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March: New Postings CREB March: Investor Updates

MLS RESALE MARKET PICKS UP MOMENTUM IN FEBRUARY 2008

Calgary's MLS Sales for the month of February show signs of increased market pace, according to figures released by the Calgary Real Estate Board.

Single family Calgary metro properties changing hands in February 2008 were 1,252, an increase of 15.6 per cent over the 1,083 sales reported in January 2008 but showing a decrease of 35.5 from the same period last year, when the sales were 1,942.

Single family Calgary metro new listings added for the month of February totaled, 2,981, a decrease of 1.4 per cent from January's new listing of 3,023 and an increase of 35.1 per cent over the 2,206 new listings added in February 2007.

The median price of a single family Calgary metro home in February 2008 was $428,000 showing a 4.9 per cent increase over February 2007, when the median price was $408,000 and showing a 4.4 per cent increase from last month when the median price was $410,000.

All Calgary Metro 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.

Calgary metro condominium new listings added in February 2008 were 1,244, showing an increase of 39.9 per cent from the 889 new condominium listings added in February 2007. This is an 11.5 per

cent decrease from last month, when the new listings added were 1,406.

Calgary metro condominium sales in February 2008 were 562; a decrease of 37.2 per cent from February 2007 when 895 condominiums changed hands and an increase of 23.8 per cent from the 454 sales recorded in the month of January 2008.

"It appears as though things are picking up, as we move into the final month of the first quarter. I don't anticipate we'll see the blistering market that we experienced in the early parts of 2006 and 2007, but I do anticipate stability in this now corrected market," remarked CREB president, Ed Jensen. "Calgary is a very desirable place to live at the moment, with our strong economy, low unemployment rates, strength in the oil and gas industry; people are still moving here and that's great for real estate." concluded, Jensen.

The average price of a single family Calgary metro home in February 2008 was $471,696, showing a 5.2 per cent increase over February 2007, when the average price was $448,557. The average price of a metro condominium was $311,812, showing a 3.3 per cent increase over February 2007 when the average price was $301,812.

- The Calgary Real Estate Borad

February: New Postings

MLS RESALE MARKET REMAINS BALANCED IN THE FIRST MONTH OF 2008

Calgary's MLS Sales and Listings for the month of January 2008, show a steady and more stabilized market, according to figures released by the Calgary Real Estate Board (CREB).

Single family Calgary metro new listings added for the month of January totaled, 3,023, an increase of 30.02 per cent over the 2,325 new listings added in January 2007. Single family Calgary metro properties changing hands in January 2008 were 1,083, a decrease of 27.66 per cent from the 1,497 recorded in January 2007 and an increase of 28.01 per cent over the 846 sales recorded in December.

The median price of a single family Calgary metro home in January 2008 was $410,000 showing an 7.89 per cent increase over January 2007, when the median price was $380,000 and showing a 0.8 per cent increase from December when the median price was $406,788. All Calgary Metro 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.

Calgary metro condominium new listings added in January 2008 were 1,406, showing an increase of 40.04 per cent from the 1,004 new condominium listings added in January 2007. Calgary metro condominium sales in January 2008 were 454; a decrease of 38.32 per cent from January 2007 when 736 condominiums changed hands and an increase of 15.52 per cent from the 393 sales recorded in the month of December.

"We experienced a slower market toward the end of December, which is expected during the holiday season, however, January has been a relatively good month for the resale market. This is the month when peoples lives are getting back on track, and consumers may be entertaining the idea of listing their home," remarked CREB President, Ed Jensen. "I think this first quarter of 2008 will pick up momentum, and I anticipate a more balanced and stabilized spring," concluded, Jensen.

The average price of a single family Calgary metro home in January 2008 was $455,297, showing a 2.37 per cent increase over December 2007, when the average price was $444,769. The average price of a metro condominium was $311,232, showing a 2.14 per cent increase over December 2007 when the average price was $304,719.

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 Calgary Real Estate Borad

Canada's Economic Leader

Calgary is "Canada's economic leader" the Conference Board concludes in a report today that finds the city has maintained its substantial productivity and economic leadership over all other Canadian municipalities for close to two decades. Calgary's economy is "the one economy to which every other city is trying to catch up," said the Board. In a study on so-called economic convergence of Canada's hub cities - the dominant cities in Canadian regions - the agency also found Calgary's astounding growth is helping to improve the economic performance of other towns and cities across Alberta. The Conference Board assessed the level and growth of inflation-adjusted economic output per person, or real gross domestic product per capita, in Canadian cities between 1987 and 2004. "Hub cities do not appear to be converging to each other. Between 1987 and 2004, the gap in real GDP per capita between Calgary (Canada's economic leader) and other major cities across the country did not close significantly," said the report, written by Mario Lefebvre, the Conference Board's director of its Metropolitan Outlook Service.

Derek Holt, an economist with RBC Financial Group who specializes in the economies of Canada's provinces and cities, agreed Calgary's economy has posted a remarkable performance, but warned labour supply issues and other shortages have the potential to derail the city's growth. "It's a nice problem to have in some respects, but the existence so many bottlenecks that have sprung up in the Alberta economy over the past couple of years that causes us the most concern," said Holt. "It's a risk that raises the possibility of postponed projects, abandoned projects if you can't get the workers or the capital or the material inputs." Nonetheless, in an interview, Lefebvre said Tuesday there is little to suggest Calgary's preeminence will diminish any time soon.

"Calgary is just in a league of its own (and) right now I have no reason to believe that the tide is going to change," he said, arguing it is not just Calgary's status as Canada's energy capital that has produced its economic leadership. "I'm reluctant to say it's just oil, actually.

Maybe 10 or 15 years ago I would have said so, but no." The report blames low labour mobility for the lack of convergence across Canada.

But it also found that, generally, provincial leader cities are helping other municipalities in their provinces grow, and indeed, Calgary's strength is helping other Alberta towns and cities to excel, including Edmonton.

- The Calgary Herald

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