Calgary Market - July 2012
Ann-Marie Lurie, CREB's chief economist says: "Our housing market is returning to normal levels of activity, supported by the improvements in our employment sector and rise in migration."
Single Family monthly sales reached 1,609 units in June, a decline over the previous month, but 16 per cent higher than levels recorded in June 2011. The current inventory of 3,817 single-family homes sees the single-family market moving towards more balanced levels. OVERALL ACTIVE LISTINGS ARE DOWN BY 11%.
Year-to-date condominium sales totaled 1,858, a 7 per cent increase over the first half of 2011.
"Recent reports have mentioned an overvalued Canadian housing market, and it is important to note that the Calgary market has already recorded a correction," says Lurie, who notes benchmark prices in the entire CREB residential market remain 8 per cent below peak levels. "Alberta was slow to recover from the recession, but this year our province is expected to lead the country in economic growth. This growth will continue to support gains in full-time employment and encourage positive momentum in our local housing market by way of both demand and price recovery," Lurie concludes.