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"After rebounding in the second half of 2009 and early 2010, housing starts are expected to moderate in the second half of 2010. Starts are expected to stabilize at levels consistent with demographic fundamentals in 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook."
Chief Economist for CMHC, Bob Dugan, noted that existing home market conditions will remain balanced over the next two years as MLS® sales ease and inventory levels remain elevated. With an improved balance between demand and supply, the average MLS® price is expected to edge lower through the end of 2010 and then rise modestly in 2011.
For the full housing report from CMHC, click the link.
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Home sales in the city of Calgary continued to trend lower in the month of August according to the Calgary Real Estate Board (CREB®).
"The number of single family homes sold in August 2010 in the city of Calgary was down 32 per cent from the same time a year ago, and condominium sales saw
a decrease of 42 per cent from the same time a year ago.."
“Calgary’s housing market has been undergoing a measured correction over the past 4 to 5 months. Sales are trending lower as a result of a decrease in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of CREB®. “There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.”
“A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011, ” adds Scott. ”
The median price of a single family home in the city of Calgary for August 2010 was $395,000, showing a 1 per cent decrease from July 2010 and August 2009, when the median price was $400,000. The median price of a condominium in August 2010 was $260,000, showing a 3 per cent decrease from July 2010, when the median price was $268,000, and no change from August 2009, when it was the same – $260,000.
Even though condo and single family home sales have seen significant corrections this year, the figures reveal that Calgary’s town and country market is still very strong and sales have remained at 2009 levels. Scott recommends that "Homebuyers and sellers should speak to a REALTOR® to better understand the opportunities in our current market."
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Ottawa, 08/10/2010 – Seasonally adjusted annual rate of housing starts was 189,200 units in July - a month-over-month decrease of 1.6 per cent - according to Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate of urban starts increased by 1.9 per cent in July. Urban multiple starts increased by 13.4 per cent to 101,400 units, while single urban starts moved lower by 11.3 per cent to 67,900 units. July’s seasonally adjusted annual rate of urban starts increased 14.4 per cent in the Prairie Region and decreased 14.8 per cent in British Columbia.
Ottawa 07/09/10 - Seasonally adjusted annual rate of housing starts was 189,300 units in June, which resulted in a month-over-month gain of 3.7 per cent in April (205,900 units), a 5.1 per cent decline in May (195,300 units), and a decrease of 3.1 per cent in June. The seasonally adjusted annual rate of urban starts decreased by 2.6 per cent to 167,000 units in June. Urban multiple starts decreased by 5.8 per cent to 89,200 units, while single urban starts edged higher by 1.4 per cent to 77,800 units. June’s seasonally adjusted annual rate of urban starts increased 8.6 per cent in the Prairie Region, and 6.3 per cent in British Columbia.
OTTAWA, 06/08/10 - Seasonally adjusted annual rate of housing starts was 189,100 units in May, down from a revised 201,800 units in April. The seasonally adjusted annual rate of urban starts decreased by 9.5 per cent to 165,200 units in May. Urban multiple starts decreased by 5.6 per cent to 92,800 units, while single urban starts decreased by 14.1 per cent to 72,400 units. May’s seasonally adjusted annual rate of urban starts decreased 21.8 per cent in the Prairie region and 12.9 per cent in British Columbia.
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The summer cool down in Calgary’s housing market continued in the month of July, according to figures released on August 3, 2010 by the Calgary Real Estate Board (CREB®).
"The number of single family homes sold in July 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 44 per cent from the same time a year ago. July 2010 saw 915 single family homes sold in the city of Calgary. This is a decrease of 14 per cent from 1,061 sales in June 2010. In July 2009, single family home sales totalled 1,585. The number of condominium sales for the month of July 2010 was 396. This was a decrease of 11 per cent from the 445 condominium transactions recorded in June 2010. In July 2009, condominium sales were 702."
“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period. This slow-down is not all that surprising in the face of tighter mortgage regulations and rising interest rates. The post-recession rally we saw in the summer of 2009 was unique and that pace couldn’t be sustained,” says Sano Stante, CREB® president-elect. “The sense of urgency seen last summer, fall and winter in the lead-up to tighter mortgage-lending measures has diminished,” says Stante. “Rising mortgage rates and increased inventories will be the primary head-wind facing Calgary’s housing market, but improving job prospects will offer some tail winds in the latter half of 2010 and into 2011.”
