Calgary Expecting Hot Residential Market for 2012/2013

Posted by Alan Zunec on Friday, December 2nd, 2011 at 6:40am.

MLS sales in Calgary were up this November compared to November of 2010. The Calgary Real Estate Board released a report this past Thursday, noting that 962 single family homes changed hands, which is an 8.09 percent increase over last November. The average sale in that category was 3.31 percent higher, or $470,665.

Condos also saw a significant jump Some 393 properties changed hands, a 26.77 percent increase over November of 2010. But unlike the single family home category, prices fell by 3.97 percent to an average of $272,356. Sano Stante, who is CREB’s president, noted that consumers are shopping wisely, looking for deals, and then actively buying.

The city did see two years of lower employment, but that is changing. Today the resurgence of the energy industry is bringing jobs not only in that industry, but to companies that are supportive of the oil sand projects. More jobs, more people, more housing, it is a simple and favorable scenario.

ReMax realtor Carmen Davison also noted that the larger number of listings is also providing buyers with more choice and the ability to negotiate. Davison advises those putting properties on the market to price their homes prudently. Something overpriced is not going to be sold, necessarily. She predicts that for 2012 and 2013, Calgary will be a very hot real estate market, and that prices will slowly edge up between two and five percent.

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