The number of single family homes sold in May 2010 in the city of Calgary was down 20 per cent from the same time a year ago, and condominium sales saw a decrease of 21 per cent from the same time a year ago.

May 2010 saw 1,262 single family homes sold in the city of Calgary. This is a decrease of 7 per cent from 1,352 sales in April 2010. In May 2009, single family home sales totaled 1,584. The number of condominium sales for the month of May 2010 was 518. This was a decrease of 19 per cent from the 639 condominium transactions recorded in April 2010. In May 2009, condominium sales were 653.

“The first quarter of 2010 was exceptionally strong with our spring sales coming early in the wake of anticipated mortgage hikes,” says Diane Scott, president of CREB®. “We believe there are a number of factors contributing to this marked slowdown including a declining number of first-time homebuyers in the market, a rise in monthly carrying costs as mortgage rates rise and to some extent market jitters in the wake of Greece’s financial crisis,” says Scott.

“Consumers are feeling a little nervous about the recent instability of the stock markets—and with mortgage rate hikes behind us, it’s understandable that feelings of urgency among buyers have lessened,” adds Scott.

The average price of a single family home in the city of Calgary in May 2010 was $483,240, showing an increase of 5 per cent from April 2010, when the average price was $460,378, and showing an increase of 11 per cent from May 2009, when the average price was $436,427. The average price of a condominium in the city of Calgary was $304,662, showing a 5 per cent increase from April 2010, when the average price was $289,588 and an 11 per cent increase over last year, when the average price was $275,212.

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.

“Our inventory is shifting to higher price points as move-up buyers enter the market. This has resulted in an overall boost in average price,” says Scott.

“Nonetheless our days on market year-over-year has decreased—suggesting that competitively priced homes are selling.”

The median price of a single family home in the city of Calgary for May 2010 was $420,000, showing a 1 per cent increase from April 2010, when the median price was $417,000, and an 8 per cent increase from May 2009, when the median price was $390,000.

The median price of a condominium in May 2010 was $279,900, showing a 5 per cent increase from April 2010, when the median was
$267,500. That’s up 10 per cent from May 2009, when the median price was $255,000.

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.

Single family listings in the city of Calgary added for the month of May totaled 2,966, a decrease of 4 per cent from April 2010 when 3,082 new listings were added, and showing an increase of 33 per cent from May 2009, when 2,235 new listings came to the market.

Condominium new listings in the city of Calgary added for May 2010 were 1,221, down 9 per cent from April 2010, when the MLS® saw 1,335 condo listings coming to the market. This is an increase of 22 per cent from May 2009, when new condominium listings added were 998.

“I believe this recent decline in sales is the result of an unsmooth transition from a first-time buyer market to a move-up buyer market. And it is likely that investors who waited out 2009 are now listing second homes and condos—giving an added boost to our inventory,” says Scott.

“Nonetheless our economic fundamentals, including employment and net migration, seem to be building momentum and Canada’s overall outlook is positive. These steady improvements should offer some stability to Calgary’s housing market as we enter the second half of 2010,” adds Scott.

The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condominium sales saw an increase of 37 per cent from the same time a year ago.

March 2010 saw 1,396 single family homes sold in the city of Calgary. This is an increase of 35 per cent from 1,035 sales in February 2010. In March 2009, single family home sales totaled 1,086. The number of condominium sales for the month of March 2010 was 609. This was an increase of 14 per cent from the 536 condominium transactions recorded in February 2010.

In March 2009, condominium sales were 446. “The spring market has come early to Calgary,” said Diane Scott, president of CREB®.

“Improved economic conditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributing to this early boost in sales this year.”

“Undoubtedly the recent announcements by all our major banks to raise mortgage rates are motivating buyers to take the plunge,” Scott acknowledges. “But Calgary’s market remains in a healthy position and our sales are not outstripping supply. The rise in demand will also motivate sellers to consider listing this spring.”

“There has been some speculation that mortgage rate hikes will adversely affect housing demand in the long-term, but we should keep in mind that a rise in rates was fully expected. The Bank of Canada has been operating at emergency rates as a response to the global recession.

While a rise in rates may tone down demand later this year, we don’t feel this adjustment will prevent the vast majority of buyers with healthy credit to enter the housing market,” said Scott.

