Housing sales decline by 25% in November 2010 in Calgary

Dec. 15, 2010 - PRLog -- Housing sales decline by 25% in November 2010 in Calgary

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The Canadian Real Estate Association said Wednesday that total MLS sales, combining all single-family homes and condominiums, dropped to 1,427 last month in the city from 1,902 in November 2009.Also the average MLS sale price in Calgary fell by 0.6 per cent from a year ago, dropping to $398,619 from $401,201.Housing sales in Calgary fell by 25% in November, 2010 compared with a year ago.

"Due to economic downturn since October 2008, oil and gas prices, high employment and bankruptcy rate,  slow growth in salary, changes in the Canadian mortgages and fear of rising mortgage rates are keeping buyers away from the market " says Navtaj Chandhoke, founder Professional real Estate Investors Group (PREIG) Canada.” The number of foreclosures and underwater properties in Calgary are not helping to recover either".

According to Canadian Real Estate Association, the national level sales were down 9.3 per cent over the year, falling to 32,947 in November from 36,330 while the average sale price increased by 2.0 per cent to $344,268 from $337,392.

Also according to Canadian Real Estate Association, sales activity rose in November for the fourth consecutive month on a seasonally-adjusted basis. It climbed 4.8 per cent.

Seasonally adjusted activity was up from October levels in two-thirds of all local markets, including eight of Canada's 10 most active markets. Month-over-month increases were reported in Calgary (2.6 per cent), Edmonton (6.9 per cent), Fraser Valley (10.5 per cent), London and St. Thomas (6.5 per cent), Montreal (8.2 per cent), Ottawa (4.2 per cent), Toronto (6.0 per cent), and Greater Vancouver (11.3 per cent).

"Following the chilling lows at the onset of the recent recession and the dizzying heights during the subsequent recovery, the national housing market appears to be returning to some semblance of normalcy," said Gregory Klump, chief economist for Canadian Real Estate Association, in a news release.

Recently, the Calgary Real Estate Board said single-family home sales in the city in November were down by 18.6 per cent from last year to 891 transactions while the average MLS sale price dropped by 1.9 per cent to $455,460. In the condo market, the 310 sales in the month were 38.4 per cent lower than a year ago while the average price of $284,667 had decreased by 3.3 per cent.

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Navtaj Chandhoke is a Canadian-based real estate investor, speaker, author, educator and the founder of World Wealth Builders, leading RE investors education,mentoring, support and network of over 4545+ Canadian investors. | www.preigCanada.com |
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