Calgary Housing Sales Up, Prices Dip Just a Bit

Posted by Alan Zunec on Tuesday, June 21st, 2011 at 6:03pm.

This past May the average price of a home in Calgary decreased just a bit, but at the same time sales were picking up. The Canadian Real Estate Board released a report this past Wednesday that revealed a 0.5 percent drop in the city’s average house price, coming in at $416,055 per home. There were 2,219 sales, which is a four percent increase.

In the province as a whole, Alberta saw a two percent drop in price to $357,086 per unit when comparing this May to the same month in 2010. But provincial sales increased by 8.7 percent, with 5,659 units changing hands. Broadening this to the entire nation, across Canada sales increased by 2.7 percent when comparing this May to the same month last year, with 46,616 sales. Nationally, average prices showed an increase of 8.6 percent, coming in at $376,817.

July of 2007 was Calgary’s high water mark on the price of homes. An average house would bring $436,739. May of 2011 saw a 4.7 percent decrease from that peak. But, prices are up 14.9 percent from January of 2009, the low point, when the average price of a home was $362,143.

Tanya Eklund, who is with RE/MAX, one of Canada’s major realtors, notes that there have been several million dollar plus home sales which may have helped the average price increase over the last few months. There were more sales in May, so the volume may account for the slight dip in price. For the first six months of 2010 there were 170 million dollar plus sales. For the first five months of this year there are already 250.

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