House hunt in Canada: a log palace in the mountains of Alberta

Market Snapshot Alberta, the rural western Canadian province bordering Montana to the south, has long tied its fortunes to its biggest i...


Alberta, the rural western Canadian province bordering Montana to the south, has long tied its fortunes to its biggest industries: oil and gas. After a collapse in oil prices in 2014 triggered huge finances and jobs losses, house prices “collapse” by more than 20%, said Kirby Cox, real estate agent at Kirby Cox & Associates in Calgary. “Everyone thought Covid would only make things worse. “

Like most other parts of the world, however, the housing market has rebounded with a “frenzy,” said Justin Havre, founder of Justin Havre & Assocates / RE / MAX First, in Calgary. “We started to see bidding wars and price increases around the beginning of 2021,” he said. “It was a bit of a gong show.” Historically low interest rates have also increased demand, he said.

Year-to-date, total home sales in Calgary, Alberta’s largest city, have more than doubled from the same period last year, to 18,147 from 8,972 in 2020, according to a July report. report of the Calgary Real Estate Board (CREB). The average home price in 2021 jumped to 498,201 Canadian dollars ($ 398,000), from $ 452,730 Canadian ($ 362,000) in 2020, CREB said.

“There was a lot of pent-up demand and we set records every month in terms of sales and prices,” said Daniel Kowall, real estate agent at RE / MAX House of Real Estate in Calgary. “Once people realized they didn’t have to live near work and could have more space, they looked for different homes to meet their needs.

While the city’s average home price has skyrocketed, it remains eclipsed by costs in major Canadian cities like Toronto, where the average hit a record high of C $ 1,062,256 ($ 850,000) in July, according to Toronto Real Estate Board. In Vancouver, the benchmark price for a single-family home hovers at $ 1,801,100 Canadian ($ 1.44 million), the highest in Canada, according to the Greater Vancouver Real Estate Board.

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Newsrust - US Top News: House hunt in Canada: a log palace in the mountains of Alberta
House hunt in Canada: a log palace in the mountains of Alberta
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