“We are seeing relative stability in our average and median prices for the Calgary market,” says Stante. “A gradual return to moderate interest rates will not trigger any kind of steep decline in prices in our housing market. Prices may soften in select markets where inventory has bulked up, but for the most part they will remain relatively sticky as the economy improves.” “Nonetheless with the combination of historically low interest rates and a large inventory of homes, in areas where comparable stock is ample such as the condominium and multi-family market. This presents a great opportunity to get into the market or to trade up,” adds Stante.
"The median price of a single family home in the city of Calgary for July 2010 was $400,000, showing a 5 per cent decrease from June 2010, when the median price was $418,900, and a 3 per cent increase from July 2009, when the median price was $390,000. The median price of a condominium in July 2010 was $268,000, showing a 1 per cent decrease from June 2010, when the median was $269,900. That’s up 2 per cent from July 2009, when the median price was $263,000."
"Condominium new listings in the city of Calgary added for July 2010 were 890, down 18 per cent from June 2010, when the MLS® saw 1,084 condo listings coming to the market. This is a decrease of 3 per cent from July 2009, when new condominium listings added were 918. “Indeed Alberta and Calgary’s economic recovery is lagging behind the rest of the country right now. But on the bright side we see this trend reversing itself as we move into 2011. We expect Alberta to lead in economic growth and recovery - outperforming much of the country in 2011,” says Stante.
Mortgage trends cool Calgary home sales as sales continued to show a marked year-over-year decline in the month of June, according to figures released by the Calgary Real Estate Board (CREB®).
"June 2010 saw 1,061 single family homes sold in the city of Calgary. This is a decrease of 16 per cent from 1,262 sales in May 2010. In June 2009, single family home sales totaled 1,837. The number of condominium sales for the month of June 2010 was 445. This was a decrease of 14 per cent from the 518 condominium transactions recorded in May 2010. In June 2009, condominium sales were 738. Conversely, sales of million-dollar-plus properties jumped by nearly 42 per cent year-to-date until the end of June, compared with the same period a year ago.
“We are seeing continued moderation in Calgary’s home sales in the face of higher mortgage rates, increased inventory levels and a decreasing number of first-time homebuyers entering the market,” says Diane Scott, president of CREB®. “Our sales trends in June reflect much of what we saw in May. Changes to mortgage rules meant a good portion of homebuyers wanted to get in before the new regulations took effect in April. This, along with rising interest rates on the horizon, pulled forward sales we might have expected in May and June.”
“The one market that seems to be bucking this moderating trend is the luxury or higher-end market,” notes Scott. “Calgary home sales continue to shift to higher price points. This has resulted in our average price holding firm. Homes in the higher price range have performed well and account for a larger portion of sales as move-up buyers enter the market. In the first six months of this year, 187 single-family homes in the city of Calgary sold for $1 million or more, compared with 132 in 2009.”
“We had an impressive housing recovery in the late spring and summer of 2009. As expected this rate of recovery will moderate in the latter half of 2010 in the face of rising mortgage rates and slowing demand—keeping Calgary’s housing market in balance,” says Scott. “Nonetheless the economic outlook for Calgary and for Canada remains upbeat and should ensure consumer confidence remains in positive territory for the balance of 2010,” adds Scott.
The median price of a single family home in the city of Calgary for June 2010 was $418,900, showing no significant change from May 2010, when the median price was $420,000, and a 5 per cent increase from June 2009, when the median price was $399,000. The median price of a condominium in June 2010 was $269,900, showing a 4 per cent decrease from May 2010, when the median was $279,900. That’s up 2 per cent from June 2009, when the median price was $265,500.
Average price rises as move-up buyers enter market but Calgary home sales showed a marked decline in the month of May, according to figures released by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in May 2010 in the city of Calgary was down 20 per cent from the same time a year ago, and condominium sales saw a decrease of 21 per cent from the same time a year ago.May 2010 saw 1,262 single family homes sold in the city of Calgary. This is a decrease of 7 per cent from 1,352 sales in April 2010. In May 2009, single family home sales totaled 1,584. The number of condominium sales for the month of May 2010 was 518. This was a decrease of 19 per cent from the 639 condominium transactions recorded in April 2010. In May 2009, condominium sales were 653.
