CALGARY’S HOUSING MARKET RECOVERY CONTINUES AT A GRADUAL PACE
Calgary single family home sales increase over the previous month and year-over-year
Calgary, March 1, 2011 –According to figures released today by CREB® (Calgary Real Estate Board), 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.The number of single family home sales in the month of February 2011 were 1,169, compared with January 2011, when sales were 791 — an increase of about 48 per cent. The number of condominium sales for the month of February 2011 was 468. This was up from the 302 condominium transactions recorded in January 2011.Year-over-year, the number of single family homes sold in February 2011 in the city of Calgary increased by 13 per cent. In February 2010, single family home sales totaled 1,035. Condominium sales saw a decrease of 13 per cent from the same time a year ago. In February 2010, condominium sales were 536.“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,” says Sano Stante, president of CREB®. “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.”The average price of a single family home in the city of Calgary in February 2011 was $461,786, showing a 2 per cent increase from January 2011, when the average price was $454,163, and a 1 per cent increase from February 2010, when the average price was $458,254. The average price of a condominium in the city of Calgary in February 2011 was $290,145, showing a 1 per cent increase from January 2011, when the average price was $288,291 and a 3 per cent increase over last year, when the average price was $282,880.The median price of a single family home in the city of Calgary for February 2011 was $400,000, showing a slight increase from January 2011 when the median price was $390,000. This was a 3 per cent decrease from February 2010, when the median price was $411,000. The median price of a condominium in February 2011 was $267,000, showing a 5 per cent increase from January 2011, when the median price was $255,000, and remained virtually unchanged from February 2010, when it was $265,900.“The Bank of Canada announced today 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.Single family listings in the city of Calgary added for the month of February 2011 totaled 2,268, an increase of 15 per cent from January 2011 when 1,965 new listings were added, and showing an increase of 5 per cent from February 2010, when 2,154 new listings came to the market.Condominium new listings in the city of Calgary added for February 2011 were 971, an increase of 12 per cent from January 2011, when 870 condo listings were added to the market. This is a decrease of 12 per cent from February 2010, when new condominium listings added were 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.
