Equities, commodities, and currency markets around the world are being batted around lately with much volatility. However, at least one market in our own backyard is decidedly stable.

The median price of a residential property (including condos) sold in Calgary in October was $360,000, down slightly from September, and essentially unchanged (+$1,000) from October of 2010. There were 1,740 total sales, down a bit from September, and the inventory of unsold homes on the market was stable at 11,064. The inventory-to-sales ratio kept the Calgary market in “buyers” territory.

The average price of single family homes for the month of October 2011 was $455,400, while the median price was $395,000, an increase of 2% compared to last year. According to the Calgary Real Estate Board, “(the rise in the price of single family homes) is primarily due to the rise in the number of luxury homes sales. Despite the monthly price increase, however, year-to-date figures remained stable at levels comparable to the previous year.”

In the Calgary condominium market, the average sale price slipped a bit to $282,900, reflecting higher unit sales below the $200k mark.

“Overall, the resale housing market continues to show signs of improvement and, with no near term change in interest rates, we can expect the market will continue to see moderate and stable growth throughout the rest of the year,” says Sano Stante, president of CREB®.*

*Todd Hirsch, Senior Economist, ATB Financial
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