The average resale detached home price for homes sold in Calgary (for homes sold under $1mi) was $580,910 this past Aug. Up 10% since Aug 2021. 27% of the homes sold in Aug 2022 went for list price or higher. In 2021, 26% sold for list price or higher. Back in 2019, the average was $486,809. That’s a 19.3% increase in 3 years.
Okotoks sales volumes are down 23% this August vs 2021 but up 15% over the 5 yr running avg pre-covid. 40% of the homes sold this Aug sold for list price or higher.
Sales volumes are down vs the peak run up of volumes and prices this past spring, but all things being relative, we are still in good shape. Interest rate hikes are going to cool off growth and inflation in general. However, with world energy prices about to go crazy this winter (if Russia continues its war efforts) then the Alberta and Canada gov’t along with world energy companies are in good shape to cash in - sad but true. Alberta’s economy may be somewhat insulated which will be reflected in the overall Real Estate market health. Net migration to fill job vacancies will play a significant role in our real estate market going forward.