Calgary Real Estate Resource Blog

208-324 22nd Ave SW in Mission is Sold!

Mission, Calgary  -  The bungalow at 208-324 22nd Ave SW has been sold.

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by Nevin Van Nest | 0 Comments

Summer Cool Down Continues in Calgary Housing Market

Calgary, August 3, 2010 – The summer cool down in Calgary’s housing market continued in the month of July, according to figures released today by the Calgary Real Estate Board (CREB®).

 

The number of single family homes sold in July 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 44 per cent from the same time a year ago. 

 

July 2010 saw 915 single family homes sold in the city of Calgary. This is a decrease of 14 per cent from 1,061 sales in June 2010. In July 2009, single family home sales totalled 1,585. The number of condominium sales for the month of July 2010 was 396. This was a decrease of 11 per cent from the 445 condominium transactions recorded in June 2010. In July 2009, condominium sales were 702.

 

“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period.  This slow-down is not all that surprising in the face of tighter mortgage regulations and rising interest rates.  The post-recession rally we saw in the summer of 2009 was unique and that pace couldn’t be sustained,” says Sano Stante, president-elect of CREB®. 

 

“The sense of urgency seen last summer, fall and winter in the lead-up to tighter mortgage-lending measures has diminished,” says Stante.  “Rising mortgage rates and increased inventories will be the primary head-wind facing Calgary’s housing market, but improving job prospects will offer some tail winds in the latter half of 2010 and into 2011.”

 

The average price of a single family home in the city of Calgary in July 2010 was $464,655, showing a 4 per cent decrease from June 2010, when the average price was $481,964, and showing an increase of 6 per cent from July 2009, when the average price was $436,782. The average price of a condominium in the city of Calgary was $291,168, showing no significant change from June 2010, when the average price was $292,238 and a 2 per cent increase over last year, when the average price was $285,032. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

 

“We are seeing relative stability in our average and median prices for the Calgary market,” says Stante.  “A gradual return to moderate interest rates will not trigger any kind of steep decline in prices in our housing market.  Prices may soften in select markets where inventory has bulked up, but for the most part they will remain relatively sticky as the economy improves.”

 

“Nonetheless with the combination of historically low interest rates and a large inventory of homes, there are some great buys out there—particularly in areas where comparable stock is ample such as the condominium and multi-family market. This presents a great opportunity to get into the market or to trade up,” adds Stante.

 

The median price of a single family home in the city of Calgary for July 2010 was $400,000, showing a 5 per cent decrease from June 2010, when the median price was $418,900, and a 3 per cent increase from July 2009, when the median price was $390,000. The median price of a condominium in July 2010 was $268,000, showing a 1 per cent decrease from June 2010, when the median was $269,900. That’s up 2 per cent from July 2009, when the median price was $263,000.

 

All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

 

There was a slowdown in the number of Calgarians putting homes up for sale in the month of July. Single family listings in the city of Calgary added for the month of July totalled 1,942, a decrease of 29 per cent from June 2010 when 2,733 new listings were added, and showing a decrease of 7 per cent from July 2009, when 2,089 new listings came to the market.

 

Condominium new listings in the city of Calgary added for July 2010 were 890, down 18 per cent from June 2010, when the MLS® saw 1,084 condo listings coming to the market. This is a decrease of 3 per cent from July 2009, when new condominium listings added were 918.

 

“Indeed Alberta and Calgary’s economic recovery is lagging behind the rest of the country right now.  But on the bright side we see this trend reversing itself as we move into 2011.  We expect Alberta to lead in economic growth and recovery—outperforming much of the country in 2011,” says Stante.

by Nevin Van Nest | 0 Comments

First-time Homebuyers Retreat As Luxury Buyers Advance

Mortgage trends cool Calgary home sales

Calgary, July 2, 2010 – Calgary home sales continued to show a marked year-over-year decline in the month of June, according to figures released today by the Calgary Real Estate Board (CREB^®). 

