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Cranston, Tuscany lead resale home market in Calgary

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A master-planned community in southeast Calgary, in which some phases continue to be developed, has led all ends of the city in resale of single-family homes this year.

Cranston, located near Fish Creek Provincial Park and the Bow River, saw 74 single-family homes change hands between Jan. 1 and the end of April, says the Calgary Real Estate Board.

The next most active area for single-family resale was the neighbourhood that paced the year-long tally for 2017, northwest Calgary’s Tuscany neighbourhood, posting 72.

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Cranston had 20 sales in April, which was the most of any community on the southeast end of the city, but fell short of Tuscany with 22 and Evanston with 21.

Four months into 2018, Cranston had 188 new listings of single-family homes and a benchmark price of $490,625, says CREB. This topped the benchmark price for all southeast Calgary communities, which for the same period was $448,175. Benchmark prices are that of a typical home, based on a formula that uses various factors to ensure accurate comparisons.

Here are five things about resale of single-family homes in the city so far in 2018:

1-For neighbourhoods with 10 or more sales, the biggest year-over-year hikes in activity in April came from Acadia and Edgemont. Acadia’s 12 transactions were up 100 per cent from April 2017, while Edgemont’s 14 sales marked a 56 per cent rise.

2-No end of Calgary saw stronger resale price growth in April than an area CREB defines as the city centre.

Its benchmark price of $699,700 rallied three per cent from the same month in 2017. The city centre’s April figure also eclipsed its year to date benchmark of $695,150.

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Bel-Aire, Britannia, and Cliff Bungalow led all city centre neighbourhoods in April with year-over-year upticks of nine per cent, eight per cent, and seven per cent, respectively.

3-The west end of the city was the priciest area in which to purchase a resale single-family home. Its April benchmark was $733,100, which was up two per cent from a year earlier, and edged the area’s year-to-date figure of $730,900. The most expensive west Calgary neighbourhood in April was Aspen Woods, recording a benchmark of $986,500.

4-For a resale single-family home, house hunters saw the most selection in south Calgary in April, says CREB. It led all parts of the city with 657 single-family home listings. This was followed by a supply of 537 homes in neighbourhoods on the city’s north end.

Leading south Calgary’s inventory were the communities of Evergreen with 74, Chaparral with 50, and Woodbine with 37. In north Calgary, supply was paced by Panorama Hills with 106 listings and Evanston with 84, says CREB.

5-People selling single-family homes in south Calgary were closer than any part of the city to the price they listed it for in April.

The sale price to listing price ratio on Calgary’s south end was 97.69 per cent, says CREB. Shawnee Slopes topped all south Calgary neighbourhoods, exceeding its listing price, with a ratio of 102 per cent. The new communities of Walden and Legacy were next with 98.88 per cent and 98.79 per cent, respectively.

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