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Oct 09 CREB Statitiscs Show Continuing Improvement in Calgary's Real Estate Market

Courtesy of CREB

Calgary, November 2, 2009 – The Calgary

housing market continued to rebound in October,

according to figures released by the Calgary Real

Estate Board (CREB®).

“Calgary’s housing market has clearly turned

a corner,” says Bonnie Wegerich, president of

CREB®. “We expect there to be a few bumps on

this road to recovery but we believe the worst

is over. Home prices have held firm and edged

upwards in some markets over the past months.

This has helped buoy up the confidence of both

buyers and sellers.”

The average price of a single family Calgary

metro home in October 2009 was $462,465,

showing an increase of 1 per cent from September

2009, when the average price was $459,085, and

showing an increase of 3 per cent from October

2008, when the average price was $449,100. The

average price of a Calgary metro condominium

was $289,155, showing no significant change

from September 2009, when the average price

was $290,253, and no significant change over

last year, when the average price was $289,148.

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.

“Move-up buyers have clearly entered the

market,” says Wegerich. “This is reflected

in the average price for a single family home

cresting just above $462,000—historically the

highest it has ever been in the month of October.

Nonetheless, our median price is $410,000,

indicating affordability still remains in the

market. We expect upwards pressure on prices

will ease as more listings come on to the market.”

The number of single family homes and condos

sold in October 2009 in Calgary metro are also

both up from the same time a year ago.

October saw 1,285 single family homes sold in

Calgary metro. This is an increase of 57 per cent

from October 2008, when single family home

sales were 820. This is an increase of 2 per cent

from 1,257 sales in September of this year. The

number of condominium sales for the month of

October 2009 was 601, an increase of 51 per cent

from October 2008 when 399 condominiums

changed hands. This was an increase of 4 per

cent from the 580 condominium transactions

recorded last month.

“Improved consumer confidence has helped

fuel this rebound. It seems for many potential

homebuyers it was global-wide uncertainty

rather than personal financial circumstances that

was holding them back from making a home

purchase,” says Wegerich. “Many of these

are now facing improved affordability, and

lower mortgage rates than prior to the recession—

together these created a tipping point for market

recovery.”

“The recent lift in sales over the past several

months does represent a release in pent-up demand

that built up in the last quarter of 2008 and first

quarter of 2009,” acknowledged Wegerich. “We

do expect this recovery to be a gradual one and

for sales to taper off in the winter months as this

pent-up demand eases.”

Single family Calgary metro new listings added

for the month of October totaled 1,819, a decrease

of 2 per cent from September 2009 when 1,857

new listings were added, and showing a decrease

of 22 per cent from October 2008, when 2,322

new listings came to the market. Calgary metro

condominium new listings added in October 2009

were 859, down 9 per cent from September 2009,

when the MLS® saw 940 condo listings coming

to the market. This is a decrease of 20 per cent

from October 2008, when condominium listings

were 1,071.

The median price of a single family Calgary metro

home in October 2009 was $410,000, showing a

3 per cent increase from September 2009, when

the median price was $399,900, and up 5 per cent

from October 2008, when the median price was

$390,000. The median price of a condominium

in October 2009 was $263,500, down 1 per cent

from September 2009, when the median was

$265,000, and down 2 per cent from October

2008, when the median price was $268,000.

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.

“Canada’s housing market has been a bit of an

unexpected bright spot in this current recession,”

notes Wegerich. “Unlike recessions in the past,

borrowing costs have so far remained very low.

This, along with improved affordability, has

been fundamental to the recovery in the Calgary

housing market.”

CREB® is a professional body of 5,337 licensed

brokers and registered associates, representing

250 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. or click on Attachment below to view October Statistics Package
Published Wednesday, November 18, 2009 5:23 AM by Jennifer Dill
Attachment(s): CREB OCT 09 Statistics Package.pdf

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