Calgary, January 3, 2012
 

According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011 compared to

17,267 in 2010.

 

Recovering from tepid sales activity in the first half of 2011, early improvements in employment and migration resulted in a pickup in housing demand in the second half of the year. By the end of June 2011, year-to-date sales activity had only increased by two per cent compared to the second half of the year, where residential sales improved by 15 per cent.
 
“While sales activity in 2011 remained below the long run average by 17 per cent, monthly figures point towards the trend of this gap narrowing,” says Sano Stante, president of CREB®.
 

2011 single family sales totaled 13,186, a nine per cent increase over last year. While sales increased, listings remained low, with an annual total of 24,245, six per cent lower than 2010 levels. The decline in listings relative to sales pushed down inventory levels to 2,761, resulting in four months of supply.

Meanwhile, the condominium market recorded declining sales for nearly half of the year, but favorable pricing and improved economic conditions pushed sales up by double digit rates for the second half of

the year. 2011 condo sales totaled 5,382, a 4 per cent increase over the previous year. The rise in sales was complemented by an annual 12 per cent decline in listings. This helped to tighten the condominium market, causing inventories to decline to 1,287 and months of supply to remain just above four months.
 
“The demand recovery in the condominium market lagged the single family market, as price adjustments in both the single family and condominium markets resulted in more selection for consumers,”
 

Stante says. “For the first time in several years, consumers had additional selection of single family homes at a lower price range, which directly competed with the condominium market.”

 
Single family average price in 2011 reached $466,402, a one per cent increase over last year. While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices, overall prices have remained fairly stable. Meanwhile, the year-end median price of 405,000 remains at levels similar to 2010.
 
Condominium prices have remained persistently low in 2011, while some of the monthly figures have been boosted by high end penthouse sales. By the end of 2011, the average price of $287,172 remained one per cent lower than the previous year.
 

“Throughout 2011, elevated levels of inventories have limited price growth as consumers benefitted from sufficient supply of housing to choose from; however, as these inventories drop to levels more

consistent with a balanced market, we can expect some moderate price growth moving forward,” Stante concludes.

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I have uploaded the Housing Market OutlookCalgary 2012 Provided by CMHC to the REPORTS section of my website. It is in PDF format and available for download.
 

This Outlook report for Calgary is published semi-annually and offers forecasts and analyses of trends in the new, resale and rental housing markets. For the new home market, housing starts and price changes are examined in detail, while the resale section presents sales activity, average prices, and listings. Analysis of the rental market focuses on vacancy rates, average rents and related forecasts. An overview and forecast of key economic indicators is also detailed, along with other factors affecting the local economy and housing market.

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Canada Mortgage and Housing Corporation Housing Market Outlook 
 Date Released: Fourth Quarter 2011

Alberta Overview
Alberta’s housing starts are forecast to increase by 15.3 per cent to 29,200 units in 2012, following a 6.5 per cent decrease in 2011 to 25,325 units.
  
 These robust gains are a result of a number of factors. Firstly, the economy is projected to show relatively strong growth over the forecast period. In 2011, real gross domestic product is expected to rise by 3.1 per cent, followed by 3.5 per cent in 2012. Note, however, a pullback in oil prices during the summer, along with various wildfires, briefly slowed economic conditions, but these effects have dissipated.
  
 Secondly, employment growth is projected at 3.4 per cent in 2011, lowering the unemployment rate from 6.5 per cent to 5.6 per cent. By 2012, the unemployment rate is expected to be lowered to 5.1 per cent. As a result, this will put upward pressure on Alberta’s housing sector.

 

Finally, the demographic outlook for Alberta is positive. With an improving economy generating jobs, it is expected more migrants will choose Alberta as their home. Last year was a 15-year low for migration to Alberta.

 

Moving forward, expect significant growth in migration this year with further gains in 2012. These gains are also expected to put upward pressure on the demand for housing within the province.

 

In Detail

 

 
Single Starts: Single-detached starts are projected to decline about ten per cent in 2011, as builders mitigate the risk of rising inventories. Over the balance of the forecast period, demand for single-detached homes will improve with a growing economy and job creation. In 2012, single-detached starts are expected to rise by over 15 per cent to 18,400 units. The number of single-detached units under construction in August was at approximately half the level reported five years ago. However, with the inventory of complete and unabsorbed units up from the previous year, builders have been cautious about expanding production.

 

  
Multiple Starts: More affordable condominium projects are now competing with the resale market and enticing some renters to move into new condominium units. After a slow start to this year, the pace of multi-family starts has picked-up and is expected to edge past last year’s level of production. In 2012, demand is expected to improve with rising incomes and new household formation, raising the level of multi-family production by 14.6 per cent to 10,800 units.

 

  
Resales: The number of MLS® sales in Alberta is projected to increase by over six per cent in 2011 to 52,800 units. In 2012, MLS® sales are projected to rise to 53,900 units.

 

  
Prices:   Most of Alberta’s major urban centres remain in buyers’ market conditions as indicated by a sales-to-new listings ratio that has fluctuated around 50 per cent this year. The average resale price in 2011 is expected to rise fractionally above last year’s average, with much of the price movement attributed to compositional effects. As Alberta’s economy generates employment and attracts more migrants, demand will rise and improve market balance. The average resale price in Alberta is projected to rise by more than two per cent in 2012 to $362,700.
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First year-over-year increase in monthly condominium sales since April 2010

 

Calgary, July 4, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,979 units. While this indicates a third more sales than June 2010, the year-todate increase proved a moderate 2 per cent. Strong monthly increases does not imply a housing boom, as it is important to put into perspective that sales

activity remains below long term averages. While the single family market has shown signs of improvement throughout the first half of this year, this is the first time since April 2010 that condominium sales have recorded a year-over year increase.

 

“Improved housing demand is being fueled by a younger demographic and, with the affordability of homes in Calgary, we are continuing to see young Calgarians pursue ownership over rentals,” says Sano Stante, president of CREB®.

 

“Historically, Calgary’s average family income has been higher than the national average and a younger more mobile demographic has been attracted to good paying professional jobs in Calgary. As the economy continues to build momentum, we expect this same trend will support a balanced and healthy

housing market in the second half of 2011 and into 2012.”

 

With 581 sales for the month of June 2011, the condominium market improved by 31 per cent over June of 2010, however year-to-date figures show a 5 per cent decrease over the same period last year.

 

“Condo sales bounced back this month, and we now have less than four months of supply on the market. Stronger condo sales, combined with a decline in inventory, will lend more balance to this market in the months to come,” says Stante.

