CALGARY REGIONAL HOUSING MARKET STATISTICS

04.12

A RETURN TO TYPICAL SALES ACTIVITY IN THE CALGARY REGION Improved activity across all sectors Calgary, May 1, 2012 For the month of April 2012, year-overyear sales activity improved across all sectors in the city. Calgary residential sales total 2,200 for the month, a 26 per cent increase over levels recorded last year. The growth in full-time employment, combined with improving migration levels, is translating into improved demand for housing, says Ann-Marie Lurie, CREB chief economist. While sales growth does seem exceptionally strong, it is important to keep in perspective that the sales activity in Calgary is returning to levels more consistent with the long-term average. The single-family market continues to tighten, with months of supply dropping below three months. Sales growth continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The MLS Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500. While the balance between demand and supply in the singlefamily market has shifted towards sellers territory, there are several components that make todays market different from five years ago, says Bob Jablonski, president of CREB. The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand, Jablonski adds. After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year. Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from. New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis. As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market. While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged. The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-overyear index price increase of 2.7 per cent. Overall for the month of April, the condominium townhouse and apartment

CALGARY SALES COMPARISON

CALGARY INVENTORY AND SALES

markets recorded a benchmark price of 294,500 and 248,300, respectively. While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year, says Jablonski. As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home. NOTE: The single family benchmark price has been pushed up to levels comparable to those recorded in 2007, but the index continues to remain below peak levels. Why the difference? This is mostly due to the community weighting factor inherent in the benchmark price. The index figure does not have the same bias, and therefore is a better measure of the true price appreciation in the market.

CREB Calgary Regional Housing Market Statistics

Page 1

CREB SUMMARY STATISTICS

For a list of definitions, see page 20.

Page 2

CREB SUMMARY STATISTICS CITY OF CALGARY

Page 3

MLS HPI SUMMARY

Page 4

COMPARISONS

Benchmark Price - April

600,000 500,000 400,000 300,000 200,000 100,000 1 storey 2 Storey Total SF Townhouse
CREB Towns

Apartment

Total Composite
Source: CREB

CREB Total Residential

CREB City of Calgary

Months of Supply - April

12.0 10.0 8.0 6.0 4.0 2.0 Months of Supply SF Months of Supply Townhouse CREB City of Calgary Months of Supply Apartment

Sales Distribution - April

120% 3.23% 100% 13.92% 80% 60% 40% 71.16% 20% 0% CREB Total Residential CREB City of Calgary CREB Towns 71.91% 11.69% 15.95% 12.14% 7.43% 11.85%

80.72%

CREB Total Residential

CREB Towns

Source: CREB

Single Family

Townhouse

Apartment

CRES

Source: CREB

CALGARY INDEX VALUE

220 210 200

CALGARY YEAR OVER YEAR PRICE CHANGES

60% 50% 40% 30%

190 180 170 160

20% 10% 0% -10% -20%

150

Index Value Single Family Index Value Apartment

Index Value Tonwhouse

SF Y/Y Index Price Change Townhouse Y/Y Price Change Source: CREB

Apartment Y/Y iIndex Price Change Source: CREB

Page 5

CITY OF CALGARY TOTAL

CALGARY YTD SALES BY PRICE RANGE

YTD-APRIL
30%

25%

20%

15%

10%

5%

0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999 - $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 6

CITY OF CALGARY

CALGARY YTD TOTAL SALES

12,000 10,000 8,000 6,000 4,000 2,000 0

CALGARY YTD TOTAL NEW LISTINGS

YTD-APRIL YTD-APRIL
20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0

SF Sales TH Sales

Apartment Sales 10 Year Average

Source: CREB

SF New Listings TH New Listings

Apartment New Listings 10 Year Average

Source: CREB

CALGARY INVENTORY AND SALES

7,000 6,000 5,000 300,000 4,000 3,000 2,000 100,000 1,000 50,000 250,000 200,000 150,000 450,000 400,000 350,000

CALGARY MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

Inventory

Sales

Benchmark Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CALGARY PRICE CHANGE COMPARISON

420,000 400,000 380,000 360,000 340,000 320,000 300,000 40% 30% 20% 10%

CALGARY PRICES
460,000 440,000 420,000 400,000 380,000 0% 360,000 -10% -20% 340,000 320,000

Average Price Y/Y% Change Index Y/Y% Change

Benchmark Price Source: CREB Average Price Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 7

