Calgary Housing Market To Simmer, Not Sizzle - Apr 2010 Stats
Economic optimism, improved choice and price stability contribute to a balanced housing market according to figures and statements released by the Calgary
Real Estate Board (CREB®).
“Continued economic optimism, improved choice and price stability are all contributing to a healthy and balanced housing market in Calgary,” says Diane Scott, president of CREB®. “Calgary’s housing market is set to simmer, not sizzle in 2010. We can be grateful that we are not facing any real danger of a housing bubble here in our market. There has been some talk about a bubble in some parts of Canada but the rapid price increases seen in Vancouver, Victoria and southern Ontario have not been seen in Calgary,” Scott acknowledges. “Single family house prices are coming back nicely compared to 2009,” says Scott.
"The number of single family homes sold in April 2010 in the city of Calgary was up 5 per cent from the same time a year ago, while condominium sales
saw an increase of 10 per cent from the same time a year ago."
"The median price of a single family home in the city of Calgary for April 2010 was $417,000, showing a 1 per cent decrease from March 2010, when the median price was $423,000, and a 10 per cent increase from April 2009, when the median price was $380,000. The median price of a condominium in April 2010 was $267,500, showing a 3 per cent decrease from March 2010, when the median was $275,000. That’s up 7 per cent from April 2009, when the median price was $251,000"
“Our average price is holding relatively steady,” says Scott. “The pace of price increase has been tempered by the rate of new listings that has been growing faster than sales. Sales levels are still well below the high demand from 2004-2008, mainly because we are still not seeing high job growth and unemployment has remained high.”
“Calgary didn’t see the impacts of the very low interest rates the way other areas of Canada did,” says Scott. “Calgarians are also not rushing out to beat the rate increases as they are seeing less risk of rising prices squeezing them out of the market.”
Excerpts from CREB® News Release May 3 2010 for April Stats
Click on April Map for larger Graph of MLS® Market Values (one year snapshot in time)
Click for All 2010 Calgary MLS® Market Value Graphs
For the FULL news 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.