May was a stellar month for Calgary’s resale home market. Compared to other locales nationwide the city saw the highest growth when comparing that month to May of 2011. The Canadian Real Estate Association released their data this past Friday on MLS sales, showing that the city had 2,982 homes changing hands for the month. That is a 34.4 percent increase over May of last year. The national average, with 53,068 sales counted, was 9 percent for the same time periods.
As far as prices in the Calgary area, they were up by 3.2 percent, showing an average of $429,459 per home. Nationwide the average home price went down 0.3 percent, coming in at $429,459 per unit. BMO Capital Market’s economist Robert Kavcic noted that Canada’s housing market as a whole is seeing a bit of a cooling trend.
The Canadian Real Estate Association released their data this past Friday on MLS sales, showing that the city had 2,982 homes changing hands for the month. That is a 34.4 percent increase over May of last year. The national average, with 53,068 sales counted, was 9 percent for the same time periods.
As far as prices in the Calgary area, they were up by 3.2 percent, showing an average of $429,459 per home. Nationwide the average home price went down 0.3 percent, coming in at $429,459 per unit. BMO Capital Market’s economist Robert Kavcic noted that Canada’s housing market as a whole is seeing a bit of a cooling trend.
Once hot Vancouver is softening, while Calgary, previously in a three to four year slump, is seeing sales increases with prices nearing those seen in 2007. Housing availability has decreased across the province as well. Even at that, the House Price Index was still running about ten percent lower than those seen in April, but the full figures for May aren’t expected for another week. Canadian Real Estate Association president Wayne Moen noted that the low interest rates, expected to continue through this year, will help keep the housing market more affordable and in stable territory.
Greater Toronto saw a stronger market this spring when compared to last, and even the more expensive homes are selling more quickly, making this area the hottest market in the country. It is also one of the most expensive, and is influencing the average national price. The city saw an average home price of $516,787, a 6.4 percent increase from last year.
Province-wide, Alberta saw a 23.4 percent increase in sales, with 6,984 homes changing hands at an average price of $374,653. That sales price also was 4.9 percent higher than last year. CREA released its forecast for the area this past Friday, and predicts that Alberta will see a 12.1 percent increase in MLS sales in 2012, ending up with 60,250 units sold by year’s end. In 2013, sales are expecting to increase by 2.2 percent, with 61,550 homes changing hands. As far as price, in 2012 that is expected to increase by 2.4 percent to an average of $361,800 per unit, and by 2.2 percent by the end of 2013, to an average of $369,800 per home.
Across Canada sales are expected to increase by some 3.8 percent, toping out at 475,800 sales by year’s end, with an average price of $370,700. In 2013, sales are expected to decrease by 1.1 percent with 470,400 sales. Prices are expected to go up by 2.2 percent, bringing $378,200 on average per home.