Calgary Real Estate News

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Thursday, May 30, 2013 - House prices expected to grow in Calgary

House prices expected to grow in Calgary

5-6.9% year-over-year hike forecast in the short term

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.

posted in News at Thu, 30 May 2013 15:11:32 +0000

Wednesday, May 22, 2013 - Canadian recreational property market buoyed by low interest rates

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).

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posted in News at Wed, 22 May 2013 15:48:15 +0000

Wednesday, May 22, 2013 - Calgary homebuying intentions fall

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.

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posted in General at Wed, 22 May 2013 15:23:51 +0000

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