“Ultimately improvements in employment and economic conditions will drive housing demand — Calgary’s economy has seen solid improvements in the first quarter of 2010,” added Scott.

The average price of a single family home in the city of Calgary in March 2010 was $471,269, showing an increase of 3 per cent from February 2010, when the average price was $458,254, and showing an increase of 12 per cent from March 2009, when the average price was $420,354.

The average price of a condominium in the city of Calgary was $296,660, showing a 5 per cent increase from February 2010, when the average price was $282,880 and a 4 per cent increase over last year, when the average price was $284,056.

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 March 2010 was $423,000, showing a 3 per cent increase from February 2010, when the median price was $411,000, and a 13 per cent increase from March 2009, when the median price was $375,000.

The median price of a condominium in March 2010 was $275,000, showing a 3 per cent increase from February 2010, when the median was $265,900. That’s up 6 per cent from March 2009, when the median price was $260,000. 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.

“Our average price has edged upwards as more move-up buyers enter the market and overall demand strengthens,” says Scott. “But this is not an unusual trend during a spring market. We expect this modest price growth to continue, but a rise in listings will likely curb this trend,” said Scott.

Single family listings in the city of Calgary added for the month of March totaled 2,988, an increase of 39 per cent from February 2010 when 2,154 new listings were added, and showing an increase of 48 per cent from March 2009, when 2,023 new listings came to the market.

Condominium new listings in the city of Calgary added for March 2010 were 1,376, up 24 per cent from February 2010, when the MLS® saw 1,109 condo listings coming to the market. This is an increase of 52 per cent from March 2009, when new condominium listings added were 903.

“Overall, Calgarians should feel positive about the housing market. Sales and price growth are in line with a more balanced and normalized market. We are seeing a return to stability and optimism in Calgary as we shake off our recessionary blues. Mortgage rates are just one factor in the housing equation—a more positive economic outlook and improved job prospects
will play a bigger role in the long-term,” added Scott.

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.

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’s housing market has clearly turned a corner,” says Bonnie Wegerich, president of CREB®. “We expect there to be a few bumps on this road to recovery but we believe the worst is over. Home prices have held firm and edged upwards in some markets over the past months. This has helped buoy up the confidence of both buyers and sellers.”

The average price of a single family Calgary metro home in October 2009 was $462,465, showing an increase of 1 per cent from September 2009, when the average price was $459,085, and showing an increase of 3 per cent from October 2008, when the average price was $449,100. The average price of a Calgary metro condominium was $289,155, showing no significant change from September 2009, when the average price was $290,253, and no significant change over last year, when the average price was $289,148. 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.

“Move-up buyers have clearly entered the market,” says Wegerich. “This is reflected in the average price for a single family home cresting just above $462,000—historically the highest it has ever been in the month of October. Nonetheless, our median price is $410,000, indicating affordability still remains in the market. We expect upwards pressure on prices will ease as more listings come on to the market.”

The number of single family homes and condos sold in October 2009 in Calgary metro are also both up from the same time a year ago.

October saw 1,285 single family homes sold in Calgary metro. This is an increase of 57 per cent from October 2008, when single family home sales were 820. This is an increase of 2 per cent from 1,257 sales in September of this year. The number of condominium sales for the month of October 2009 was 601, an increase of 51 per cent from October 2008 when 399 condominiums changed hands. This was an increase of 4 per cent from the 580 condominium transactions recorded last month.

“Improved consumer confidence has helped fuel this rebound. It seems for many potential homebuyers it was global-wide uncertainty rather than personal financial circumstances that was holding them back from making a home purchase,” says Wegerich.

“Many of these buyers are now facing improved affordability, and lower mortgage rates than prior to the recession— together these created a tipping point for market recovery.”

“The recent lift in sales over the past several months does represent a release in pent-up demand that built up in the last quarter of 2008 and first quarter of 2009,” acknowledged Wegerich. “We do expect this recovery to be a gradual one and for sales to taper off in the winter months as this pent-up demand eases.”

