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Calgary house price gains slower than other centres

Calgary house price gains slower than other centres

 

Greater Toronto leads surge

 

Calgary house prices have shown a trend of year-over-year increases recently.
 

Calgary house prices have shown a trend of year-over-year increases recently.

Photograph by: Mikael Kjellstrom (Kjellstr?m) , CAL

CALGARY — Calgary house price gains compared with a year ago were slower than many other Canadian regions, according to the MLS Home Price Index released Friday by the Canadian Real Estate Association.

CREA said the index in Calgary in March was up 2.62 per cent from March 2011.

The MLS HPI is based on single-family, townhouse/row unit, and apartment unit sales activity in Greater Vancouver, Fraser Valley, Calgary, Greater Montreal, and Greater Toronto.

Greater Toronto led the country with an increase of 7.35 per cent followed by Greater Vancouver at 5.27 per cent.

The aggregate change of those centres surveyed was 5.09 per cent.

CREA said March’s increase was on par nationally with February’s gain, which was the smallest since last June.

“Overall price trends show that Canada’s housing market continues to moderate,” said Wayne Moen, CREA’s president. “Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers.”

Nationally, price growth remains much stronger for one and two storey single-family homes compared with multi-family units with price gains for single-family homes (6.4 per cent) running roughly double that for townhouse units (2.6 per cent) or apartment units (3.0 per cent).

Compared with three years ago, the index for Calgary was up by 7.69 per cent but it was down by 6.26 per cent from five years ago.

Calgary’s index has increased by 1.41 per cent from one month ago, by 2.38 per cent from three months ago and by 1.95 per cent from six months ago.

Also on Friday, a report by Robin Wiebe, senior economist at the Conference Board of Canada, said the seasonally-adjusted annual rate of MLS sales in Calgary was 25,944 in March, up 19.2 per cent from a year ago. Listings of 43,896 increased by 2.7 per cent. The average price in March of $406,844 was up 2.2 per cent from last year.

The report forecast short-term year-over-year price growth expectations in Calgary of between five and 6.9 per cent.

mtoneguzzi@calgaryherald.com


Read more: http://www.calgaryherald.com/business/Calgary+house+price+gains+slower+than+other+centres/6529405/story.html#ixzz1tFeAbGMe