According to a new report from the Conference Board of Canada, Calgary’s resale housing market is currently balanced and prices are expected to rise in the coming months.
The board’s report was completed by senior economist Robin Wiebe who said that the seasonally adjusted rate of annual sales in Calgary in June was 27,768. This is up 20.1 per cent year-over-year. The average price of $410,209 throughout June 2012 was up 2.3 per cent from June 2011.
The Conference Board is currently forecasting short-term year-over-year price growth of between five and 6.9 per cent in the Calgary market.
Compared to other markets, Calgary is doing relatively well. Resale transactions were down in 16 of the 28 markets in June. New listings declined between May and June in 12 markets and were lower year-over-year in 13 areas. Ontario, in particular, saw listings drop, lead by a 29 per cent plunge in St. Catharines.