Stable Pricing Providing Opportunities for Buyers

Calgary, December 1, 2011 – According to figures released today by
CREB® (Calgary Real Estate Board), Calgary residential sales in
November increased eight per cent over last year, at 17,538 after the
first 11 months of the year.
While sales activity tends to taper off in the winter months, so far
this year Calgary area sales remain significantly stronger than levels
recorded last year. Single family home sales totaled 962 for the month,
an increase of eight per cent from November 2010. Meanwhile, yearto-
date sales totaled 12,464, a 10 per cent increase over last year. Over
the long term, however, sales remained a tepid 17 per cent below the 10
year average.
“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 Sano Stante, president of CREB®.
“Following two years of employment losses, the current growth in
jobs is translating into improvements in the housing sector and a more
optimistic consumer.”
November listings have edged down over last year’s levels, decreasing
by two per cent. Lower listings combined with the increase in sales
helped reduce the months of inventory to less than four months.
The year-to-date average and median price of single family homes were
a respective $467,140 and $406,500. Overall, prices remain relatively
flat compared to last year.
“This stable pricing provides an opportunity for buyers in our market.
The addition of historically low interest rates, combined with a good
selection of inventory, makes it a trifecta,” Stante says. “With positive
wage growth in the wind, this is a signal, and a reminder, that this
market opportunity will not remain forever.”
Condominium sales for the first 11 months of the year totaled 5,074,
a five per cent rise over the same period last year. Inventory levels
declined to 1,676 units, helping push down the months of supply.
“The rise in condominium sales can be attributed to the confidence in
the market, and is typical of this phase of a normal market recovery,”
says Stante.
Condominium year-to-date average and median prices in 2011 were
$287,545 and $261,500, respectively, a decline over the first 11 months
of 2010, mostly due to increased sales in units priced under $200,000.
“Calgary continues to record impressive employment growth and long
term fundamentals remain strong,” Stante concludes. “The strength in
our economy, combined with affordability levels that outperform most
major centers, will continue to attract migrants to the city and spur
further growth in our Calgary housing market.”