Calgary buyers looking for the right price, location and conditions

Calgary, December 1, 2010 – November home sales in the city of Calgary remained steady month-over-month, while year-over-year sales were down, according to figures released today by the Calgary Real Estate Board (CREB^®).

The number of single family home sales in the month of November 2010 held firm at 891, compared with October 2010, when sales were 888.  The number of condominium sales for the month of November 2010 was 310. This was the same as the 310 condominium transactions recorded in October 2010.

Year-over-year, the number of single family homes sold in November 2010 in the city of Calgary were down 19 per cent.  In November 2009, single family home sales totaled 1,095. Condominium sales saw a decrease of 38 per cent from the same time a year ago.  In November 2009, condominium sales were 504.

“Indeed, the second half of 2010 has proven to be weaker than expected, and Calgary’s housing market is taking some time to re-gain traction,” says Diane Scott, president of CREB^®.  “Subdued sales have meant buyers have an abundance of product to choose from, and they can be selective in their buying criteria.”

“In this market, REALTORS® and their sellers have to be competitive in their pricing and go back to the basics—condition, location and price,” adds Scott.

The average price of a single family home in the city of Calgary in November 2010 was $455,460, showing a 2 per cent increase from October 2010, when the average price was $444,744, and a 2 per cent decrease from November 2009, when the average price was $464,444. The average price of a condominium in the city of Calgary in November 2010 was $284,667, showing a 1 per cent decrease from October 2010, when the average price was $287,793 and a 3 per cent decrease over last year, when the average price was $294,264. 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.

The median price of a single family home in the city of Calgary for November 2010 was $399,900, showing a 3 per cent increase from October 2010 when the median price was $387,900. This was a 2 per cent decrease from November 2009, when the median price was $408,000. The median price of a condominium in November 2010 was $253,300, showing a 1 per cent decrease from October 2010, when the median price was $255,000, and a 4 per cent decrease from November 2009, when it was $264,900.

All city of Calgary MLS^® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.

“We are not likely to see any major dips in pricing over the coming months, but there may be some decline in our average and median prices as motivated sellers reduce their price, and we work through our increased levels of inventory” says Scott.  “The good news is that we are seeing a downward trend on our overall inventory levels, and our absorption rate is gradually improving,” adds Scott.

Single family listings in the city of Calgary added for the month of November 2010 totaled 1,318, a decrease of 25 per cent from October 2010 when 1,765 new listings were added, and showing a decrease of 3 per cent from November 2009, when 1,365 new listings came into the market.

Condominium new listings in the city of Calgary added for November 2010 were 632, down 12 per cent from October 2010, when the MLS^® saw 721 condo listings coming to the market. This is a decrease of 10 per cent from November 2009, when new condominium listings added were 705.

“Unemployment peaked at around 7.6 per cent at the middle of this year, and has been slowly improving since then.  We do expect Calgary and Alberta’s economy to improve in 2011, driven in part by recent improvements in the energy sector.  Ultimately it is going to take boosts in employment, along with more migration, to kick-start Calgary’s housing market,” says Scott.

At first glance, it looks like any other new home.

Avalon Master Builders’ Discovery 4 House is a quaint two-storey with cedar shakes and stone detailing, an eye-catching crimson door, grey siding and a spacious front deck.

But upon closer inspection, there are other, more unexpected details as well — solar panels on the roof, solar thermal panels framing the windows and a solar thermal balustrade offer just a hint of what this forward-thinking home is all about.

“The Discovery 4 House is the culmination of years of work towards meeting our vision of building Net-Zero homes at no additional cost to consumers by 2015,” says Ryan Scott, Avalon’s CEO.

“This was a really interesting challenge, but once you look around, you’ll see it’s come together really, really well.”

The home — which is currently located on the SAIT campus, but will move to its permanent home in McKenzie Towne this spring — offers not just new technology, but old favourites as well.

The front foyer looks to a sunny dining room at right, where honey-hued maple hardwood comes with a history.

Reclaimed from a school gym in Canmore, the flooring is not only attractive, but eco-friendly.

At the back of the home, an L-shaped kitchen is outfitted with espresso-hued, shaker style cabinetry, along with a central island and corner pantry.

A spacious dining nook, private back entry and convenient laundr y room and half-bath complete the thoughtfully-planned main floor — however, there’s more to this space than meets the eye.

“What you don’t see is the structural insulated panel walls, which give you a much more consistent building envelope,” Scott says.

“It also gives you more than double the insulative properties for the same thickness. We also have triple-pane, low-E, argon-filled windows and LED lights, which are very efficient.”

The same standards apply upstairs, he adds, where environmentally friendly carpeting is plush underfoot, and where two secondary bedrooms, a generous full bath and a welcoming master bedroom await.

With its cosy, attic-inspired feel and a sunny, spacious ensuite, the master bedroom is an inviting space to relax much like the rest of the home.

“The house feels comfortable, like a normal house,” Scott says.

“It’s simple to operate and comfortable to live in.”

And even better, the Net-Zero home creates all the energy it consumes on an annual basis through its innovative use of photovoltaic energy, solar thermal energy and eco-friendly technologies.

But even with the space-age sounding extras, Ald. Bob Hawkesworth says the home is perfectly livable, and serves as a reminder to home buyers of just what’s possible in modern home design.

“One home may seem like a small step, but when you think about it, that’s how real change happens — with one small step,” he says.

“I see not just Calgary’s first Net-Zero home, I see the future it represents.”

FAST FACTS BUILDER: Avalon Master Builder AREA: Currently at SAIT, moving to McKenzie Towne this spring. PRICE: $550,000 including lot, landscaping and double-car garage. DIRECTIONS: Take 16 Ave. to 12 St. N.W. Turn into SAIT campus. Turn right at traffic circle and follow to Discovery 4 House. HOURS: Monday to Thursday, 4 to 8 p.m., weekends and holidays, noon to 5 p.m. CONTACT: For information, visit http://www.avalonmasterbuilder.com

CALGARY – Calgary’s economy will rebound nicely this year and go on to lead the country starting in 2011, the Conference Board of Canada said Wednesday.

In its annual outlook for the cities, the board forecast Calgary’s economy will grow three per cent this year. That comes after a 2.3 per cent decline in 2009, the first drop in two decades.

“Fortunately, the initial stages of an economic recovery are starting to take hold,” the board said in its winter outlook.

“Both housing demand and prices are on the rebound, whil overall consumer confidence is gaining some upward momentum.”

Retail sales are expected to jump 4.2 per cent this year, the forecast said.

In 2010, Calgary’s economic growth will put it in the middle of the pack at 10th place. Vancouver is expected to lead the group at 4.5 per cent, boosted by the Olympic Games that begin next month.

A full recovery in the oilpatch should help propel Calgary’s economic growth to 4.4 per cent in 2010, the strongest among the provinces, the report noted.