 

After the first half of the year, average prices of condominiums are still slightly lower than levels recorded last year, as more buyers bought condominiums under $200,000 in 2011 compared to 2010 for the same period.
 

“Buyers in this market expect value and many are taking advantage of some affordable buys in both the single family and condo markets. It highlights using a skilled REALTOR® to properly price your home for your unique market area,” says Stante.

 

The single family market recorded 1,398 sales in the month of June 2011. This is an increase of 32 per cent when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6 per cent higher than last year.

 

“While new listings are still lower than levels recorded last year, the rate of decline has eased. With the market shifting to more balanced conditions in recent months, sellers are feeling more confident to list their home. Overall our absorption rate has remained relatively stable, staving off any significant rise in

prices,” says Stante.

 

Year-to-date average price of a single family home in Calgary is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year. The distribution of sales by price range has not shown any significant shift compared to last year, pointing to continued stability in the market.
 

“After the first half of the year, it appears the recovery in the housing market is starting to find its footing.

This gradual leveling has been fueled by growth in employment, and in particular growth in full time jobs. Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the

next,” says Stante.

 

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Calgary, February 1, 2011
 

– Single family home sales in the City of Calgary edged upwards month-over-month and showed the first yearover-year increase since April  2010, according to figures released today by CREB® (Calgary Real Estate Board).

 

The number of single family home sales in the month of January 2011 were 787, compared with December 2010, when sales were 734— an increase of about 7 per cent. The number of condominium sales for the month of January 2011 was 297. This was down from the 320 condominium transactions recorded in December 2010.
 
Year-over-year, the number of single family homes sold in January 2011 in the city of Calgary increased by just over 3 per cent. In January 2010, single family home sales totaled 762. Condominium sales saw a decrease of 21 per cent from the same time a year ago. In January 2010, condominium sales were 376.
 
“More affordable housing will continue to attract homebuyers to the inner-city, particularly as employment in the city of Calgary continues to improve,” says Sano Stante, president of CREB®. “Single family homes in the city are currently driving this gradual recovery, and we are seeing an uptick in the sale of homes below the $350,000 price point. This may suggest more first time homebuyers are entering the market, providing the fuel needed for a sustained housing recovery.”
 
The average price of a single family home in the city of Calgary in January 2011 was $454,287, showing a 3 per cent increase from December 2010, when the average price was $441,341, and a 3 per cent increase from January 2010, when the average price was $441,217. The average price of a condominium in the city of Calgary in January 2011 was $287,954, showing a 2 per cent increase from December 2010, when the average price was $282,768 and a 2 per cent increase over last year, when the average price was $282,639.
 
The median price of a single family home in the city of Calgary for January 2011 was $390,000, showing a slight increase from December 2010 when the median price was $389,000. This was a 2 per cent decrease from January 2010, when the median price was $398,000.
 
The median price of a condominium in January 2011 was $255,000, showing a 1 per cent decrease from December 2010, when the median price was $258,500, and a 4 per cent decrease from January 2010, when it was $265,000.
 
“The recovery in 2011 will be incremental and gradual. Nonetheless, at the moment Calgary is offering buyers a great deal of affordability, low interest rates and a large selection of inventory,” says Stante. “Overall the first quarter of 2011 will show modest improvements in sales which will lay the foundation for the return to a more balanced market,” he adds.
 

Single family listings in the city of Calgary added for the month of January 2011 totaled 1958, an increase of 169 per cent from December 2010 when 728 new listings were added, and showing an increase of 7 per cent from January 2010, when 1822 new listings came to the market.

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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.
 
To read the entire report and see the latest statistics, visit http://www.creb.com/public/documents/statistics/2010/package/res-stats-2010%20December.pdf
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It was disappointing to see prices and home sales slide again last month after a slight increase in September.  Home sales in the city of Calgary were down month-over-month in October 2010. The number of single family homes sold in October dropped 7% from September.

Buyers are still remaining cautious, keeping the market soft.  The year over year sales continued to decline in October. 

The average prices of single family homes in the city of Calgary in October 2010 decreased 3% from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009, when the average price was $462,465.

The fact remains that the market is still soft and sellers need to be cognizant of this as it affects what they can reasonably expect to list their homes for if deciding to sell.  

On the up side, there were 22% fewer listings of homes in October than September, lowering inventory (number of homes available for sale) which in the long run will help to balance the market.

These stats were released on November 1st by the Calgary Real Board (CREB ®).

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Hello everyone!

Market Update!  A bit of good news!!

For the first time in many months there appears to be a turnaround in the Calgary Housing Market!  The Calgary Real Estate Board just released the stats for September and while the changes are modest, it is the first uptick in the Calgary market since April.

In short, the number of houses available for sale in the Calgary market has fallen, but the number of sales of homes has increased for the first time in six months.  Along with the increase in the number of homes sold a significant indicator of possible change is that the average median price of homes sold from August to September increased by almost $15,000.00.  If you would like to see the actual stats feel free to send me an email requesting a copy of the CREB Stats and I’ll forward the information to you in an email attachment.

In the homes I have had listed, I have noted and increased number of showings over the last few weeks as well.  While all these indicators are modest, it is certainly a refreshing change from the six months of steady downturn we have been experiencing, and appears to show that the real estate market is beginning to come to life again.

iPhone/Android App Update

I appreciate everyone who has downloaded my iPhone App to search the Calgary MLS system.  It has become quite a popular application.  Don’t be afraid to explore everything it has to offer, and if you have any questions or requests about a property, you can click on the links provided in the listings on the app to notify me and I will be happy to get back to you right away.  Keep in mind that if you sign into the VOW on HouseHuntingAdventures.com it opens up a special account for you where you can save all your home searches for comparables and once set up, you can do the same from your iPhone or Android as well.   If you have any questions, just call!

New to Canada?

I have many clients who are new to Canada who I have guided in their real estate adventures and I understand much of what it is like when coming into a new country.  I experienced coming to Canada, not knowing the languages here, first moving to Quebec and learning the French language, then to Calgary and learning English (Czech is my home language).  The challenges were difficult, but also a great character builder for me, especially while raising three children on my own.  I truly understand all the frustration with moving and setting down roots.  My desire is to help anyone who is a client of mine to make their transition as easy and cost manageable as possible.

 Keep it Drama Free!

I can really empathize with anyone when it comes to moving and all the related stresses and headaches. I’ve been there and done that on my own with my children, many times.  Every move made me a little wiser and I became an organizational wizard!  I understand all about moving a family, and the financial stresses and strains that can ensue.

