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HOUSING: Real estate board says Calgary housing stock at year’s peak, while prices continue to rise

            (AlbertaIndex, August 7, Tuesday) --- Calgary’s housing inventory was its year’s highest last month with 8,972 units for sale on the MLS at the end of July, said the Calgary Real Estate Board (CREB).

            It said the average price of a single family Calgary home in July 2007 broke the half-million-dollar mark when it finished at $505,920. The average price of a condominium was $318,582.
           
The median price of a single family metro home climbed 13.25% to $435,000 last month compared with July 2006, but was down 0.91% from June’s $439,000, said the CREB.
            Calgary metro MLS statistics include properties listed and sold only within the city limits.
            Single-family metro new listings declined 6.25% to 2,548 units compared with 2,718 new listings in
July 2006. The number of single-family metro properties sold last month rose 4.9% to 1,495.
            New condominium listings jumped 7.3% to 1,117 units, while condominium sales fell 13.24% to 603 units compared with year-ago levels.
            “Our inventory appears to be at a peak and with sales still holding strong, we expect prices to level off,” said Calgary Real Estate Board President Ron Stanners.
            “Early July saw a large number of properties sell over the million dollar mark and this has caused average prices to climb for the month, however the median price has declined by 1%, going from $439,000 in June to $435,000 in July, showing the stability in the market place.”
            The CREB cautioned that the average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differentials between geographical areas.

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