THE LOGICAL SONG

Housing market to continue to defy logic
Garry Marr
Financial Post,  Dec. 6, 2011

Even one of Canada’s leading real estate companies agrees the rising housing market may not appear to make much sense.

But appearances are deceiving and Re/Max says both sales and average prices will continue to climb in 2012.

“Canadian residential real estate defied conventional logic and outperformed expectations in 2011,” the company said in its year-end report on the market.

Re/Max expects 2011 to finish with prices up 7% and the average home across the country selling for $363,000. The market won’t be as robust in 2012 but consumers can still expect another 2% jump in prices.

Sales figure for 2011 are forecast to climb by 3% from a year earlier with 460,000 homes having changed hands by year end. For 2012, expect less than a 1% increase in activity with only an additional 4,500 sales.

“The Canadian housing market has demonstrated tremendous resilience in recent years but 2011 stands out,” said Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada. “Instead of responding to economic concerns both here and abroad with a retreat in sales and prices, residential real estate markets actually experienced an upswing in the volatile third and fourth quarter.”

Re/Max looked at 26 markets across the country and predicts 23 will show an increase in average price for the year. Sales were up in 22 of those 26 markets. The company says 81% of markets studied will see price increases in 2012.

Among the reasons cited for the Canadian housing market’s continued strength against the odds has been population growth which has gone up by 11% since 2000. Re/Max notes by 2031, the country will have 42 million people.

“Population growth and immigration are major factors expected to prop-up housing demand and household formation in the coming years,” says the company.

Condominiums are expected to continue to garner a growing share of the housing market with investment and income-producing properties in high demand. Low vacancy rates are said to have driven those markets in 2011 and those conditions are expected to continue.

Photo By: Bru76

JUST LISTED

#304, 2417 - 17 Street S.W.
Just listed for $239,900
Check it out at: http://petrotown.com/categories/lofts-amp-condos/properties/304-2417-17-street-sw

TOP FLOOR TWO BEDROOM FLAT IN BANKVIEW WITH AMAZING CITYSCAPE VIEWS! Located across the street from the Bankview Community Association with park, tennis courts and a playground; the location of this 3 storey walk-up will impress. Renovated in 2005, the interior features modern beadboard cabinetry in the kitchen with contemporary pulls, tiled granite counters, a full stainless steel appliance package and cozy office & breakfast nook. Designer light fixtures, maple hardwood/lush neutral carpet flooring, a 4 piece bathroom, insuite laundry and abundant storage, parking, bike enclosure and an east facing balcony with incredible views; brilliant elements in the inner city. Located close to 17th Avenue and minutes to both Downtown and Marda Loop, many of Calgary's best boutique shopping, stylish dining and all amenities are steps away. Book an appointment to view!

JUST LISTED

3608 1 Street S.W.

List Price: $998,000

Square Footage: 2405 Sq. Ft.

DOMESTIC BLISS IN PARKHILL! This semi-detached home is an architectural wonder , boasting a contemporary form with a white stucco facade. Thoughtfully planned to offer open-concept social spaces & private spaces, the main level incorporates a 300 sq. ft. outdoor deck accessed through large glass sliding doors. The kitchen will delight with a blend of stainless steel/integrated appliances (Sub-Zero Refrigerator/Miele Gas Cooktop), satin finished granite counters & seamless flat panel cabinetry. The second level reveals a laundry room & 2 spacious bedrooms, each with a luxurious ensuite. The top floor is a dedicated master retreat with a spa inspired 5 piece ensuite with deep soaker tub, sun deck & walk in closet. Additional elements include open tread stairs, in-floor heating (garage, basement, bathrooms), party wall construction, a double attached garage & a melange of horizontal & vertical windows positioned in a modern manner to capitalize on city/scenic views & natural light.

"POISED FOR DRAMATIC GROWTH"

Condominium market heating up: Re/Max
By Derek Abma
Financial Post November 1, 2010

OTTAWA -- Condominiums have become a hot sector of the Canadian real estate market, particularly as an option for first-time homebuyers spooked by the escalating prices for single-family homes, says a report released Monday.

Real estate-services firm Re/Max says affordability, lifestyle, investment opportunities and urban renewal efforts are among the reasons condo sales have spiked over the last year in some Canadian markets.

"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," Michael Polzler, executive vice-president for Re/Max's Ontario-Atlantic Canada operations, said in a statement.

Re/Max said condo sales in the Greater Toronto Area are up 10.4 per cent, year-to-date, as of September, and now represent one out of every three homes sold there. In Ottawa, sales are up 11.9 per cent.

"The lifestyle has also gained a foothold with younger, hipper audiences as the definition of home ownership evolves with the changing demographic," Polzler added. "Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in proximity to shops, restaurants and entertainment."

Other factors driving the condo market include urban redevelopment that favours intensification over urban sprawl, empty nesters seeking low-maintenance retirement properties and investors hoping to sell when prices appreciate, the report said.

Re/Max said the "vast majority" of newly built condominiums in Toronto are purchased by long-term investors from Asia and the Middle East, who will rent them until they find the price they want for them.

PHOTO: ACTIVE LISTING - #4, 1935 35 Street SW by Christina Hagerty

JUST LISTED

 #501, 718 5 Street NE

List Price: $369,900

Square Footage: 1,344 sq. ft.

HILLSIDE TOWNHOUSE IN POPULAR RENFREW/REGAL TERRACE! Sole Vista, designed by Sturgess Architecture and built by innovative design company, Battistella Developments is a modern construct overlooking Calgary's vibrant skyline! Freshly painted, new lush carpet,  stainless steel appliances, 18 foot ceilings in the living room, a pantry,  corner gas fireplace, large south facing balcony, a main level powder room, designer blinds & in-floor heating are just several of many great highlights found in this 2 Storey Stacked Townhouse. The upper level reveals the laundry closet & two bedrooms, both with 4 piece ensuites,  & includes a lofted master bedroom with incredible downtown views. 2 Tandem underground parking stalls, additional storage as well as insuite storage also included. Downtown, Bridgeland, the Calgary Zoo, Transit & The Bow River Pathways are just blocks away. Sole Vista, aptly named for its stunning urban vistas & large windows which allow for maximum sun exposure on the hillside! Book an appointment to view!

JUST LISTED

#4, 1935 35 Street SW
List Price: $524,900
Square Footage: 1,172 sq. ft.

Urban Townhouse designed by leading firm, Niklas Group! The contemporary minimalist stucco facade is accented by natural wood siding showcasing clean modern lines; a standout in Killarney, where the advantages of inner city living can be easily enjoyed. An artistic design palette enhances key features of the space such as the maple hardwood flooring, stylish light fixtures, soft fresh wall tones & an inviting gas fireplace. The open-concept floor plan is centered around a designer kitchen with granite counters, espresso stained cabinetry, upgraded stainless steel appliances & a raised eating bar for interactive hosting. The upper level hosts the laundry closet & 2 bedrooms including the master with a balcony, large walk-in closet & an indulgent ensuite with a soaker tub & large shower. Additional features included a fully finished basement with storage, detached single garage & cozy patio. Minutes to downtown, 17th Avenue, schools, shopping & eateries.