SINGLE FAMILY PRICES REACH A NEW HIGH

CALGARY REGIONAL HOUSING MARKET STATISTICS4.13
SINGLE FAMILY PRICES REACH A NEW HIGH

Sellers' market conditions push up prices across all categories
CREB

Calgary, May 1, 2013 –The benchmark price of single-
family homes reached a new high of $452,900 in April, as
market conditions that favour the seller finally drove prices
above the unadjusted peak in 2007.

“It’s really encouraging to see that the Calgary market
remains strong,” said Becky Walters, CREB® President. “It’s
reassuring to both buyers and sellers to see that this area
is outperforming many parts of the country.”

Single-family sales totaled 1,611 in April, nearly two per cent
higher than the previous year, but year-to-date figures are
similar to levels recorded in 2012. Sales growth in the first
part of the year was stifled by a shortage of new listings
and inventory. However, the year-over-year increase in
new listings of 5.4 per cent helped support sales growth in
April.

“Declining selection in the lower price range and market
conditions that favour the seller in the overall single-family
market has resulted in a boost in demand in the
condominium market and surrounding towns,” said CREB®
Chief Economist Ann-Marie Lurie. “Inventory levels
declined across all of these segments. However,
surrounding towns remain in balanced territory, as they
experienced the effect of previously elevated inventory
levels.”

After the first four months of the year, condominium
apartment sales totalled 1,259 units, an 11 per cent increase
over the previous year. Sales growth outpaced the
number of new listings, causing inventory levels to decline
to 871 units. This pushed the market into sellers’ territory.