Improved sales in the single family home market have largely been offset by declining sales in the condominium market, indicating that the gradual recovery will continue to be driven by the single family market for the better portion of the year.
The NW sector boasted the largest gains in single family home sales in the first quarter of 2011 with a 13% increase over the first quarter of 2010. Sales in the SE posted quarterly gains of 5%, while the SW remained relatively unchanged and NE sales declined by 9%.
The SW sector recorded the highest single family average home price in the first quarter of 2011 at $570,748 while average home prices in the NW and SE were $464,990 and $422,821 respectively. The NE sector continues to remain the most affordable, with average prices hovering around $282,713.
Calgary's labour market has shown some recent improvements, however, it is still in the early stages of recovery as job growth remains below the 5-year average. Improvements in the energy sector are anticipated to show stronger job growth in the second half of the year, providing the foundation for continued recovery in the housing market.
Source: CREB(R)