CITY OF CALGARY SINGLE FAMILY

CALGARY YTD SINGLE FAMILY SALES BY PRICE RANGE

40% 35% 30% 25% 20% 15% 10% 5% 0% < $300,000 $300,000 - $350,000 - $450,000 - $550,000 - $700,000 + $349,999 $449,999 $549,999 $699,999
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

YTD-APRIL

CREB Calgary Regional Housing Market Statistics

Page 8

CITY OF CALGARY SINGLE FAMILY

CALGARY YTD SINGLE FAMILY SALES

9,000 8,000 7,000

CALGARY YTD SINGLE FAMILY NEW LISTINGS

YTD-APRIL
14,000 12,000 10,000

YTD-APRIL

6,000 5,000 4,000 3,000 2,000 1,000 0 2,000 0 8,000 6,000 4,000

SF Sales

10 Year Average

Source: CREB

SF New Listings

10 Year Average

Source: CREB

CALGARY SINGLE FAMILY INVENTORY AND SALES

5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 500,000 450,000 400,000 350,000 300,000 250,000 200,000

CALGARY SINGLE FAMILY MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

150,000 100,000 50,000 -

SF Inventory

SF Sales

SF Benchmark Price

Source: CREB

SF Months of Supply 3 month MA

Source: CREB

CALGARY SINGLE FAMILY PRICE CHANGE COMPARISON

460,000 440,000 420,000 400,000 380,000 360,000 340,000 320,000 300,000 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20%

CALGARY SINGLE FAMILY PRICES

530,000 510,000 490,000 470,000 450,000 430,000 410,000 390,000 370,000 350,000

SF Average Price Y/Y% Change Index Y/Y% Change

SF Benchmark Price SF Average Price Source: CREB SF Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 9

CITY OF CALGARY CONDOMINIUM TOWNHOUSE

CALGARY YTD TOWNHOUSE SALES BY PRICE RANGE

60% 50% 40% 30% 20% 10% 0% < $200,000
YTD-2009

YTD-APRIL

$200,000 $299,999
YTD-2010

$300,000 $399,999

$400,000 $599,999

$600,000+
Source: CREB

YTD-2011

YTD-2012

CREB Calgary Regional Housing Market Statistics

Page 10

CITY OF CALGARY CONDOMINIUM TOWNHOUSE

CALGARY YTD TOWNHOUSE SALES

YTD-APRIL
1,600 1,400

CALGARY YTD TOWNHOUSE NEW LISTINGS

2,500

YTD-APRIL

2,000 1,200 1,000 800 600 400 200 0 1,000 1,500

500

Townhouse Sales

10 Year Average

Source: CREB

Townhouse New Listings

10 Year Average

Source: CREB

CALGARY TOWNHOUSE INVENTORY AND SALES

900 800 700 250,000 600 500 400 300 100,000 200 100 50,000 200,000 150,000 350,000 300,000

CALGARY TOWNHOUSE MONTHS OF INVENTORY

9 8 7 6 5 4

BALANCED
3 2 1 -

TH Inventory

TH Sales

TH Benchmark Price

Source: CREB

TH Months of Supply 3 month MA

Source: CREB

CALGARY TOWNHOUSE PRICE CHANGE COMPARISON

340,000 320,000 300,000 280,000 260,000 240,000 220,000 200,000 50% 40% 30% 20% 10% 0% -10% -20%

CALGARY TOWNHOUSE PRICES

360,000 340,000 320,000 300,000 280,000 260,000 240,000 220,000

TH Average Price Y/Y % Change Index Y/Y% Change

TH Benchmark Price Source: CREB TH Average Price TH Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 11

