Thanks to my clients for making me #8 in my office - out of about 135 Realtors (not 15, haha!)
http://www.calgaryherald.com/business/Calgary+home+price+growth+best+Canada/8902836/story.htmlCalgary new home price growth best in Canada
5.8% year-over-year hike best since December 2007
CALGARY - The Calgary region experienced the best year-over-year price growth for new homes across the country in July, according to Statistics Canada.
The federal agency reported Thursday that the New Housing Price Index for the Calgary census metropolitan area rose by 5.8 per cent from July 2012.
“This was the largest price movement in Calgary since December 2007,” it said.
Across Canada, the index was up 1.9 per cent from a year ago.
On a monthly basis, prices in Calgary increased by 0.6 per cent while throughout the country they were up 0.2 per cent.
Statistics Canada said “increased material and labour costs as well as a shortage of developed land contributed to higher prices in Calgary. Calgary has been a top contributor to advances in new housing prices over the past eight months.”
Ben Brunnen, a Calgary economic consultant, said Calgary is a strong economy right now, and there are a lot of factors driving residential housing demand.
“Persistently low unemployment compared to other parts of Canada have drawn lots of interprovincial migrants to our city,” said Brunnen. “This increases housing demand and, when combined with low vacancy rates, really puts pressure on house prices.
“New home construction costs are also on the rise in Calgary, driven in part by labour shortages from the June floods. Expect to see Calgary home prices continue to grow into 2014.”
© Copyright (c) The Calgary Herald
CALGARY — Short-term year-over-year price growth expectations for the Calgary resale housing market are between five and 6.9 per cent, according to the Conference Board of Canada.
In a report released Thursday, the board said the average sale price in Calgary was $423,917 in April, up 4.6 per cent from last year.
The seasonally-adjusted annual rate of sales was flat at 28,548 while listings dropped by 1.6 per cent to 44,364.
The board listed Calgary as a balanced market.
Edmonton’s short-term year-over-year price growth expectations were three to 4.9 per cent.
The seasonally-adjusted annual rate of sales in Edmonton was 17,100, down 8.6 per cent from a year ago while the average sale price moved up by 1.0 per cent to $339,408. Listings were off by 8.5 per cent to 29,232.
Edmonton as well was listed as a balanced market.
Transactions were below their April 2012 levels in 24 of 28 markets in Canada, with 21 reporting a drop of five per cent or more.
Listings fell from a year ago in 14 markets.
50% of Canadians feel prices will increase
By Mario Toneguzzi, Calgary Herald May 16, 2013
CALGARY — Continued low interest rates are having a positive impact on the Canadian recreational real estate market, says a survey by Royal LePage.
The survey, which polled Canadians across the country who either currently own or intend to purchase a recreational property within the next five years, found that 82 per cent say interest rates will influence their decision to purchase a recreational property — and 58 per cent feel added urgency to buy a recreational property while interest rates are low.
The survey also revealed that 50 per cent indicated that prices will increase and 32 per cent said they will stay the same.
“Despite financial and economic uncertainty, or perhaps because of it, we have found that the enduring value of recreational properties is widely-recognized by Canadians,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “In contrast to our large urban centres, where home prices shot up in recent years before rapidly cooling in 2013, the recreational property market has remained remarkably stable and resilient.”
Royal LePage said the average price range for a standard waterfront, land access cottage of 1,000 square feet, three bedrooms and on a 100-foot lot, is $110,000 to $650,000 in Alberta while the national average is $177,500 to $625,500.
Royal LePage said properties on a lake are by far the leading property type, with almost half (41 per cent) of those planning to buy indicating that this is their first choice, followed by a property in the mountains or woods(17 per cent) and a condominium in a recreational community (13 per cent).
Strong price gains put some potential buyers on the fence: BMO
By Mario Toneguzzi, Calgary HeraldMay 22, 2013 9:03 AM
CALGARY — Fewer Calgary homeowners intend to buy a property in the next five years, according to the BMO Housing Confidence Report released on Wednesday.
The report said plans to buy in Calgary have decreased by 13 per cent since the fall (39 per cent versus 52 per cent).
