Calgary's healthy housing market

Posted on September 6, 2012 by Diane Richardson

Posted in Calgary Home Prices, Calgary Homes for sale, Calgary Housing Market, Calgary Real Estate Outlook

Calgary's healthy housing market

Will van ‘t Veld
Economist, ATB Financial

September 6, 2012

After a spring of defying the negative national housing market sentiment, the Calgary market cooled a bit in August. But, Alberta’s largest city remains one the nation’s most solid real estate markets. Back in February, the inventory-to-sales ratio in Calgary began to dip, as sales increased faster than new listings, indicating the market had quickly dipped into sellers’ territory. Buyers have since reversed that trend slightly, with the Calgary Real Estate Board reporting that monthly
sales in August dipped 11.6 per cent month-over-month.The swing in housing market activity can be seen in average residential price changes. That average residential price nudged down to $417,000 in August, a 2.2 per cent drop from July, which is nonetheless 3.1 per cent higher than a year ago. The MLS also computes a benchmark price, which is less volatile. The benchmark price adjusts for specific features, such as lot size, bedrooms and location. The jump in the MLS benchmark price index through 2012 has been pretty impressive, up 6.5 per cent on a year-over-year basis. Activity in the single family detached home market has been particularly strong over the past year, with the MLS benchmark index jumping 7.8 per cent yearover-year in August. This is the main reason the overall residential home price index has increased so noticeably, as detached homes make up the vast majority of residential sales.
For their part, condo and town home prices have been plodding along, with the benchmark price increasing 3.3 and 2.6 per cent, respectively, on an annual basis.

Calgary Home Inventory to Sales Ratio

http://www.industrymailout.com/Industry/Home/4706/17195/link389955/Daily%20Economic%20Comment%206-SEP-2012.pdf

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Resale pace increases

Posted on December 29, 2011 by Diane Richardson

Posted in Calgary Real Estate Outlook

Resale pace increases

BY JOSH SKAPIN, CALGARY HERALDDECEMBER 29, 2011 8:43 PM

Sales of single-family resale homes in Calgary increased in November compared to the same month last year, eclipsing the Canadian average, says a national real estate group.

The local market saw 1,656 sales in November, an improvement of 16 per cent compared to 1,427 in the same month in 2010, says the Canadian Real Estate Association.

National totals for November hit 34,534, up five per cent from 32,898 for the same month last year.

Calgary’s resale dollar volume also saw an increase last month above national totals.

It experienced a 16.1-per-cent boost in November compared to the same month last year. Nationally, the increase was 9.8 per cent.

For the past 11 months, Calgary resale housing sales have been on an upward swing. Including November totals, Calgary residential sales are on pace for an eight-per-cent climb from 2010, with 17,538 homes changing hands, says the Calgary Real Estate Board.

“Despite any global economic cautions, consumers are actively seeking well priced listings in the market, a reflection of their positive long-term outlook for the city,” says board president Sano Stante in a news release. “Following two years of employment losses, the current growth in jobs is translating into improvements in the housing sector and a more optimistic consumer.”

Stable prices are providing an opportunity for buyers eyeing a home in Calgary, he says.

The report says the year-to-date average and median price of single-family homes were $467,140 and $406,500, respectively. The median is the middle of the range of market prices.

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