Through my personal experiences as well as my experience as a REALTOR©, I have compiled a wonderful list of resources;  from excellent mortgage brokers who are very talented at locating great mortgage rates and helping you to qualify, to home inspectors  capable ensuring nothing is missed when you are looking to purchase a new home.

Please let me know if I can be of service to you.  Even if you are just at the research stage in locating a new home, or you simply would like to have a current market evaluation done on your home to determine what your next step should be, I’m here for you.  Please don’t hesitate to call me at any time. 

My personal cell phone number is 403-399-0809, or if you prefer, my personal Email of Natasha@HouseHuntingAdventures.com.

Wishing you a wonderful Thanksgiving!

 

Natasha

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By Mario Toneguzzi, Calgary Herald August 25, 2010

 

A high inventory of homes for sale combined with a softening demand from potential homebuyers is starting to put downward pressure on Calgary MLS prices.
 
Preliminary and unofficial data for August month-to-date indicates prices are dropping from levels of the past few months in both the single-family and condominium market.
 
"We have almost the same number of buyers that we had in December but we have so many more listings," said Gary MacLean, a realtor with Re/Max Real Estate Central. "It's like having a Safeway that got two times as big but only has the same number of customers coming in the door and in order to get rid of the inventory they have to reduce the prices.
 
"It's a supply and demand issue. There's an oversupply of houses not only here but all across Canada and the number of buyers are decreasing."
 
For example, at the end of December one of every 1.6 houses listed for sale were selling. In July, that ratio jumped to one for every 6.6 listings. The month-end inventory of properties for sale in Calgary metro at the end of December was 3,258. It was 7,982 at the end of July.
 
MacLean said the inventory is starting to shrink but it's not as a result of increasing sales. Many people have simply taken their homes off the market.
 
According to preliminary, unofficial data on the website of realtor Mike Fotiou, of First Place Realty, there have been 661 single-family home MLS sales in Calgary for an average price of $441,469 month-to-date until Tuesday.
 
In July for the entire month, there were 915 sales for an average of $464,655 and in August 2009 there were 1,277 sales for an average of $454,130.
 

The average MLS sale price peaked this year in May at $483,240.

The condominium market is showing a similar story with sales so far this month at 271 for an average price of $283,485. In July, there were 396 condo transactions averaging $291,168 and in August 2009 there were 632 sales for an average price of $283,330.
 

The average MLS sale price for a condo peaked this year in May as well at $304,662.

Diane Scott, president of the Calgary Real Estate Board, said supply and demand is playing a role on current average prices but there's also the factor of luxury home sales.

"Homes sold over $1 million are down in numbers from last year for the same period," she said. "June to August last year we had 98 sales over $1 million. This year we've had 87 ... That will drive the average price down as well for sure."
 

On Wednesday, the Teranet-National Bank Composite House Price Index showed Calgary was lagging behind other major Canadian centres in the rate of change for home prices.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries and all dwellings that have been sold at least twice are considered in the calculation of the index.
 
The report said in June Calgary prices rose by 0.2 per cent on a monthly basis behind Ottawa (2.7 per cent), Toronto (2.4 per cent), Montreal (1.4 per cent), Halifax (1.3 per cent) and Vancouver (0.8 per cent). The national average was 1.5 per cent, the 14th consecutive month of increases.
 
On a year-over-year basis, the national average was 13.6 per cent growth led by Vancouver at 16.3 per cent and followed by Toronto (16.2 per cent), Ottawa (12.0 per cent), Montreal (8.7 per cent), Calgary (8.3 per cent) and Halifax (7.1 per cent).
 

mtoneguzzi@theherald.canwest.com



Read more: http://www.calgaryherald.com/business/real-estate/High+inventory+cooling+sales+pressure+house+prices/3440610/story.html#ixzz0yyLPwgI0
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By Mario Toneguzzi, Calgary Herald September 2, 2010

An increase in active listings, combined with a cooling in housing demand, has started to push prices down in Calgary's residential real estate market.
 
Data released Wednesday by the Calgary Real Estate Board show single-family home sales fell by just over 32 per cent in August compared with a year ago while condominium transactions plunged by more than 42 per cent.
 

And the average MLS sale price in both markets dropped from what they were in July.

"If (buyers) don't have to buy they're just not doing it right now. There's just too much unrest," said CREB president Diane Scott.
 
"We know the traffic in the open houses has picked up in the last two weeks. We've been monitoring it very closely and the traffic is there, but the buyers are just a little leery."
 
Scott attributes that cautious sentiment to negative economic news and reports continuing to come before the public which create plenty of uncertainty in the marketplace.
 

"It's the economic situation that we happen to find ourselves in and the negative reports that keep popping up and buyers are kind of standing back, thinking it's going to go down lower," she added.

According to CREB, there were 867 single-family home sales in the city in August, down from August 2009's 1,277 sales and slightly down from the 915 sales recorded the previous month.
 
The average MLS sale price for a single-family home fell to $445,617, down 4.1 per cent from July and also off 1.9 per cent from a year ago. The year-over-year decline was the first month since July 2009 in which single-family home prices were lower than the previous year.
 
In the condominium market, sales dropped from last year as 364 properties were sold in Calgary for an average price of $286,384. The average price decreased by 1.6 per cent from July, but was up 1.1 per cent from August 2009.
 
"The rise in mortgage rates, more prudent lending practices and weaker net migration has contributed to the decline in sales," said Richard Cho, senior market analyst for Calgary for Canada Mortgage and Housing Corp. "In addition, the pent-up demand that helped fuel sales activity earlier in the year has also eased.
 
"In the last several months we have seen an uptick in the number of homes being listed on the market, providing consumers more choice and time. This, combined with the moderation in sales, has moved the market into buyers' conditions, softening price growth."
 
The month-end inventory of single-family homes for sale was 5,046 at the end of August, up from 3,296 in August 2009.
 
The month-end inventory of listings in the condo market was 2,255 in August, increasing from 1,479 last year.
 
Scott said the elevated level of listings plus the slowdown in sales is bound to have an impact on the average sale price.
 
The monthly peak for MLS sale prices was in May this year with single-family homes selling for an average of $483,240 and condos selling for $304,662.
 
"It's a downward type of trend. It's certainly not drastic but it is downward that I think we're going to see probably for the rest of the year," said Scott. "I think we'll have a little bit more activity as for the number of sales in September. Typical. It's seasonal and I think we'll see that in September."
 