“The first quarter of 2010 was exceptionally strong with our spring sales coming early in the wake of anticipated mortgage hikes,” says Diane Scott, president of CREB®. “We believe there are a number of factors contributing to this marked slowdown including a declining number of firsttime homebuyers in the market, a rise in monthly carrying costs as mortgage rates rise and to some extent market jitters in the wake of Greece’s financial crisis,” says Scott. “Consumers are feeling a little nervous about the recent instability of the stock markets—and with mortgage rate hikes behind us, it’s understandable that feelings of urgency among buyers have lessened,” adds Scott.
“Our inventory is shifting to higher price points as move-up buyers enter the market. This has resulted in an overall boost in average price,” says Scott. “Nonetheless our days on market year-over-year has decreased - suggesting that competitively priced homes are selling.”
“I believe this recent decline in sales is the result of an unsmooth transition from a first-time buyer market to a move-up buyer market. And it is likely that investors who waited out 2009 are now listing second homes and condos - giving an added boost to our inventory,” says Scott. “Nonetheless our economic fundamentals, including employment and net migration, seem to be building momentum and Canada’s overall outlook is positive. These steady improvements should offer some stability to Calgary’s housing market as we enter the second half of 2010,” adds Scott.
The median price of a single family home in the city of Calgary for May 2010 was $420,000, showing a 1 per cent increase from April 2010, when the median price was $417,000, and an 8 per cent increase from May 2009, when the median price was $390,000. The median price of a condominium in May 2010 was $279,900, showing a 5 per cent increase from April 2010, when the median was $267,500. That’s up 10 per cent from May 2009, when the median price was $255,000.
EXCERPTS from CREB® News Release June 2 2010 for May 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.
Calgary’s housing market enjoyed a healthy boost in March as homebuyers anticipated an earlier than expected rise in interest rates, according to figures released by the Calgary Real Estate Board (CREB®). Improved economic outlook and job prospects to be a bigger factor in the long-term according to CREB®.
"The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condominium sales saw an increase of 37 per cent from the same time a year ago. March 2010 saw 1,396 single family homes sold in the city of Calgary. This is an increase of 35 per cent from 1,035 sales in February 2010. In March 2009, single family home sales totaled 1,086. The number of condominium sales for the month of March 2010 was 609. This was an increase of 14 per cent from the 536 condominium transactions recorded in February 2010. In March 2009, condominium sales were 446."
"The spring market has come early to Calgary,” said Diane Scott, president of CREB®. “Improved economic conditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributing to this early boost in sales this year."
"Undoubtedly the recent announcements by all our major banks to raise mortgage rates are motivating buyers to take the plunge,” Scott acknowledges. “But Calgary’s market remains in a healthy position and our sales are not outstripping supply. The rise in demand will also motivate sellers to consider listing this spring.” “There has been some speculation that mortgage rate hikes will adversely affect housing demand in the longterm, but we should keep in mind that a rise in rates was fully expected. The Bank of Canada has been operating at emergency rates as a response to the global recession. While a rise in rates may tone down demand later this year, we don’t feel this adjustment will prevent the vast majority of buyers with healthy credit to enter the housing market,” said Scott. “Ultimately improvements in employment and economic conditions will drive housing demand - Calgary’s economy has seen solid improvements in the first quarter of 2010,” added Scott."
"The median price of a single family home in the city of Calgary for March 2010 was $423,000, showing a 3 per cent increase from February 2010, when the median price was $411,000, and a 13 per cent increase from March 2009, when the median price was $375,000. The median price of a condominium in March 2010 was $275,000, showing a 3 per cent increase from February 2010, when the median was $265,900. That’s up 6 per cent from March 2009, when the median price was $260,000."
"Our average price has edged upwards as more move-up buyers enter the market and overall demand strengthens,” says Scott. “But this is not an unusual trend during a spring market. We expect this modest price growth to continue, but a rise in listings will likely curb this trend,” said Scott."
Source: CREB® News Release April 1 2010 for March Stats
Click March 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 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.
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
I write this post in Europe while on sabbatical from Selling Real Estate in Calgary so there will be a flurry of posts until the monthly market stats are finally up to date on our blog. You can follow me on my journey across Europe when I start posting all my pictures and maps of the places I have visited.
My apologies for the delay in keeping our blog and stats up-to-date. However, the Real Estate Market Values and Calgary Real Estate Board News Releases are now caught up on our Calgary Market Trends page so please feel free to download the reports until the blog is current again.
We had an incredibly busy three months at the beginning of the year as there was declining inventory and rising prices with the threat of increasing interest rates just on the horizen. In addition our Canadian Finance Minister tightened lending rules. I have some choice words for these changes and how I believe they affected our languishing market now but we will leave those until I come back.
