Calgary new home prices on the rise

by qnaheedk 19. March 2013 07:29

CALGARY — New home prices in the Calgary region were on the rise in January.

Statistics Canada reported Thursday that its New Housing Price Index for the Calgary census metropolitan area was up 3.3 per cent from a year ago and it had also increased by 0.5 per cent from December.

Nationally, the NHPI rose by 2.2 per cent on an annual basis and by 0.1 per cent month-over-month.

“The combined metropolitan region of Toronto and Oshawa, as well as the region of Calgary, were the top contributors to the advance. Builders indicated that market conditions were the primary reason for higher prices in Toronto and Oshawa, while increased material and labour costs contributed to higher prices in Calgary,” said the federal agency.

The largest monthly price advance in January occurred in Charlottetown at one per cent.

In Winnipeg, where the pace of the annual increases has been accelerating over the last several months, year-over-year prices were up 5.9 per cent in January, which was the biggest increase in the country, said Statistics Canada.

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Calgary house prices flirting with 2007 peak level

by qnaheedk 5. November 2012 06:58

October sales activity climbs from a year ago

 By Mario Toneguzzi, Calgary Herald October 31, 2012


CALGARY — Calgary’s resale housing market in October is continuing to show very strong year-over-year sales growth with average prices competing with the peak level of 2007.

 According to the Calgary Real Estate Board, month-to-date until October 30, total MLS transactions in the city of 1,603 are up 23.88 per cent from the same period a year ago and the average sale price has risen by 7.22 per cent to $435,922.

 The October activity has pushed year-to-date sales to 18,616, an increase of 15.85 per cent. And the year-to-date average sale price has jumped to $427,612, up 2.99 per cent from a year ago. The yearly average sale price in the city peaked in 2007 at $423,770.

 “The economy in Calgary has been growing and has outperformed many other regions in the country,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Factors that support housing demand have improved in Calgary more quickly compared to other areas in Canada, contributing to some of the differences in resale activity. All of the jobs created in Calgary thus far in 2012 have been full-time jobs. Not only that, nearly all of the jobs created have been in the goods-producing sector, which on average are higher pay compared to the services-producing sector.

“Average earnings in Calgary have also increased, up over five per cent from 2011. The labour market in Calgary has provided opportunities for people to find good paying jobs which has helped support sales.”

Migration has been another factor contributing to the rise in sales as has continued relatively low interest rates, added Cho.

According to CREB, new listings so far in October have dipped to 2,231, down 8.64 per cent from the same period a year ago. And year-to-date listings of 29,253 are off 5.84 per cent from last year.

 “We are seeing more pressure on prices this year,” said Cho. “Not only has demand picked up, but supply of existing homes has also come down. Elevated active listings in 2011 was one of the reasons that had tempered price growth. But since then, the market has become more balanced, there are fewer homes to choose from while demand remains steady. As such, we have seen prices gradually rise.”

 Despite some warnings elsewhere in the country that the housing market is slowing down, Calgary’s market is buoyed by some positive economic fundamentals including economic growth, employment growth and population growth.

 “The Calgary economy is expected to expand in 2013, but perhaps not to the same degree as in the previous year,” said Cho. “We anticipate the market to remain in balanced territory into 2013. The economy will continue to support many of the factors that support housing demand. Sales and prices are forecast to increase next year.”


© Copyright (c) The Calgary Herald


Canada Mortgage And Housing Corporation Release

by qnaheedk 11. September 2012 06:52

 Here is a release from Canada Mortgage & Housing Corporation about Calgary's Real Estate market for your review



 CMHC_2012_09_11_0900_EPC.pdf (83.59 kb)


Calgary real estate market stays the course

by qnaheedk 3. July 2012 09:53

Calgary real estate market stays the course

Sales activity trending towards long-term stability


The monthly statistics package is available here.


Calgary, July 3, 2012 – Residential sales in the City of Calgary totaled 11,752 for the first half of this year, a 16-per-cent increase over the same period last year.  The rise in sales has brought activity levels closer to long-term trends in the city.


“Recent mortgage rule changes may dampen some of the gains in the resale market,” says Ann-Marie Lurie, CREB®’s chief economist. “But this is not expected to cause a full reversal of either sales or price growth, provided the global economic situation does not significantly worsen.


“Our housing market is returning to normal levels of activity, supported by the improvements in our employment sector and rise in migration.”
Single family monthly sales reached 1,609 units in June, a decline over the previous month, but 16 per cent higher than levels recorded in June 2011. However, new listings are declining as consumers appear to delay putting units on the market until they see further price recovery.  Despite the decline, with a current inventory of 3,817, the supply constraint has eased and the single family market is moving towards more balanced levels.


“Overall, the Calgary market is trending towards long-term stability,” says Bob Jablonski, president of CREB®. “Activity levels are consistent with our expectations, and are not demonstrating an overheated market. We’ve seen a slight lack of supply in single-family homes, but this is not the case in the broader residential market, including surrounding towns.”


The single-family benchmark price for the month of June 2012 was $430,800, a 7.3-per-cent increase over the previous year.  Year-over-year price increases have been particularly strong in the recent months, in part due to the decline in months of supply. As the city moves towards balance, we can expect price growth to ease in following months. 


“Homebuyers are confident about the long-term prospects in our city, and continue to search for homes in those communities that align with their needs,” Jablonski says. “People who are in the market to buy right now have to make their decisions quicker, but they are well informed and they continue to seek out value for their money.”


