Peter Kusch

Tel.:990-7990

FEBRUARY 2010

SOLID JANUARY MARKET.

Affordability continues to drive a recovery in Calgary's housing market. Even in the face of slowing wage growth - we can see affordability has improved. Higher prices in 2007 and 2008 left the average family with a maximum buying power of $250,000 - while average single family prices pushed well into the $450,000 range. Lower interest rates have enabled these same families to now look at homes in the $350,000 to $375,000 range - closer to average market prices.

For the time being average home prices are more in line with average incomes. A narrowing gap between the costs of renting versus owning a home will attract more first time home buyers into the market in 2010.

The story for 2010 will be a balanced and steadier market. Just one year ago we were facing record low sales and more than 10 months of inventory. Consequently, year-over-year sales comparisons are up dramatically.

Median price was $352,000 in January 2010 down $8,000 from December 2009. The median price is where half sell for more and half for less.

Number of sales in January was 1,138 - an increase of 47% over January 2009
75% of single family homes were sold under $500,000
65% of condominiums were sold under $300,000
The sales to listing ratio was 29%.
Average sale to listing price ratio - 97.1%
Net migration to Calgary in 2009 - 14,000 people

Sales to listings ratio

Single family plus condominiums (Calgary Metro)

2007
January
80%
February
106%
March
108%
April
77%
May
59%
June
43%
July
34%
August
29%
September
20%
October
20%
November
22%
December
25%
2008
January
26%
February
25%
March
22%
April
19%
May
18%
June
20%
July
20%
August
20%
September
19%
October
15%
November
13%
December
11%
2009
January
13%
February
18%
March
24%
April
30%
May
38%
June 50%
July 47%
August 42%
September 39%
October 42%
November 39%
December 35%
2010
January 29%

Average days on the market (Calgary Metro)

Average days on the market in
Jan '10
Average days on the market in
Jan '09
Single family
43
62
Condominiums
50
64

Median price (Calgary Metro)

Median price in Jan '10
Median price in Jan '09
Percentage change
Single family
$398,000
$374,700
6.22%
Condominiums
$265,000
$243,000
9.05%

Source: Calgary Real Estate Board

Calgary Metro-within Calgary City Limits