Opportunities for buyers, now better than ever

    CALGARY, Oct. 1 /CNW/ - The buyer's market trend continues, according to
figures released by the Calgary Real Estate Board (CREB(R)).
    In a news release issued yesterday, by the Canadian Real Estate
Association (CREA), President, Calvin Lindberg said, "We must remember that
all markets go through cycles and remember that the national housing market is
actually made up of different communities. Real estate markets are local and
every community, and every area, is different in terms of trends and pricing."
    CREB(R) President Ed Jensen concurred with Lindberg, saying, "We can see
these cyclical effects in our own local Calgary market. Some communities in
our city are stabilizing, while others are in the midst of a market shift."
    Single family Calgary metro new listings added for the month of September
totaled 2,631, a decrease of 15.3 per cent from September 2007, when new
listing added totaled 3,106 and an increase of 15.9 per cent from last month,
when new listings coming to the market were 2,270. Calgary metro condominium
new listings added in September 2008 were 1,186, showing a decrease of 9.8 per
cent from the 1,315 new condominium listings added in September 2007 and a
decrease of 12.5 per cent from last month's condominium listings of 1,054.
    Single family Calgary metro sales for the month of September came in at
1,152, showing an increase of 8.3 per cent from the 1,064 sales in September
2007 and showing a decrease of 1.5 per cent from last month's sales of 1,170.
Condominium sales for the month of September were 465, a decrease of 3.7 per
cent from the 483 condominium sales recorded in September 2007 and showing a
decrease of 6.1 per cent from August 2008 when 495 condominiums changed hands.
    "The number of single family homes selling in the $200,000 to $250,000
price range has increased this month by 50 per cent over last year. And while
single family homes selling within the $350,000 to $450,000 price range have
remained almost the same as they were in September 2007, another significant
change is the price range of 450,000 to 550,000, seeing a 19 per cent decrease
in the number of units sold," explained CREB(R) President, Ed Jensen. "In
short, more homes are selling in the lower price ranges, indicating that the
favourable price range has shifted to one lower than that of 2007. Clearly,
it's still a buyer's market and the opportunity for first time home buyers, to
get into the market, is better than it's ever been," Jensen concluded.
    The median price of a single family Calgary metro home in September 2008
was $395,000, showing a decrease of 6.1 per cent from September 2007, when the
median price was $420,500 and down 0.8 per cent from last month when the
median price was $398,000. 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.
    The average price of a single family Calgary metro home in September 2008
was $444,048, showing a decrease of 5.7 per cent from September 2007, when the
average price was $470,888. The average price of a Calgary metro condominium
was $287,426, showing a 10.6 per cent decrease from September 2007 when the
average price was $321,614. 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 Calgary Real Estate Board is a professional body of 5,692 licensed
brokers and registered associates, representing 262 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: Ron Esch, Executive Vice President, at

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