Real Estate Market

According to figures released by CREB® (Calgary Real Estate Board), for the second month in a row, single family home sales in the city of Calgary increased over previous month figures and levels recorded in February 2010. The rise in sales continues to point to a gradual recovery in Calgary’s housing market.

The number of single family home sales in the month of February 2011 were 1,169, compared with January 2011, when sales were 791 — an increase of about 48 per cent.  Single family listings added for the month of February 2011 totaled 2,268, an increase of 15 per cent from January 2011 when 1,965 new listings were added.

The number of condominium sales for the month of February 2011 was 468. This was up from the 302 condominium transactions recorded in January 2011. Condominium new listings added for February 2011 were 971, an increase of 12 per cent from January 2011, when 870 condo listings were added to the market.

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 Absorption Rate - Inventory Turnover  

  “The convergence of affordability, low interest rates, a good selection of inventory and improved confidence in the Alberta’s energy sector is building the foundation for a sustainable housing recovery,” says Sano Stante, president of CREB®.   “The Bank of Canada announced today that interest rates will remain unchanged until summer to encourage continued economic growth in Canada. Steady interest rates combined with stable housing prices indicate current affordability levels in Calgary will persist throughout the first half of 2011,” says Sano.

In February 2011, a large downturn occurred towards a more Balanced Market as excess inventory was sold. However, there is still an inventory of 929 homes on the markdet with only 1967 sales. It will still take 4.5 months to sell this inventory, and this is if no more houses come on the market. It is still better than the 5.98 months in January 2011.