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CALGARY HOME PRICES SHOW SIGNS OF STABILITY
January 1, 2010
Calgary home
prices show signs of stability as recovery in the
housing market begins to take hold.
The average price of a single family Calgary
metro home in September 2009 was $459,085,
showing an increase of 1 per cent from August
2009, when the average price was $454,130,
and showing an increase of 3 per cent from
September 2008, when the average price was
$444,048. The average price of a Calgary
metro condominium was $290,253 showing a
2 per cent increase from August 2009, when the
average price was $283,330 and an increase of
1 per cent over last year, when the average price
was $287,426. 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 correction in Calgary housing market
appears to be stabilizing and downward pressure
on home prices is moderating," says Diane Scott,
president elect of the Calgary Real Estate Board.
The number of single family homes and condos
sold in September 2009 in Calgary metro are
also both up from the same time a year ago.
September saw 1,257 single family homes sold
in Calgary metro. This is an increase of 9 per
cent from September 2008, when single family
home sales were 1,152. This is a decrease of
2 per cent from 1,277 sales in August of this
year. The number of condominium sales for the
month of September 2009 was 580, an increase
of 25 per cent from September 2008 when 465
condominiums changed hands. This was a
decrease of 8 per cent from the 632 condominium
transactions recorded last month.
"Indeed the market is harder to predict in these
early stages of recovery," says Scott. "Sales
were stronger than expected in the summer
months -- easing slightly in September. We
expect a gradual and measured uptake in sales as
we enter the fall market."
Single family Calgary metro new listings added
for the month of September totaled 1,857, a
decrease of 3 per cent from August 2009 when
1,910 new listings were added, and showing a
decrease of 29 per cent from September 2008,
when 2,631 new listings came to the market.
Calgary metro condominium new listings added
in September 2009 were 940, up 13 per cent from
August 2009, when the MLS&res; saw 832 condo
listings coming to the market. This is a decrease
of 21 per cent from September 2008, when
condominium listings were 1,186.
The median price of a single family Calgary metro
home in September 2009 was $399,900, showing
no significant change from August 2009, when
the median price was $400,000, and up 1 per cent
from September 2008, when the median price was
$395,000. The median price of a condominium in
September 2009 was $265,000, up 2 per cent from
August 2009, when the median was $260,000,
and showing no change from September 2008,
when the median price was $265,000. All Calgary
metro MLS&res; 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.
"In the third quarter Calgary shifted to a more
balanced housing market. But conditions are
still very favourable for home buyers," says
Scott. "Mortgage rates remain low, affordability
continues and federal government incentives such
as the $5,000 tax credit may motivate first-time
homebuyers to make a purchase before the end
of the year."
"This recession has been a tricky one. Consumers
were expecting the worse yet the housing rebound
came faster than expected. I think it is safe to say
the worst is behind us, but it will take some time
for consumers to really shake off their economic
jitters," adds Scott.
CREB® is a professional body of 5,445 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.
For more information, please visit creb.com.
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