About News Calgary Real Estate News Economic upswing buoys resale market | Economic upswing buoys resale market |
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Sales of used single-detached homes and condos in Calgary continued to climb from July to September, say industry figures. The Calgary Real Estate Board reported 6.033 resale homes changed hands within Calgary’s city limits — 17.6 per cent higher than during the same period a year ago. As strong as the rebound has been in Calgary, it was slightly below the record-setting national average increase of 18 per cent during that period. The Canadian Real Estate Association says 135,182 resale homes were sold during that time. “This is the highest level of activity on record for the July to September period,” says CREA president Dale Ripplinger. Low interest rates, a rebound in consumer confidence and an “improving overall sense of economic security” is bringing buyers back into the marketplace, says Ripplinger. In percentage terms, July to September sales in Calgary were also a half per cent higher than during April to June — the second consecutive quarter in which an increase was reported. After a slow start, the city’s resale housing sector has been gradually strengthening through the summer, says CREB president-elect Diane Scott. January to March showed a 20-percent decline from the same period a year ago. “Sales were stronger than expected in the summer months, easing slightly in September,” she says. “We expect a gradual and measured uptake in sales as the fall market continues.” In September, sales were 12.6-per-cent higher than a year ago. But all of that pales in the face of Vancouver’s 124-per-cent hike in sales last month and Victoria’s nearly 50-per-cent increase for the month. “Monthly sales activity remained on a strong upward trajectory throughout the third quarter in British Columbia while showing signs it may be topping out in other provinces,” says CREA chief economist Gregory Klump. From January to September, Vancouver was 22-per-cent higher than for the first nine months of 2008, while Victoria is running 11 per cent higher. Calgary is lagging 2008 by 2.2 per cent, while Edmonton is running more than five per cent ahead. A new national record was also reached for average price in an individual month among major markets, hitting $331,602 in September. In Calgary last month, the average selling price a home was $394,835 — the fourth highest in Canada. The three highest averages in the country are Vancouver at $610,576, Victoria at $502,208 and Toronto at $406,877. |
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