May 1-21, 2012 Calgary Real Estate Update

The May long weekend didn’t distract focused buyers as 394 single family homes sold in the third week, matching the previous week’s tally.  With 370 sales in the first week and 394 in both week 2 & 3, it brings the month-to-date total to 1158 which is a 23.85% increase y/y.

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This month’s high-end market activity is continuing at a spirited pace and has  already matched last May’s month-end total of 51 single family homes selling for $1M or more.

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Average prices this month continue to tread above $500,000.   Calgary’s average price has only once eclipsed the $500,000 mark at month-end: back in July 2007.   In any case, prices are on track to set a new May record.

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4 responses to “May 1-21, 2012 Calgary Real Estate Update

  1. I would be curious what the current net inward migration numbers are for calgary. Must be >25,000/yr

  2. Anonymous

    Difficult number to track down. CMHC estimates total net migration to Alberta (interprovincial, international and non-permanent residents) in 2011 was 38,500* and forecasts 39,000 in 2012 (from its Housing Market Outlook released Q1 2012 (*Source: StatsCan)

    But from a Statistics Canada report from March 21 2012
    “On January 1, 2012, Alberta’s population was estimated at 3,818,000.
    Growth in the fourth quarter (of 2011) (0.5%) was significantly greater than that in the fourth quarter of the previous year (0.2%).
    The increase in population growth was the result of a significant increase in both net international migration and net interprovincial migration.
    Alberta’s net international migration, estimated at 6,300, was at its second highest level for a fourth quarter since 1971.
    The province’s net interprovincial migration (6,000) was at its highest level for any quarter since the second quarter of 2008.
    Alberta gained mostly from interprovincial migration exchanges with Ontario (2,000).”

    The 12,300 in Q4 2011 would extrapolate to much higher than the total estimate of 38,500 in 2011 CMHC’s, particularly given migration is traditionally lower in Q4 than Q2 and Q3.

    Between 2000 and 2010 Calgary took 47% of total migration to the province, according to the Government of Alberta ‘Demographic Spoltlight’ report from March 2011.

    The City of Calgary census covering April 2010 to April 2011 shows net migration at 9,563.

  3. At this point it seems like we are 8 % less than 2007. If indeed th recovery is in full swing then 2013 should be a year of new records.

  4. Interesting. Migration must be on the way up. I have a small portfolio of rental properties in Calgary and they are now rented within a day or 2 of being on the market with an upward trend on pricing with multiple enquiries. A sharp contrast to a couple years ago. If this is sustained it must mean an upward trend in prices over the next couple of years.

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