In the MLS market of towns outside Calgary, sales dropped by just over 23 per cent to 312 from 406 a year ago and the average sale price increased by 0.3 per cent to $355,238 from $354,175.
 
The country residential market, which includes acreages, saw sales decrease by just under 17 per cent to 50 from 60 in August 2009 while the average sale price dropped by just over two per cent to $747,580.
 

mtoneguzzi@theherald.canwest.com

- - -

Calgary Home Sales Continue To Slide



Read more: http://www.calgaryherald.com/health/Calgary+housing+sales+tumble/3472287/story.html#ixzz0yyMrfLrE
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Calgary Market Update for September 1, 2010
- courtesy of the Calgary Real Estate Board
 
Home sales in the city of Calgary continued to trend lower in the month of August, according to figures released today by the Calgary Real Estate Board (CREB®).

 

The number of single family homes sold in August 2010 in the city of Calgary was down 32 per cent from the same time a year ago, and condominium sales saw a decrease of 42 per cent from the same time a year ago.

 

August 2010 saw 867 single family homes sold in the city of Calgary. This is a decrease of 5 per cent

from 915 sales in July 2010. In August 2009, single family home sales totalled 1,277. The number of

condominium sales for the month of August 2010 was 364. This was a decrease of 8 per cent from the 396 condominium transactions recorded in July 2010.
 
In August 2009, condominium sales were 632. “Calgary’s housing market has been undergoing a
measured correction over the past 4 to 5 months. Sales are trending lower as a result of a increase in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of CREB®.
 

“There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.”

 

“A slower than anticipated pace of mortgage rate hikes and continued improvements in  employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011, ” adds Scott.
 
The average price of a single family home in the city of Calgary in August 2010 was $445,617, showing a 4 per cent decrease from July 2010, when the average price was $464,655, and a decrease of 2 per cent from August 2009, when the average price was $454,130.
 

The average price of a condominium in the city of Calgary in August 2010 was $286,384, showing a 2 per cent decrease from July 2010, when the average price was $291,168 and a 1 per cent increase over last year, when the average price was $283,330. 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.

 
“We expect a period of correction will continue into the fall of this year. Prices may sag in the short-term and level off as we move into 2011,” says Scott. “Homebuyers and sellers should keep in mind that market trends are unique even throughout the wider Calgary region.
 
A case in point is the relative strength of Calgary’s town and country market, where sales have remained at 2009 levels. Homebuyers and sellers should speak to a REALTOR® to better understand the opportunities in our current market,” says Scott.

 

The median price of a single family home in the city of Calgary for August 2010 was $395,000, showing a 1 per cent decrease from July 2010 and August 2009, when the median price was $400,000. The median price of a condominium in August 2010 was $260,000, showing a 3 per cent decrease from July 2010, when the median price was $268,000, and no change from

August 2009, when it was the same – $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.

 

Single family listings in the city of Calgary added for the month of August 2010 totalled 1,960, an increase of less than 1 per cent from July 2010 when 1,942 new listings were added, and showing an increase of 3 per cent from August 2009, when 1,910 new listings came to the market.
 

Condominium new listings in the city of Calgary added for August 2010 were 808, down 9 per cent

from July 2010, when the MLS® saw 890 condo listings coming to the market. This is a decrease of 3 per cent from August 2009, when new condominium listings added were 832.
 

“Total month end inventory for the wider Calgary region is down marginally when compared to July—a trend we expect will continue in the coming months.

 

New listings are also likely to recede in the coming months in response to slowing sales,” adds Scott.

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The Calgary housing market continues to show signs of a sustained recovery according to figures released today by the Calgary Real Estate Board (CREB®).
 

The number of single family homes sold in December 2009 in the city of Calgary was up 78 per cent from the same time a year ago, while condominiums sales saw an increase of 66 per cent from the same time a year ago.

 

“What a difference a year makes. Undoubtedly the recovery in Calgary’s housing market came sooner than expected this past year,” says Bonnie Wegerich, president of CREB®. “Pent up demand by first time buyers, record low mortgage rates and improved affordability have helped bolster the Calgary

market in 2009.”
 
December 2009 saw 799 single family homes sold in the city of Calgary. This is a decrease of 27 per cent from 1,095 sales in November 2009. In December 2008, single family home sales totaled 449. The number of condominium sales for the month of December 2009 was 341. This was a decrease of 32 per cent from the 504 condominium transactions recorded in November 2009. In December 2008, condominium sales were 205.
 
“The same time last year the cards were stacked in favour of the buyer. But this month sales once again show Calgary has returned to a balanced market,” said Wegerich. “While our sales did taper off slightly in December, as expected for this time of year, home buying activity in Calgary indicates we are in a sustained recovery.”
 

The average price of a single family home in the city of Calgary in December 2009 was $451,349, showing a decrease of 3 per cent from November 2009, when the average price was $464,444, and showing an increase of 8 per cent from December 2008, when the average price was $417,398.

The average price of a condominium in the city of Calgary was $288,640, showing a two per cent decrease from November 2009, when the average price was $294,264 and a five per cent increase over last year, when the average price was $274,919. 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 December 2009 was $401,000, showing a decrease of two per cent from November 2009, when the median price was $408,000, and up six per cent from December 2008, when the median price was $380,000. The median price of a condominium in December 2009 was $265,000, showing virtually no change from November 2009, when the median was $264,900, and up four per cent from December 2008, when the median price was $254,000.
 

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.
 
Single family listings in the city of Calgary added for the month of December totaled 806, a decrease of 41 per cent from November 2009 when 1,365 new listings were added, and showing a decrease of four per cent from December 2008, when 836 new listings came to the market.
 

Condominium new listings in the city of Calgary added for December 2009 were 444, down 37 per cent from November 2009, when the MLS® saw 705 condo listings coming to the market. This is an increase of three per cent from December 2008, when new condominium listings added were 431.

“Our inventory, while lower than last year, still offers a good selection for all ranges of buyers. Typically we see lower inventory at the end of the year with the listing count rising in the spring months. Our absorption rate remains under three months for single family homes, and just under four months for condos. Both are in a balanced market range,” Wegerich said.
 
“As we look to the year ahead, interest rates along with employment will continue to be key factors for a sustained recovery in the housing market. We expect a modest rise in interest rates by the middle of year, and this may spur some buyers to take advantage of low rates before the end of 2010,” added Wegerich.
 

CREB® is a professional body of 5,393 licensed brokers and registered associates, representing 252 member offices. The board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the board’s website at www.creb.com

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Calgary, January 3, 2012
 

According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales in 2011 increased eight per cent over last year, with 18,568 sales for 2011 compared to

17,267 in 2010.

