October 1-7, 2010 – Calgary Real Estate Market Update

 

Single Family Homes

The 188 sales in the first week of October was on par with the opening weeks of September, August, and July which all had sales in the 180’s.    As has been the case throughout the summer, sales were down from the previous year – this time a decrease of almost 33%.

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Pending sales are currently trending below last month’s levels meaning that another month-over-month increase in sales looks unlikely at this point.   That could change between now and the next update as we are only 7 days into the month.

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Metro-Calgary Condominiums

The condo market continues to show weakness with sales dropping as pending figures last month were forecasting.

A total 0f 60 units sold in the past week – the only week with fewer sales in 2010 was January 1-7. Sales are down 50% from the first seven days of October 2009.

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However, pending sales levels have reversed and are slowly beginning to climb again.

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Interested in having the most up-to-date condo info? Be sure to follow the daily statistics on my webpage at www.FindCalgary.com

FindCalgary.com

4 responses to “October 1-7, 2010 – Calgary Real Estate Market Update

  1. I want to thank Nathen for allowing me to use his photographs of Calgary’s skyline for my blog banner.

    If you have some time, check out his album – the photos are gorgeous and provide some unique views of beautiful Calgary!

    View photographs

  2. Nice work Mike. Your blog is similar in style to calculated risk. Just the facts and graphs, no hype or bias (except perhaps to interpret the writing on the wall).

    Keep it up, and don’t change a thing. I come here everyday.
    ALE

  3. Great post. I come by here daily to get numbers. The only way you could be regarded as negative is if the definition includes not glossing over undesirable facts. Keep up the straight shooting.

  4. Thanks for your comments everyone! 😀

    Home Construction Dips In Calgary

    Builders started 796 units last month compared with 813 units in September 2009. To the end of September, total housing starts in the region increased from 4,097 units in 2009 to 7,437 units in 2010.

    Viewpoint 1: CHBA

    “We are pleased to note strong increases year-to-year in total starts,” said the President of the Canadian Homebuilders’ Association Calgary Region. “A slowdown in the number of starts in fourth quarter of 2010 was not unexpected. We are encouraged to see MLS (resale) listing numbers showing signs of easing. When you combine that with housing affordability in Calgary improving, continued low interest rates and improvement in the provincial job market, we believe this implies little downside risk to the market and makes buying a home in Calgary right now very attractive.”

    Viewpoint 2: TD Economics, October 8 2010
    (On the Canadian Market)

    Homebuilding has been stronger than anticipated over the third quarter of this year, but largely driven by the volatile multiple unit component. It is our view that there has been more overbuilding in this category, and as such some of the recent strength is sure to unwind. Nonetheless, the modest downtrend in housing underway supports our view that the housing market will correct, but in an orderly fashion with a soft landing.

    Homebuilding activity is certainly taking its cue from the resale housing market, where home prices have moderated significantly from their April peak levels. We continue to believe that the resale housing market will continue to unwind through the rest of 2010, and first half of 2011.

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