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Calgary single family home sales increase over the previous month and year-over-year.
Calgary, March 1, 2011 -According to figures released today by CREB® (Calgary Real Estate Board), for the second month in a row, single family home sales in the city of Calgary increased over previous month figures and levels recorded in February 2010. The rise in sales continues to point to a gradual recovery in Calgary's housing market.
"The convergence of affordability, low interest rates, a good selection of inventory and improved confidence in the Alberta's energy sector is building the foundation for a sustainable housing recovery," says Sano Stante, president of CREB®. "Sales of single family homes priced below $400,000 are driving the gradual recovery, with the expectation that as the year progresses we should see the sales shift to homes priced in the mid range of the market."
"The Bank of Canada announced today that interest rates will remain unchanged until summer to encourage continued economic growth in Canada. Steady interest rates combined with stable housing prices indicate current affordability levels in Calgary will persist throughout the first half of 2011," says Sante.
"Improvements in the energy sector will translate into growth in employment and net-migration in Alberta and Calgary. This will boost consumer confidence and ultimately improve housing demand." says Stante.
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Info provided by CREB Mar 4, 2011
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