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Canadian market ends year on steady note with Calgary the bright spot
January 21, 2013
The Canadian Real Estate Association (CREA) reports that national home sales activity in December was consistent with levels reported in August when demand first geared down in the wake of tighter mortgage lending rules. Home sales edged down 0.5% on a month-over-month basis in December 2012. While sales activity was little changed nationally, it picked up in just over half of all local markets in December.
“National sales activity continues to hold fairly steady at lower levels since mortgage rules were changed earlier in 2012, but there are still some real differences in trends between and within local housing markets,” said CREA President Wayne Moen. This was most evident in the Calgary (Alberta) market.
Actual (not seasonally adjusted) activity came in 17.4% below December 2011 levels. Four of every five local markets posted a year-over-year declines in sales activity in December, but Calgary remained a notable exception, with activity rising 7% year-over-year.
“The Calgary market is back to normal conditions this year, which means that it is good for both buyers and sellers,” says Becky Walters, president of the Calgary Real Estate Board (pictured). We have seen nearly full price recovery and there is a lot of confidence in the market. Buyers looking for a solid, long-term investment can be confident that real estate in the Calgary area is a rock solid place to invest.”
“Uncertainty in the global conditions is a moderating factor,” continued Walters, “but the Calgary market remains relatively sheltered from the economic extremes we're seeing in Europe and elsewhere.”
Current residential housing statistics for the Calgary market are available at creb.com.