THE UPSWING

Resale market on the upswing
By Josh Skapin
Calgary Herald August 3, 2012

The upswing on resale activity of single-family homes in Calgary continued in July.

Last month, 1,386 single-family homes changed hands in Calgary, a 21.37 per cent increase on the 1,142 units sold in July of last year, says the Calgary Real Estate Board (CREB).

Changes to Canada’s mortgage rules earlier this year fuelled talks of a national housing correction, which has yet to be seen in Calgary says CREB chief economist Ann-Marie Lurie. These changes include shortening the maximum amortization period from 30 years to 25 years.

“While the two largest cities (Vancouver and Toronto) have started to witness declines in home sales activity, Calgary continues to record improving sales and prices,” says Lurie in a news release.

To date, the city’s single-family resale activity is up 18.9 per cent over the same span in 2012.

That pace is fuelled by the region’s economic growth, adds Lurie.

“Last year, Alberta led the country in economic growth and, with Calgary being the energy capital of the country, the city has benefited from growth in full-time employment, migration and overall improved confidence.”

The average price of single-family homes sold in Calgary’s resale market is also on the rise.

Last month, the average price was $485,528, marking an 4.85 per cent climb over $456,374, the average price from July 2011.

The average resale price on single-family homes since the start of 2012 is 2.11 per cent higher than the same period one year ago.

Zone A, which roughly translates to northwest Calgary, had the highest sales totals in the city last month at 504 units moved.

Coventry Hills led the zone and the city in resale activity last month with 47 houses changing hands.

Zone C, which roughly covers southwest Calgary had the second highest resale activity in July with 405 units moved. The highest average resale price in the city last month also came from Zone C at $599,565.

The third highest sales totals came in Zone D, which roughly translates to southeast Calgary, with 295 sales.

The slowest section in the city for single-family homes last month was Zone B’s 189 sales.

This zone roughly covers northeast Calgary. Zone B also had the least average resale price at $301,602.

RISE IN LUXURY HOMES

Resale of luxury homes in Calgary soared in the first seven months of this year compared to the same time in 2011.

There have been 318 transactions of single-family homes priced $1 million or more since the start of 2012 compared to only 266 during the same span last year, according to numbers from the Calgary Real Estate Board.

The biggest rise was in the $1 million to $1.249 million price category, with 152 units sold since the start of the year after only 102 transactions during the same period in 2011.

Photo By: Thomas Hawk

A"MAY"ZING MONTH!

Condo resale market climbs in May
By Josh Skapin
Calgary Herald, June 8, 2012

Calgary’s condo resale activity climbed 35 per cent in May, compared to the same time last year, says the Calgary Real Estate Board.

In fact, there were 675 apartment or townhouse sales last month after only 500 condo units changed hands in May 2011.

The average resale price for condo apartments last month was $280,030. For townhouses, the average price was $330,446.

High-end condo sales are also on the upswing in the city.

After the first five months of 2012, 10 townhouses priced from $900,000 were sold in the city — only three units in that price range changed hands during the same period in 2011.

For condo apartments, eight units have sold for at least $900,000 so far in 2012, compared to five units last year.

Zone C, which roughly covers southwest Calgary, paced the city in condo sales last month with 385. The zone also saw the highest average resale price at $322,204. It also paced the city in inventory with 1,016 available units.

Located in Zone C, Connaught topped all Calgary communities in May with 49 units sold. Also in Zone C, Springbank Hill had the highest average price at $571,200.

A distant second to Zone C’s sales totals in May was Zone A, which roughly corresponds to northwest Calgary. It saw 189 sales at an average resale value of $295,682.

Zone D, which roughly covers southeast Calgary was third in sales totals last month with 69 at an average resale value of $263,609.

The slowest area of the city for condo sales was Zone B, which roughly covers northeast Calgary. It had 32 sales at an average price of $170,893. The community with the lowest average price in the city was Forest Lawn at $88,000.

JUST LIKE A HEATWAVE

Condo pace picks up steam in city
By Claire Young
Calgary Herald May 18, 2012

Compared to the last three months of 2011, resale condos sold faster from Jan. 1 to the end of March in three of four quadrants of the city, says the Calgary Real Estate Board.

All of the board’s zones except for Zone A — which roughly corresponds to the city’s northwest — sold more quickly than during October to December.

In Zone A, condos took an average of 58 days to sell — three more than during the last quarter.

Condos in Zone B, which roughly consists of northeast Calgary, averaged 58 days on market, down from 64 in the first quarter.

Meanwhile, Zone C — roughly southwest Calgary — saw the hottest sales with an average of 49 days on market, down from 60.

And Zone D, which is roughly consists of southeast Calgary, saw a six-day drop to an average of 50 days on market.

The new year brought many more listings for condos.

From Jan. 1 to the end of March, there were 2,702 new listings in the city compared with 1,644 during October to December.

The bulk of the new listings were in Zone C, with 1,492 added. This zone also saw the most sales at 783, up again from last quarter’s 612.

The only neighbourhood to hit triple-digit sales in 2012’s first quarter was Connaught in Zone C, which saw a tidy 100 sales averaging $309,451.

Other neighbourhoods in Zone C that sold well were Victoria Park with 48 sales averaging $351,754, and Bankview with 32 sales averaging $262,512.

The most expensive neighbourhood from Jan. 1 to the end of March was Varsity Estates in Zone A, which had two sales averaging $598,750.

The most affordable neighbourhood was also in Zone A — Highland Park, which had one sale for $79,000.

During the first three months of 2012, the average sale price increased in all zones except Zone D — where this quarter’s average sale of $259,768 marked a decline from last quarter’s $268,998.

Zone C had the highest average sales at $307,822, an increase from $298,960.

Zone A’s average sale was $281,193, up almost $10,000, while Zone B was up a little more than $4,000, with an average sale of $173,544.