Calgary single-family sales and prices increase in May

By Mario Toneguzzi, Calgary Herald

CALGARY — Single-family MLS sales and the average sale price rose in May compared with a year ago, according to the Calgary Real Estate Board.

In releasing its monthly data Wednesday, CREB said there were 1,313 single-family transactions for an average price of $489,482 during the month. Sales were up
4.04 per cent from the 1,262 sales in May 2010 and the average price increased by 1.29 per cent from the $483,240 a year ago.

Despite the decline in condo sales, Anthony Nguyen and his girlfriend Jeanette Tran bought a one bedroom condo in May near the downtown. They take possession of it today, after nearly a month of searching. “I was really surprised actually,” said Nguyen. “We weren’t planning on rushing into it but
things just fell into place.” Nguyen said he thought there would be more choice going into their house hunting expedition.

“Everyone was telling me it’s kind of a buyer’s market but at the same time there wasn’t as much supply as I thought there would be.”

Sano Stante, president of CREB, said the board expects single-family home prices to remain stable in the coming
months and the rate of decline in condo sales seems to be easing, “indicating
signs of improvement in this market.”

“Full time employment growth has been sluggish in Calgary, with only notable improvements occurring in April,” said Stante. “All indications point to the trend that as full-time employment growth takes hold in the latter portion of the year, so too will improvements in-migration, ultimately translating into improvements in the housing market.”

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