Calgary, March. 3, 2014 – Following double digit gains last month, sales growth in the city of Calgary totaled 1,854 units, or an 8.68 per cent increase over the same period in 2013. Slower sales growth resulted in a reduction of listings in the single family sector. However, single family sales still totalled 1,230 units, a 1.9 per cent increase over the previous year.

"Demand growth in the single family sector has been restricted by the availability of product," says CREB® Chief Economist Ann-Marie Lurie. "New listings in this sector fell for the second consecutive month, causing further tightening in an already undersupplied market."

The number of homes up for sale may have declined, however Calgary's housing market showed no sign of letting up in January.

Undeterred by a four per cent drop in new listings, MLS® sales in the city increased by 17 per cent year-over-year in January. The increase marks the tenth consecutive month of year-over-year increases in Calgary dating back to March of 2013.

On the heels of a strong year of sales growth, January sales in the city of Calgary totaled 1,440 units, a 17 per cent increase over the previous year.

"Sales growth continues at the double digit pace seen over the later portion of 2013, mostly due to the gains in thecondominium sector," said CREB® chief economist Ann- Marie Lurie. "While these are the highest January sales levels since 2008, total sales transactions are in line with long-term trends."

Looking to 2014, Calgary's housing market is expected to continue growing, with sales and prices going up.

CREB®'s chief economist, Ann-Marie Lurie said that sales growth in the city is expected to be 3.6 per cent and prices are expected to increase 4.3 per cent.