Calgary’s housing market remained generally flat in the first quarter of 2012 thanks to ample housing supply according to a report released by Royal LePage last Thursday.
The average price of a detached single family homes increased only 1.9 per cent compared to the same time last year.
Two-storey homes and condos declined in price by 1.2 and 2.6 per cent, as demand seemed to even out with supply.
“Calgary is seeing strong demand from buyers who are taking advantage of low mortgage rates but since the inventory is available, there has been no upward pressure on house prices. Calgary is in a balanced market,” said Ted Zaharko, broker and owner of Royal LePage Foothills, in a statement. “However, as the quarter drew to a close, inventory began to fall and we started to see an increase in multiple offer situations.”
Hot on the heels of that report was the 19th Annual RBC Homeownership Poll, which found that Alberta leads the country in the number of enthusiastic hopeful homebuyers. 69 per cent of Albertans polled said it was prime time to buy, compared with 59 per cent nationally. Over half identified the market as a buyer’s market.
“Albertans have long-standing confidence in the real estate market and see the market shifting in favour of buyers, leading to greater likelihood to buy a home in the near term,” said Don Peard, vice-president, Mortgage Specialists, RBC, in a statement.
Curious what Albertans are looking to buy? Here’s a quick overview of the results:
- 68 per cent are looking for a detached house, compared to 66 per cent nationally.
- Condos are enticing 10% of buyers, which is slightly lower than the national average of 11 percent.
- Semi-detached house come in at 14 per cent, a bit higher than the 10 per cent across Canada.
- 2 per cent of buyers are looking for townhouse, compared to 8 per cent nationally.
What do you think of these results? Is Calgary seeing a buyer’s market, or will you hold off until next year?