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Calgary, April 1, 2010 Market Update–

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

Estate Board (CREB®).
 
The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condominium sales saw an increase of 37 per cent from the same time a year ago.
 

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.

 

“The spring market has come early to Calgary,” said Diane Scott, president of CREB®.
 
 “Improved economic conditions, better employment prospects, and an earlier
than expected rise in mortgage rates are all contributing to this early boost in sales this year.”
 

“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

sales are not outstripping supply. The rise in demand will also motivate sellers to consider listing this spring.”
 

“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.

 
While a rise in rates may tone down demand later this year, we don’t feel this adjustment will prevent the vast majority of buyers with healthy credit to enter the housing market,” said Scott.
 
“Ultimately improvements in employment and economic conditions will drive housing demand—Calgary’s economy has seen solid improvements in the
first quarter of 2010,” added Scott.
 

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.

 
The median price of a single family home in the city of Calgary for March 2010 was $423,000, showing a 3 per cent increase from February 2010, when the median price was $411,000, and a 13 per cent increase from March 2009, when the median price was $375,000. The median price of a condominium in March 2010 was $275,000, showing a 3 per cent increase from February 2010, when the median was $265,900. That’s up 6 per cent from March 2009, when the median price was $260,000.
 
All city of Calgary MLS ® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the

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

per cent from February 2010, when the MLS® saw 1,109 condo listings coming to the market. This is an increase of 52 per cent from March 2009, when new condominium listings added were 903.
 

“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

seeing a return to stability and optimism in Calgary as we shake off our recessionary blues. Mortgage rates are just one factor in the housing situation—a more positive economic outlook and improved job prospects will play a bigger role in the long-term,” added Scott.

 

Information courtesy of the Calgary Real Estate Board.


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Calgary, April 1, 2010 Market Update–

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

Estate Board (CREB®).
 
The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condominium sales saw an increase of 37 per cent from the same time a year ago.
 

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.

 

“The spring market has come early to Calgary,” said Diane Scott, president of CREB®.
 
 “Improved economic conditions, better employment prospects, and an earlier
than expected rise in mortgage rates are all contributing to this early boost in sales this year.”
 

“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

sales are not outstripping supply. The rise in demand will also motivate sellers to consider listing this spring.”
 

“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.

 
While a rise in rates may tone down demand later this year, we don’t feel this adjustment will prevent the vast majority of buyers with healthy credit to enter the housing market,” said Scott.
 
“Ultimately improvements in employment and economic conditions will drive housing demand—Calgary’s economy has seen solid improvements in the
first quarter of 2010,” added Scott.
 

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.

 
The median price of a single family home in the city of Calgary for March 2010 was $423,000, showing a 3 per cent increase from February 2010, when the median price was $411,000, and a 13 per cent increase from March 2009, when the median price was $375,000. The median price of a condominium in March 2010 was $275,000, showing a 3 per cent increase from February 2010, when the median was $265,900. That’s up 6 per cent from March 2009, when the median price was $260,000.
 
All city of Calgary MLS ® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the

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

per cent from February 2010, when the MLS® saw 1,109 condo listings coming to the market. This is an increase of 52 per cent from March 2009, when new condominium listings added were 903.
 

“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

seeing a return to stability and optimism in Calgary as we shake off our recessionary blues. Mortgage rates are just one factor in the housing situation—a more positive economic outlook and improved job prospects will play a bigger role in the long-term,” added Scott.

 

Information courtesy of the Calgary Real Estate Board.


