Calgary’s housing market enjoyed a healthy boost in March as homebuyers anticipate an earlier than expected rise in interest rates,according to figures released today by the Calgary Real
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.
“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
“There has been some speculation that mortgage rate hikes will adversely affect housing demand in the longterm, 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.
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.
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
“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
Information courtesy of the Calgary Real Estate Board.