Calgary’s Housing Market Recovery Continues - March 2011
Statistics released by the Calgary Real Estate Board on March 1, 2011 indicates that for the second month in a row, single family home sales in the city of Calgary increased over previous month figures and levels recorded in February 2010. The rise in sales continues to point to a gradual recovery in Calgary’s housing market.
Sano Stante, president of the Calgary Real Estate Board has said that – “The convergence of affordability, low interest rates, a good selection of inventory and improved confidence in the Alberta’s energy sector is building the foundation for a sustainable housing recovery. Sales of single family homes priced below $400,000 are driving the gradual recovery, with the expectation that as the year progresses we should see the sales shift to homes priced in the mid range of the market.”
Looking at the numbers in more detail, in a month-to-month comparison, there were 1,169 single family home sales in February 2011 compared to January 2011 when 791 single family homes exchanged hands, an increase of 48 percent. Year-over-year, it means a 13 per cent increase compared to February 2010 then 1,035 single family homes exchanged hands in the Calgary real estate market. In February of 2011, 468 condominiums have been sold and it’s an increase from January of 2011 when there were 302 transactions recorded. In February of 2010, 536 condominium sales were recorded, a decrease of 13%.
“The Bank of Canada announced on March 1st that interest rates will remain unchanged until summer to encourage continued economic growth in Canada. Steady interest rates combined with stable housing prices indicate current affordability levels in Calgary will persist throughout the first half of 2011,” says Sante.
Average Price of a Single family home in Calgary
• February 2011 - $461,786 (an increase of 1% compared to a year ago)
• January 2011 - $454,163
• February 2010 - $458,254
Average Price of a Condominium in Calgary
• February 2011 - $290,145 (an increase of 3% compared to a year ago)
• January 2011 - $288,291
• February 2010- $282,880
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.
Median Price of a Single family home in Calgary
• February 2011 - $400,000 (a decrease of 3% compared to a year ago)
• January 2011 - $390,000
• February 2010- $411,000
Median Price of a Condominium in Calgary
• February 2011 - $267,000 (no significant change compared to a year ago)
• January 2011 - $255,000
• February 2010- $265,900
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.
Single family home listings in Calgary
• February 2011 – 2,268 (an increase of 5% compared to a year ago)
• January 2011 – 1965
• February 2010– 2,154
Condominium listings in Calgary
• February 2011 – 971 (a decrease of 12% compared to a year ago)
• January 2011 - 870
• February 2010– 1,109
“Improvements in the energy sector will translate into growth in employment and net-migration in Alberta and Calgary. This will boost consumer confidence and ultimately improve housing demand.” says Stante.
Source: CREB
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Disclaimer: Information herein deemed reliable but not guaranteed by the CREB and EREB.
Last updated on: 2012-05-17 00:22:34
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