What a difference a few months makes to the state of the market today compared to earlier this year - rising housing inventory, lower prices, and the banks have moderated their call for increasing interest rates! It's definitely a buyer's market today which is good news for buyers but means that sellers will need to adjust expectations accordingly.
Stay tuned for more within the next few days. My contact info while in Europe until September 29 is at http://Elke.tel
February 16, 2010
The Honorable James M. Flaherty
Minister of Finance
Department of Finance Canada
140 O’Connor Street
Ottawa, ON K1A 0G5
Fax: (613) 943-0938, E-mail: jflaherty@fin.gc.ca
Dear Minister Flaherty,
RE: Discussions regarding raising minimum down payment requirements for home buyers
Given your initial interview with CTV and rumors currently swirling around Ottawa regarding potentially raising the down payment requirements for homebuyers and the resulting discussion this idea has brought about in real estate circles, among economists and in the media, we are writing to urge you to reconsider such potential measures.
We understand the government of Canada is concerned about the possible destructive impacts of a hot housing market. These concerns are not without some justification. However, as REALTORS® working on the front lines of this business, we believe raising the down payment requirements for homebuyers could not only have a disastrous effect on those Canadians looking to buy their first home, but also on the health of the entire housing market.
We are not economists. We are not claiming to be. However, given that we operate a real estate business in which first time homebuyers make up a significant percentage of our clientele, our very survival as a business depends on our sharp understanding of the needs of first time homebuyers, as well as their overall contribution to a healthy and prosperous Canadian housing market.
To use a crude analogy, if the housing market were a pyramid, first time homebuyers would make up the foundation on which the entire market is based. Placing unreasonable barriers to entry on those who would otherwise help to provide the market with a solid base will cause a destructive chain reaction that will reverberate throughout a significant portion of the entire economy. To illustrate this point, if first time homebuyers are prevented from entering the market, demand for starter homes will plummet. Current owners of starter homes looking to sell their houses in order to accommodate a growing family will certainly experience greater challenges in finding buyers for their current homes. As such, they may not be able to buy those homes for their growing families, as they have significantly less buyers to sell their current ones to. In this way, the entire housing market will suffer; first time homebuyers will merely be the first to feel the effects.
From our own experience with our clients, we know how difficult it is for them to raise enough money for their down payments, as they are often saving while also paying rent to reside in their current dwellings. We warn that any increase in minimum down payment requirements would bar more than just a few potential buyers from entering the market. As such, we worry that the government is underestimating just how destructive any increases in minimum down payment requirements could be for first time homebuyers and by extension, the entire housing market. Furthermore, creating unnecessary barriers to entry for first time homebuyers would naturally affect any business dependent on a healthy housing market. Not only would our business feel the effects, but contractors we work with, from renovators to builders to painters would take a hit, as would home staging companies and retailers that sell goods required to sustain a home. These include durable goods like furniture and appliances.
We believe it is also worth mentioning, that measures to raise minimum down payments could have large destructive effects while failing to provide an economic upside.
We would like to emphasize that there is still a great deal of diverging opinion among economists as to whether we need to fear a potential housing bubble at all, let alone whether raising minimum down payment requirements would help avoid one. In an interview with The Globe and Mail, Benjamin Tal with CIBC World Markets expressed his worry that such measures could result in the government overshooting its goal. Tal communicated his belief that housing prices will moderate as new housing starts help to increase the supply of homes, thus stabilizing the market. New Canada Mortgage and Housing Corporation figures on housing starts seem to support Tal’s argument, given that the country saw 174,500 new housing starts in December (seasonally adjusted annual rate), beating analyst expectations, and 186,300 units in January. On the heels of the December data, Canadian Real Estate Association chief economist Gregory Klump told the Canadian Press he believes such fresh infusions of supply will stabilize the market, particularly in the latter half of 2010 and that the current surging market represents a natural part of the real estate cycle, not a housing bubble. On the same day, Bank of Canada official David Wolf, delivering an address on behalf of deputy governor Timothy Lane, warned that talk of a potential housing bubble is premature.
Given our frontline industry experience, coupled with what Canadian economists are telling us, we believe that any potential decision to raise minimum down payments would be, at best, a perverse 'solution' to a temporary concern. As such, we strongly advise against adopting such measures. We welcome any further discussion on this matter from you, as well as from the general Canadian public as we strongly believe there are other options open to the Government.