The number of single family homes sold in June 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 40 per cent from the same time a year ago. 

June 2010 saw 1,061 single family homes sold in the city of Calgary. This is a decrease of 16 per cent from 1,262 sales in May 2010. In June 2009, single family home sales totaled 1,837. The number of condominium sales for the month of June 2010 was 445. This was a decrease of 14 per cent from the 518 condominium transactions recorded in May 2010. In June 2009, condominium sales were 738.

Conversely,sales of million-dollar-plus properties jumped by nearly 42 per cent year-to-date until the end of June, compared with the same period a year ago.

“We are seeing continued moderation in Calgary’s home sales in the face of higher mortgage rates, increased inventory levels and a decreasing number of first-time homebuyers entering the market,” says Diane Scott, president of CREB^®. “Our sales trends in June reflect much of what we saw in May.  Changes to mortgage rules meant a good portion of home buyers wanted to get in before the new regulations took effect in April.  This, along with rising interest rates on the horizon, pulled forward sales we might have expected in May and June.”

The average price of a single family home in the city of Calgary in June 2010 was $481,964, showing no significant change from May 2010, when the average price was $483,240, and showing an increase of 8 per cent from June 2009, when the average price was $447,142. The average price of a condominium in the city of Calgary was $292,238, showing a 4 per cent decrease from May 2010, when the average price was $304,662 and a 2 per cent increase over last year, when the average price was $285,595. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

“The one market that seems to be bucking this moderating trend is the luxury or higher-end market,” notes Scott. “Calgary home sales continue to shift to higher price points. This has resulted in our average price holding firm. Homes in the higher price range have performed well and account for a larger portion of sales as move-up buyers enter the market.  In the first six months of this year, 187 single-family homes in the city of Calgary sold for $1 million or more, compared with 132 in 2009.”

The median price of a single family home in the city of Calgary for June 2010 was $418,900, showing no significant change from May 2010, when the median price was $420,000, and a 5 per cent increase from June 2009, when the median price was $399,000. The median price of a condominium in June 2010 was $269,900, showing a 4 per cent decrease from May 2010, when the median was $279,900. That’s up 2 per cent from June 2009, when the median price was $265,500.

All city of Calgary MLS^® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is mid way between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

Single family listings in the city of Calgary added for the month of June totaled 2,733, a decrease of 8 per cent from May 2010 when 2,966 new listings were added, and showing an increase of 22 per cent from June 2009, when 2,244 new listings came to the market.

Condominium new listings in the city of Calgary added for June 2010 were 1,084, down 11 per cent from May 2010, when the MLS^®saw 1,221 condo listings coming to the market. This is an increase of 17 percent from June 2009, when new condominium listings added were 927.

“We had an impressive housing recovery in the late spring and summer of 2009. As expected this rate of recovery will moderate in the latter half of 2010 in the face of rising mortgage rates and slowing demand—keeping Calgary’s housing market in balance,” says Scott.

“None the less the economic outlook for Calgary and for Canada remains upbeat and should ensure consumer confidence remains in positive territory for the balance of2010,” adds Scott.

by Nevin Van Nest | 0 Comments

Executive Condo For Sale in Mission

Concrete Built In The Heart of Mission

• 592 sq. ft., 1 bath, 1 bdrm bungalow "Walk Up Style Building" - MLS®$259,900 CAD

Mission, Calgary  -  Located in the heart of Mission, in the trendy Platinum building this 1 bedroom upscale unit has it all. Just one block east of 4th St. SW and a short walk to downtown as well as numerous restaurants, shops, transit and much more. The Platinum building was completely renovated in 2004 with high end finishing's and has pride of ownership that is prevalent throughout. The unit itself is immaculately maintained and features contemporary colours, polished marble floors, quality fixtures, functional kitchen with dark espresso cabinetry, stainless appliances, and a large island with eating bar. The master bedroom has ample closet space while the main bath boasts a large soaker tub and vessel sink. This unit is also the only one in the building that comes with a storage locker.

