Each month this year has established a record for luxury home sales in Calgary’s resale market.

September is the latest. A total of 61 MLS properties in the city have sold for $1 million or more, eclipsing the previous record of 59 for the month set last year.

The most expensive sale so far this month was for a home in Briar Hill at $4.6 million.

The neighborhoods of Altadore/River Park and Elbow Park/Glencoe lead the way in sales in September with six and five transactions respectively as of Thursday.

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 A new survey says 47 per cent of Calgary house hunters now expect to spend 19 per cent more on a new home - an increase of $89,389 - from when they first started looking.


The BMO Fall Home-Buying Report, released Friday, said most expected to spend $568,458.


The survey, conducted by Pollara, revealed the main reasons for the higher price expectations: 86 per cent say housing prices have risen since they first started looking; 81 per cent have a better understanding of current prices; and 56 per cent were able to save more for a down payment.

According to the Calgary Real Estate Board, month-to-date until Thursday, the average MLS sale price in the city of $481,326 has risen by 5.82 per cent from last year.

 

In Alberta, the survey found that 44 per cent of house hunters now expect to spend 20 per cent more on a new home, or $82,291, up to $499,760.

 

At the national level, 43 per cent said they expect to spend 21 per cent more on a new home - an increase of $83,556 - from when they first started looking, an increase to $483,397.

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A surge in multi-family new home construction helped spike overall housing starts in the Calgary region in August.

Canada Mortgage and Housing Corp. reported Tuesday that total starts in the Calgary census metropolitan area rose by 65.7 per cent during the month from a year ago to 1,627 units. That was mainly due to a whopping 151 per cent hike in the multi-family sector to 1,032 units.

The single-detached market saw a jump of 4.2 per cent to 595 units.

Housing starts were trending at 18,963 in August compared with 18,322 in July, said the CMHC. The trend is a six-month moving average of the monthly seasonally-adjusted annual rates of total housing starts.

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Stronger condo apartment starts are spurring Calgary total housing starts to a potential new record this year but some cooling is expected in 2015, says a new report by Altus Group.

 

The consulting firm’s housing forecast said total housing starts in the Calgary census metropolitan area are expected to reach 17,800 this year then drop to 15,900 in 2015.

 

The report said total housing starts in the Calgary region were 12,600 in 2013 and the annual average between 2003-2012 was 12,100.

 

The high was reached in 2006 with 17,046 starts.

 

Strong demand has led to accelerated new home price increases in Calgary and resale price increases remain above inflation.

 

Several factors have contributed to the boost in new condo construction.

 

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