House prices on the rise in Calgary

For the fourth month in a row, home prices went up in Calgary.

The Calgary Real Estate Board says improved demand and easing supply last month created balanced conditions and modest price gains for single-family homes.

In fact, for the first time since June 2015, the price for a detached home did not decline on a year-over-year basis.

“We can really see a slow but sure recovery in the housing market,” CREB president David P. Brown said. “Demand for detached product is driving a new sense of optimism for consumers as we move further into spring.”

The average price is around $509,000, up one per cent from the year before.

However, the prices for multi-family homes, including condos, fell another two per cent compared to last year — even as the market returns to more balanced conditions.

“With the change in market dynamics, people no longer feel like they may need to settle for a second choice in a property,” Brown said. “There are lots of housing choices in every segment of the market and that made for a good situation in an already active spring market.”