Calgary's Housing Market Recovery Continues at a Gradual Pace

Posted by Jeff Mikolajow on Wednesday, March 2nd, 2011 at 4:07pm.

Calgary single family home sales increase over the previous month and year-over-year

calgary mls statistics creb february 2011Calgary, March 1, 2011 –According to figures released today by CREB® (Calgary Real Estate Board), for the second month in a row, single family homesales in the city of Calgary increased over previous month figures and levelsrecorded in February 2010.  The rise in sales continues to point to agradual recovery in Calgary's housing market.

The number of single family homesales 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 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 increaseof 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.

About CREB®

CREB® is a professional body of more than 5344 licensed brokers and registered associates, representing 247 member offices. CREB® is dedicated to enhancing the value,integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and Standards of Business Practice.

Any use or reference to CREB® data and statistics must acknowledge CREB® as the source.The board does not generate statistics or analysis of any individual member or company's market share. 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. All MLS® service active listings for Calgary and area maybe found on the board's website at www.creb.com.

CREB® is a registered trademark of Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA. Used under license.

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