The Realtors Association of Edmonton reported in early December that the average selling price of a single-family home in that city was down 0.5 per cent in November from a month earlier and 2.5 per cent from 12 months earlier. It sat at $362,657 for November.
In Calgary, the average single-family home price was up 2 per cent from the previous month, to $455,466. That's an $11,000 price hike, but the average price was still 2.5 per cent below November 2009.
Calgary Real Estate Board chair Diane Scott acknowledges the late 2010 numbers were a surprise.
"Indeed, the second half of 2010 has proven to be weaker than expected, and Calgary's housing market is taking some time to regain traction," said Scott. "Subdued sales have meant buyers have an abundance of products to choose from, and they can be selective in their buying criteria."
For 2011, forecasts are for a slow but steady recovery of the housing market in both cities, according to Canada Mortgage and Housing Corp., but an increase in the price of oil could put both Calgary and Edmonton housing markets back on track.
from Western Investor, January 2011