Single family Calgary metro new listings added for the month of October totaled 1,819, a decrease of 2 per cent from September 2009 when 1,857 new listings were added, and showing a decrease of 22 per cent from October 2008, when 2,322 new listings came to the market. Calgary metro condominium new listings added in October 2009 were 859, down 9 per cent from September 2009, when the MLS® saw 940 condo listings coming to the market. This is a decrease of 20 per cent from October 2008, when condominium listings were 1,071.

The median price of a single family Calgary metro home in October 2009 was $410,000, showing a 3 per cent increase from September 2009, when the median price was $399,900, and up 5 per cent from October 2008, when the median price was $390,000. The median price of a condominium in October 2009 was $263,500, down 1 per cent from September 2009, when the median was $265,000, and down 2 per cent from October 2008, when the median price was $268,000.

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.
“Canada’s housing market has been a bit of an unexpected bright spot in this current recession,” notes Wegerich. “Unlike recessions in the past, borrowing costs have so far remained very low. This, along with improved affordability, has been fundamental to the recovery in the Calgary housing market.”

This was a decrease of 5 per cent from April 2008, when single family home sales were 1,363.

The number of condominium sales for the month of April 2009 was 579, an increase of 30 per cent from the 446 condominium transactions recorded in March 2009, and a decrease of 0.3 per cent from April 2008, when 581 condominiums changed hands.

“Spring is giving new life to the residential real estate market,” said Calgary Real Estate Board President, Bonnie Wegerich.
View complete April Statistics PDF

“Affordable pricing and low interest rates are drawing buyers back to the market.”

“In particular we are finding more and more first time home buyers taking advantage of great inventory and very low interest rates. We expect spring sales activity will also get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan and the First Time Buyer Tax Credit,” added Wegerich.

The average price of a single family Calgary metro home in April 2009 was $426,311, showing an increase of 1 per cent from March 2009, when the average price was $420,354, and showing a decrease of 10 per cent from April 2008, when the average price was $474,564.

The average price of a Calgary metro condominium was $277,953, showing a 2 per cent decrease from March 2009, when the average price was $284,056, and a decrease of 11 per cent over last year, when the average price was $312,586.

Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods, or account for price differentials between geographical areas.

“The average price for home sales remains below levels reached one year earlier, but year-over-year declines are contracting,” said Wegerich.

“Our inventory also continued to decrease in April, which is helping to firm up the balance of supply and demand,” added Wegerich.

Single family Calgary metro new listings added for the month of April totaled 2,010, down just 1 per cent from the 2,023 new listings added in March 2009, and showing a decrease of 40 per cent from April 2008, when 3,377 new listings came to the market.

Calgary metro condominium new listings added in April 2009 were 967, up 7 per cent from March 2009, when the MLS® saw 903 condo listings coming to the market. This is a decrease of 35 per cent from April 2008, when condominium listings were 1,493.

The median price of a single family Calgary metro home in April 2009 was $380,000, showing an increase of 1 per cent from March 2009, when the median price was 375,000, and down 10 per cent from April 2008, when the median price was $420,000.

The median price of a condominium in April 2009 was $251,000, down 3 per cent from March 2009, when the median was $260,000, and down 13 per cent from April 2008, when the median price was $290,000.

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.

“Undoubtedly this market has been challenging for both buyers and sellers, but the improvement in recent months is an encouraging sign,” said Wegerich. “There’s more confidence in the housing market today than at the end of 2008. Prices are stabilizing, inventory is declining and the number of new listings is leveling—these are all signs that a balanced market is on the horizon.”

“The Calgary market is slowly shaking off its winter blues,” said Calgary Real Estate Board President, Bonnie Wegerich.  “Spring has brought a nice uptick in sales this month and the supply of homes has been trending lower. It is also the fi rst time that the year-over-year decline in average price has started to decelerate—a sign that we are moving into a more balanced market.”

The president of the Calgary Real Estate Board said sales typically pick up after January and to gradually increase until June and the start of the summer holiday season.

“As we enter the spring market sellers seem to be serious about pricing their homes competitively,” added Wegerich.  “Record low mortgage rates and affordable prices also help explain the increase in sales.”

The average price of a single family Calgary metro home in March 2009 was $420,354, showing an increase of just over 1 per cent from February 2009, when the average price was $415,568 and showing a decrease of 11 per cent from March 2008 when the average price was $474,513. The average price of a Calgary metro condominium was $284,056, showing a 6 per cent increase from February 2009 when the average price was $268,971 and showing a decrease of 9 per cent over last year, when the average price was $312,620. 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.

