I often get asked, “how’s the market doing?”. First off, we’re very fortunate to live in Canada, but especially in Alberta and more specifically, Calgary. Canada has the best economic record in the world right now despite all of the world’s financial problems. Alberta oil and gas helps to drive this market. Calgary, being home to many large companies, has weathered the economic turmoil very well because we are such a hub for business and business helps to drive the real estate market.
According to figures released by the Calgary Real Estate Board, Calgary residential sales in 2011 increased 8% from 2010, with 18,568 sales for 2011 compared with 17,267 in 2010. Single family sales increased in 2011 with 13,168 sales, a 9% increase over 2010. Listings may have been low, 6% lower than 2010, but sales were strong. Condo sales were up 4% in 2011 from 2010 levels. The average single family price year over year was 1% higher than in 2010 with an average of $466,402. The average price for a condominium was 1% lower than 2010 at $287,172.
All of the news we as a real estate board are receiving is that gas and oil companies are calling for workers, driving migration to our city. Due to this demand, the Calgary rental market is becoming squeezed with a very low vacancy rate. This generally drives sales as people need to purchase homes. All in all, and without my crystal ball, it would appear that our Calgary market is poised for a very good year!
Thanks for reading!
By Patrick Murray Join me on Google+