A bright ray of optimism has pierced the leaden clouds that were hanging over Calgary's real estate market early this year.
Sales of single-family homes increased 50% to 825 units in February compared to January, show figures released yesterday by the Calgary Real Estate Board. Condominium sales rose 52% to 334 units during the same period.
But despite the more brisk pace, activity and prices in Calgary's real estate market are a far cry from what they were at this time last year.
Unit sales of single-family homes plunged more than 34% in the course of one year, while condo sales retracted 39%. Prices declined as well, albeit at a slower rate.
A single-family home that one year ago cost $471,696 now costs $415,568, a price drop of nearly 12%.
