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.”

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.

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.”