Calgary Real Estate Market News August 2001

Best July Sales Ever!

Lower interest rates are paving the way to record sales with some lenders offering 5 year terms for 6.5% closed.

Year to date residential sales were 13,473 in 2001, compared to 12,272 in 2000, an increase of 9.8%. Residential sales reached 1,986 this July, up by 15% over last July. In fact, July 2001 marked the highest number of residential sales ever sold in the month of July.

The average combined residential sale price in July was $183,630 breaking out the single family and condominiums. The average sale price for single family dwellings was $194,808 and $140,923 for condominiums. A key indicator of the market has always been the length of time it takes to sell a property which is averaging 62 days for single family homes.

Lower interest rates and a booming oil economy are all contributing factors to a very strong housing market.

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