Sincerely,
Elke Babiuk & Michelle Larcher
REALTORS®, Maxwell Realty, Maxwell Canyon Creek
Members, Calgary Real Estate Board, Alberta Real Estate Association
Canadian Real Estate AssociationReal Estate Association
Canadian Real Estate Association
Attachment(s): FlahertyOpenLetter_MortgageChanges.pdf
"With rising interest rates on the horizon buyers will see 2010 as the year to take advantage of low mortgage rates."
“Low mortgage rates and earlier price reductions have improved the affordability of home ownership for Calgarians,” says Diane Scott, newly elected president of CREB®. “For the time being average home prices are more in line with average incomes.A narrowing gap between the costs of renting versus owning a home will attract more first time home buyers into the market in 2010,” adds Scott.
"The median price of a single family home in the city of Calgary for January 2010 was $398,000, showing a 1 per cent decrease from December 2009, when the median price was $401,000, and a 6 per cent increase from January 2009, when the median price was $374,700. The median price of a condominium in January 2010 was $265,000, remaining the same as in December 2009, when the median was also $265,000. That’s up 9 per cent from January 2009, when the median price was $243,000."
“The story for 2010 will be a balanced and steadier market,” says Scott.
(Source: CREB® News Release Feb 1/2010)
Click on Map for larger MLS® graph
From MLS® Market Values
Comment by Elke: There are a number of factors which could influence a "balanced and steadier market" because right now Housing demand from the first-time home buyers and move-up buyers is very strong due to low interest rates.
If Premier Ed comes through with Royalty concessions for the oil industry in Alberta, demand for afforable housing may increase further and could drive prices up a bit more until more homes come to market. CMHC has reported larger housing starts than expected for this year and this will moderate home prices once these new homes come online from the building industry.
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. You can also download the mini-market stats package with this blog.
Attachment(s): 01-10_CalgaryStats-BL.pdf
"The same time last year the cards were stacked in favour of the buyer, but this month sales once again show Calgary has returned to a balanced market. While our sales did taper off slightly in December, as expected for this time of year, home buying activity in Calgary indicates we are in a sustained recovery. Pent up demand by first time buyers, record low mortgage rates and improved affordability have helped bolster the Calgary market in 2009." says Bonnie Wegerich, president of the Calgary Real Estate Board (CREB®).
The number of single family homes sold in December 2009 in the city of Calgary was up 78 per cent from the same time a year ago, while condominiums sales saw an increase of 66 per cent from the same time a year ago.
The median price of a single family home in the city of Calgary for December 2009 was $401,000, showing a decrease of 2 per cent from November 2009, when the median price was $408,000, and up 6 per cent from December 2008, when the median price was $380,000. The median price of a condominium in December 2009 was $265,000, showing virtually no change from November 2009, when the median was $264,900, and up 4 per cent from December 2008, when the median price was $254,000.
See Dec 2009 CREB® News Release at Calgary Market Trends (2007-2008 stats available)
(download mini-attachment with this post if desired. See Photos for larger graph)
Attachment(s): 0-2005-2009-Stats_Dec-Blog.pdf
A Federal Agency - Canada Mortgage and Housing Corp (CMHC) - forecasts mortgage rate increases for 2010, specifically the one-,three-and five-year rates. Although not expected to be dramatic, Richard Corriveau - regional manager of market analysis - at CMHC sees "modest" increases for 2010. See Dec 05-09 Calgary Herald article for more info - "Mortgage rates to increase in 2010...."
"Low borrowing costs continue to fuel market recovery" says Bonnie Wegerich, president of the Calgary Real Estate Board (CREB®). According to CREB® market stats, there are seven consecutive months of sales increases for the single-family housing and condo markets.
In November 2009, the number of single family homes sold in Calgary-metro were up 63% from last year, while condominium sales saw a 77% increase from last year. Also in November, the median price of a single family home in Clgary metro was $408,000, not significantly different from Oct 2009, when the price was $410,000, and up 5% from Nov 2008. The median price of a condominium in Nov was $264,900, showing a 1% increase from Oct 2009, when the median was $263,500, and up 5% from Nov 2008.
“We expect sales to taper off as we enter the winter months,” notes Wegerich. “But the market is well above the trough we saw at the end of 2008 and we are now seeing much healthier and balancedconditions for both buyers and sellers.”
See Nov 2009 CREB® News Release at Calgary Market Trends
(large Charts also available together with 2007-2008 Stats)
Attachment(s): 11-2009_NewsMetro.pdf