Calgary Real Estate Board CREB October 2011 Statistics - Calgary's Housing Market Set to Outpace 2010

Posted by Jeff Mikolajow on Tuesday, November 1st, 2011 at 11:52am

Several Calgary Communities Get a Boost in Sales and Price

Calgary, November 1, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales totaled 16,184 after the first 10 months of the year, an increase of eight per cent over last year.  

Over 61 per cent of Calgary's established communities saw increased sales levels compared to last year.  Garrison Woods, Collingwood and Mahogany saw the largest sales increase at 170 per cent combined; nearly half of all Calgary communities recorded price increases, with Shaganappi, Chinook Park and Downtown leading the way with a combined average price increase of 55 per cent.   

Top 10 Established Communities

Price Increases

%Change

Sale Increases

%Change

Shaganappi-025

139.58%

Collingwood-418

220.00%

Chinook Park-117

34.02%

Mahogany-375

150.00%

Downtown-001

33.63%

Mayfair-111

100.00%

Elboya-103

32.61%

Roxboro-100

100.00%

Scarboro-011

31.63%

Vista Heights-605

88.89%

Lower Mount Royal-010

28.00%

Hanson Ranch-517

85.00%

St Andrews Heights-413

23.22%

Sage Hill-526

84.00%

Lakeview Village-033

21.31%

Shawnee Slopes_Evergreen Est-151

79.59%

Windsor Park-107

21.14%

North Haven-500

78.57%

Rosedale-406

21.06%

Pump Hill-131

77.78%

"A boost in full time jobs throughout the year is gradually translating into improved sales in the real estate sector," says Sano Stante, president of CREB®. "Consumers are taking advantage of price stability and a healthy variety of selection.  While these gains are moderate, we are set to outpace 2010 sales."

Single family home sales totaled 988 for the month of October 2011, an 11 per cent increase over October 2010, but continue to remain well below historical levels.  Year-to-date sales totaled 11,503, a 10 per cent increase over last year. 

October listings have edged upwards over last year's levels, increasing by nearly two per cent, but year-to-date there are six per cent less listings than levels recorded last year. 

"Consumers are feeling more confident about the local real estate market," adds Stante.

The average price of single family homes for the month of October 2011 was $455,399, while the median price was $395,000, an increase of two per cent compared to last year. This is primarily due to the rise in the number of luxury homes sales.  Despite the monthly price increase, however, year-to-date figures remained stable at levels comparable to the previous year. 

Condominium sales for the first 10 months of the year totaled 4,681, a three per cent rise over the same period last year.  Inventory levels remained at 1,935 units, resulting in months of supply pushing above five months. 

"The condominium market has significantly tightened compared to last year, however, moving into winter, we expect to see a rise in months of supply," Stante says.

Condominium year-to-date average and median prices in 2011 were $288,736 and $262,500, respectively, a slight decline over the first 10 months of 2010. The decline is mostly due to increased sales in units priced under $200,000. 

"Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year," Stante concludes.

About CREB®

CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 241 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.

For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information.

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® active listings for Calgary and area may be found on the board's website at www.creb.com.

CREB® is a registered trademark of the 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, and subsequently the Alberta Real Estate Association and CREB®, used under licence.

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The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. The trademarks MLS®, Multiple Listing Service® and the associated logos 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. Used under license.