The number of single family homes sold in November 2009 in the city of Calgary were up 63 per cent from the same time a year ago, while condominium sales saw an even steeper increase—up 77 per cent from the same time a year ago.

“November sales are clearly demonstrating that the recovery in the Calgary housing market has staying power,” says Bonnie Wegerich, president of the Calgary Real Estate Board. “We have now seen seven consecutive months of year-over-year sales increases for both the single-family and condo markets. And November sales are in line with what we would expect this time of year in a balanced and normalized market.”

November 2009 saw 1,095 single family homes sold in the city of Calgary. This is a decrease of 15 per cent from 1,285 sales in October of this year. In November 2008 single family home sales were 670. The number of condominium sales for the month of November 2009 was 504. This was a decrease of 16 per cent from the 601 condominium transactions recorded last month. In November 2008 condominium sales were 284.

“Clearly low borrowing costs are helping to fuel this recovery,” says Wegerich. “Many buyers want to get in while mortgage rates remain at record lows. Better employment numbers and an improving economic outlook are giving the market an added boost.”
“It’s the ‘new kids on the block’—the young first time homebuyers if you will—that continue to be a bright spot in our housing market. Clearly this can be seen in the strength of our condo sales this month and it is helped by the narrowing gap between the costs of renting when compared to owning,” says Wegerich.

“But interestingly in recent months we have also seen more move-up buyers enter the market and this is being reflected in the strength of our average price of single family homes,” adds Wegerich.

The average price of a single family home in the city of Calgary in November 2009 was $464,444, showing no significant change from October 2009, when the average price was $462,465, and showing an increase of 7 per cent from November 2008, when the average price was $435,471. The average price of a condominium in the city of Calgary in November was $294,264 showing a 2 per cent increase from October 2009, when the average price was $289,155 and a 3 per cent increase over last year, when the average price
was $285,820. 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.

“A healthy demand for homes combined with a steadily decreasing inventory is holding prices firm,” says Wegerich. “Our absorption rate for single family homes in the city of Calgary is currently less than 2.5 months.”

“Pricing will remain stable and may edge upwards in some markets—but it is unlikely that we will see any dramatic jump in prices in the months to come,” adds Wegerich.

Single family listings in the city of Calgary added for the month of November totaled 1,365, a decrease of 25 per cent from October 2009 when 1,819 new listings were added, and showing a decrease of 13 per cent from November 2008, when 1,567 new listings came to the market. Condominium new listings in the city of Calgary added for November 2009 were 705, down 18 per cent from October 2009, when the MLS® System saw 859 condo listings coming to the market. This is a decrease of 5 per cent from November 2008, when new condominium listings added were 741.

The median price of a single family home in the city of Calgary for November 2009 was $408,000, showing no significant change from October 2009, when the median price was $410,000, and up 5 per cent from November 2008, when the median price was $387,300. The median price of a condominium in November 2009 was $264,900, showing a 1 per cent increase from October 2009, when the median was $263,500, and up 5 per cent from November 2008, when the median price was $251,800.

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.

“We expect sales to taper off as we enter the winter months,” notes Wegerich. “But the market is well above the trough we saw at the end of 2008 and we are now seeing much healthier and balanced conditions for both buyers and sellers.”

CREB® is a professional body of 5,110 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.

Calgary, September 1, 2009 – Calgary metro home prices made the first year-over-year increase on a monthly basis since February 2008 according to figures released by the Calgary Real Estate Board (CREB®). Prices received an added boost from the sale of a $10.3 million home earlier this month.

“Calgary’s housing prices are edging upwards as consumer confidence improves and demand continues to grow,” says Bonnie Wegerich, President of the Calgary Real Estate Board. “The recent $10.3 million-sale has undoubtedly boosted the average price this month, but even without this sale the average price is higher than a year ago.”

The average price of a single family Calgary metro home in August 2009 was $454,130, showing an increase of 4 per cent from July 2009, when the average price was $436,782, and showing an increase of 3 per cent from August 2008, when the average price was $440,625. The average price of a Calgary metro condominium was $283,330 showing a 1 per cent decrease from July 2009, when the average price was $285,032 and a decrease of 2 per cent over last year, when the average price was $287,832. 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 last time prices showed a year-over-year increase was February 2008 when single-family homes rose by 5.2 per cent from February 2007 to $471,696 and condos increased by 3.3 per cent from February 2007 to $311,812.

The average price of a single family Calgary metro home in August 2009 without the $10.3 million-sale would be $446,413—coming in just above the average price one year ago.

“We might see a gradual edging up in average prices come this fall, but on the whole, prices will most likely remain relatively stable. With our inventory at just under a four-month supply, the market continues to be in balance,” added Wegerich.

The number of single family homes and condos sold in August in Calgary metro are also both up from the same time a year ago.

Typically a slower month for sales, August saw 1,277 single family homes sold in Calgary metro. This is an increase of 9 per cent from August 2008, when single family home sales were 1,170. This is a decrease of 19 per cent Total MLS® Inventory to Sales Total MLS® Information Absorption Rate from 1,585 sales in July of this year. The number of condominium sales for the month of August 2009 was 632, an increase of 28 per cent from August 2008 when 495 condominiums changed hands. This was a decrease of 10 per cent from the 702 condominium transactions recorded last month.

“We are seeing an upward revision of our housing market forecasts at the national level,” says Wegerich. “I think it is fair to say the recovery in the market has been a little brisker then first expected—and all signs indicate the rebound, all be it gradual, will have some longevity.”

Single family Calgary metro new listings added for the month of August totaled 1,910, a decrease of 9 per cent from July 2009 when 2,089 new listings were added, and showing a decrease of 16 per cent from August 2008, when 2,270 new listings came to the market. Calgary metro condominium new listings added in August 2009 were 832, down 9 per cent from July 2009, when the MLS® saw 918 condo listings coming to the market. This is a decrease of 21 per cent from August 2008, when condominium listings were 1,054.

The median price of a single family Calgary metro home in August 2009 was $400,000, showing an increase of 3 per cent from July 2009, when the median price was $390,000, and up 1 per cent from August 2008, when the median price was $398,000. The median price of a condominium in August 2009 was $260,000, down 1 per cent from July 2009, when the median was $263,000, and down 3 per cent from August 2008, when the median price was $268,500. 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.

“All in all we are optimistic about the fall market. Low mortgage rates, government incentives and realistic pricing on the part of sellers are contributing to healthy sales numbers—as is the recent boost in consumer confidence on news that the worst of the economic slowdown is over,” says Wegerich.

CREB® is a professional body of 5,445 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.

Calgary

Calgary is well-known as a destination for winter sports and ecotourism with a number of major mountain resorts near the city and metropolitan area. Economic activity in Calgary is mostly centred on the petroleum industry; however, agriculture, tourism, and high-tech industries also contribute to the city’s fast economic growth. Calgary holds many major annual festivals which include the Calgary Stampede, the Folk Music Festival, the Lilac Festival, One Yellow Rabbit High Performance Rodeo — Calgary’s International Festival of the Arts, Wordfest: Banff-Calgary International Writers Festival, Calgary International Spoken Word Festival, One World Festival (GlobalFest), and the fourth largest Caribbean festival in the country (Carifest). In 1988, Calgary became the first Canadian city to host the Olympic Winter Games, and one of the fastest long track speed skating ice rinks in the world was built at the University of Calgary to accommodate these Games.

Calgary was ranked the world’s cleanest city by Mercer Quality of Living in a survey published in 2007 by Forbes magazine.