The Canadian Real Estate Pages

Despite Calgary’s increase in residential MLS home prices and sales, the city still trails national housing market averages. In April, 52,042 MLS sales occurred nationally, a 20.3 per cent jump over April 2009. Average property prices also jumped, hitting an average of $344,968, 12.2 per cent higher than April 2009.

According to the Canadian Real Estate Association (CREA), 2,382 April MLS sales occurred in Calgary, an increase of 7.4 per cent over last year, and the average price was $395,847, an increase of 6.4 per cent over last year.

MLS data reaching May 16 showed only 695 single-family home sales in Calgary, averaging $485,683. In May 2009, 1,584 single-family homes sold on average for $437,427. In April 2010, 1,352 homes sold at an average of $460,378.

MLS month-to-date data for condo sales showed 268 sales occurred for an average price of $309,633. In May 2009, 653 sales occurred for an average of $275, 212. In April 2010, 639 condos sold on average for $289,588.

Overall, Calgary’s new listings jumped 43.8 per cent for a total of 5,416.

Provincially, CREA said that April sales increased 5.9 per cent to 5,544 condos selling on average for $344,102, an increase of 7.7 per cent over last year.

Seasonally adjusted home sales across Canada dropped 2.6 per cent from April 2010, and currently sits 6.8 per cent below December 2009’s peak.

Economists and strategists both predict that the market will continue to cool and eventually moderate as home and mortgage prices rise.

Dan Peters – Calgary Real Estate Services

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