The average cost of a home in Calgary has skyrocketed more than $16,000 just two weeks intp the month, earning the typical local homeowner over $1,150 a day in June.

The average residential sale price this month is $374,380, up from $358,214 in May. This was according to the Calgary Real Estate Board. During the record-setting months of April and May, residential realty increased an average of $500 a day, but the latest figures indicate prices are climbing at rates never seen before.

CREB president Kevin Clark pointed that the real estate market is completely reflective of the economy. He said that he would be surprised if the boom is not happening. Despite the escalation in prices, Clark said he thinks the numbers are "a little misrepresentative" of the entire market.

Kevin Clark said that the numbers will be thrown because of the higher-end sales they are getting, adding expensive properties are moving faster than low-end residences. He said the realty sector is in a sensitive stage at this point and there are some signs that the overheated market is letting up just slightly. The number of sales in June seems to support that.

In May, more than 3,500 homes changed hands. Just over 1,500 properties have been snapped up so far this month, putting unit sales on pace for about 3,200 transactions.

Moreover, while prices aren't expected to drop over the summer or any time soon, Clark said buyers who keep a close eye on different neighborhoods throughout the city can find the home they're looking for if their timing is right. Meanwhile, the Canadian Real Estate Association released its May report on sales activity across the country.

Canada's average price of a home surpassed the $300,000 mark for the first time and residential average price records were set in several cities, including Calgary, Edmonton and Vancouver. Calgary and Edmonton also established new highs for sales activity.

By M. Sese
http://realestatepress.org