Calgary, December 20, 2009 -

housing market is showing signs of a sustained

recovery according to figures released today by

the Calgary Real Estate Board (CREB®).

The number of single family homes sold in

November 2009 in the city of Calgary were

up 63 per cent from the same time a year ago,

while condominium sales saw an even steeper

increase-up 77 per cent from the same time a

year ago.

"November sales are clearly demonstrating that

the recovery in the Calgary housing market has

staying power," says Bonnie Wegerich, president

of the Calgary Real Estate Board. "We have now

seen seven consecutive months of year-over-year

sales increases for both the single-family and

condo markets. And November sales are in line

with what we would expect this time of year in a

balanced and normalized market."

November 2009 saw 1,095 single family homes

sold in the city of Calgary. This is a decrease of

15 per cent from 1,285 sales in October of this

year. In November 2008 single family home

sales were 670. The number of condominium

sales for the month of November 2009 was 504.

This was a decrease of 16 per cent from the 601

condominium transactions recorded last month.

In November 2008 condominium sales were 284.

"Clearly low borrowing costs are helping to fuel

this recovery," says Wegerich. "Many buyers

want to get in while mortgage rates remain at

record lows. Better employment numbers and

an improving economic outlook are giving the

market an added boost."

"It's the ‘new kids on the block'-the young first

time homebuyers if you will-that continue to

be a bright spot in our housing market. Clearly

this can be seen in the strength of our condo sales

this month and it is helped by the narrowing gap

between the costs of renting when compared to

owning," says Wegerich.

"But interestingly in recent months we have also

seen more move-up buyers enter the market and

this is being reflected in the strength of our average

price of single family homes," adds Wegerich.

The average price of a single family home in the

city of Calgary in November 2009 was $464,444,

showing no significant change from October

2009, when the average price was $462,465, and

showing an increase of 7 per cent from November

2008, when the average price was $435,471.

The average price of a condominium in the city

of Calgary in November was $294,264 showing

a 2 per cent increase from October 2009, when

the average price was $289,155 and a 3 per cent

increase over last year, when the average price

REALTORS® are educated, licensed professionals trained to guide you through the real estate transaction.

CALGARY'S HOUSING RECOVERY HAS STAYING POWER

Low borrowing costs continue to fuel market recovery

Total MLS® Inventory to Sales

Total MLS® Information

REALTOR® SOLD PROPERTIES

NOVEMBER 2009

Absorption Rate

was $285,820. Average price information can be

useful in establishing trends over time, but does

not indicate actual prices in centres comprised of

widely divergent neighbourhoods, or account for

price differentials between geographical areas.

"A healthy demand for homes combined with a

steadily decreasing inventory is holding prices

firm," says Wegerich. "Our absorption rate for

single family homes in the city of Calgary is

currently less than 2.5 months."

"Pricing will remain stable and may edge upwards

in some markets-but it is unlikely that we will

see any dramatic jump in prices in the months to

come," adds Wegerich.

Single family listings in the city of Calgary added

for the month of November totaled 1,365, a

decrease of 25 per cent from October 2009 when

1,819 new listings were added, and showing a

decrease of 13 per cent from November 2008,

when 1,567 new listings came to the market.

Condominium new listings in the city of Calgary

added for November 2009 were 705, down 18 per

cent from October 2009, when the MLS® System

saw 859 condo listings coming to the market. This

is a decrease of 5 per cent from November 2008,

when new condominium listings added were 741.

The median price of a single family home in the

city of Calgary for November 2009 was $408,000,

showing no significant change from October 2009,

when the median price was $410,000, and up 5 per

cent from November 2008, when the median price

was $387,300. The median price of a condominium

in November 2009 was $264,900, showing a 1 per

cent increase from October 2009, when the median

was $263,500, and up 5 per cent from November

2008, when the median price was $251,800.

All city of Calgary MLS® statistics include

properties listed and sold only within Calgary's city

limits. The median price is the price that is midway

between the least expensive and most expensive

home sold in an area during a given period of time.

During that time, half the buyers bought homes that

cost more than the median price and half bought

homes for less than the median price.

"We expect sales to taper off as we enter the winter

months," notes Wegerich. "But the market is well

above the trough we saw at the end of 2008 and

we are now seeing much healthier and balanced

conditions for both buyers and sellers."

CREB® is a professional body of 5,110 licensed

brokers and registered associates, representing

252 member offices. The board does not generate

statistics or analysis of any individual member or

company's market share. All MLS® active listings

for Calgary and area may be