January 1-14, 2013 Calgary Real Estate Market Update

It was a sluggish opening week but activity picked up in week two, positioning the Calgary market to continue its string of year-over-year increases in sales and prices.

Between January 1-14, there were 266 single family homes (SFH) sold, a 9.47% increase from last year.  The average and median price are up 13.31% and 9.45% respectively and sellers have yet to emerge in any significant numbers with new listings down -5.94%

Still, sales are nowhere near the levels we saw during the boom years as you can see in the chart below.   The y/y increase in sales we’re seeing is positive, but we’re still far below the average sales recorded in the past decade.  The Calgary market is still in recovery mode.

(click to enlarge image)

(click to enlarge image)

SFH Statistics

SFH Statistics

Overall condominium sales are up 11.2% from the same period last year thanks to the increase in Condo-Townhome sales (+45.71).  Condo-Apartment sales are currently down -7.94% y/y.

(click to enlarge image)

(click to enlarge image)

Condo Statistics

Condo Statistics

Jan 1-14 Statistics (click to enlarge image)

Jan 1-14 Statistics (click to enlarge image)

4 responses to “January 1-14, 2013 Calgary Real Estate Market Update

  1. Interested in some more charts on Calgary and its real estate market? Kevin at Saskatoon Housing Bubble has a post up: A look at Calgary’s real estate market boom, bubble and busts over the years

    Looking forward to reading part 2 of his post later this week…

  2. Hey Mike, thanks. I’m working on the 2nd part..slowly. Should be done tomorrow. I may do a few other cities such as Edmonton, Toronto, Winnipeg and Vancouver as I have all the stats, just a matter of putting it all together. As it stands, Calgary looks to be in the best shape of all the major centers in Canada but it does look somewhat overvalued to long term fundamentals. Though I don’t see prices moving downward in the near future. Compared to Vancouver ( which is in bizarro land and most likely will experience a hard landing) Calgary looks not too shabby.

    I always enjoy reading other people’s viewpoints as it’s quite easy to get confirmation bias in this industry. Looking forward to your post.
    -Mike Fotiou

  3. Hey Mike, are the sharp y/y increases in average and median prices for sfh still partially due to luxery sales or has the benchmark price increased substantially as well?


    It’s still a little early to put much weight on January prices as the average & median tends to moderate as the month progresses (With fewer sales, the price swings are larger) We’ll have to wait until month-end to see the Benchmark price, but MTD there have been 9 sales of SFH for $1M+ compared to 4 last year during the same period.
    -Mike Fotiou

  4. just watched last night on the cbc , they say sales across Canada are down 17% but prices are holding , its kind of a frozen market I think on prices

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