Taking advantage of low rates for mortgages, buyers led a 39 percent increase in Calgary single-family home sales in January versus the same month last year.
Condominium sales increases were even more dramatic, with a 67 percent hike over January 2009.
According to Diane Scott, the new president of the Calgary Real Estate Board, attractive mortgage rates and home price cuts have contributed to making home ownership much more affordable.
She noted that average prices for homes are on par with average incomes.
In January, 762 single-family residences were sold within Calgary, down five percent from December sales in this category.
Sales of condos were placed at 376, up ten percent over the number that moved in December 2009.
Scott predicted a much more balanced real estate market during 2010.
She commented that January activity is much more typical of the expected winter sales activity levels.
The average Calgary single-family home price of $441,217 reflected a decline of two percent versus December, but a seven-percent increase over January 2009.
In the condominium market, the average price of $282,639 was two percent lower than in December, yet four percent above the average price for last January.
Scott said that affordability has been the key to a healthier housing market in Calgary, and that higher home prices in 2007 and 2008 kept many potential buyers out of contention.
A total of 1,822 single-family homes were listed for sale in January, an increase of 126 percent versus December, when only 806 new listings appeared on the Multiple Listing Service (MLS).
New listings for condominiums in January totaled 951, representing a 114 percent increase from December.