 

Recovering from tepid sales activity in the first half of 2011, early improvements in employment and migration resulted in a pickup in housing demand in the second half of the year. By the end of June 2011, year-to-date sales activity had only increased by two per cent compared to the second half of the year, where residential sales improved by 15 per cent.
 
“While sales activity in 2011 remained below the long run average by 17 per cent, monthly figures point towards the trend of this gap narrowing,” says Sano Stante, president of CREB®.
 

2011 single family sales totaled 13,186, a nine per cent increase over last year. While sales increased, listings remained low, with an annual total of 24,245, six per cent lower than 2010 levels. The decline in listings relative to sales pushed down inventory levels to 2,761, resulting in four months of supply.

Meanwhile, the condominium market recorded declining sales for nearly half of the year, but favorable pricing and improved economic conditions pushed sales up by double digit rates for the second half of

the year. 2011 condo sales totaled 5,382, a 4 per cent increase over the previous year. The rise in sales was complemented by an annual 12 per cent decline in listings. This helped to tighten the condominium market, causing inventories to decline to 1,287 and months of supply to remain just above four months.
 
“The demand recovery in the condominium market lagged the single family market, as price adjustments in both the single family and condominium markets resulted in more selection for consumers,”
 

Stante says. “For the first time in several years, consumers had additional selection of single family homes at a lower price range, which directly competed with the condominium market.”

 
Single family average price in 2011 reached $466,402, a one per cent increase over last year. While there have been some strong monthly increases, primarily due to sales in the upper end skewing the prices, overall prices have remained fairly stable. Meanwhile, the year-end median price of 405,000 remains at levels similar to 2010.
 
Condominium prices have remained persistently low in 2011, while some of the monthly figures have been boosted by high end penthouse sales. By the end of 2011, the average price of $287,172 remained one per cent lower than the previous year.
 

“Throughout 2011, elevated levels of inventories have limited price growth as consumers benefitted from sufficient supply of housing to choose from; however, as these inventories drop to levels more

consistent with a balanced market, we can expect some moderate price growth moving forward,” Stante concludes.

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I have uploaded the Housing Market OutlookCalgary 2012 Provided by CMHC to the REPORTS section of my website. It is in PDF format and available for download.
 

This Outlook report for Calgary is published semi-annually and offers forecasts and analyses of trends in the new, resale and rental housing markets. For the new home market, housing starts and price changes are examined in detail, while the resale section presents sales activity, average prices, and listings. Analysis of the rental market focuses on vacancy rates, average rents and related forecasts. An overview and forecast of key economic indicators is also detailed, along with other factors affecting the local economy and housing market.

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Canada Mortgage and Housing Corporation Housing Market Outlook 
 Date Released: Fourth Quarter 2011

Alberta Overview
Alberta’s housing starts are forecast to increase by 15.3 per cent to 29,200 units in 2012, following a 6.5 per cent decrease in 2011 to 25,325 units.
  
 These robust gains are a result of a number of factors. Firstly, the economy is projected to show relatively strong growth over the forecast period. In 2011, real gross domestic product is expected to rise by 3.1 per cent, followed by 3.5 per cent in 2012. Note, however, a pullback in oil prices during the summer, along with various wildfires, briefly slowed economic conditions, but these effects have dissipated.
  
 Secondly, employment growth is projected at 3.4 per cent in 2011, lowering the unemployment rate from 6.5 per cent to 5.6 per cent. By 2012, the unemployment rate is expected to be lowered to 5.1 per cent. As a result, this will put upward pressure on Alberta’s housing sector.

 

Finally, the demographic outlook for Alberta is positive. With an improving economy generating jobs, it is expected more migrants will choose Alberta as their home. Last year was a 15-year low for migration to Alberta.

 

Moving forward, expect significant growth in migration this year with further gains in 2012. These gains are also expected to put upward pressure on the demand for housing within the province.

 

In Detail

 

 
Single Starts: Single-detached starts are projected to decline about ten per cent in 2011, as builders mitigate the risk of rising inventories. Over the balance of the forecast period, demand for single-detached homes will improve with a growing economy and job creation. In 2012, single-detached starts are expected to rise by over 15 per cent to 18,400 units. The number of single-detached units under construction in August was at approximately half the level reported five years ago. However, with the inventory of complete and unabsorbed units up from the previous year, builders have been cautious about expanding production.

 

  
Multiple Starts: More affordable condominium projects are now competing with the resale market and enticing some renters to move into new condominium units. After a slow start to this year, the pace of multi-family starts has picked-up and is expected to edge past last year’s level of production. In 2012, demand is expected to improve with rising incomes and new household formation, raising the level of multi-family production by 14.6 per cent to 10,800 units.

 

  
Resales: The number of MLS® sales in Alberta is projected to increase by over six per cent in 2011 to 52,800 units. In 2012, MLS® sales are projected to rise to 53,900 units.

 

  
Prices:   Most of Alberta’s major urban centres remain in buyers’ market conditions as indicated by a sales-to-new listings ratio that has fluctuated around 50 per cent this year. The average resale price in 2011 is expected to rise fractionally above last year’s average, with much of the price movement attributed to compositional effects. As Alberta’s economy generates employment and attracts more migrants, demand will rise and improve market balance. The average resale price in Alberta is projected to rise by more than two per cent in 2012 to $362,700.
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First year-over-year increase in monthly condominium sales since April 2010

 

Calgary, July 4, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,979 units. While this indicates a third more sales than June 2010, the year-todate increase proved a moderate 2 per cent. Strong monthly increases does not imply a housing boom, as it is important to put into perspective that sales

activity remains below long term averages. While the single family market has shown signs of improvement throughout the first half of this year, this is the first time since April 2010 that condominium sales have recorded a year-over year increase.

 

“Improved housing demand is being fueled by a younger demographic and, with the affordability of homes in Calgary, we are continuing to see young Calgarians pursue ownership over rentals,” says Sano Stante, president of CREB®.

 

“Historically, Calgary’s average family income has been higher than the national average and a younger more mobile demographic has been attracted to good paying professional jobs in Calgary. As the economy continues to build momentum, we expect this same trend will support a balanced and healthy

housing market in the second half of 2011 and into 2012.”

 

With 581 sales for the month of June 2011, the condominium market improved by 31 per cent over June of 2010, however year-to-date figures show a 5 per cent decrease over the same period last year.

 

“Condo sales bounced back this month, and we now have less than four months of supply on the market. Stronger condo sales, combined with a decline in inventory, will lend more balance to this market in the months to come,” says Stante.

