Calgary Real Estate Still A Buyers Market - Further Decrease In Home Prices in December
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Calgary Real Estate Stats
Housing sales in December declined from November, and the median house price has dropped 3% in comparison to 2009. Following are excerpts from the most current news release from the Calgary Real Estate Board.
Home and condo sales in Calgary and area remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold, according to
fi gures released today by the Calgary Real Estate Board (CREB®).
The number of single family home sales in the month of December 2010 were 734, compared with
November 2010, when sales were 891—a decline of about 18 per cent. The number of condominium sales for the month of December 2010 was 320. This was up from the 310 condominium transactions recorded in November 2010.
“Undoubtedly housing markets in Alberta and Calgary underperformed in 2010, as sales recoveries did not materialize as forecasted. In many ways, re-sales in 2010 showed a repeat of 2008, with a short lived resurgence in the fi rst few months, when confi dence returned to the market,” says Diane Scott, president of CREB®.
“Employment and net-migration have been slower to pick up here in Calgary—and these are key drivers of our housing market. The good news is we arenow seeing marked improvements in investment and employment in the energy sector. We believe these green shoots in our economy, supported by improved affordability and low interest rates, will eventually translate into a gradual recovery of our housing market as we move into 2011,” adds Scott.
“Supply outstripped demand in the second half of 2010, establishing conditions for a buyers’ market. Overall we did see significant improvements in affordability in the Calgary market in 2010—and I think the message to prospective buyers is that this is a great time to buy if you’re looking for good selection, specific locations and price points. The median price did indeed decline in 2010, signaling a year-over-year price correction of about 2 per cent for single-family homes, just over 4 per cent for condos and 6 per cent for the outlying towns,” adds Scott.
Single family listings in the city of Calgary added for the month of December 2010 totaled 744, a decrease of 44 per cent from November 2010 when 1,318 new listings were added, and showing a decrease of 8 per cent from December 2009, when 806 new listings came to the market.
Condominium new listings in the city of Calgary added for December 2010 were 369, down 42 per cent from November 2010, when the MLS® saw 632 condo listings coming to the market. This is a decrease of 17 per cent from December 2009, when new condominium listings added were 444.
Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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.
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.