Housing Recovery For Calgary in 2011

The Calgary Real Estate Board released is annual forecast on Tuesday, advising that there will be a recovery in the market this year with improved sales compared with 2010.

The board is predicting that Calgary's housing inventory levels are expected to stabilize, which will result in a return to a more balanced and sustainable housing market.

It forecasts single-family home sales to increase by 19.9 per cent this year to 14,500 transactions  and the average MLS sale price is predicted to rise 4.1 per cent to $480,000.

The board also predicted that condominium sales will rise by 15.8 per cent to 6000 transactions with the average sale price increasing by 1.8 per cent to $295,900.

In the towns outside of Calgary market, the board is forecasting a 13.5 per cent increase to 4,000 with the average price increasing by 2.6 per cent to $368,500.

Sano Stante, president of the real estate board, said that his forecast wouldn't change in light of the federal government's announcement to toughen up mortgage lending practices.

"We are expecting in-migration into Calgary.  If we see the job growth that we expect to happen in Calgary then the in-migration should drive the sales."

The boards report states that the key to market recovery in 2011 will be permanent job creation sufficient to stimulate in-migration. Recovery in the first half of the year will be more modest, picking up pace in the second half. Recovery of sales will be from single family homes close to the downtown core, and by condos and single family homes in the outlying areas.

" 2011 will offer buyers unprecedented affordability, low interest rates and a large selection of inventory."

The CMHC, is predicting increased sales, with residential properties in the sold in the Calgary area to increase by 2.0 per cent this year to 20,700 units, with an increase in the average sale price.

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