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by Nevin Van Nest | 0 Comments

Single Story For Sale in Beddington

Best Priced Unit in the Building

• 871 sq. ft., 1 bath, 1 bdrm single story - MLS® - 187750

Beddington, Calgary  -  Spacious top floor West facing 1 bedroom plus den located in a newer building with insuite laundry, fireplace, heated underground parking & elevator service. The building itself is situated close to all amenities including shopping, schools, playgrounds, golf, good access to major roadways & the Calgary International Airport. Needs some repairs but is priced accordingly.

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by Nevin Van Nest | 0 Comments

May 2010 Calgary Real Estate Board Statistics

May Brings MarkedDecline in Home Sales

Average price risesas move-up buyers enter market

Calgary, June 1,2010 – Calgary home sales showed a marked decline in the month of May, according to figures released today by the Calgary Real Estate Board (CREB^®).

The number of single family homes sold in May 2010 in the city of Calgary was down 20 per cent from the same time a year ago,and condominium sales saw a decrease of 21 per cent from the same time a year ago.

May 2010 saw 1,262 single family homes sold in the city of Calgary. This is a decrease of 7 per cent from 1,352 sales in April 2010. In May 2009, single family home sales totaled 1,584. The number of condominium sales for the month of May 2010 was 518. This was a decrease of 19 per cent from the 639 condominium transactions recorded in April 2010. In May 2009, condominium sales were 653.

“The first quarter of 2010 was exceptionally strong with our spring sales coming early in the wake of anticipated mortgage hikes,” says Diane Scott, president of CREB^®. “We believe there are a number of factors contributing to this marked slowdown including a declining number of first-time homebuyers in the market, a rise in monthly carrying costs as mortgage rates rise and to some extent market jitters in the wake of Greece’s financial crisis,” says Scott.

“Consumers are feeling a little nervous about the recent instability of the stock markets—and with mortgage rate hikes behind us, it’s understandable that feelings of urgency among buyers have lessened,”adds Scott.

The average price of a single family home in the city of Calgary in May 2010 was $483,240, showing an increase of 5 per cent from April 2010, when the average price was $460,378, and showing an increase of 11 per cent from May 2009, when the average price was $436,427. The average price of a condominium in the city of Calgary was $304,662, showing a 5 percent increase from April 2010, when the average price was $289,588 and an 11 per cent increase over last year, when the average price was $275,212. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods,or account for price differentials between geographical areas.

“Our inventory is shifting to higher price points as move-up buyers enter the market.  This has resulted in an overall boost in average price,” says Scott.  “Nonetheless our days on market year-over-year has decreased—suggesting that competitively priced homes are selling.”

The median price of a single family home in the city of Calgary for May 2010 was $420,000, showing a 1 per cent increase from April 2010, when the median price was $417,000, and an 8 per cent increase from May 2009, when the median price was $390,000. The median price of a condominium in May 2010 was $279,900, showing a 5 per cent increase from April 2010, when the median was $267,500. That’s up 10 per cent from May 2009, when the median price was $255,000.

All city of Calgary MLS^®statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period oftime. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

Single family listings in the city of Calgary added for the month of May totaled 2,966, a decrease of 4 per cent from April 2010 when 3,082 new listings were added, and showing an increase of 33 per centfrom May 2009, when 2,235 new listings came to the market. Condominium new listings in the city of Calgary added for May 2010 were 1,221, down 9 per cent from April 2010, when the MLS^® saw 1,335 condo listings coming tothe market. This is an increase of 22 per cent from May 2009, when newcondominium listings added were 998.

“I believe this recent decline in sales is the result of an unsmooth transition from a first-time buyer market to a move-up buyer market.  And it is likely that investors who waited out 2009 are now listing second homes and condos—giving an added boost to our inventory,” says Scott.