 

After the first half of the year, average prices of condominiums are still slightly lower than levels recorded last year, as more buyers bought condominiums under $200,000 in 2011 compared to 2010 for the same period.
 

“Buyers in this market expect value and many are taking advantage of some affordable buys in both the single family and condo markets. It highlights using a skilled REALTOR® to properly price your home for your unique market area,” says Stante.

 

The single family market recorded 1,398 sales in the month of June 2011. This is an increase of 32 per cent when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6 per cent higher than last year.

 

“While new listings are still lower than levels recorded last year, the rate of decline has eased. With the market shifting to more balanced conditions in recent months, sellers are feeling more confident to list their home. Overall our absorption rate has remained relatively stable, staving off any significant rise in

prices,” says Stante.

 

Year-to-date average price of a single family home in Calgary is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year. The distribution of sales by price range has not shown any significant shift compared to last year, pointing to continued stability in the market.
 

“After the first half of the year, it appears the recovery in the housing market is starting to find its footing.

This gradual leveling has been fueled by growth in employment, and in particular growth in full time jobs. Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the

next,” says Stante.

 

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Calgary, February 1, 2011
 

– Single family home sales in the City of Calgary edged upwards month-over-month and showed the first yearover-year increase since April  2010, according to figures released today by CREB® (Calgary Real Estate Board).

 

The number of single family home sales in the month of January 2011 were 787, compared with December 2010, when sales were 734— an increase of about 7 per cent. The number of condominium sales for the month of January 2011 was 297. This was down from the 320 condominium transactions recorded in December 2010.
 
Year-over-year, the number of single family homes sold in January 2011 in the city of Calgary increased by just over 3 per cent. In January 2010, single family home sales totaled 762. Condominium sales saw a decrease of 21 per cent from the same time a year ago. In January 2010, condominium sales were 376.
 
“More affordable housing will continue to attract homebuyers to the inner-city, particularly as employment in the city of Calgary continues to improve,” says Sano Stante, president of CREB®. “Single family homes in the city are currently driving this gradual recovery, and we are seeing an uptick in the sale of homes below the $350,000 price point. This may suggest more first time homebuyers are entering the market, providing the fuel needed for a sustained housing recovery.”
 
The average price of a single family home in the city of Calgary in January 2011 was $454,287, showing a 3 per cent increase from December 2010, when the average price was $441,341, and a 3 per cent increase from January 2010, when the average price was $441,217. The average price of a condominium in the city of Calgary in January 2011 was $287,954, showing a 2 per cent increase from December 2010, when the average price was $282,768 and a 2 per cent increase over last year, when the average price was $282,639.
 
The median price of a single family home in the city of Calgary for January 2011 was $390,000, showing a slight increase from December 2010 when the median price was $389,000. This was a 2 per cent decrease from January 2010, when the median price was $398,000.
 
The median price of a condominium in January 2011 was $255,000, showing a 1 per cent decrease from December 2010, when the median price was $258,500, and a 4 per cent decrease from January 2010, when it was $265,000.
 
“The recovery in 2011 will be incremental and gradual. Nonetheless, at the moment Calgary is offering buyers a great deal of affordability, low interest rates and a large selection of inventory,” says Stante. “Overall the first quarter of 2011 will show modest improvements in sales which will lay the foundation for the return to a more balanced market,” he adds.
 

Single family listings in the city of Calgary added for the month of January 2011 totaled 1958, an increase of 169 per cent from December 2010 when 728 new listings were added, and showing an increase of 7 per cent from January 2010, when 1822 new listings came to the market.

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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.
 
To read the entire report and see the latest statistics, visit http://www.creb.com/public/documents/statistics/2010/package/res-stats-2010%20December.pdf
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It was disappointing to see prices and home sales slide again last month after a slight increase in September.  Home sales in the city of Calgary were down month-over-month in October 2010. The number of single family homes sold in October dropped 7% from September.

Buyers are still remaining cautious, keeping the market soft.  The year over year sales continued to decline in October. 

The average prices of single family homes in the city of Calgary in October 2010 decreased 3% from September 2010, when the average price was $460,278, and a 4 per cent decrease from October 2009, when the average price was $462,465.

The fact remains that the market is still soft and sellers need to be cognizant of this as it affects what they can reasonably expect to list their homes for if deciding to sell.  

On the up side, there were 22% fewer listings of homes in October than September, lowering inventory (number of homes available for sale) which in the long run will help to balance the market.

These stats were released on November 1st by the Calgary Real Board (CREB ®).

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Hello everyone!

Market Update!  A bit of good news!!

For the first time in many months there appears to be a turnaround in the Calgary Housing Market!  The Calgary Real Estate Board just released the stats for September and while the changes are modest, it is the first uptick in the Calgary market since April.

In short, the number of houses available for sale in the Calgary market has fallen, but the number of sales of homes has increased for the first time in six months.  Along with the increase in the number of homes sold a significant indicator of possible change is that the average median price of homes sold from August to September increased by almost $15,000.00.  If you would like to see the actual stats feel free to send me an email requesting a copy of the CREB Stats and I’ll forward the information to you in an email attachment.

In the homes I have had listed, I have noted and increased number of showings over the last few weeks as well.  While all these indicators are modest, it is certainly a refreshing change from the six months of steady downturn we have been experiencing, and appears to show that the real estate market is beginning to come to life again.

iPhone/Android App Update

I appreciate everyone who has downloaded my iPhone App to search the Calgary MLS system.  It has become quite a popular application.  Don’t be afraid to explore everything it has to offer, and if you have any questions or requests about a property, you can click on the links provided in the listings on the app to notify me and I will be happy to get back to you right away.  Keep in mind that if you sign into the VOW on HouseHuntingAdventures.com it opens up a special account for you where you can save all your home searches for comparables and once set up, you can do the same from your iPhone or Android as well.   If you have any questions, just call!

New to Canada?

I have many clients who are new to Canada who I have guided in their real estate adventures and I understand much of what it is like when coming into a new country.  I experienced coming to Canada, not knowing the languages here, first moving to Quebec and learning the French language, then to Calgary and learning English (Czech is my home language).  The challenges were difficult, but also a great character builder for me, especially while raising three children on my own.  I truly understand all the frustration with moving and setting down roots.  My desire is to help anyone who is a client of mine to make their transition as easy and cost manageable as possible.

 Keep it Drama Free!