“Buyers will continue to have choice and affordability in this market,” said Wegerich. “Competitive pricing will remain a reality of this market, but I think pricing is now showing some signs of stability,” added Wegerich.

Single family Calgary metro new listings added for the month of March totaled 2,023, down just 2 per cent from the 2,057 new listings added in February 2009 and showing a decrease of 42 per cent from March 2008, when new listings coming to the market were 3,493.

Calgary metro condominium new listings added in March 2009 were 903 up 1 per cent from February 2009 when the MLS® saw 892 condo listings coming to the market. This is a decrease of 42 per cent from March 2008 when condominium listings
were 1,561.

“It is very encouraging to see the return of a more balanced market.  Our inventory has come down dramatically— more than 20 per cent from the same time last year.  If sales continue at current levels we are looking at about a four months supply of single family homes currently on the re-sale market,” noted Wegerich.

The median price of a single family Calgary metro home in March 2009 was $375,000, showing no change from February 2009, and down 11 per cent from March 2008 when the median price was $420,000.  The median price of a condominium in March 2009 was $260,000 up 4 per cent from February when the median was $249,900 and down 11 per cent from March 2008 when the median price was $293,000. 

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.

“Undoubtedly job insecurity might keep some potential homebuyers on the fence. But we should keep in mind that nearly 96%
of Calgarians are still working—one of the lowest jobless rates in Canada.  Those who are confi dent in their job security can benefit from great affordability and record low mortgage rates,” said Wegerich.

The Calgary Real Estate Board is a professional body of 5,156 licensed brokers and registered associates, representing 253 member offi ces. 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.

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.
View complete statistics PDF

“Undoubtedly the global economic downturn has battered consumer confi dence. 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 was $270,940 and showing a decrease of 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 first-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 Calgary Metro Condominium Average Price Total MLS® Absorption Rate Buyers Tax Credit and new increases to the HomeBuyers’ Plan.

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 offi ces. 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.

The number of condominium sales for the month of January 2009 was 225, an increase of 9.8 per cent from the 205 condominium transactions recorded in December 2008. This was a decrease of 50 per cent from January 2008 when 454 condominiums changed hands.

“Indeed it is a tough market, but I am pleased to see sales picking up this month over December. Although our numbers are down from January 2008, we are seeing increased activity and more interest from buyers,” said Calgary Real Estate Board
President, Bonnie Wegerich.
“Buyers will continue to have choice and affordability in this slower market,” adds Wegerich.

The average price of a single family Calgary metro home in January 2009 was $413,049, showing a decrease of 1 per cent from December 2008, when the average price was $417,398, and showing a decrease of 9 per cent from January 2008 when the average price was $455,297.

The average price of a Calgary metro condominium was $270,940, showing a 1.4 per cent decrease from December 2008 when the average price was $274,919 and showing a decrease of 13 per cent over last year, when the average price was $311,232.

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.

Single family Calgary metro new listings added for the month of January totaled 2,068, compared to 836 new listings added in December 2008. This is a decrease of 32 per cent from January 2008, when new listings coming to the market were 3,023.

Calgary metro condominium new listings added in January 2009 were Calgary Metro Single Family Average Price 941, compared to 431 new condominium listings added in December 2008. This is a decrease of 33 per cent from January 2008 when condominium listings were 1,406.

“While there’s still a good selection of homes to choose from, we are seeing a slow but steady decrease in our inventory,” remarked Wegerich. “As the inventory is reduced we will see a return to a more stable market.” The median price of a single family Calgary metro home in January 2009 was $374,700, showing a decrease of 1.4 per cent from December 2008, when the median price was $380,000 and down 8.6 per cent from January 2008 when the median price was $410,000. The median price of a condominium in January 2009 was $243,000 down 4.3 per cent from December 2008 when the median was $254,000 and down 16 per cent from January 2008 when the median price was $290,000.

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.

“It is definitely challenging times out there. Sellers need to price their homes competitively. But in talking to a number of REALTORS®, I am hearing that activity is picking up and there are buyers out there looking for homes once again,” said Wegerich.