“Nonetheless our economic fundamentals,including employment and net migration, seem to be building momentum and Canada’s overall outlook is positive.  These steady improvements should offer some stability to Calgary’s housing market as we enter the second half of 2010,” adds Scott.

by Nevin Van Nest | 0 Comments

Calgary Real Estate Market Week in Review for April 26- May 2, 2010

by Nevin Van Nest | 0 Comments

April 2010 Housing Statistics... Housing Market to Simmer, not Sizzle

Economic optimism,improved choice and price stability contribute to a balanced housing market

Calgary, May 3,2010 – Calgary’s housing market continues at a healthy and balanced pace, according to figures released today by the Calgary Real Estate Board (CREB^®).

The number of single family homes sold in April 2010 in the city of Calgary was up 5 per cent from the same time a year ago, while condominium sales saw an increase of 10 per cent from the same time a year ago.

April 2010 saw 1,352 single family homes sold in the city of Calgary. This is a decrease of 3 per cent from 1,396 sales inMarch 2010. In April 2009, single family home sales totaled 1,290. The numberof condominium sales for the month of April 2010 was 639. This was an increase of 5 per cent from the 609 condominium transactions recorded in March 2010. In April 2009, condominium sales were 579.

“Continued economic optimism, improved choice and price stability are all contributing to a healthy and balanced housing market in Calgary,” says Diane Scott, president of CREB^®. “Calgary’s housing market is set to simmer, not sizzle in 2010. We can be grateful that we are not facing any real danger of a housing bubble here in our market.”

“There has been some talk about a bubble insome parts of Canada but the rapid price increases seen in Vancouver, Victoria and southern Ontario have not been seen in Calgary,” Scott acknowledges.“Single family house prices are coming back nicely compared to 2009,” says Scott.

The average price of a single family home in the city of Calgary in April 2010 was $460,378, showing an decrease of 2 percent from March 2010, when the average price was $471,269, and showing anincrease of 8 per cent from April 2009, when the average price was $426,311.The average price of a condominium in the city of Calgary was $289,588, showing a 2 per cent decrease from March 2010, when the average price was $296,660 and a 4 per cent increase over last year, when the average price was $277,953. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

The median price of a single family home in the city of Calgary for April 2010 was $417,000, showing a 1 per cent decrease from March 2010, when the median price was $423,000, and a 10 per cent increase from April 2009, when the median price was $380,000. The median price of acondominium in April 2010 was $267,500, showing a 3 per cent decrease from March 2010, when the median was $275,000. That’s up 7 per cent from April 2009,when the median price was $251,000.

All city of Calgary MLS^®statistics include properties listed and sold only within Calgary’s citylimits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period oftime. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Our average price is holding relatively steady,” says Scott. “The pace of price increase has been tempered by the rate of new listings that has been growing faster than sales. Sales levels are still well below the high demand from 2004-2008, mainly because we are still not seeing high job growth and unemployment has remained high.”

Single family listings in the city of Calgary added for the month of April totaled 3,082, an increase of 3 per cent from March 2010 when 2,988 new listings were added, and showing an increase of 53 per cent from April 2009, when 2,010 new listings came to the market. Condominium new listings in the city of Calgary added for April 2010 were 1,335, down 3 per cent from March 2010, when the MLS^® saw 1,376 condo listings coming to the market. This is an increase of 38 per cent fromApril 2009, when new condominium listings added were 967.

“Calgary didn’t see the impacts of the verylow interest rates the way other areas of Canada did,” says Scott. “Calgarians are also not rushing out to beat the rate increases as they are seeing less risk of rising prices squeezing them out of the market.”