I can really empathize with anyone when it comes to moving and all the related stresses and headaches. I’ve been there and done that on my own with my children, many times.  Every move made me a little wiser and I became an organizational wizard!  I understand all about moving a family, and the financial stresses and strains that can ensue.

Through my personal experiences as well as my experience as a REALTOR©, I have compiled a wonderful list of resources;  from excellent mortgage brokers who are very talented at locating great mortgage rates and helping you to qualify, to home inspectors  capable ensuring nothing is missed when you are looking to purchase a new home.

Please let me know if I can be of service to you.  Even if you are just at the research stage in locating a new home, or you simply would like to have a current market evaluation done on your home to determine what your next step should be, I’m here for you.  Please don’t hesitate to call me at any time. 

My personal cell phone number is 403-399-0809, or if you prefer, my personal Email of Natasha@HouseHuntingAdventures.com.

Wishing you a wonderful Thanksgiving!

 

Natasha

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By Mario Toneguzzi, Calgary Herald August 25, 2010

 

A high inventory of homes for sale combined with a softening demand from potential homebuyers is starting to put downward pressure on Calgary MLS prices.
 
Preliminary and unofficial data for August month-to-date indicates prices are dropping from levels of the past few months in both the single-family and condominium market.
 
"We have almost the same number of buyers that we had in December but we have so many more listings," said Gary MacLean, a realtor with Re/Max Real Estate Central. "It's like having a Safeway that got two times as big but only has the same number of customers coming in the door and in order to get rid of the inventory they have to reduce the prices.
 
"It's a supply and demand issue. There's an oversupply of houses not only here but all across Canada and the number of buyers are decreasing."
 
For example, at the end of December one of every 1.6 houses listed for sale were selling. In July, that ratio jumped to one for every 6.6 listings. The month-end inventory of properties for sale in Calgary metro at the end of December was 3,258. It was 7,982 at the end of July.
 
MacLean said the inventory is starting to shrink but it's not as a result of increasing sales. Many people have simply taken their homes off the market.
 
According to preliminary, unofficial data on the website of realtor Mike Fotiou, of First Place Realty, there have been 661 single-family home MLS sales in Calgary for an average price of $441,469 month-to-date until Tuesday.
 
In July for the entire month, there were 915 sales for an average of $464,655 and in August 2009 there were 1,277 sales for an average of $454,130.
 

The average MLS sale price peaked this year in May at $483,240.

The condominium market is showing a similar story with sales so far this month at 271 for an average price of $283,485. In July, there were 396 condo transactions averaging $291,168 and in August 2009 there were 632 sales for an average price of $283,330.
 

The average MLS sale price for a condo peaked this year in May as well at $304,662.

Diane Scott, president of the Calgary Real Estate Board, said supply and demand is playing a role on current average prices but there's also the factor of luxury home sales.

"Homes sold over $1 million are down in numbers from last year for the same period," she said. "June to August last year we had 98 sales over $1 million. This year we've had 87 ... That will drive the average price down as well for sure."
 

On Wednesday, the Teranet-National Bank Composite House Price Index showed Calgary was lagging behind other major Canadian centres in the rate of change for home prices.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries and all dwellings that have been sold at least twice are considered in the calculation of the index.
 
The report said in June Calgary prices rose by 0.2 per cent on a monthly basis behind Ottawa (2.7 per cent), Toronto (2.4 per cent), Montreal (1.4 per cent), Halifax (1.3 per cent) and Vancouver (0.8 per cent). The national average was 1.5 per cent, the 14th consecutive month of increases.
 
On a year-over-year basis, the national average was 13.6 per cent growth led by Vancouver at 16.3 per cent and followed by Toronto (16.2 per cent), Ottawa (12.0 per cent), Montreal (8.7 per cent), Calgary (8.3 per cent) and Halifax (7.1 per cent).
 

mtoneguzzi@theherald.canwest.com



Read more: http://www.calgaryherald.com/business/real-estate/High+inventory+cooling+sales+pressure+house+prices/3440610/story.html#ixzz0yyLPwgI0
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By Mario Toneguzzi, Calgary Herald September 2, 2010

An increase in active listings, combined with a cooling in housing demand, has started to push prices down in Calgary's residential real estate market.
 
Data released Wednesday by the Calgary Real Estate Board show single-family home sales fell by just over 32 per cent in August compared with a year ago while condominium transactions plunged by more than 42 per cent.
 

And the average MLS sale price in both markets dropped from what they were in July.

"If (buyers) don't have to buy they're just not doing it right now. There's just too much unrest," said CREB president Diane Scott.
 
"We know the traffic in the open houses has picked up in the last two weeks. We've been monitoring it very closely and the traffic is there, but the buyers are just a little leery."
 
Scott attributes that cautious sentiment to negative economic news and reports continuing to come before the public which create plenty of uncertainty in the marketplace.
 

"It's the economic situation that we happen to find ourselves in and the negative reports that keep popping up and buyers are kind of standing back, thinking it's going to go down lower," she added.

According to CREB, there were 867 single-family home sales in the city in August, down from August 2009's 1,277 sales and slightly down from the 915 sales recorded the previous month.
 
The average MLS sale price for a single-family home fell to $445,617, down 4.1 per cent from July and also off 1.9 per cent from a year ago. The year-over-year decline was the first month since July 2009 in which single-family home prices were lower than the previous year.
 
In the condominium market, sales dropped from last year as 364 properties were sold in Calgary for an average price of $286,384. The average price decreased by 1.6 per cent from July, but was up 1.1 per cent from August 2009.
 
"The rise in mortgage rates, more prudent lending practices and weaker net migration has contributed to the decline in sales," said Richard Cho, senior market analyst for Calgary for Canada Mortgage and Housing Corp. "In addition, the pent-up demand that helped fuel sales activity earlier in the year has also eased.
 
"In the last several months we have seen an uptick in the number of homes being listed on the market, providing consumers more choice and time. This, combined with the moderation in sales, has moved the market into buyers' conditions, softening price growth."
 
The month-end inventory of single-family homes for sale was 5,046 at the end of August, up from 3,296 in August 2009.
 
The month-end inventory of listings in the condo market was 2,255 in August, increasing from 1,479 last year.
 
Scott said the elevated level of listings plus the slowdown in sales is bound to have an impact on the average sale price.
 
The monthly peak for MLS sale prices was in May this year with single-family homes selling for an average of $483,240 and condos selling for $304,662.
 
"It's a downward type of trend. It's certainly not drastic but it is downward that I think we're going to see probably for the rest of the year," said Scott. "I think we'll have a little bit more activity as for the number of sales in September. Typical. It's seasonal and I think we'll see that in September."
 
