The number of single family homes sold in January 2010 in the city of Calgary was up 39 per cent from the same time a year ago, while condominiums sales saw an increase of 67 per cent from the same time a year ago. “Low mortgage rates and earlier price reductions have improved the affordability of home ownership for Calgarians,” says Diane Scott, newly elected president of CREB®. “For the time being average home prices are more in line with average incomes.  A narrowing gap between the costs of renting versus owning a home will attract more first time home buyers into the market in 2010,” adds Scott.January 2010 saw 762 single family homes sold in the city of Calgary. This is a decrease of 5 per cent from 799 sales in December 2009. In January 2009, single family home sales totaled 550. The number of condominium sales for the month of January 2010 was 376. This was an increase of 10 per cent from the 341 condominium transactions recorded in December 2009. In January 2009, condominium sales were 225.

“The story for 2010 will be a balanced and steadier market,” says Scott. “Just one year ago we were facing record low sales and more than 10 months of inventory.  Consequently, year-over-year sales comparisons are up dramatically—but all in all sales this month are moving closer to the range we would expect this time of year,” adds Scott.   The average price of a single family home in the city of Calgary in January 2010 was $441,217, showing a decrease of 2 per cent from December 2009, when the average price was $451,349, and showing an increase of 7 per cent from January 2009, when the average price was $413,049. The average price of a condominium in the city of Calgary was $282,639, showing a 2 per cent decrease from December 2009, when the average price was $288,640 and a 4 per cent increase over last year, when the average price was $270,940.

Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.  The median price of a single family home in the city of Calgary for January 2010 was $398,000, showing a 1 per cent decrease from December 2009, when the median price was $401,000, and a 6 per cent increase from January 2009, when the median price was $374,700. The median price of a condominium in January 2010 was $265,000, remaining the same as in December 2009, when the median was also $265,000. That’s up 9 per cent from January 2009, when the median price was $243,000.

All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Affordability is the silver lining in Calgary’s housing market. Even in the face of slowing wage growth—we can see affordability has improved.  Higher prices in 2007 and 2008 left the average family with a maximum buying power of $250,000—while average single family prices pushed well into the $450,000 range. Lower interest rates have enabled these same families to now look at homes in the $350,000 to $375,000 range—closer to average market prices,” says Scott. Single family listings in the city of Calgary added for the month of January totaled 1,822, an increase of 126 per cent from December 2009 when 806 new listings were added, and showing a decrease of 12 per cent from January 2009, when 2,068 new listings came to the market. Condominium new listings in the city of Calgary added for January 2010 were 951, up 114 per cent from December 2009, when the MLS® saw 444 condo listings coming to the market. This is an increase of 1 per cent from January 2009, when new condominium listings added were 941. 

“The outlook for Calgary is still about energy. Re-starting of investment in Fort McMurray will be needed to boost employment in Calgary.  Undoubtedly Calgary’s economic recovery is still fragile—and improvements in the housing market will be gradual and modest.  The good news is improved housing affordability will make Calgary more attractive to job seekers than in past years,” says Scott.

CREB® is a professional body of 5,445 licensed brokers and registered associates, representing 252 member offices and is dedicated to enhancing the value, integrity and expertise of its REALTOR® members. REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and Standards of Business Practice. Using the services of a professional REALTOR® can help consumers take full advantage of real estate opportunities while reducing their risks when buying or selling real estate. The board does not generate statistics or analysis of any individual member or company’s market share.

Calgary real estate shifts to a balanced market

Calgary, July 2, 2009 – The number of single family homes and condos sold in June in Calgary metro are both up from the same time a year ago. 

MLS® sales activity of single family Calgary metro homes was 1,837 in the month of June 2009, showing an increase of 16 per cent from 1,584 sales in May 2009, according to figures released by the Calgary Real Estate Board (CREB®). This is the sixth consecutive month home sales have increased in Calgary Metro.  This was an increase of 28 per cent from June 2008, when single family home sales were 1,439.  The number of condominium sales for the month of June 2009 was 738, an increase of 13 per cent from the 653 condominium transactions recorded in May 2009, and an increase of 33 per cent from June 2008, when 556 condominiums changed hands. 

“This is the third consecutive month we are seeing our inventory return to a balanced market,” says Bonnie Wegerich, President of the Calgary Real Estate Board.  “Our inventory turnover for single family homes and condos in metro Calgary is now just over two months.  This is a remarkable shift from the nearly 11 months of inventory we saw in January of this year.”

“A rise in demand along with fewer listings has helped bring supply in balance with demand,” says Wegerich. “Affordable prices, low interest rates and pent-up demand continue to fuel this gradual rebound.  Should this trend continue, I think we can confidently say the bottom of the market has come and gone before many buyers had a chance to notice.”