“In fact financially, Calgarians are in a very healthy position. Just over 37 per cent of our median pre-tax household income was needed to service the mortgage on a typical detached bungalow in Calgary—that’s below the national average,” says Scott. 

by Nevin Van Nest | 0 Comments

Calgary Real Estate Market Week in Review for April 19- April 25, 2010

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Calgary Real Estate Market Week in Review for March 29- April 4, 2010

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Calgary Housing Statistics March 2010

Improved economic outlook and job prospects to be a bigger factor in the long-term

 Calgary, April 1,2010 – Calgary’s housing market enjoyed a healthy boost in March as homebuyers anticipate an earlier than expected rise in interest rates, according to figures released today by the Calgary Real Estate Board (CREB^®).

The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condominium sales saw an increase of 37 per cent from the same time a year ago.

March 2010 saw 1,396 single family homes sold in the city of Calgary. This is an increase of 35 per cent from 1,035 sales in February 2010. In March 2009,single family home sales totaled 1,086. The number of condominium sales for the month of March 2010 was 609. This was an increase of 14 per cent from the 536 condominium transactions recorded in February 2010. In March 2009, condominium sales were 446.

“The spring market has come early to Calgary,” said Diane Scott, president of CREB^®. “Improved economic conditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributing to this early boost in sales this year.”

“Undoubtedly the recent announcements by all our major banks to raise mortgage rates are motivating buyers to take the plunge,” Scott acknowledges. “But Calgary’s market remains in a healthy position and our sales are not out stripping supply.The rise in demand will also motivate sellers to consider listing this spring.”

“There has been some speculation that mortgage rate hikes will adversely affect housing demand in the long-term, but we should keep in mind that a rise in rates was fully expected. The Bank of Canada has been operating at emergency rates as a response to the global recession.  While a rise in rates may tone down demand later this year, we don’t feel this adjustment will prevent the vast majority of buyers with healthy credit to enter the housing market,”said Scott.  

“Ultimately improvements in employment and economic conditions will drive housing demand—Calgary’s economy has seen solid improvements in the first quarter of2010,” added Scott.

The average price of a single family home in the city of Calgary in March 2010 was $471,269, showing an increase of 3 per cent from February 2010, when the average price was $458,254, and showing an increase of 12 per cent from March 2009, when the average price was $420,354. The average price of a condominiumin the city of Calgary was $296,660, showing a 5 per cent increase from February 2010, when the average price was $282,880 and a 4 per cent increase over last year, when the average price was $284,056. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

The median price of a single family home in the city of Calgary for March 2010 was $423,000, showing a 3 per cent increase from February 2010, when the median price was $411,000, and a 13 per cent increase from March 2009, when the median price was $375,000. The median price of a condominium in March 2010 was $275,000, showing a 3 per cent increase from February 2010, when the median was $265,900. That’s up 6 per cent from March 2009, when the median price was $260,000.

All city of Calgary MLS^® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Our average price has edged upwards as more move-up buyers enter the market and overall demand strengthens,” says Scott.  “But this is not an unusual trend during a spring market. We expect this modest price growth to continue,but a rise in listings will likely curb this trend,” said Scott. 

Single family listings in the city of Calgary added for the month of March totaled 2,988, an increase of 39 per cent from February 2010 when 2,154 new listingswere added, and showing an increase of 48 per cent from March 2009, when 2,023 new listings came to the market. Condominium new listings in the city of Calgary added for March 2010 were 1,376, up 24 per cent from February 2010,when the MLS^® saw 1,109 condo listings coming to the market. This is an increase of 52 per cent from March 2009, when new condominium listings added were 903.

“Overall,Calgarians should feel positive about the housing market.  Sales and price growth are in line with a more balanced and normalized market. We are seeing a return to stability and optimism in Calgary as we shake off our recessionary blues.  Mortgage rates are just one factor in the housing equation—a more positive economic outlook and improved job prospects will play a bigger role in the long-term,” added Scott.

by Nevin Van Nest | 0 Comments

Calgary Real Estate Market Week in Review for March 22- March 28, 2010

Here are this weeks Calgary real estate statistics for March 22 - March 28, 2010. To view market details on individual Calgary neighbourhoods that you may be interested in please check out my Calgary Neighbourhood profiles page of the Calgary Real Estate Resource Centre.  You can also look at past Calgary Week In Reviews to gauge how the real estate market is changing in Calgary. If you have questions feel free to leave me a comment on the blog or email me.  I am alway glad to answer your Calgary real estate questions.

