We have noted an increase in sales activity of residential sales within Calgary over the last two weeks of January.

Month	Average Sales Per Day	Change	$ Average	Change
December	21		$ 372,737
January	37	57%	$ 387,385	3.9%

478 residential (single family and condo) sales took place from January 19 through to January 31, 2009 for an average of close to 37 properties sold per day for an average property value of $387,385.00. This represents an increase of 57% of the daily average number of units recorded for the month of December 2008.

The recent decreases in mortgage rates, pent up buyer demand combined with some well priced properties for sale are having a positive effect on our local real estate market. We are anticipating continued increases in activity throughought the remainder of the first quarter; though overall expectations are for lower activity than that of Q1  2008.