Demand driving up Calgary home prices, sales [Video]

Calgary real estate prices continued to rise in April, as demand for more affordable, higher-density properties remained high.

In its monthly real estate update, the Calgary Real Estate Board (CREB) said supply levels are declining in the city, driven by sales of lower-priced homes.

“Homes priced below $500,000 have reported a 29 per cent decline. Meanwhile, we are seeing supply growth in homes priced above $700,000,” said Ann-Marie Lurie, chief economist at CREB.

“Persistently high interest rates are driving demand toward more affordable products in the market and, at the same time, driving listing growth for higher-priced properties.”

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The benchmark price of a residential property rose to $603,700 for the month of April – up 9.9 per cent year-over-year.

By property type, the benchmark prices last month were:

• Detached: $749,000 – up 13.1 per cent year-over-year;
• Semi-detached: $668,400 – up 12.9 per cent year-over-year;
• Row: $458,100 – up 20 per cent year-over-year; and
• Apartment: $346,200 – up 17.7 per cent …