Activity climbs for fourth straight month
For the fourth straight month, resale housing activity has climbed. The malaise that steered home buyers to the sidelines is gradually loosening its hold and tire kickers are being replaced by actual buyers, say figures from the Calgary Real Estate Board.

In April, 1,290 single-detached homes changed hands, along with 579 condos. Both figures are well over double the number of transactions recorded in January.

As for the average selling price, there was a fourth straight monthly increase in April for detached homes, while the condo sector continued to bounce up and down — falling back in April from a gain in March.

Commenting on the April activity, board president Bonnie Wegerich says renewed consumer demand is being generated by a combination of a more typical spring market, attractive prices, a good selection of properties, declining interest rates and some help from the federal government.

“Spring is giving new life to the residential real estate market,” says Wegerich, who is also broker/owner of Century 21 Castlewood Agencies in Airdrie.

“We expect spring sales activity will also get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan and the First Time Buyer Tax Credit.”

The average price of single-detached home inside the Calgary city limits in April was $426,311 — an increase of one per cent from March, when the average price was $420,354.
The average price of Calgary metro condos last month was $277,953, down two per cent from March when the average price was $284,056.

“The average price for home sales remains below levels reached one year earlier, but year-over-year declines are contracting,” says Wegerich. “Our inventory also continued to decrease in April, which is helping to firm up the balance of supply and demand.”

New city-only listings of single-detached homes added for the month of April totalled 2,010, 13 fewer than were added in March.

Calgary metro condominium new listings added in April were 967, up seven per cent from March. The median price of single-family homes in the city last month was $380,000, off one per cent from March.

At the same time, the median price of a condominium in April was $251,000, down three per cent from March. The median is the middle of the range of prices and is considered to be more accurate than the average price.

“Undoubtedly, this market has been challenging for both buyers and sellers, but the improvement in recent months is an encouraging sign,” says Wegerich.

“There’s more confidence in the housing market today than at the end of 2008. Prices are stabilizing, inventory is declining and the number of new listings is levelling. These are all signs that a balanced market is on the horizon.”