makes Calgary different from some of the larger cities in the country that have seen significant declines in sales.”

For example, home prices in Toronto fell just over 6% in July from the previous month, averaging $1.074 million, according to data from the Toronto Regional Real Estate Board (TRREB), released on August 4. month-on-month decline, home prices in the city managed to rise 1% from July 2021.

However, the number of homes traded fell 47% year-over-year in July and 24% from the previous month, with 4,912 units sold.

The TRREB will publish the figures for August on Friday.

With file from Stephanie Hughes, Financial Post