Weekly Absorption Unit Sales vs. Active Listings - Single Family & Condos

The below chart tracks the ACTIVE number of Calgary single family homes & condos for sale on the MLS, against the SOLD single family homes & condos for the mentioned week. This really gives buyers and sellers an accurate picture of the current inventory opposed to the the inventory that is selling. This week single family home listing inventory was 4,036 while condo inventory increased to 2,164. The amount of single family homes that sold this past week increased to 364 and condos increasedto 143 units sold.

Weekly Absorption Unit Sales vs. Active Listings - 30 Day Average

This chart is similar to the one above, but has all the inventory in Calgary listed together instead of separating the the single family homes and condos. These are the numbers you will often see from the Calgary Real Estate Board or media when they list total listing inventory opposed to the sold inventory. The SOLD numbers are also spread out over a 30 day average so it gives buyers and sellers a good overview of the Calgary real estate market. This week total MLS inventory was  6,198 listings while the MLS 30 day sales average increased to 1,810 sales.

Calgary MLS Average Weekly Sale Price Trend 2000 - 2009 vs. 2010

This specific chart tracks the average MLS sales price of Calgary single family homes and condos since the year 2000.  The last number for the year 2009 represents the average sale price of a Calgary single family home and condo during the week mentioned. This past week the average price of a single family home in Calgary increased to $470,485 and the average price of a Calgary condo increased to $290,772.

Calgary MLS Average SOLD Price Week Over Week 2010 vs. 2009 - Single Family & Condos

The below chart tracks the weekly MLS SOLD prices of Calgary single family homes & condos and compares the data to the previous year of 2009. If you notice many of the weekly price trends are similar to the previous year with average sales price peeking close to the same time of the year. This week the average sale price of a single family home reached $470,485 which is $57,679 higher than the same week in 2009.  The average sale price of a Calgary condo reached $304,300 which is an decrease of $8,376 from the same week in 2009. 

Calgary MLS Sales Volume Week Over Week 2010 vs. 2009

This chart simply details the number of Calgary single family homes & condos sold in the week mentioned and compares the data to the previous year of 2009.

Nevin Van Nest . Realtor . Royal LePage Foothills . Calgary Real Estate Resource Centre

by Nevin Van Nest | 0 Comments

Calgary Housing Market Shows Signs of Balance, not Bubble

Calgary, March 1, 2010 – Calgary’s housing market continues to build stability and momentum in the second month of the year, according to figures released today by the Calgary Real Estate Board (CREB^®).

The number of single family homes sold in February 2010 in the city of Calgary was up 25 per cent from the same time a year ago, while condominium sales saw an increase of 56 per cent from the same time a year ago.

February 2010 saw 1,035 single family homes sold in the city of Calgary. This is an increase of 36 per cent from 762 sales in January 2010. In February 2009, single family home sales totaled 825. The number of condominium sales for the month of February 2010 was 536. This was an increase of 43 per cent from the 376 condominium transactions recorded in January 2010. In February 2009, condominium sales were 343.

“There is a spring in the step of Calgary homebuyers as we get ready for the spring market,” says Diane Scott, president of CREB^®.  “Indeed, the Calgary housing market has shifted from fragile to fervent in just over 12 months.  We will see strong activity in the spring market as many buyers will view 2010 as the time to take advantage of affordability and to get in before interest rates rise.”

