CALGARY - Home sales in Calgary are off to a slow start in 2012 as buyers show continuing caution, says the Calgary Real Estate Board.
According to statistics made public Wednesday by the board, single-family MLS sales in January were down 1.4 per cent from a year ago to 773 transactions while condo sales increased by one per cent to 305 units.
The single-family average sale price of $438,683 was down 3.34 per cent from January 2010 while the condo average sale price dipped by 6.86 per cent to $268,526.
"Overall, the market is behaving as expected for the winter season," said Bob Jablonski, CREB's president."A lower number of sales is not uncommon for the month of January."
He said a slow start to the year is anticipated as consumers continue to be cautiously optimistic when it comes to purchasing or listing their home.
Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp., said the housing market in Calgary has been gradually improving.
"Current conditions have been favouring prospective buyers. However the market is expected to become more balanced in the months ahead," he said.
Will van't Veld, economist with ATB Financial, said it's probably not too surprising that activity has taken a bit of a dip given we are in the middle of winter.
"Interprovincial migration has yet to really pick up and while international migration to Alberta has picked up significantly over the past couple years, it's not totally offset the decline from interprovincial migrants," he said. "When you combine this with the fact that the unemployment rate for those aged 15-24 is still north of 10 per cent . . . it's not entirely surprising that you're likely not seeing household formations . . . at levels that we were accustomed to during the past decade."
Read more: http://www.calgaryherald.com/homes/Calgary+home+buyers+show+caution/6083920/story.html#ixzz1lFufaE8z