Calgary's residential sales are continuing to show positive growth.

Sales increased by 15 per cent on a year-to-date basis in 2012, and were up eight per cent this November compared to last. With nearly eight consecutive months of double-digit, year-over-year sales growth, the city's inventory levels are decreasing, as new listings haven't been able to keep up. However according to CREB®'s monthly stats, the ratio between sales and inventory shows the market remains in balanced territory.

CALGARY RESALE MARKET REMAINS IN BALANCE

Inventories continue to fall, but sales growth eases to keep market stable Calgary, December 3, 2012 – Residential sales in the City of Calgary have increased by 15 per cent on a year-to-date basis, and were up 8-per-cent in November compared to the same month in 2011.

Nearly eight consecutive months of double-digit, year-over-year sales growth has caused inventory levels to decline because new listings have not kept up. However, the ratio between sales and inventory indicates the market remains in balanced territory.

With strong economic growth expected to continue into 2013, some say Alberta's recent real estate market "renaissance" is just getting started.

"The Alberta housing market enjoyed an unusual mix of factors in the third quarter: firm and steady resale activity, balanced demand-supply conditions (if marginally tight), moderate home price increases, and attractive and improving affordability," said an RBC Housing Trends and Affordability report.

Buoyed by net migration, job prosperity and low mortgage rates, MLS® sales in Calgary this year are expected to reach their highest level since 2007, before increasing even further in 2013.

As outlined in the Canada Mortgage and Housing Corporation's (CMHC) annual Calgary Housing Outlook Conference, which took place Nov. 20 at the BMO Centre, Richard Cho, CMHC's senior market analyst for Calgary, said sales in Calgary should increase by almost 16 per cent in 2012 to 26,000 units, rising by another 500 units in 2013 to 26,500.

"Today's youth are growing up in an era of complexity and uncertainty. Changes have delayed, or even destroyed, the landmarks that once signaled a transition from one phase of life to another."
-vitalsignscanada.ca

The dream is to own a home. You work really hard to graduate college or to learn a trade and then you save up enough for a down payment on your first home, sounds simple enough. However, buying a home gets tricky. If you live in Calgary it's a challenging task, becoming more challenging in the last five years or so.

Calgary and Alberta continue to be the exception to the rule when it comes to the Canadian housing market.

"Alberta and the rest of the country are clearly on different train tracks when it comes to the housing market," said ATB senior economist Todd Hirsch. "Back when Alberta's home prices were booming, the explanation was pretty straightforward: very high in-migration combined with strong wage growth and the introduction of 40-year mortgages."