Calgary Housing Sales
Calgary, Sept. 3, 2013 – Residential sales within city limits totaled 2,196 units, an 27.5 per cent increase over 2012 and 8.7 per cent on a year-to-date basis
The level of
transactions was well above long-term trends for the month, mostly due to
improved activity in the single-family sector. However, on a year-to-date
basis, activity is only slightly higher than expectations.
“The sales have been
limited by the need for more resale listings,” said CREB® President Becky
Walters. “However, August did see more new listings than last year, giving
buyers more choice.”
August new listings
recorded a year-over-year improvement of 7.4 per cent. While seller’s market
conditions persist and total inventory levels keep falling, improvement in new
listings helped prevent further tightening in the market despite the sales
totaled 1,517 units in August, a 30 per cent increase over the previous year.
Despite strong sales in the past couple of months, year-to-date sales activity
has grown by 5.4 per cent, slightly stronger than anticipated.
“Lack of choice,
particularly in single-family homes, has limited single-family sales growth,”
said Walters. “However, improved new listings in the higher end of the market
have created an opportunity for those looking to upgrade.”
apartment sales totaled 2,823 units, a 13.7 per cent increase over the previous
year. Unlike the single-family market, new listings are declining, causing the
market to become tighter than levels recorded in the previous month.
condominium townhouse market, like the single-family market, not only recorded
strong sales growth but also saw a rise in new listings, helping ease some
tightness in this market. Year-to-date sale and new listings increased at a
respective 21.4 and 2.6 per cent.
“Housing demand has been
supported by another year of strong migration levels, improving employment and
wage growth,” said Ann-Marie Lurie, CREB® Chief Economist. “Last year’s
mortgage rule changes did not reverse the sales growth in our city, but did
redirect demand to more affordable product.
“While recent increases
in lending rates may require purchasers to adjust their expectations, Calgary
remains a relatively affordable Canadian city. Our affordability, combined with
a positive economic outlook is expected to support demand growth for the
remainder of the year.”
prices reached $464,700 in August, a 7.4 per cent rise from the previous year
and a 0.7 per cent increase over July.
apartment and townhouse prices totaled a respective $270,600 and $298,500 in
August, increasing by more than seven per cent compared to the previous year.
typically reflects the level of supply and demand in the market,” said Lurie.
“Tight market conditions have supported stronger-than-expected price growth in
the city, but this price appreciation needs to be taken into context.
“While citywide single-family benchmark prices have risen above unadjusted highs by $13,400, as of August both c-ondominium apartment and townhouse units are a respective $26,400 and $32,300 below the unadjusted highs recorded in 2007.”