This past April, Calgary sales of single family homes in the MLS system were down by almost ten percent from April of 2010, numbering 1,217 transactions. On the other hand the average price went up roughly 4.2 percent, or $479,575. Condos also showed a decline of 16.3 percent from April of 2010, showing 535 sales in the current year. But condo prices fell by 0.15 percent to an average of $289,158.
Sano Stante, who is the Canadian Real Estate Board’s president, allows that the market so far this spring has been slower than average, but also notes that inventories are once again decreasing, getting down to more healthy numbers. Single family listings were down 25 percent comparing this April to the same month last year. This keeps housing prices more on an even keel. Combine this positive point with the improvement in the job market and Calgary’s residential real estate market should warm up a bit in the next few months.
Condos also saw their inventories decrease on the MLS system, which will also help to keep those prices fairly steady. Condo listings went down 27 percent. That offsets an average 16 percent decrease when comparing year over year figures. The condo market is on its way to becoming a stable one.
Stante credits the economy, especially investment in the energy field with the improvement in the housing market. Prices are still low, as are interest rates and all those new workers moving into the city have to have somewhere to live. The prediction is that the second half of the year will be busier than the first part of 2011.