The average price of a single family Calgary metro home in June 2009 was $447,142, showing an increase of 2 per cent from May 2009, when the average price was $436,427, and showing a decrease of 6 per cent from June 2008, when the average price was $473,774. The average price of a Calgary metro condominium was $285,595 showing a 4 per cent increase from May 2009, when the average price was $275,212 and a decrease of 9 per cent over last year, when the average price was $315,042.  Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

“It is not the buyer’s market we saw in January of this year.  As our inventory trends lower, choice and selection will decrease. Nonetheless, there are still great opportunities out there for buyers,” says Wegerich.

“The good news is pricing remains relatively affordable,” says Wegerich. “We are not liable to see significant price gains in 2009, but more likely a gradual and steady improvement in home values.” 

Single family Calgary metro new listings added for the month of June totaled 2,244, no change from May 2009 when 2,235 new listings were added, but showing a decrease of 19 per cent from June 2008, when 2,787 new listings came to the market. Calgary metro condominium new listings added in June 2009 were 927, down 7 per cent from May 2009, when the MLS® saw 998 condo listings coming to the market. This is a decrease of 25 per cent from June 2008, when condominium listings were 1,234.

The median price of a single family Calgary metro home in June 2009 was $399,000, showing an increase of 2 per cent from May 2009, when the median price was $390,000, and down 2 per cent from June 2008, when the median price was $408,000.  The median price of a condominium in June 2009 was $265,500, up 4 per cent from May 2009, when the median was $255,000, and down 6 per cent from June 2008, when the median price was $282,000.  All Calgary metro MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“We are encouraged by this upward trend in sales but there are still some economic fundamentals needed before we will see a full recovery in the housing market,” added Wegerich.  “A rebound in employment and oil prices will have a significant impact on the housing market in Calgary—we expect this won’t fully take effect until the beginning of 2010.”

CREB® is a professional body of 5,142 licensed brokers and registered associates, representing 256 member offices. The Board does not generate statistics or analysis of any individual member or company’s market share.

Calgary, March 2, 2009 – MLS® sales activity of single family Calgary metro homes was 825 in the month of February 2009 showing an increase of 50 per cent from 550 sales in January 2009, according to fi gures released by the Calgary Real Estate Board (CREB®). This was a decrease of 34 per cent from February 2008 when single family home sales were 1,252. The number of condominium sales for the month of February 2009 was 343, an increase of 52 per cent from the 225 condominium transactions recorded in January 2009 and a decrease of 39 per cent from February 2008 when 562 condominiums changed hands.

“Undoubtedly the global economic downturn has battered consumer confidence. But there are promising signs we are moving towards a more balanced and stable market,” said Calgary Real Estate Board President, Bonnie Wegerich. “Sales are making some modest gains this month, prices are stabilizing and our inventory absorption rate is improving,” adds Wegerich.

The average price of a single family Calgary metro home in February 2009 was $415,568, showing an increase of 0.6 per cent from January 2009, when the average price was $413,049 and showing a decrease of 12 per cent from February 2008 when the average price was $471,696. The average price of a Calgary metro condominium was $268,971, showing a 0.7 per cent decrease from January 2009 when the average price about 13 per cent over last year, when the average price was $311,812. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.

“Affordability is the silver-lining in this market. With low interest rates, broad selection and improved affordability, buying opportunities have not been this strong in years,” said Wegerich.

“And this is good news particularly for fi rst-time homebuyers who may have felt pushed out of the market,” adds Wegerich. “First time homebuyers can take advantage of improved affordability along with the federal government’s First-Time Home

Single family Calgary metro new listings added for the month of February totaled 2,057, down just 0.5 per cent from the 2,068 new listings added in January 2009 and showing a decrease of 31 per cent from February 2008, when new listings coming to the market were 2,981. Calgary metro condominium new listings added in February 2009 were 892 down 5.2 per cent from January 2009 when the MLS® saw 941 condo listings coming to the market. This is a decrease of 28 per cent from February 2008 when condominium listings were 1,244.

The median price of a single family Calgary metro home in February 2009 was $375,000, showing an increase of 0.1 per cent from January 2009, when the median price was $374,700 and down 12 per cent from February 2008 when the median price was $428,000. The median price of a condominium in February 2009 was $249,900 up 3 per cent from January when the median was $243,000 and down 15 per cent from February 2008 when the median price was $295,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Indeed the shift in the market has been challenging,” said Calgary Real Estate Board President, Bonnie Wegerich. “But I am encouraged by the improved  affordability for buyers and signs that we are slowly but surely returning to a more balanced market,” said Wegerich. The Calgary Real Estate Board is a professional body of 5,209 licensed brokers and registered associates, representing 252 member offices. The Board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the Board’s website at www.creb.com.