The year-over-year growth rate for Calgary MLS residential sales in November grew at a pace three times more than the national average, according to data released Thursday by the Canadian Real Estate Association.
The association said there were 1,656 MLS sales in Calgary during the month, a hike of 16.0 per cent from November 2010.
Nationally, there were 34,534 sales representing an increase of 5.0 per cent.
In Calgary, the average MLS sale price in November was $398,722 which was basically the same as a year ago while the Canadian average price grew by 4.6 per cent to $360,396.
New listings in Calgary dropped by 5.3 per cent to 2,356 but they grew by 2.7 per cent across the country to 53, 515.
“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said Gary Morse, CREA’s president, in a statement.
Gary MorseThe Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty…November sales across the country were seven per cent above the 10-year average, reaching the fourth highest level on record for the month.
“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said Gregory Klump, CREA’s chief economist, in a statement. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.
“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess. That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”
In Alberta, sales of 3,761 units were up 3.8 per cent from last year and the average price of $356,535 increased by 2.7 per cent. New listings of 5,820 were down six per cent.
An RBC Housing Snapshot poll said 33 per cent of Canadians think the real estate market is balanced, down seven percentage points in the fourth quarter from the first quarter, indicating opinion has begun to shift slightly to a seller’s market.
Also, 26 per cent define the current real estate market as a seller’s market, up six percentage points since the start of the year.
The RBC poll showed most Canadians describe the real estate market as a buyer’s market (41 per cent), where buyers have the advantage. That sentiment is fairly stable from the first quarter (40 per cent).
Albertans believe it is a buyer’s market (65 per cent), much more than any other region and 14 percentage points above the national average They also firmly believe it is not a seller’s market (six per cent).
