Calgary Market Update - August 2011

Following steep declines in 2010 sales, the Calgary residential resale market is on the path to recovery. Single family sales will lead the growth with an anticipated 8 per cent increase in sales. Prices are expected to record a moderate increase, mostly due to an increase in higher-end sales and consumer appetite for somewhat discounted higher-end homes. The improved selection of homes in all price ranges will continue to contribute to the balanced conditions in Calgary’s housing market.

On the condominium side, gains in the market have been slower, due to ramped up supply in the new condominium market and improved selection of single family homes in a wider price distribution. Condominium sales in the second half of 2011 will not be enough to compensate for the declines in the first half of the year, and sales will still be marginally lower than levels recorded in 2010. Average condominium prices will remain steady, matching 2010 levels.

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