“The market is tightening and we are seeing a moderate rise in the number of competing offers on homes,” Scott acknowledges. “But Calgary’s market remains in a healthy and stable position. There has been much talk of a housing bubble in some markets across Canada but we believe balance, not bubble, is the story of the Calgary housing market for 2010.”

The average price of a single family home in the city of Calgary in February 2010 was $458,254, showing an increase of 4 per cent from January 2010, when the average price was $441,217, and showing an increase of 10 per cent from February 2009, when the average price was $415,568. The average price of a condominium in the city of Calgary was $282,880, showing no significant change from January 2010, when the average price was $282,639 and a 5 per cent increase over last year, when the average price was $268,971. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

The median price of a single family home in the city of Calgary for February 2010 was $411,000, showing a 3 per cent increase from January 2010, when the median price was $398,000, and a 10 per cent increase from February 2009, when the median price was $375,000. The median price of a condominium in February 2010 was $265,900, remaining nearly the same as in January 2010, when the median was $265,000. That’s up 6 per cent from February 2009, when the median price was $249,900.

All city of Calgary MLS^® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“Affordability continues to drive the market and many first time home buyers are seeing this as the time to take advantage of record low interest rates,” says Scott.  “The spring market will continue to see strong demand for affordable single family homes by first time home buyers and young families looking to move up.”

“We will see a rise in both our inventory and demand this spring—and we expect both to stay in a healthy balance.  Prices will edge up as the year progresses, but the rise in prices will be moderate,” adds Scott. 

Single family listings in the city of Calgary added for the month of February totaled 2,154, an increase of 18 per cent from January 2010 when 1,822 new listings were added, and showing an increase of 5 per cent from February 2009, when 2,057 new listings came to the market. Condominium new listings in the city of Calgary added for February 2010 were 1,109, up 17 per cent from January 2010, when the MLS^® saw 951 condo listings coming to the market. This is an increase of 24 per cent from February 2009, when new condominium listings added were 892.

“The story of the housing market is all about interest rates at the moment,” says Scott. “When the rates will rise is the wild card. Canada’s economic recovery showed marked improvement in the final quarter of last year.  This will put pressure on the Bank of Canada to begin raising rates sooner than planned to curb inflation.”

by Nevin Van Nest | 0 Comments

Bungalow For Sale in Tuxedo

Great lot for builders

• 592 sq. ft., 1 bath, 2 bdrm bungalow - MLS® $269,900 CAD - Very affordable

Tuxedo, Calgary  -  A property in Tuxedo doesn't come more affordable than this!!! Great opportunity as a Handyman special holding property, or infill for builder's, as many other residents of the area have done. Built in 1911 this house is mostly in original condition, and has a good base to start a renovation or a great lot to build an infill. Would also make a great holding property for investors. Excellent location, close to schools and shopping and within walking distance to downtown.

Property information

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Calgary Home Buyers to Face Harsher Mortgage Rules April 19, 2010

On February 16, Finance Minister Jim Flaherty announced new mortgage rules intended to help ensure homebuyers can handle their debt load when interest rates rise, as well as to slow down real estate speculation. 

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one.  Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," commented Minister Flaherty.

The new rules take effect April 19, 2010.  Here is a quick look at the changes, which apply to government-backed insured mortgages: 

1. Borrowers must now qualify based on a five-year fixed rate even if they choose a mortgage with a lower interest rate and shorter term.  The government’s rationale for this change is that it will help borrowers prepare for higher rates, although it may squeeze the purchasing power of home buyers.  It remains unclear whether borrowers must qualify at the five-year posted rate or the five-year discounted rate. 

2. The maximum amount Canadians can withdraw in refinancing their mortgages will be reduced to 90 per cent of the value of their homes, instead of 95 per cent.  The government’s rationale for this change is that it will help ensure home ownership is a more effective way to save.  The impact of this change is expected to be minimal as relatively few homeowners withdraw equity from their homes to this extent. 

by Nevin Van Nest | 1 Comments