Housing sales rebound
February sees positive change in Calgary real estate market
By DAVE DORMER, SUN MEDIA
Housing sales in Calgary were up in February compared to the previous month, according to numbers expected to be released today by the Calgary Real Estate Board.
"It absolutely was busier than January, there's no doubt about that," said CREB president Bonnie Wegerich.
"Personally, from what I'm seeing, it's busier.
"From what I'm hearing from other people, it's busier.
"I'm down at the (Calgary Home and Garden Show) today and it's packed."
As for why sales increased, Wegerich says the slowing economy has brought prices down in some areas of the city, making buying a new home possible for many people who couldn't afford it before.
"There's affordable housing out there again and people are liking the interest rates," she said.
"There's lot of people looking right now that couldn't afford to buy last year and there's lots of product out there."
In January, Wegerich said there were 11 months of inventory available in the city, "and now we're probably down to six."
"I think it's picking up and I'm fully encouraged by what I'm seeing right now," she said.
"I think sales are happening and prices are probably levelling off."
The positive news should provide a much needed boost to the real estate industry in Calgary, which has been hit hard in recent months by the slumping economy.
"We're very happy," said Wegerich.
There were 9,225 properties for sale in the city in January, according to numbers listed on the CREB website, with 949 of them changing hands at an average price of $373,978.
January's sales numbers took a big hit compared to the same month one year before, with the number of single-family homes being sold falling nearly 50%.
Year-over-year condominium sales were also down 50% while the cost had dropped nearly 13%.
The good news for sales also follows a recent Demographia International Housing Affordability survey that pegged Canada as the second most affordable country to buy a home, ranking us just behind the U.S. and ahead of the U.K. and Ireland.
By DAVE DORMER, SUN MEDIA
Housing sales in Calgary were up in February compared to the previous month, according to numbers expected to be released today by the Calgary Real Estate Board.
"It absolutely was busier than January, there's no doubt about that," said CREB president Bonnie Wegerich.
"Personally, from what I'm seeing, it's busier.
"From what I'm hearing from other people, it's busier.
"I'm down at the (Calgary Home and Garden Show) today and it's packed."
As for why sales increased, Wegerich says the slowing economy has brought prices down in some areas of the city, making buying a new home possible for many people who couldn't afford it before.
"There's affordable housing out there again and people are liking the interest rates," she said.
"There's lot of people looking right now that couldn't afford to buy last year and there's lots of product out there."
In January, Wegerich said there were 11 months of inventory available in the city, "and now we're probably down to six."
"I think it's picking up and I'm fully encouraged by what I'm seeing right now," she said.
"I think sales are happening and prices are probably levelling off."
The positive news should provide a much needed boost to the real estate industry in Calgary, which has been hit hard in recent months by the slumping economy.
"We're very happy," said Wegerich.
There were 9,225 properties for sale in the city in January, according to numbers listed on the CREB website, with 949 of them changing hands at an average price of $373,978.
January's sales numbers took a big hit compared to the same month one year before, with the number of single-family homes being sold falling nearly 50%.
Year-over-year condominium sales were also down 50% while the cost had dropped nearly 13%.
The good news for sales also follows a recent Demographia International Housing Affordability survey that pegged Canada as the second most affordable country to buy a home, ranking us just behind the U.S. and ahead of the U.K. and Ireland.
Labels: Housing Market
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