Calgary Sales Statistics September 2009

RedlineBrett

Senior Forum Member
REIN Member
Oct 24, 2007
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Calgary
#1
From Dianne Scott - President elect of CREB

"“In the third quarter Calgary shifted to a more balanced housing market. But conditions are still very favourable for home buyers,” says Scott. “Mortgage rates remain low, affordability continues and federal government incentives such as the $5,000 tax credit may motivate first-time homebuyers to make a purchase before the end of the year.” “This recession has been a tricky one. Consumers were expecting the worse yet the housing rebound came faster than expected. I think it is safe to say the worst is behind us, but it will take some time for consumers to really shake off their economic jitters,”

My thoughts

Prices have come up due to reduced supply. Supply has reduced in every month since march and we are noticeably below the monthly average for the past 24 months.

The market has certainly recovered with sales numbers coming up steadily in the last few months however we are now returning more to what we`ve seen earlier in the year.

In my opininon the market is certainly trending upwards but more so at the consistent low single digits that investors should be expecting for the foreseeable future. I use a weighted average of price vs. sales for my trending (the Rolling weighted average line) and it is showing clear signs of market confidence starting in the spring of 2009.

However there continues to be a reduced supply of good quality investment properties. Many clients are on the sidelines waiting for a good buy to come up and have found themselves waiting on the sidelines for a few months now... unsure of whether or not to buy a less desirable property and hope it appreciates or wait and see if better quality property comes on the market and hope it`s not priced too high. Most of the good suited property has come on the market in the 400s where the sweet spot is still really between 380 and 350. Investors may have to be prepared to put a little work into their properties to get the best value as few turn-key rental properties are hitting the market right now.

orthwest LRT
Ranchlands Single Family Home September 09
Ranchlands Condominium September 09
Silver Springs Single Family Home September 09
Silver Springs Condominium September 09
Dalhousie Single Family Home September 09
Dalhousie Condominium September 09
Brentwood Single Family Home September 09
Varsity Single Family Home September 09
Varsity Acres Condominium September 09
Varsity Village Condominium September 09

West LRT
Glendale Single Family Home September 09
09.pdf" target="_blank">Rosscarrock Single Family Home September 09
Shaganappi Single Family Home September 09
Westgate Single Family Home September 09
Spruce Cliff Single Family Home September 09
Spruce Cliff Condominium September 09

Overall Calgary Market
Citywide Sales Stats - last 24 months - Current to September 2009