January 1-21, 2011 Calgary Real Estate Market Update

Single family home sales in the first 3 weeks of 2011 are ahead of last year’s level by almost 6% with 467 transactions.

In the final 10 days of January 2010, a total of 321 properties sold.  Will an average of 32 properties sell everyday to cap off a year-over-year increase?

It’ll be close as pending sales lately have been slightly ahead of last year- we’ll see if it matches the month-end spike.  (The small broken line in early January 2010 on the pending sales graph are estimated amounts as I missed recording the data 😦 )

Sales (click to enlarge)

SFH Pending (click to enlarge)

Condo sales are down almost 25% from last year, with pending sales not showing much acceleration in the near future.

Condo Pending Sales (click to enlarge)

Because I’m missing a few days of data, I don’t have the exact inventory amounts for January 21, 2010.   However, on January 23rd SFH inventory was at 2472, while condo inventory was at 1389.

So inventory is currently about 24% higher for SFH and 14% higher for condos than the same week last year.

For more in-depth statistics including average and median prices, please visit my website at:


3 responses to “January 1-21, 2011 Calgary Real Estate Market Update

  1. Didn’t like what an economist had to say? Wait a few days 😉

    January 17, 2011

    The impact on home prices is expected to show up quickly. BMO Nesbitt Burns deputy chief economist Douglas Porter said resale prices could drop as much as 7 per cent within the next 12 months because of the change to amortization lengths, as buyers who would have opted to spread the cost out over 35 years are forced instead to take out borrow less in order to keep their payments affordable.

    “You can make the case that existing home owners will see their prices go down,” he said. “You can go back to basic economics – it is the marginal buyer that really drives the market. If the buyer isn’t there, the price has to drop until you get down to the next buyer.”

    January 21, 2011

    Douglas Porter, deputy chief economist with BMO Nesbitt Burns Inc., said the changes would reduce the amount that people can borrow by up to 7 per cent. Corresponding price declines, though, are hard to predict. Canada’s housing market has been cooling for months and interest rates are widely predicted to begin rising again during the latter half of this year.

    “I suspect that what we’ll end up seeing is home prices about flat this year,” Mr. Porter said.

  2. Lol. I believe the seeming contradiction is due to the tendency of some reporters to hold the microphone up to the wrong end.

  3. A little bit of triva:

    A unit at the Princeton Grande in Eau Claire sold today for $4.1M, making it the most expensive condo sold on MLS in Calgary. It was originally listed in Mar 2010 for $6,250,000.

    The second most expensive condo sold on MLS in Calgary was $3.7M in 2007 (also in Eau Claire)

    8/10 of the highest sold condos so far have been in Eau Claire.

    The condo average for the month jumped $20k, while the median remained unchanged (at of the time of this posting)

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