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SPRING BRINGS BOOST TO CALGARY’S RESIDENTIAL REAL ESTATE MARKET
May 1, 2009
MLS® sales
activity of single family Calgary metro
homes was 1,290 in the month of April
2009, showing an increase of 19 per
cent from 1,086 sales in March 2009,
according to fi gures released by the
Calgary Real Estate Board (CREB®).
This was a decrease of 5 per cent
from April 2008, when single family
home sales were 1,363. The number
of condominium sales for the month
of April 2009 was 579, an increase of
30 per cent from the 446 condominium
transactions recorded in March 2009,
and a decrease of 0.3 per cent from
April 2008, when 581 condominiums
changed hands.
“Spring is giving new life to the
residential real estate market,” said
Calgary Real Estate Board President,
Bonnie Wegerich. “Affordable pricing
and low interest rates are drawing
buyers back to the market.”
“In particular we are fi nding more and
more fi rst time home buyers taking
advantage of great inventory and very
low interest rates. We expect spring
sales activity will also get a boost from
the federal government incentives
announced in the last budget,
including the increase in the maximum
withdrawal allowed under the Home
Buyers’ Plan and the First Time Buyer
Tax Credit,” added Wegerich.
The average price of a single family
Calgary metro home in April 2009
was $426,311, showing an increase
of 1 per cent from March 2009, when
the average price was $420,354, and
showing a decrease of 10 per cent
from April 2008, when the average
price was $474,564. The average price
of a Calgary metro condominium
was $277,953, showing a 2 per cent
decrease from March 2009, when the
average price was $284,056, and a
decrease of 11 per cent over last year,
when the average price was $312,586.
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 average price for home sales
remains below levels reached one year
earlier, but year-over-year declines
are contracting,” said Wegerich. “Our
inventory also continued to decrease in
April, which is helping to fi rm up the
balance of supply and demand,” added
Wegerich.
Single family Calgary metro new
listings added for the month of April
totaled 2,010, down just 1 per cent from
the 2,023 new listings added in March
2009, and showing a decrease of 40 per
cent from April 2008, when 3,377 new
listings came to the market. Calgary
metro condominium new listings added
in April 2009 were 967, up 7 per cent
from March 2009, when the MLS® saw
903 condo listings coming to the market.
This is a decrease of 35 per cent from
April 2008, when condominium listings
were 1,493.
The median price of a single family
Calgary metro home in April 2009 was
$380,000, showing an increase of 1 per
cent from March 2009, when the median
price was 375,000, and down 10 per
cent from April 2008, when the median
price was $420,000. The median price
of a condominium in April 2009 was
$251,000, down 3 per cent from March
2009, when the median was $260,000,
and down 13 per cent from April 2008,
when the median price was $290,000.
All Calgary metro 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.
“Undoubtedly this market has been
challenging for both buyers and sellers,
but the improvement in recent months
is an encouraging sign,” said Wegerich.
“There’s more confi dence in the housing
market today than at the end of 2008.
Prices are stabilizing, inventory is
declining and the number of new listings
is leveling—these are all signs that a
balanced market is on the horizon.”
CREB® is a professional body of
5,200 licensed brokers and registered
associates, representing 252 member
offi ces. 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 creb.com.
For more information, please visit creb.com.
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