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Calgary Metro Home Prices Edge Upward
September 1, 2009 by Nikkibrokerab · Leave a Comment
Market rebounds on news that the worst of recession is over
Calgary, September 1, 2009 – Calgary metro home prices made the first year-over-year increase on a monthly basis since February 2008 according to figures released by the Calgary Real Estate Board (CREB®). Prices received an added boost from the sale of a $10.3 million home earlier this month.
“Calgary’s housing prices are edging upwards as consumer confidence improves and demand continues to grow,” says Bonnie Wegerich, President of the Calgary Real Estate Board. “The recent $10.3 Million-sale has undoubtedly boosted the average price this month, but even without this sale the average price is higher than a year ago.” The average price of a single family Calgary metro home in August 2009 was $454,130, showing an increase of 4 per cent from July 2009, when the average price was $436,782, and showing an increase of 3 per cent from August 2008, when the average price was $440,625. The average price of a Calgary metro condominium was $283,330 showing a 1 percent decrease from July 2009, when the average price was $285,032 and a decrease of 2 per cent over last year, when the average price was $287,832. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas. The last time prices showed a year-over-year increase was February 2008 when single-family homes rose by 5.2 per cent from February 2007 to $471,696 and condos increased by 3.3 per cent from February 2007 to $311,812. The average price of a single family Calgary metro home in August 2009 without the $10.3 million-sale would be $446,413—coming in just above the average price one year ago.
“We might see a gradual edging up in average prices come this fall, but on the whole, prices will most likely remain relatively stable. With our inventory at just under a four-month supply, the market continues to be in balance,” added Wegerich. The number of single family homes and condos sold in August in Calgary metro are also both up from the same time a year ago.
