Canadias real estate market is heating up, with buyers from around the world snapping up properties in Calgary.
The national average price of a detached home sold in Calgary is now $2.8 million.
While this is lower than the national average of $3.3 million, it is up from the previous record-low $1.9 million in 2016.
In Calgary, the median price for a detached house sold last year was $1,664,000.
That is an increase of nearly 50 per cent from 2016.
There are many reasons for the increase, said David Sturdy, president of the Real Estate Council of Alberta.
He said Calgary was a boom time for realtors, especially in the first half of this year.
“It was kind of a boom and a bust period, but then the housing market sort of picked up and it’s kind of the best time to be in Calgary,” said Sturdy.
“It’s really going to continue to build in Calgary.”
There are more than 100,000 detached homes in Calgary, according to the Alberta Association of Realtors, making it one of the most popular destinations for buyers.
However, some of the priciest prices in the city are on the west side, which has a median home price of $1 million.
In Calgary, home sales in the Calgary-area have surpassed $1 billion for the first time in 2017.