Prospective home buyers in the Calgary market can expect to pay top dollar, experts say.
The city's housing market is heating up, with multiple offers becoming common, pushing many properties to sell for more than the asking price, local realtor Justin Havre says.
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"The real estate market here in Calgary is quite active to say the least," he said. "Lots of properties are selling in a matter of hours."
Havre said about 30 per cent of the sales he sees in Calgary are at or above the listing price. A townhouse in Rundle even sold recently for 38 per cent over list, he said.
"We had another one that sold ... it was a bungalow and it was sold in a matter of hours. And I think that went unconditional at 18 per cent over list price," he said.
Numbers from the Calgary Real Estate Board (CREB) show the trend is increasing.
Out of 2,544 properties that were sold in Calgary last April, 265 went for more than their listed price. This year 2,377 properties sold in April, and 529 of them for more than list price.
The driving factor behind the trend is a shortage of single family homes for sale and inner-city development driving up land prices. But CREB President Bill Kirk says that could be remedied as more homes go on the market in the summer.
Kirk says the housing market is likely to calm down once that happens.