Calgary skyline by James Bremner
The real estate market in Calgary is moderating after a period of strong growth. The first three months of 2011 have been exceptionally strong with record high sales, but a balancing period followed, with lower level of sales. Compared to the previous month, single family home sales went down 8% and condos recorded a 5% decline in April.
New listings also moderated in April 2011, recording a 26% decline in a year-over-year comparison. The number of new condos listed in April 2011 declined by 11% compared to April 2010. The fact that sales and inventories declined together shows a balanced market.
The average price of a single family house in Calgary was $480,453 in April, which was up 4% from the month before, but only a 1% increase year-on-year. Condo prices remained steady in a year-over-year comparison, and recorded a slight rise by 3% from the previous month. The rate of price increase is quite strong, but sustainable because they seem to be driven by lower mortgage rates and improving economic conditions.
See the full Calgary Real Estate Report for April 2011.