The Calgary Real Estate Board (CREB) reports the average selling price for a Calgary single family home in August was $445,617 down 5.2% from the previous month. The median price was $395,000, down 1.2% from the previous month. The average time to sell a Calgary single family home was 50 days compared to 45 days from the previous month . New Calgary MLS® Listings were up for single family homes in August. Calgary Metro added 1,960 new single family home listings to the Calgary MLS® system and 867 single family homes sold, down 48 homes from the previous month.

The Calgary Real Estate Board (CREB) reports the average selling price for a Calgary condo in August was $286,384, down 1.6% from the previous month. The median price was $260,000, down 3% from the previous month. The average time to sell a Calgary condo was 53 days compared to 51 days the previous month. New Calgary MLS® Listings were down for condos in August. Calgary Metro added 808 new condo listings to the Calgary MLS® system, down 82 units from the previous month & sold 364 Calgary condos, down 32 condos from the previous month.

“Calgary’s housing market has been undergoing a measured correction over the past 4 to 5 months. Sales are trending lower as a result of a decrease in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of the Calgary Real Estate Board. “There has been much talk recently about the potential for a housing bubble in Canada--but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.” “A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011, ” adds Scott.

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