Calgary Housing Market Shows Signs of Balance, Not Bubble! - March 2010
Statistics released by the Calgary Real Estate Board indicates that the Calgary housing market continues to build stability and momentum in February of 2010.
Sales of single family homes in Calgary have increased by a 25 per cent over the same time a year ago in February. Condominium transactions have been outpacing single family homes with an increase of 56 per cent compared to twelve months ago in the Calgary real estate market.
Diane Scott, president of the Calgary Real Estate Board has said that - “There is a spring in the step of Calgary homebuyers as we get ready for the spring market. Indeed, the Calgary housing market has shifted from fragile to fervent in just over 12 months. We will see strong activity in the spring market as many buyers will view 2010 as the time to take advantage of affordability and to get in before interest rates rise.”
Looking at the numbers in more detail, there were 1,035 single family homes sold in Calgary last month. It is a 36% decrease when compared to the month of January when 762 single family homes exchanged hands in the Calgary real estate market. In February of 2010, 536 condominiums have been sold vs. 376 units in January or a 43% month to month increase.
“The market is tightening and we are seeing a moderate rise in the number of competing offers on homes,” Scott acknowledges. “But Calgary’s market remains in a healthy and stable position. There has been much talk of a housing bubble in some markets across Canada but we believe balance, not bubble, is the story of the Calgary housing market for 2010.”
Average Price of a Single family home in Calgary
• February 2010 - $458,254 (an increase of 10% compared to a year ago)
• January 2010 - $441,217
• February 2009 - $415,568
Average Price of a Condominium in Calgary
• February 2010 - $282,880 (an increase of 5% compared to a year ago)
• January 2010 - $288,639
• February 2009 - $268,971
Single family home listings in Calgary
• February 2010 – 2,154 (an increase of 5% compared to a year ago)
• January 2010 – 2,057
• February 2009 – 1,822
Condominium listings in Calgary
• February 2010 – 1,109 (an increase of 24% compared to a year ago)
• January 2010 - 951
• February 2009 – 892
Median Price of a Single family home in Calgary
• February 2010 - $411,000 (an increase of 10% compared to a year ago)
• January 2010 - $398,000
• February 2009 - $375,000
Median Price of a Condominium in Calgary
• February 2010 - $265,900 (an increase of 6% compared to a year ago)
• January 2010 - $265,000
• February 2009 - $249,900
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 continues to drive the market and many first time home buyers are seeing this as the time to take advantage of record low interest rates, ”says Scott. “The spring market will continue to see strong demand for affordable single family homes by first time home buyers and young families looking to move up.”
“We will see a rise in both our inventory and demand this spring—and we expect both to stay in a healthy balance. Prices will edge up as the year progresses, but the rise in prices will be moderate,” adds Scott.
“The story of the housing market is all about interest rates at the moment,” says Scott. “When the rates will rise is the wild card. Canada’s economic recovery showed marked improvement in the final quarter of last year. This will put pressure on the Bank of Canada to begin raising rates sooner than planned to curb inflation.”
Source: CREB
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Last updated on: 2012-02-13 00:18:50
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