In Calgary, the 12-month price expectations have dropped to 2.1 per cent from 2.4 per cent in the fall.
Sal Guatieri, senior economist with BMO Capital Markets, said “in Calgary, strong price gains appear to have put some potential buyers on the fence.”
According to the Calgary Real Estate Board, month-to-date until May 21, there have been 1,658 MLS sales in the city, up 3.95 per cent from the same period a year ago. The median price has risen by 3.97 per cent to $405,500 and the average price has increased by 2.69 per cent to $458,355.
Nationally, 48 per cent of Canadian homeowners intend to buy a property in the next five years – mostly unchanged from fall 2012 – signalling a high level of confidence in Canada’s housing market is continuing into 2013, said BMO.“The relative strength of the Canadian housing market continues to bolster homeowners confidence, while improving affordability across all regions reflects that Canadians are making responsible choices when it comes to financing a home,” said Martin Nel, vice-president of lending and investments for BMO Bank of Montreal.BMO’s second semi-annual report, conducted by Pollara, tracks confidence in Canada’s housing market among Canadian homeowners by measuring intentions to buy or sell, price expectations and overall mortgage affordability. The report found: close to half of all homeowners under 40 intend to purchase a larger home within the next five years (46 per cent), and are three times more likely to move to a more expensive rather than a less expensive neighbourhood (24 per cent versus eight per cent); 10 per cent of homeowners plan to buy a recreational property in the next five years, down two points from last fall; and homeowners planning to buy an investment property have declined to six per cent from eight per cent last fall.
CALGARY — The Calgary home of former Flames’ captain Jarome Iginla, listed for sale for nearly $4 million in the southwest Elboya neighbourhood, has sold for full list price after being on the real estate market for just one day.
The listing by RE/MAX Real Estate Central in Calgary said the “custom built luxury home” is on a 11,000 square foot lot on Britannia Ridge “with exceptional city views.”
The 5,000-square-foot home was officially listed at $3.995 million.
When it comes to the real estate market, the conjecture is flowing, the questions being posed, the concern mounting. In the majority of the country, this concern is all focused on markets perceived to be ‘over-priced’ or ‘over-heated.’ However, with a quick trip west to Alberta you find the concern is on the opposite end of the scale with the experts asking the question: “Why isn’t the market booming like it was in 2007?”
This is real life proof that the Canadian market has become incredibly regional in its performance and focus. The debate in Toronto is all about the over/under supply of condos hitting the market: in Vancouver it is all about whether the city is becoming a haven for empty condos owned by foreigners, in Saskatchewan the discussion is currently focusing on how to provide affordable housing for the growing population of workers.
While these discussions continue, in Alberta the discussion has turned just a little strange. The questions are not about whether the market is over-valued, or whether there are too many foreign buyers, or even a discussion on affordable housing. The debate that is raging is all around why the market isn’t booming like it did in 2006 and 2007 (the hottest time in Alberta’s real estate market) when the job market and population were growing at the same rates as they are today.
This past week, the Federal Government announced new mortgage lending rules that are set to take effect within 2 weeks. As of July 9th, 2012 there will be four new measures for insured mortgages with loan-to-value ratios of more than 80%:
• Reduce the maximum amortization period to 25 years from 30 years. On a $350,000 mortgage with 3% interest, it will increase monthly payments by $184
• Lower the maximum amount Canadians can borrow when refinancing a home to 80% from 85%
• Fix the maximum gross debt service ratio at 39% and maximum total debt service ratio at 44%. This may make it more difficult to qualify for a mortgage based on your income and other debts
• Limit the availability of insured mortgages under $1 million
Timing is Everything
If you are thinking about purchasing a new home, take advantage of the current rules and low interest rates today. Contact me for more information about these new mortgage rules and how you can benefit by purchasing before July 9th. Call my cell at 403-862-2265 or visit www.TaniaNelson.com to find your new home today!
Read More: http://www.fin.gc.ca/n12/12-070-eng.asp
By Mario Toneguzzi, Calgary Herald, June 22, 2012
CALGARY — House price gains are starting to pick up speed in Calgary, according to the Canadian Real Estate Association.
