Alberta, a rural province in western Canada that borders Montana in the south, has long linked its fortunes to major industries: oil and gas. After the oil price crash in 2014, huge financial problems and jobs have arisen. damageshome prices have “dropped” more than 20 percent, said Kirby Cox, realtor for Kirby Cox & Associates in Calgary. “Everyone thought Covid would only make matters worse.”
However, as in most other parts of the world, the housing market has “revived,” said Justin Hawre, founder of Justin Havre & Assocates / RE / MAX First in Calgary. “Around the beginning of 2021, we started seeing bid wars and price increases,” he said. “It was like a gong.” Historically low interest rates have also boosted demand, he said.
Total home sales in Calgary, Alberta’s largest city, more than doubled year-to-date to 18,147 from 8,972 in 2020, according to a July report. report from the Calgary Real Estate Board (CREB). The median home price jumped to C $ 498,201 ($ 398,000) in 2021, up from C $ 452,730 ($ 362,000) in 2020, according to CREB.
“There was a lot of pent-up demand and we were setting records every month in terms of sales and prices,” said Daniel Covall, real estate agent for RE / MAX House of Real Estate in Calgary. “When people realized they didn’t need to live close to work and could get more space, they looked for different homes that would suit their needs.”
While the city’s median home price has skyrocketed, it remains marginal compared to prices in major Canadian cities such as Toronto, where the median price hit a record CAD 1,062,256 ($ 850,000) in July, according to data Toronto Real Estate Council… In Vancouver, the estimated price of a detached home hovers around C $ 1,801,100 ($ 1.44 million), the highest in Canada, according to data Greater Vancouver Real Estate Council…