According to the Calgary Real Estate Board, there were 1,936 units sold in Calgary in July 2012. This is a 21 per cent increase from July 2011.
In an article in The Calgary Sun, chief economist for the CREB Ann-Marie Lurie said that the “recent mortgage rule changes prompted much discussion of a national housing correction. While the two largest cities, Vancouver and Toronto, have started to witness declines in home sales activity, Calgary continues to record improving sales and prices.”
She went on to note that “the gains were supported from the economic growth in the region. Last year, Alberta led the country in economic growth and with Calgary being the energy capital of the country, the city has benefited from growth in full-time employment, migration and overall improved confidence.”
July’s activity brings 2012’s total year-to-date sales to 13,684 units. This is a 17 per cent increase from 2011.
The condo apartment market saw increases of 25 per cent year-over-year while the single family sector saw increases of 21 per cent year-over-year.
Overall, homes are selling quicker in 2012 than they were in 2011, taking an average of 43 days from listing, down from 46 days from listing last year.