Calgary real estate to fare better than other Canadian cities: CREB


Both sales and average home prices are up compared to a year ago, according to September statistics from the Calgary Real Estate Board (CREB). There were 14,832 sales through September this year, up 7% from the first three quarters a year earlier. The average price rose $419,632 in September, up 2% from the same time last year. Much of that price gain was from condos, which saw a gain of 5% from a year earlier in September to reach $284,028. Single-family homes were up 1% to reach $466,167.

The Calgary board promoted the results to show Calgary was a safer bet than other Canadian locations.

“Undoubtedly, there are a lot of unknowns in the world’s current financial situation, but Calgary and Alberta may be relatively safe havens amidst this uncertainty,” said Bob Jablonski, CREB president. “Granted, gains in the housing market have been gradual – but we are seeing signs of improvements. Our province’s growth is expected to outperform the national average, and this will help buoy consumer confidence in Calgary and Alberta.”

But while Calgary prices have shown strength lately, the Teranet-National Bank House Price Index this month showed they are still 8.8% down from the city’s all-time high in August 2007, and 0.9% down from its pre-correction peak in 2009.

Jablonski said Calgary would fare better than other cities with the latest global financial turmoil.

“Calgary continues to add full-time jobs to the economy, and migration is moving in the right direction,” he said. “These are positive factors that will give momentum to our housing market and give wide to the sails of Calgary’s economy.”

In terms of sales, condos were up 17% to 429 sales in September, while single family homes were up 8% to 1,036.

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