While June sales activity showed a modest improvement over last year, year-to-date condominium apartment sales totaled 1,858, a 7-per-cent increase over the first half of 2011. Both monthly and year-to-date sales remain consistent with long-term trends.  The rise in sales over the first half of the year combined with a decline in listings helped reduce the excess supply.  With supply hovering just above three months, the condominium apartment market remains in balance.


The condominium-apartment market recorded a modest improvement in pricing, with a benchmark price of $246,300 in June 2012, a year-over-year price gain of 1.5 per cent.  The condominium-townhome benchmark price grew by 3.3 per cent over 2011, and is now $278,000.


“Recent reports have mentioned an overvalued Canadian housing market, and it is important to note that the Calgary market has already recorded a correction,” says Lurie, who notes benchmark prices in the entire CREB® residential market remain 8 per cent below peak levels. “Alberta was slow to recover from the recession, but this year our province is expected to lead the country in economic growth. This growth will continue to support gains in full-time employment and encourage positive momentum in our local housing market by way of both demand and price recovery,” Lurie concludes.

About CREB®

CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 242 member offices. CREB® is dedicated to enhancing the value, integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code of Ethics and standards of business practice.


For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary. Furthermore, all historical data has been adjusted to the most current information.


Any use or reference to CREB® data and statistics must acknowledge CREB® as the source. The board does not generate statistics or analysis of any individual member or company’s market share.


Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas. All MLS® active listings for Calgary and area may be found on the board’s website at


CREB® is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB®, used under licence.



Calgary most affordable for housing in Canada

by qnaheedk 21. September 2011 07:22

How long it's going to last is anybody's guess - but for now, Calgary is the most affordable city in Canada in which to buy a home, says a report.

More than that, Alberta is the most affordable province, says the most recent housing affordability report issued by RBC for the second quarter of this year.

"In Calgary, it is the most affordable it has been in six years," says Bill McFarlane, Calgary-based RBC sales manager for Prairie builder markets.

For the average two-storey home in the city, the portion of a family's pre-tax income required to cover monthly mortgage payments, property taxes and utilities is 38.5 per cent. Provincially, it costs 36.4 per cent.

"Compare that with places like Toronto, where it takes 61.4 per cent - and Vancouver, where it's more than 95 per cent of household income, and you can see how well off we are," says McFarlane.

Closer to home, Edmonton sits at 39.1 per cent.

Affordability was helped by a weaker than expected rebound in resale activity, he says.

"After posting two successive increases, resale activity edged down in the April-June period," says McFarlane. "This had the effect of keeping price pressures at bay."

Among the provinces, the next closest to Alberta in terms of affordability was the Atlantic region at 38.5 per cent.

Ontario sat at 48.6 per cent and B.C. was 76.6 per cent.

The benefits to the Calgary market of such "attractive affordability have nonetheless been slow in coming," says the report. "Homebuyer demand has been stuck in low gear up to this point, with existing home sales. new home construction and home prices continuing to exhibit flat month-to-month trends."

But with industry players and watchers all expecting an upward blip in business, those benefits are likely to improve.

"Going forward, attractive affordability, robust growth, and rising employment and migration will act to improve confidence in the market," says McFarlane.

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To Tweet or Not to Tweet, That is The Question

by qnaheedk 8. September 2011 13:44

If brevity is the soul of wit, Shakespeare would have loved Twitter.

Maybe that's why University of Calgary English professor Michael Ullyot has chosen the micro-blogging platform to stoke student discussion of the Bard.

This year, his English 205 students will be required to sign up for a Twitter handle and post at least six questions about the course material using the hashtag #engl205.

Ullyot said he hopes the program will help him "get a better sense of where their minds are."

"It's more intellectual, more substantive. People think Twitter is stupid. So is TV, but you have PBS. So is radio, but you've got NPR," he said.

It's a way of pushing the course material into the virtual space his students already inhabit.

Although Ullyot wears a crisp striped shirt and works in an ordered office filled with books and framed manuscripts, he also blogs and owns an iPad.

He's a hybrid professor, teaching an author whose works have straddled ancient and modern conditions over the centuries.

Shakespeare has always been used in pop culture and marketing.

"He's been at the forefront of a lot of technological change over the years," Ullyot says. The first movies and television shows borrowed heavily from Shakespeare, and continue to do so.

"I'm not dumbing it down, I'm making it interactive and that's what his theatre was originally," the professor said.

The students will have to tweet in their off-hours, however.

Ullyot had considered running the Twitter feed as he was teaching, but decided against it.

"I haven't figured out how to do that in a structured enough way," he said.

The real demon: "I don't want the students to multitask."

He believes, strongly, that if "you're going to read a book, you should sit down and read a book."


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Alberta Labour Market Top Performer

by qnaheedk 1. September 2011 12:40

Alberta topped all jurisdictions in North America for labour market performance over the last five years, according to a report released Thursday by The Fraser Institute.

Measuring Labour Markets in Canada and the United States: 2011 Edition, which ranks the performance of labour markets in 10 Canadian provinces and 50 American states, is a composite measure of labour market performance based on five equally weighted indicators: average total employment growth, average private sector employment growth, average unemployment rate, average duration of unemployment, and average labour productivity.

The report said Alberta’s strong performance enabled it to achieve the highest overall score of 9.0 out of 10.

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