Calgary house prices to grow year-over-year

5-7% forecast in near term

By Mario Toneguzzi

CALGARY — The Calgary region can expect short-term year-over-year house price growth in the
five to seven per cent range, according to a report released Tuesday by the
Conference Board of Canada.

The board said the average house price in the Calgary census metropolitan area in May was
$403,698, down from $404,361 in April and down from $409,143 in May 2010.  The seasonally-adjusted annual rate of sales in the existing home market for the Calgary region was 21,204 in May which was
down slightly from 21,528 in April and from 21,360 in May 2010.

According to the website of Calgary realtor Mike Fotiou, of First Place Realty, there have
been 919 single-family MLS sales in the city from June 1-20 for an average sale
price of $476,450 compared with 1,313 sales and an average of $489,482 for the
month of May.

The conference board said resale market activity in Canada remained relatively
stable last month with May sales below April volumes in 14 of 28 markets
surveyed. Short-term year-over-year price growth expectations of more than
seven per cent were forecast for Saskatoon, Gatineau, Montreal, Quebec,
Sherbrooke, Trois-Rivieres, and Saguenay.

In the five to seven per cent range with Calgary were Victoria, Vancouver, Fraser Valley,
Edmonton, Regina, Winnipeg, Halifax, and Newfoundland.  Thunder Bay, Sudbury, Hamilton, St.
Catharines, Kitchener, Kingston, Ottawa, and Saint John were listed in the
three to five per cent range.

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