Average and median prices reached an all-time high in May. A dramatic increase in first-time buyers bodes well for the move-up buyer and the long-term health of the market. For the last two days of May, 21% of homes sold for list price or higher, so bidding wars are still going strong. You can see a more comprehensive update on my Monthly stats update.
With inventory approaching the 3500 level, I’m hopeful we’ll see a moderation in prices and an end to the bidding wars for the remainder of the year.
From the Calgary Herald: Calgary housing market smashes records in May