October 2009 Market Update

The Calgary housing market continued to rebound in October, according to figures released by the Calgary Real Estate Board.The number of single-family homes and condos sold in October were both up from the same time one year ago. October recorded 1285 single-family homes sold in Calgary, an increase of 57% from October 2008, and 2% higher than September this year. Condominium sales ( 601 units) increased by 51% compared to sales last year and were 4% over sales recorded in September this year.

“Calgary’s housing market has clearly turned a corner,” says Board President. “We expect there to be a few bumps on this road to recovery but we believe the worst is over. Home prices have held firm and edged upwards in some markets over the past months. This has helped buoy up the confidence of both buyers and sellers.”

Single-family new listings added for the month of October declined by 2% from September and were 22% fewer than new listings last October. Condominium units coming to market declined by 9% compared to September numbers this year and were 20% fewer than condo listings last year at this same time.

The median price of a single-family Calgary home was $410,000, showing a 3% increase over September and 5% higher than last October. The median sale price for condominiums registered at $263,900, down 1% from the month before and 2% below last October’s median.