Positive start to the new year

Sales for the start of the year is looking good as January sales in the city totaled 1,440 units, an increase
of 17% over last year's totals.

“Sales growth continues at the double digit pace seen over the later portion of 2013, mostly due to the gains in the condominium sector,” said CREB® chief economist Ann-Marie Lurie. “While these are the highest January sales levels since 2008, total sales transactions are in line with long-term trends.”

Condo apartments totalled 260, an increase of a whopping 27.45% and townhouses with a total sales of 206 increased an impressive 40.14% above last year! Active listings remain low in all three markets with a decrease by an average of 18% while only the single family sector lost momentum with new listings recording an 8% year-over-year decline.

“Consumers looking for more affordable product turned to Calgary’s condominium market, which was the only sector to record growth in new listings, compared to January 2013,” explained CREB® president Bill Kirk. “The improvement in listings helped ease some of the tightness in the condominium market, however overall conditions continue to favour the seller.”

“Two consecutive years of strong migration levels are expected to support improving housing demand this year, but at a slower pace,” said Lurie. “However, with no significant change in the supply situation this month, prices continue to rise at higher than expected levels.”

Kirk noted that “While supply pressures have not yet eased in the market, it is important to note that we are in one of the traditionally slower months of activity in our housing sector as many consumers are waiting for the more robust spring market.”

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