ICYMI: Average house price to pass $700K next year in Calgary: Royal LePage yyc
The real estate company’s 2023 market survey forecast released on Tuesday predicts the average single-family detached home in the city will break the $700,000 barrier, with a one per cent increase in price from $694,200 at the end of this quarter to $701,142. Overall, Royal LePage says there will be a 1.5 per cent increase in the aggregate to $612,451 from $603,400. The biggest gains will come from the condominium market, where the agency forecasts a 2.
The Bank of Canada’s 400 basis point increase to interest rates since March has led housing prices in most Canadian markets to decline, but Calgary has bucked that trend. The report also pointed to an acute, long-term housing supply shortage and a growing population due to record levels of immigration that is keeping housing prices high across the country, despite the slowdown.
Nationally, aggregate prices are expected to fall one per cent in 2023 to $765,171, while the price of a single-detached home will drop two per cent to $781,256.Recommended from Editorial
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