Calgary brokers benefited from February's uptick in homebuyer activity, but not necessarily those agents focused on young first-time buyers.
While Calgary homebuyers picked up the pace in February, the first-time buyers who traditionally drive condo sales slowed down.
magazine.ca/plugins/editors/jce/tiny_mce/plugins/article/img/trans.gif" title="Read More" />Overall, total residential sales activity was up 11.6 per cent, according to the Calgary Real Estate Board (CREB), but condo sales were down 11.4 per cent in February from a year earlier, with 248 sales last month.
CREB President Bob Jablonski said buyers have been drawn to the affordability and selection of houses and townhomes, but failed to show the same interest in condos.
Still, that trend may have disadvantaged brokers whose young homebuyer base were less able to access the more expensive semi- and detached home markets.
Overall, the average single family home price was up 1.6 per cent from a year earlier to $469,726.
Prices had declined or remained flat through most of 2011, and February was the first significant price gain overall in the city in about a year.
“There do appear to be some positive headwinds,” said Jablonski.
The CREB’s report showed the most sales in the $200,000-$299,999 bracket, as was the case last year as well. There was jump in properties sold over $1 million, from 36 in February 2010 to 42, up 16.7%.
Specific to condo apartments, the overall drop in sales seemed to have come most in the $100,000-$199,000 range, where year-to-date sales have slipped from 145 last year to 115 this year, down 20.6%.