Slow start for Calgary in 2012

The Calgary Real Estate Board’s report, usually among the first for major Canadian cities, suggests those figures reinforce the idea of a stable market.

Sales figures showed that overall, there were 1,362 sales in January, about 1.6% higher than a year ago. Single family homes, however, showed a 1.4% decrease in sales compared to January 2010, from 3,073 to 2,980. New listings were also down 8% in January compared to a year earlier.

“A lower number of sales is not uncommon for the month of January,” said Bob Jablonski, president of the CREB. “The number of sales is offset by the number of listings, ultimately pushing the housing market towards balanced territory.”

Condos sales were up 1% from 302 to 305, and homes outside of the city were up 11.5% from 33 to 40.

The average price of single family homes dropped by 3.3% from a year ago to reach $438,683 in January. Condos were down an ever greater 6.9% to reach $268,526. Those losses were partly mitigated by a 5.9% gain in price of homes sold outside of the city, reaching an average of $353,902 in January.
Jablonski said the price shifts were more representative of the shift in what's selling and not in the value of Calgary residential properties.

“The decline in average price is due to the rise in the under-$300,000 category, as well as the decline in the number of homes sold in the upper-price ranges,” he said of single family homes.

Similarly, condos had been increasingly sold in the $200,000 - $299,0000 range, at the expense of the condos priced above $400,000, said Jablonski.

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