CITY OF CALGARY CONDOMINIUM APARTMENTS

CALGARY YTD APARTMENT SALES BY PRICE RANGE

70% 60% 50% 40% 30% 20% 10% 0% < $200,000
YTD-2009

YTD-APRIL

$200,000 $299,999
YTD-2010

$300,000 $399,999
YTD-2012

$400,000 $599,999

$600,000+
Source: CREB

YTD-2011

CREB Calgary Regional Housing Market Statistics

Page 12

CITY OF CALGARY CONDOMINIUM APARTMENTS

CALGARY YTD APARTMENT SALES

2,500

CALGARY YTD APARTMENT NEW LISTINGS

YTD-APRIL
4,000 3,500

YTD-APRIL

2,000

3,000 2,500 2,000

1,500

1,000

1,500 1,000

500 500 0 0

Apartment Sales

10 Year Average

Source: CREB

Apartment New Listings

10 Year Average

Source: CREB

CALGARY APARTMENT INVENTORY AND SALES

1,400 1,200 1,000 200,000 800 150,000 600 100,000 400 200 50,000 300,000 250,000

CALGARY APARTMENT MONTHS OF INVENTORY

10 9 8 7 6 5 4 3 2 1 -

BALANCED

Apartment Inventory

Apartment Sales

Apartment Benchmark Price Source: CREB

Apartment Months of Supply 3 month MA Source: CREB

CALGARY APARTMENT PRICE CHANGE COMPARISON

320,000 300,000 280,000 260,000 240,000 220,000 200,000 50% 40% 30%

CALGARY APARTMENT PRICES

340,000 320,000 300,000 20% 10% 0% -10% -20% -30% 200,000 280,000 260,000 240,000 220,000

Apartment Average Price Y/Y% Change Index Y/Y% Change

Apartment Benchmark Price Source: CREB Apartment Average Price Apartment Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 13

CREB TOWNS

CREB TOWNS YTD SALES BY PRICE RANGE

YTD-APRIL
30% 25% 20% 15% 10% 5% 0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999- $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 14

CREB TOWNS

CREB TOWNS YTD TOTAL SALES

YTD-APRIL
2,500

CREB TOWNS YTD TOTAL NEW LISTINGS

4,500 4,000

YTD-APRIL

2,000

3,500 3,000

1,500

2,500 2,000 1,500

1,000

500

1,000 500

SF Sales TH Sales

Apartment Sales 10 Year Average

Source: CREB

SF New Listings TH New Listings

Apartment New Listings 10 Year Average

Source: CREB

CREB TOWNS INVENTORY AND SALES

3,500 3,000 2,500 2,000 200,000 1,500 150,000 1,000 500 100,000 50,000 400,000 350,000 300,000 250,000

CREB TOWNS MONTHS OF INVENTORY

18 16 14 12 10 8 6 4 2 -

BALANCED

Inventory

Sales

Benchmark Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CREB TOWNS PRICE CHANGE COMPARISON

370,000 360,000 350,000 340,000 330,000 320,000 310,000 300,000 290,000 280,000 -20% 20% 10% 0% -10% 40% 30%

CREB TOWNS PRICES

430,000 410,000 390,000 370,000 350,000 330,000 310,000 290,000 270,000 -30% 250,000

Average Price Y/Y% Change Index Y/Y% Change

Benchmark Price Source: CREB Average Price Benchmark Price Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 15

CREB COUNTRY RESIDENTIAL

CRES YTD SALES BY PRICE RANGE

YTD- APRIL
30% 25% 20% 15% 10% 5% 0% < $500,000 $500,000 - $600,000 - $700,000 - $800,000 - $1,000,000 $1,500,000+ $599,999 $699,999 $799,999 $999,999 - $1,499,999
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 16

CREB COUNTRY RESIDENTIAL

CRES YTD TOTAL SALES

YTD-APRIL
400 350 300

CRES YTD TOTAL NEW LISTINGS

YTD-APRIL
1200 1000 800

250 200 150 100 200 50 0 0 600 400

CRES Sales

10 Year Average

Source: CREB

CRES New Listings

10 Year Average

Source: CREB

CRES INVENTORY AND SALES

1,400 1,200 1,000 600000 800 600 400 200000 200 100000 0 500000 900000 800000 700000

CRES MONTHS OF INVENTORY

40 35 30 25 20 400000 300000 15 10 5 -

BALANCED

Inventory

Sales

Median Price

Source: CREB

Months of Supply 3 month MA

Source: CREB

CRES YEAR OVER YEAR PRICE CHANGES

80% 60% 40%

CRES PRICES
1,200,000 1,100,000 1,000,000 900,000

20% 800,000 0% -20% -40% 700,000 600,000 500,000

Average Price Y/Y% Change Average Price Y/Y% Change 3 month MA

Source: CREB

Average Price

Average Price 3 month MA

Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 17

CREB TOTAL RESIDENTIAL

CREB RESIDENTIAL YTD SALES BY PRICE RANGE

YTD-APRIL
30% 25% 20% 15% 10% 5% 0% < $200,000 $300,000 $350,000 $450,000 $550,000 $700,000 $200,000 - $299,999 -$349,999 - $449,999 - $549,999 - $699,999 +
YTD-2009 YTD-2010 YTD-2011 YTD-2012 Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 18

