Mario Toneguzzi, Calgary Herald
Despite a gloomy picture being painted these days for Calgary’s resale housing market, a new report released Tuesday indicates prices for repeat home sales were up year-over-year in March.
The Teranet-National Bank National Composite House Price Index, said prices in the city rose by 0.2 per cent from the previous month and increased by 4.4 per cent from a year ago.
However, in his report, Marc Pinsonneault, senior economist with the National Bank of Canada, said prices in Calgary were down 2.1 per cent from their peak in October 2014.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
The index found that nationally, of 11 markets surveyed, prices rose by 0.3 per cent month-over-month and by 4.7 per cent year-over-year.
It was the third consecutive monthly increase and equal to the average March rise since 2010, said Pinsonneault.
“Prices were up in eight of the 11 metropolitan markets surveyed, the broadest diffusion in seven months. The composite index is now at an all-time high,” he said.
The annual hike from February came after four consecutive decelerations, said the report.
In a recent report, the Calgary Real Estate Board said MLS sales in the city dropped by 28.17 per cent in March from a year ago to 1,782 transactions.
The benchmark price, which CREB says represents typical properties sold, rose by 3.82 per cent to $454,300.
However, the median price dropped by 2.33 per cent to $420,000 and the average sale price was down by 2.19 per cent to $474,251.
“In this market, buyers and sellers should be thinking about their short-term and long-term objectives,” said Corinne Lyall, CREB’s president, in a statement. “This is a challenging economic time and people need to know their long game, so they can make the right real estate choices for today and tomorrow.
“Market influence is always wide-ranging and everyone has different reasons for making a move. Consideration must be given to the amount of inventory that’s available for a similar property based on the specific features of that home. The amount of competition for a property is often what influences the price that buyers and sellers will agree on.”
At the end of March, active MLS listings in Calgary of 5,693 were up 83.65 per cent from a year ago.
The Teranet-National Bank National Composite House Price Index, said prices in the city rose by 0.2 per cent from the previous month and increased by 4.4 per cent from a year ago.
However, in his report, Marc Pinsonneault, senior economist with the National Bank of Canada, said prices in Calgary were down 2.1 per cent from their peak in October 2014.
The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
The index found that nationally, of 11 markets surveyed, prices rose by 0.3 per cent month-over-month and by 4.7 per cent year-over-year.
It was the third consecutive monthly increase and equal to the average March rise since 2010, said Pinsonneault.
“Prices were up in eight of the 11 metropolitan markets surveyed, the broadest diffusion in seven months. The composite index is now at an all-time high,” he said.
The annual hike from February came after four consecutive decelerations, said the report.
In a recent report, the Calgary Real Estate Board said MLS sales in the city dropped by 28.17 per cent in March from a year ago to 1,782 transactions.
The benchmark price, which CREB says represents typical properties sold, rose by 3.82 per cent to $454,300.
However, the median price dropped by 2.33 per cent to $420,000 and the average sale price was down by 2.19 per cent to $474,251.
“In this market, buyers and sellers should be thinking about their short-term and long-term objectives,” said Corinne Lyall, CREB’s president, in a statement. “This is a challenging economic time and people need to know their long game, so they can make the right real estate choices for today and tomorrow.
“Market influence is always wide-ranging and everyone has different reasons for making a move. Consideration must be given to the amount of inventory that’s available for a similar property based on the specific features of that home. The amount of competition for a property is often what influences the price that buyers and sellers will agree on.”
At the end of March, active MLS listings in Calgary of 5,693 were up 83.65 per cent from a year ago.
