| Calgary, April 1, 2011 – CALGARY’S HOUSING MARKET RECOVERY DRIVEN BY SINGLE FAMILY HOME SALES. Calgary’s NW sector boasted the largest gains in single family homes sales in the first quarter according to figures released by CREB®, Calgary Metro sales remained at levels similar to the first quarter of 2010. Improved sales in the single family market have largely been offset by declining sales in the condominium market, indicating that the gradual recovery will continue to be driven by the single family market for the better portion of the year. Single family home sales in the first quarter of 2011 were 3,309, a 4 per cent increase over the first quarter of 2010. The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fueling the growth. March 2011 single family home sales totaled 1,355, a 3 per cent decrease over March 2010 figures. The decline in sales was accompanied by a 19 per cent year-over-year decline in new listings. As a result, inventory remained at three months, which indicates a balanced single family market. |