The national realtors’ group reported Friday that Calgary has experienced a 4.84 per cent gain in the past 12 months to May in the MLS Home Price Index — second only to Toronto’s 7.93 per cent year-over-year growth.
“Home price gains in Greater Toronto continue to eclipse those in other markets. Gains are also starting to pick up speed in Calgary after months of stability,” said Gregory Klump, CREA’s Chief Economist. “As always, prospects for home price trends depend on buyers’ willingness to pay and sellers’ expectations and motivations, both of which are tied to economic, labour market, and interest rate prospects.
“With European sovereign debt and banking issues likely to cloud the global economic outlook, Canadian interest rates will remain at or very near current levels. The continuation of low interest rates will continue to support Canadian housing activity and prices for some time to come.”
CREA said May marked the largest year-over-year gain in Calgary in nearly two years. The increase lifted the index for Calgary to its highest level since August 2008.
Read more: http://tinyurl.com/86pped3
Nearly 32% hike from last year
By Mario Toneguzzi, Calgary Herald June 1, 2012
CALGARY — MLS sales in Calgary ballooned in May as residential transactions in the city were up by nearly 32 per cent compared with a year ago.
According to the Calgary Real Estate Board, total MLS sales during the month in the city reached 2,385, an increase of 31.77 per cent from May 2011, and the average sale price rose by 2.83 per cent to $445,334.
The housing market was buoyed by strong activity in the single-family home sector.
There were 1,710 single-family home sales during the month, up 30.73 per cent from last year, and the average sale price jumped by 2.70 per cent to $502,065.
That average price was only the second time it has topped half a million dollars and fell just short of the record of $505,920 set in July 2007.
In the condo apartment category, sales in May of 386 increased by 34.03 per cent from a year ago and the average sale price rose by 4.38 per cent to $280,029.
In the condo townhouse category, there were 289 transactions, an increase of 35.05 per cent from May 2011, and the average price was up by 5.29 per cent to $330,446.
“We started 2012 with over five months worth of inventory in metro Calgary, placing us in a buyers market,” said realtor Robyn Moser, of MaxWell South Star Realty. “By mid February, we saw our market strengthen up to three months of inventory, placing us in a balanced market and then by the beginning of March we saw absorption rates fall to 2.5 months and below of inventory, now placing us in a sellers market. We have sat at these levels since. This kind of change in the market is exciting to see especially after what we have been through since 2009, when we saw the average home price in metro Calgary fall 10 per cent from their peaks in 2008.”
Moser said the market should see “rational” growth and inflation for the rest of 2012.
“All these signs are showing us that hopefully the worst is now behind us and we can move forward in today’s new real estate normal,” she said.
A report released Friday by Robin Wiebe, senior economist with the Conference Board of Canada, described Calgary’s resale market as being balanced.
Wiebe said the short-term year-over-year price growth expectation for Calgary is five to 6.9 per cent.
The report said the seasonally-adjusted annual rate of sales for the city in April was 27,828, up 26.4 per cent from a year ago.
“We are seeing more interested buyers in the housing market looking for a home,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “The economy has been improving, average prices have been stable and mortgage rates remain favourable. These are some of the factors encouraging prospective buyers to move ahead with their purchasing decision.
“The resale market in Calgary is more balanced compared to the previous year. Active listings are trending lower and the pace of sales has increased. As a result, we are seeing more pressure on prices.”
2012 best year since 2007 for over $1M sales
By Mario Toneguzzi, Calgary Herald May 15, 2012 8:23 AM
CALGARY REGIONAL HOUSING MARKET STATISTICS from CREB May 1, 2012
Bidding drives MLS home sale to $6 million, third highest ever in Calgary
Multiple bids force price to $1 million more than list price
By Mario Toneguzzi, Calgary Herald
City cited as one of the more affordable markets in Canada
By Mario Toneguzzi, Calgary Herald March 6, 2012
Calgary's Guide to Condo Living
Renovated, vacant and ready to move in!!
Come see me at my Open House at 19 Discovery Ridge Point SW, Sunday March 11 from 1-4!
Globe and Mail
Calgary Herald - February 27, 2012
Calgary Herald - February 16, 2012
Calgary Herald – 02/06/12