In the MLS market of towns outside Calgary, sales dropped by just over 23 per cent to 312 from 406 a year ago and the average sale price increased by 0.3 per cent to $355,238 from $354,175.
 
The country residential market, which includes acreages, saw sales decrease by just under 17 per cent to 50 from 60 in August 2009 while the average sale price dropped by just over two per cent to $747,580.
 

mtoneguzzi@theherald.canwest.com

- - -

Calgary Home Sales Continue To Slide



Read more: http://www.calgaryherald.com/health/Calgary+housing+sales+tumble/3472287/story.html#ixzz0yyMrfLrE
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Calgary Market Update for September 1, 2010
- courtesy of the Calgary Real Estate Board
 
Home sales in the city of Calgary continued to trend lower in the month of August, according to figures released today by the Calgary Real Estate Board (CREB®).

 

The number of single family homes sold in August 2010 in the city of Calgary was down 32 per cent from the same time a year ago, and condominium sales saw a decrease of 42 per cent from the same time a year ago.

 

August 2010 saw 867 single family homes sold in the city of Calgary. This is a decrease of 5 per cent

from 915 sales in July 2010. In August 2009, single family home sales totalled 1,277. The number of

condominium sales for the month of August 2010 was 364. This was a decrease of 8 per cent from the 396 condominium transactions recorded in July 2010.
 
In August 2009, condominium sales were 632. “Calgary’s housing market has been undergoing a
measured correction over the past 4 to 5 months. Sales are trending lower as a result of a increase in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of CREB®.
 

“There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.”

 

“A slower than anticipated pace of mortgage rate hikes and continued improvements in  employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011, ” adds Scott.
 
The average price of a single family home in the city of Calgary in August 2010 was $445,617, showing a 4 per cent decrease from July 2010, when the average price was $464,655, and a decrease of 2 per cent from August 2009, when the average price was $454,130.
 

The average price of a condominium in the city of Calgary in August 2010 was $286,384, showing a 2 per cent decrease from July 2010, when the average price was $291,168 and a 1 per cent increase over last year, when the average price was $283,330. 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.

 
“We expect a period of correction will continue into the fall of this year. Prices may sag in the short-term and level off as we move into 2011,” says Scott. “Homebuyers and sellers should keep in mind that market trends are unique even throughout the wider Calgary region.
 
A case in point is the relative strength of Calgary’s town and country market, where sales have remained at 2009 levels. Homebuyers and sellers should speak to a REALTOR® to better understand the opportunities in our current market,” says Scott.

 

The median price of a single family home in the city of Calgary for August 2010 was $395,000, showing a 1 per cent decrease from July 2010 and August 2009, when the median price was $400,000. The median price of a condominium in August 2010 was $260,000, showing a 3 per cent decrease from July 2010, when the median price was $268,000, and no change from

August 2009, when it was the same – $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.

 

Single family listings in the city of Calgary added for the month of August 2010 totalled 1,960, an increase of less than 1 per cent from July 2010 when 1,942 new listings were added, and showing an increase of 3 per cent from August 2009, when 1,910 new listings came to the market.
 

Condominium new listings in the city of Calgary added for August 2010 were 808, down 9 per cent

from July 2010, when the MLS® saw 890 condo listings coming to the market. This is a decrease of 3 per cent from August 2009, when new condominium listings added were 832.
 

“Total month end inventory for the wider Calgary region is down marginally when compared to July—a trend we expect will continue in the coming months.

 

New listings are also likely to recede in the coming months in response to slowing sales,” adds Scott.

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The Calgary housing market continues to show signs of a sustained recovery according to figures released today by the Calgary Real Estate Board (CREB®).
 

The number of single family homes sold in December 2009 in the city of Calgary was up 78 per cent from the same time a year ago, while condominiums sales saw an increase of 66 per cent from the same time a year ago.

 

“What a difference a year makes. Undoubtedly the recovery in Calgary’s housing market came sooner than expected this past year,” says Bonnie Wegerich, president of CREB®. “Pent up demand by first time buyers, record low mortgage rates and improved affordability have helped bolster the Calgary

market in 2009.”
 
December 2009 saw 799 single family homes sold in the city of Calgary. This is a decrease of 27 per cent from 1,095 sales in November 2009. In December 2008, single family home sales totaled 449. The number of condominium sales for the month of December 2009 was 341. This was a decrease of 32 per cent from the 504 condominium transactions recorded in November 2009. In December 2008, condominium sales were 205.
 
“The same time last year the cards were stacked in favour of the buyer. But this month sales once again show Calgary has returned to a balanced market,” said Wegerich. “While our sales did taper off slightly in December, as expected for this time of year, home buying activity in Calgary indicates we are in a sustained recovery.”
 

The average price of a single family home in the city of Calgary in December 2009 was $451,349, showing a decrease of 3 per cent from November 2009, when the average price was $464,444, and showing an increase of 8 per cent from December 2008, when the average price was $417,398.

The average price of a condominium in the city of Calgary was $288,640, showing a two per cent decrease from November 2009, when the average price was $294,264 and a five per cent increase over last year, when the average price was $274,919. 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 December 2009 was $401,000, showing a decrease of two per cent from November 2009, when the median price was $408,000, and up six per cent from December 2008, when the median price was $380,000. The median price of a condominium in December 2009 was $265,000, showing virtually no change from November 2009, when the median was $264,900, and up four per cent from December 2008, when the median price was $254,000.
 

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.
 
Single family listings in the city of Calgary added for the month of December totaled 806, a decrease of 41 per cent from November 2009 when 1,365 new listings were added, and showing a decrease of four per cent from December 2008, when 836 new listings came to the market.
 

Condominium new listings in the city of Calgary added for December 2009 were 444, down 37 per cent from November 2009, when the MLS® saw 705 condo listings coming to the market. This is an increase of three per cent from December 2008, when new condominium listings added were 431.

“Our inventory, while lower than last year, still offers a good selection for all ranges of buyers. Typically we see lower inventory at the end of the year with the listing count rising in the spring months. Our absorption rate remains under three months for single family homes, and just under four months for condos. Both are in a balanced market range,” Wegerich said.
 
“As we look to the year ahead, interest rates along with employment will continue to be key factors for a sustained recovery in the housing market. We expect a modest rise in interest rates by the middle of year, and this may spur some buyers to take advantage of low rates before the end of 2010,” added Wegerich.
 

CREB® is a professional body of 5,393 licensed brokers and registered associates, representing 252 member offices. The board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the board’s website at www.creb.com

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