Sales activity picks up in Calgary, but prices remain flat

While the Calgary Real Estate Board has yet to publish its official numbers, local realtor Mike Fotiou of First Place Realty has listed the preliminary sales totals on his blog.

Single-family home sales for the month were at 1,398, up 32% from June 2010 when there were 1,061 transactions. Condo sales were also up 31%, from 445 last June to 581 this year.

Prices have slightly dropped, however. The average single-family home price in Calgary was down 0.5% year-over-year, dropping to $479,580 to $481,964, and was down 2% from May this year.

The blog also responded with criticism to the recent Capital Economics report that predicted a 25% drop in average Canadian home prices over the next few years.

“A downward price correction of 25% in Calgary would only occur if there was a significant rise in unemployment levels and people moved out of the city,” wrote Fotiou.

He said even Capital Economics admitted in its own report that investment in the energy sector is strong. That will translate to jobs and attract more migrants to the Calgary area, said Fotiou, keeping pressure on house prices to move moderately upwards, not severely downwards by 25%.

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