CALGARY - Calgary’s resale housing market is classified in balanced territory with short-term year-over-year MLS price growth expectations in the range of five to 6.9 per cent, says the Conference Board of Canada.

In its latest Metro Resale report, released Thursday, the board said the Calgary area’s sales-to-new-listings ratio in May was 0.698 and a balanced market range would be 0.467 to 0.745.

It said the annual rate of sales in May was 32,676, up 10.6 per cent from last year while new listings were up 5.7 per cent year-over-year to 46,728.

The average price in the Calgary market in May was $453,315, up 6.6 per cent from last year.