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Calgary Real Estate Market News October 2003
MLS resale market maintained its pace
in October with 2,021 residential
units changing hands. Total active residential listings numbered
6,467 as of November 2, 2003 compared to an inventory of 4,505
units at the beginning
of November 2002 which is an increase of 44%. There is over a
three month supply of housing in the Calgary marketplace.
The average combined residential sale
price in October was $212,609 up marginally from September's price
of $212,342 and up almost 6% over the $201,316 for October 2002.
Single family averaging $231,258 ($218,176 in 2002) and
condominiums $159,435 ($153,601 in 2002).
Interest rates remain low at 5.10% for
5 years at some Mortgage companies, however our vacancy rates have
increased to around 10%. A high for the past 6 to 7 years. With
low rates, a lot of tenants have chosen to purchase in this
market, creating the large rental vacancy.
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