CREB TOTAL RESIDENTIAL

CREB RESIDENTIAL YTD TOTAL SALES

16,000 14,000 YTD-APRIL

CREB RESIDENTIAL YTD TOTAL NEW LISTINGS

YTD-APRIL
25,000

20,000 12,000 10,000 8,000 6,000 4,000 2,000 0 0 10,000 15,000

5,000

SF Sales CRES

Apartment Sales 10 Year Average

TH Sales Source: CREB

SF New Listings CRES New Listings

Apartment New Listings 10 Year Average

TH New Listings Source: CREB

CREB RESIDENTIAL INVENTORY AND SALES

12,000 10,000 350,000 8,000 6,000 200,000 4,000 2,000 50,000 0 150,000 100,000 300,000 250,000 450,000 400,000

CREB RESIDENTIAL MONTHS OF INVENTORY

12 10 8 6 4 2 -

BALANCED

Inventory

Sales

Benchmark Price

Source: CREB

Source: CREB

CREB RESIDENTIAL PRICE CHANGE COMPARISON

420,000 400,000 380,000 360,000 340,000 320,000 300,000 40% 30%

CREB RESIDENTIAL PRICES

480,000 460,000 440,000 20% 10% 380,000 0% -10% 320,000 -20% 300,000 360,000 340,000 420,000 400,000

Average Price Y/Y Change Index Y/Y% Change

Benchmark Price Source: CREB

Average Price

Benchmark Price

Source: CREB

CREB Calgary Regional Housing Market Statistics

Page 19

DEFINITIONS
SF - Single Family TH - Condominium Townhouse Months of Supply - Active Listings (Inventory) / sales Composite - includes single family, apartment and townhouse activity Average DOM - Average Days on Market for Sold properties Sales $ / List $ - sales price to list price ratio Active Listings Total listings on the market as of 4:30am on the first of day of the month LP - List Price SP Sales Price CRES - Country residential properties YTD - Year to Date 3 month MA - 3 month Moving Average Y/Y Year over Year New Listings include listings added for a particular month

HOW THESE STATISTICS ARE CALCULATED

In order to align our data with the MLS Home Price Index (HPI), we made several changes to the data that we report, as well as the monthly statistics. The new package provides more information and data exclusions provide a better residential picture. All the data provided through the monthly statistics package as of March 2012, reflect these adjustments. Please note, historical PDF packages do not include the changes. A summary of these changes is available below: MONTHLY STATISTICS PACKAGE We now provide monthly statistics for: CREB Total Residential, CREB Towns, CREB Country Residential (CRES), City of Calgary, City of Calgary Single Family, City of Calgary Condominium Apartment, City of Calgary Condominium Townhouse.

All categories exclude: vacant lots, time shares, parking stalls and mobile homes on leased land. CITY OF CALGARY Includes sales in Zones A, B, C, D only. Condominium Apartment includes all Condominium title properties that are classified by type as either a lowrise or high-rise apartment. Condominium Townhouse include all Condominium titled properties that are not classified as an Apartment. Historical inventories have been adjusted to best reflect the adjustments made to the data.

TOTAL MLS Changed to CREB Total Residential and excludes the following: Excludes: Rural Land, Country Recreational (CREC), The exclusions applied to the data results in roughly 400 500 less sales per year. Historical inventories have been revised to best reflect the adjustments made to the data, while Mobile Homes, Rural Land and CREC inventories could be pulled out of the total MLS inventory data. No adjustments could be made for Vacant Lots, Time Shares and Parking Stalls, indicating historic figures could be slightly overstated compared to current numbers.

ABOUT CREB
CREB is a professional body of more than 5,100 licensed brokers and registered associates, representing 245 member offices. CREB is dedicated to enhancing the value, integrity and expertise of its REALTOR members. Our REALTORS are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and standards of business practice. For Calgary Metro, CREB statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information. Any use or reference to CREB data and statistics must acknowledge CREB as the source. The board does not generate statistics or analysis of any individual member or companys market share. All MLS active listings for Calgary and area may be found on the boards website at www.creb.com. CREB is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS and Multiple Listing Service are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR and REALTORS are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB, used under licence.

CREB Calgary Regional Housing Market Statistics

Page 20