The stats are out ... and Single Family Homes in Calgary appreciated 16.62% in 2007. Condo's increased by 20.41% ... for combined appreciation of 18.62%!
The year-to-date average price of a single family Calgary metro home in 2007 was $472,230, and the year to-date average price of a metro condominium was $316,370.
The year-to-date median price for a home was $421,000, an increase of 16.62 per cent from the 2006 year-to-date median price of $361,000. (Creb.com)
These are amazing stats.
March and April was a Sellers Market ... where multiple offers and high prices were the norm. May through July showed a balanced Market. Since August it has been a buyers market where there has been a huge inventory of homes ... and serious price reductions.
While we are still in a buyers market ... the stats show this is changing quickly. Since late November ... the inventory of homes has decreased and days on market have decreased. The graph is downwards ... indicating that we are getting closer again to a balanced market.
What a roller coaster.
I plan to live to be 116 years old.
When I'm 106 years old (in 2073) and looking back on my life ... I'm certain I'll look back at this time (2006-2012) as truly exceptional.
It's an incredible prosperous time for those folks who study the economic fundamentals (and take action) of what's driving the price increases we have seen Alberta.
In 2008, Don Cambell of www.albertarein.com is predicting 12.2% increase in Calgary prices. TD is predicting 10%. My Canadian Leaders at REMAX have produced a press release indicating that prices will be flat. (I think they are on crack cocaine.)
I'm predicting 13% appreciation in 2008.