Spring Brings Boost to Calgary's Residential Real Estate Market



    Metro Calgary home re-sales at 1,290

    CALGARY, May 1 /CNW/ - MLS(R) sales activity of single family Calgary
metro homes was 1,290 in the month of April 2009, showing an increase of 19
per cent from 1,086 sales in March 2009, according to figures released by the
Calgary Real Estate Board (CREB(R)). This was a decrease of 5 per cent from
April 2008, when single family home sales were 1,363. The number of
condominium sales for the month of April 2009 was 579, an increase of 30 per
cent from the 446 condominium transactions recorded in March 2009, and a
decrease of 0.3 per cent from April 2008, when 581 condominiums changed hands.
    "Spring is giving new life to the residential real estate market," said
Calgary Real Estate Board President, Bonnie Wegerich. "Affordable pricing and
low interest rates are drawing buyers back to the market."
    "In particular we are finding more and more first time home buyers taking
advantage of great inventory and very low interest rates. We expect spring
sales activity will also get a boost from the federal government incentives
announced in the last budget, including the increase in the maximum withdrawal
allowed under the Home Buyers' Plan and the First Time Buyer Tax Credit,"
added Wegerich.
    The average price of a single family Calgary metro home in April 2009 was
$426,311, showing an increase of 1 per cent from March 2009, when the average
price was $420,354, and showing a decrease of 10 per cent from April 2008,
when the average price was $474,564. The average price of a Calgary metro
condominium was $277,953, showing a 2 per cent decrease from March 2009, when
the average price was $284,056, and a decrease of 11 per cent over last year,
when the average price was $312,586. 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 average price for home sales remains below levels reached one year
earlier, but year-over-year declines are contracting," said Wegerich. "Our
inventory also continued to decrease in April, which is helping to firm up the
balance of supply and demand," added Wegerich.
    Single family Calgary metro new listings added for the month of April
totaled 2,010, down just 1 per cent from the 2,023 new listings added in March
2009, and showing a decrease of 40 per cent from April 2008, when 3,377 new
listings came to the market. Calgary metro condominium new listings added in
April 2009 were 967, up 7 per cent from March 2009, when the MLS(R) saw 903
condo listings coming to the market. This is a decrease of 35 per cent from
April 2008, when condominium listings were 1,493.
    The median price of a single family Calgary metro home in April 2009 was
$380,000, showing an increase of 1 per cent from March 2009, when the median
price was 375,000, and down 10 per cent from April 2008, when the median price
was $420,000. The median price of a condominium in April 2009 was $251,000,
down 3 per cent from March 2009, when the median was $260,000, and down 13 per
cent from April 2008, when the median price was $290,000. All Calgary metro
MLS(R) 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.
    "Undoubtedly this market has been challenging for both buyers and
sellers, but the improvement in recent months is an encouraging sign," said
Wegerich. "There's more confidence in the housing market today than at the end
of 2008. Prices are stabilizing, inventory is declining and the number of new
listings is leveling-these are all signs that a balanced market is on the
horizon."

    CREB(R) is a professional body of 5,200 licensed brokers and registered
associates, representing 252 member offices. The Board does not generate
statistics or analysis of any individual member or company's market share. All
MLS(R) active listings for Calgary and area may be found on the Board's
website at www.creb.com.





For further information:

For further information: Jason Martin, Manager Communications at (403)
781-1345

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CALGARY REAL ESTATE BOARD

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