Slight boost in single-family home purchases in Calgary

Single-family home sales rose 3%, up from 762 last January to 787 this year, while condominium sales fell 22%, down from 376 last January to 297 this year.

Greater affordability in the single-family home market, particularly for properties under $350,000, led to January’s uptick in sales, CREB President Sano Stante said in a statement released on Feb. 2.

“This may suggest more first time homebuyers are entering the market, providing the fuel needed for a sustained housing recovery,” he added. “More affordable housing will continue to attract homebuyers to the inner city, particularly as employment in the city of Calgary continues to improve.”

The city’s unemployment rate was at 6% in December, compared to 7.6% across Canada, according to Statistics Canada. The figures represented about a 6,000 increase in full-time jobs from a year ago in Calgary.

Prices for both houses and condos were up in Calgary. The average price of a single family home in January was $454,287, up 3% from the same time last year. The average price of a condominium in the city was $287,954 this January, a 2% increase over a year earlier.

"Alberta will begin to see growth in net-migration as the oil and gas sector regains traction. This will help boost consumer confidence and ultimately bring improvements to employment and family income—key drivers of our housing market," said Stante.

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