Calgary house price growth forecast 5% to 7% year-over-year growth in short termPosted on May 31, 2011 Calgary can expect five to seven per cent year-over-year house price growth in the short term, according to the Conference Board of Canada.

In its Metro Resale Index, released Tuesday, the board said the average residential price in Calgary in April jumped to $407,900, up from $393,427 in March and from $395,468 in April 2010.

But the annualized rate of sales dropped in April to 21,312 which is down from 21,840 in March and from 23,556 in April 2010.

“Tightening of federal mortgage-insurance rules hurt April resale activity. Sales fell from March levels in 23 of our 28 markets, and from a year earlier in 26 areas,” said the conference board of its national data.

“The drop in sales in April added to vendors’ gloom. Although listings in April fell from March levels in only nine markets, they trailed year-earlier levels in 19.”

The board forecast short-term year-over-year price growth of seven per cent and more in Saskatoon, Gatineau, Montreal, Quebec City, Sherbrooke, Trois-Rivieres and Saguenay.

In the five to seven per cent category with Calgary is Victoria, Vancouver, Fraser Valley, Edmonton, Regina, Winnipeg, Sudbury, Halifax and Newfoundland.

In the three to five per cent category is Thunder Bay, Hamilton, St. Catharines, Kitchener, Kingston, Ottawa and Saint John.

And in the zero to three per cent category is Toronto, Oshawa, London and Windsor.

According to the website of Calgary realtor Mike Fotiou, of First Place Realty, from May 1-30 there have been 1,255 MLS sales in the city for an average price of $487,946. In April for the entire month there were 1,217 sales for an average of $479,575 while in May 2010 there were 1,262 transactions for an average of $483,240.

In the condominium market, month-to-date in May up to and including Monday saw 485 sales for an average price of $286,591. In April, there were 535 transactions for an average of $289,158 and in May 2010 there were 518 sales for an average of $304,662.