Monday, May 4, 2009 - Calgary Herald 

CALGARY - Despite a continued economic malaise, job losses and economic uncertainty, Calgary’s resale housing market surprisingly rebounded in April with sales increasing from the previous month.

“Spring is giving new life to the residential real estate market,” said Bonnie Wegerich, president of the Calgary Real Estate Board which on Friday released its MLS monthly data for April. “Affordable pricing and low interest rates are drawing buyers back to the market.

“In particular we are finding more and more first-time home buyers taking advantage of great inventory and very low interest rates. We expect spring sales activity will also get a boost from the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan and the First Time Buyer Tax Credit.”

In April, single-family home sales in Calgary metro were 1,290, an increase of 19 per cent from 1,086 sales in March but a five per cent drop from the 1,363 sales a year ago.

The number of condominium sales for April was 579, an increase of 30 per cent from the 446 condominium transactions recorded in March, and a decrease of just 0.3 per cent from April 2008 when 581 condominiums changed hands.

The average price of a single family Calgary metro home in April was $426,311, increasing by one per cent from March when the average price was $420,354, but down 10 per cent from April 2008 when the average price was $474,564.

The average price of a Calgary metro condominium was $277,953, down two per cent from March when the average price was $284,056, and a decrease of 11 per cent over last year when the average price was $312,586.

Single-family Calgary metro new listings added for the month of April totalled 2,010, down just one per cent from the 2,023 new listings added in March, and a 40 per cent decrease from April 2008, when 3,377 new listings came to the market. Calgary metro condominium new listings added in April were 967, up seven per cent from March when the MLS saw 903 condo listings coming to the market. This is a decrease of 35 per cent from April 2008 when condominium listings were 1,493.

Improvement in recent months in the local real estate market is an encouraging sign, added Wegerich.