Calgary housing market - signs of balance, not bubble - Feb 2010 Stats
With an expected rise in interest rates expected to fuel an active spring market, Calgary housing market shows signs of balance, not bubble.
"The number of single family homes sold in February 2010 in the city of Calgary was up 25 per cent from the same time a year ago, while condominium sales saw an increase of 56 per cent from the same time a year ago. February 2010 saw 1,035 single family homes sold in the city of Calgary. This is an increase of 36 per cent
from 762 sales in January 2010. In February 2009, single family home sales totaled 825. The number of condominium sales for the month of February 2010 was 536. This was an increase of 43 per cent from the 376 condominium transactions recorded in January 2010. In February 2009, condominium sales were 343."
"“There is a spring in the step of Calgary homebuyers as we get ready for the spring market,” says Diane Scott, president of CREB®. “Indeed, the Calgary housing market has shifted from fragile to fervent in just over 12 months. We will see strong activity in the spring market as many buyers will view 2010 as the time to take advantage of affordability and to get in before interest rates rise.” “The market is tightening and we are seeing a moderate rise in the number of competing offers on homes,” Scott acknowledges. “But Calgary’s market remains in a healthy and stable position. There has been much talk of a housing bubble in some markets across Canada but we believe balance, not bubble, is the story of the Calgary housing market for 2010.”"
"The median price of a single family home in the city of Calgary for February 2010 was $411,000, showing a 3 per cent increase from January 2010, when the median price was $398,000, and a 10 per cent increase from February 2009, when the median price was $375,000. The median price of a condominium in February 2010 was $265,900, remaining nearly the same as in January 2010, when the median was $265,000. That’s up 6 per cent from February 2009, when the median price was $249,900."
Source: CREB® News Release March 1 2010 for February Stats
Click on Feb Map for larger Graph of MLS® Market Values (one year snapshot in time)
For the full new release and all community stats including Calgary-Metro, Satellite Towns, Country homes, condos, and residential homes, please go to our Calgary Real Estate Market Trends page.
Click on January Map for larger Graph of MLS® Market Values (one year snapshot in time)
Click here for All 2010 Calgary MLS® Market Value Graphs