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Alberta's new housing price divide

6/4/2014

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Alberta’s housing market is a tale of two cities. Since March of 2009, Calgary’s new house and land prices have increased 19.7 and 30.7 per cent, respectively. The story is a bit different in Alberta’s capital.

The New Housing Price Index (NHPI) is calculated by using both contractors’ selling prices of new residential housing and their estimates of the current market price of the land. The NHPI is usually presented as one figure, but when we split Alberta’s to examine housing and land prices individually, we get a better look at the province's market.

Developers and contractors continue to seek out viable land in Calgary, a demand that has been keeping prices up since 2009. Calgary’s prices for new homes are rising more sharply than contractors’ land price estimates. As the city's overall economy strengthens, demand for housing and usable land will rise.

Edmonton is a different story. Since March 2009, the price of a new home has gone up 2.6 per cent. Contractors’ land price estimates have fallen 5.7 per cent. Both fell sharply in 2008 and haven’t seen any significant growth since the decline. 

It’s a mystery why Edmonton’s new housing prices and land estimates are still below 2007 levels. However, Edmonton’s healthy economy might help the numbers start to rebound.

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**Information provided by Todd Hirsch of ATB Financial.  Thanks Todd!!
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SHERI-LEE PRESENGER 
Real Estate Agent
RE/MAX Real Estate (Central)
2411 4th Street NW
Calgary AB, T2M 2Z8
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Cell: 403-807-1145
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Email: sherilee.presenger@gmail.com


The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board.
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  • Home
  • About Sheri-Lee
    • Always Giving Back
  • Testimonials
  • Resources
    • For Buyers >
      • Finding A Home
      • Featured Properties
      • Search For Properties
      • Property Search
      • Advanced Search
      • Additional Home Buying Costs
      • VIP Listing Access
      • Mortgage Calculator
    • For Sellers >
      • Free Home Evaluation
      • Are You Fit To Sell?
      • Preparing Your Home To Sell
      • Sheri-Lee's Marketing Plan
    • Statistics
  • Contact
    • Refer Sheri-Lee
    • Send Me An Email