Industry officials have cited low mortgage rates as a reason for the surge in market activity in the city.
Other factors include low interest rates, increasing consumer confidence, a housing market that is considered very affordable, and “our average wage is higher than most other major cities,” said Koop.
It is calculated using a statistical model that estimates prices based on several factors.
“The single-family market continues to lead the housing growth in both sales activity and pricing, and the condominium market appears to have turned the corner as well,” said Bob Jablonski, CREB’s president. “Overall, the Calgary real estate market continues to move in the right direction, with all indicators pointing towards stable growth and a move towards typical levels of activity.”