Read
Categories:   | Abbeydale, Calgary Real Estate | Airdrie, Airdrie Real Estate | Alberta Housing Market | alberta housing market forecast 2012 | Alberta Housing Market, housing projections, cmhc | Alberta Housing Market, housing projections, cmhc, Calgary housing market, chestermere homes for sale | Alberta Land Tax | Android | April Market Update | April Market Updates for Calgary | Arbour Lake, Calgary Real Estate | Bowness, Calgary Real Estate | Braeside, Calgary Real Estate | Bragg Creek, Bragg Creek Real Estate | Bridlewood, Calgary Real Estate | Calgary cash incentives | Calgary Economic Recovery | calgary economy | Calgary Economy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Econonomy, Calgary Housing Market, Calgary Real Estate, Chestermere Real Estate | Calgary Grants | Calgary home market | Calgary Home Prices | Calgary home sales | Calgary Homes For Sale | Calgary Housing | Calgary Housing Market | Calgary Housing Market Outlook 2012 | calgary housing market statistics | Calgary Housing Market Update | Calgary Housing Stats | Calgary Housing Trend | Calgary Market Forecast | Calgary Market Outlook 2012 | Calgary Market Update | Calgary Open House | Calgary Properties | Calgary Real Estate | Calgary Real Estate Forecast | Calgary Real Estate Market | Calgary Real Estate Stats | Calgary Relocation | Canada Housing Market | Canada Mortgage Update | Cardston, Cardston Real Estate | Carstairs, Carstairs Real Estate | Chaparral, Calgary Real Estate | Chestermere | Chestermere home for sale | Chestermere Homes | Chestermere Housing Market | Chestermere Open House | Chestermere Real Estate | Chestermere Real Estate Stats | Chestermere Realtor | Chestermere, Chestermere Real Estate | Citadel, Calgary Real Estate | Cityscape, Calgary Real Estate | CMA, Market Analysis, Selling Price, Fair Market Value, Home Value, home price | CMHC | Connaught | Connaught, Calgary Real Estate | Country Hills | Country Hills, Calgary Real Estate | Coventry Hills, Calgary Real Estate | Dalhousie, Calgary Real Estate | Deer Ridge, Calgary Real Estate | Deer Run, Calgary Real Estate | economic recovery | Economy | Evanston, Calgary Real Estate | Executive Home for Sale | Falconridge, Calgary Real Estate | Finance | First Time Home Buyers | foreclosure | Garrison Green | Garrison Green, Calgary Real Estate | Harvest Hills, Calgary Real Estate | Hawkwood, Calgary Real Estate | Hillhurst, Calgary Real Estate | Housing Trends | Inglewood, Calgary Real Estate | IPhone | January 2013 Market Update | Lake Bonavista, Calgary Real Estate | Lakeside Home For Sale | Langdon | Langdon, Langdon Real Estate | Lyalta, Lyalta Real Estate | Mahogany, Calgary Real Estate | Market Trends | Market Update | Market Value | Marlborough Park, Calgary Real Estate | Martindale, Calgary Real Estate | Mayland Heights, Calgary Real Estate | McKenzie Towne, Calgary Real Estate | MLS QR Code | MLS Search | MLS Search, Personal Real Estate Office, Real Estate, home search, compare homes, search for homes | Monterey Park, Calgary Real Estate | Mortgage | Mortgage Fraud | Mortgage Rates | Mortgage Registration | Mortgages | New Listing | Okotoks, Foothills Real Estate | Okotoks, Okotoks Real Estate | Open House | Pineridge, Calgary Real Estate | Pricing Your Home For Sale | QR Code | Real Estate | Real Estate App | Real Estate Forecast | Real Estate GPS QR Code | Real Estate Integrity | Real Estate QR Code | Real Estate, Chestermere Real Estate, Calgary, Buy, Sell, home | Recession | Redcarpet_Mountview, Calgary Real Estate | Rent vs Buy | Rental Property | Rental Property, Calgary Rental, First Time Home Buyers | Rosscarrock | Rosscarrock, Calgary Real Estate | Rural Rocky View MD, Rural Rocky View County Real Estate | Rural Rocky View MD, Rural Rocky View MD Real Estate | Rural Rocky View MD, Rural Rockyview County Real Estate | Rural Wheatland County, Rural Wheatland County Real Estate | Sage Hill, Calgary Real Estate | Secondary Suite | Sell Your Home | Selling Your Home | Shawnessy, Calgary Real Estate | Somerset | South Calgary, Calgary Real Estate | Southview, Calgary Real Estate | Spruce Cliff, Calgary Real Estate | Strathmore | Strathmore, Strathmore Real Estate | Suite | Sundance, Calgary Real Estate | Temple, Calgary Real Estate | Turtle Lake Real Estate | Tuscany, Calgary Real Estate | Victoria Park, Calgary Real Estate | Whitehorn | Whitehorn, Calgary Real Estate | Woodbine, Calgary Real Estate
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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.