January 2012 Calgary Real Estate Statistics

Metro-Calgary SFH

Despite being buttressed by record low fixed rates, single family home sales in January were unable to match year ago levels.  A total of 773 homes were sold, with an average price of $438,683 and a median of $395,000.

Year-over-year this represents a -1.4% decline in sales, -3.3% drop in average price, but a +1.3% increase in the median.

A total of 15 homes sold for $1M or more compared to 24 in January 2011.

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Metro-Calgary Condominiums

Condo sales were able to eke out a year-over-year increase with a total of  305 units changing hands, compared to 302 in January 2011.   The average price was $268,526 with a median of $245,000.

Year-over-year sales were up +1%, the average price was down -6.9% and the median declined -3.9%

At first glance, the y/y average price drop of nearly $20,000 seems significant.  However if  we were to remove the $4.1M transaction from 01/11, the month-end average price would have been $275,627 (instead of $288,291)  In either case, the median in January 2011 would remain unchanged at $255,000.

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3 responses to “January 2012 Calgary Real Estate Statistics

  1. And the frenzy continues! Looks a bit wobbly given the historically low interest rates. Makes one wonder what the market would be doing with normalized rates.

    I was looking at Bank of Canada household credit.

    http://credit.bank-banque-canada.ca/householdcredit
    If you look at the securitization numbers from the chartered banks for 2011, it shows negative 86.5% with most of that reduction (-99.9% in the last 3 months).Can the banks no longer hoist the bundless of mortgages on investors because CMHC will no longer insure them in such quantities?

    If you scroll down, you can see graphs of year over year changes in mortgage credit since 1990. My guess would be that if you plot house prices, these would be very close charts.

    Availibility of credit will determine house prices. CMHC is a policy tool so I expect their balance sheet expanded a LOT more as no politician will want to sit over a housing “souffle” turning into a disaster. However, what can be done in an environment of slowing economy and rising unemployment? Extend risky credit further?

    Any thoughts from you or others?
    Thanks!

  2. Yeah Len that’s the problem the government is in now and why soft landings rarely happen after a disconnect in asset prices. The government right now sees a bubble may be in progress and has started to tighten up regulation slightly. However if $&@” starts to hit the fan, they will go right back to loosening rules and allowing risky credit. It’s either that or watch the economy implode. However all this does is buy some time before the bubble does burst, only worse than if they had left it alone. About sums up Europe now as well.

  3. Len, Canadian Mortgage Trends takes an in-depth look at the current CMHC situation:

    CMHC Insurance Limits: A Wake-up Call for Lenders

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