ENHANCING CURB APPEAL

Curb Appeal: Neutral paint adds elegance; flowers add flair
By Suzanne Rowe 
The Gazette March 11, 2014

A retired couple from Laval enjoy the location of their bungalow. This home, in which they've raised their children, is filled with precious memories.

The stone-grey shingles were in good condition. I felt that by painting the two pipes and the metal flashing at the base of the chimney in the identical shade of the roof and in a flat finish, these details would look less obvious. The white siding and other white elements were in perfect harmony with the neutral coloration of the beautiful brickwork. With time, these components may look a bit dingy. If so, they ought to be resurfaced with a few coats of exterior acrylic paint in a flat finish to rejuvenate their brightness.

The reddish orange accent on the posts conjured a distracting effect and gave these banal parts too much importance. In most cases, columns ought to reflect the same hue as the windows and fascias. After removing the third beam that was leaning on the corner of the wall and centring the second post between the small windows, the trio, as well as the new linear planks above, will be painted in a crisp white. The colour emphasis will now be provided by the freshly painted cranberry door, which is the new focal point.

A custom-made flower box would measure the entire length of the large widow and at least 20 centimetres high. It will be opaque stained in a dark warm grey tone in a soft sheen. The louvres as well as a tall but narrow vessel would reflect the same coloration. The container will be set near the entrance and host red annuals and climbing greenery. Our homeowners enjoy their well-groomed rock garden. Although being a welcoming feature on the side of the driveway, it is pretty much a secret landscape from the front view.

It could afford to flow more toward the centre lot in a curvy paisley form. The two main beds were timidly connected to each other with a slim strip of soil in the middle. I propose to exaggerate the outline into a more dramatic arched shape. I have redistributed the owners' oddly placed but meticulously pruned evergreens inside the two convex spaces. Alongside the stretch of the porch walk, a sequence of Buxus persistent shrubs will permanently camouflage the base of the floor without ever visually encroaching over the front portal. Bright lime and yellow foliage from some perennials and shrubs will provide an interesting interplay with a few purplish Cimicifuga Brunette and the red and gold petals of the Stella Ruby Hemerocallis. A snowy Clematis will embrace the newly painted white standing light fixture. Strings of transparent fishing lines, installed on this post will motivate the plant to climb. Inside the bed on the right, a miniature white blossoming tree will reside among three different-sized grey boulders. Before all ground cover has a chance to blanket the soil, a generous layer of black mulch is recommended between plantings.

Finally, the rotten gate at the end of the driveway will be substituted with a new one in which planks are of equal height and closely fitted together. This will ensure more privacy from the street perspective.

These simple upgrades on the facade and the enhancement of the garden composition will make our residents fall in love with their home all over again.

Vegetation (left to right):

- Clematis Duchess of Edinburgh (climber, double white blooms, cut back low over a set of fat bulbs every spring)

- Hemerocallis Stella Ruby (perennials, red with yellow heart, both beds)

- Spirea japonica White Gold (low shrubs, white blooms, yellow leaves, both beds)

- Buxus Green Velvet (owners' recuperated shrubs in both beds and new bushes alongside the porch walk)

- Cimicifuga ramose Brunette (perennials, white candles, deep purple, to hide white ramp and front of brick strip on the right bed)

- Owners' Thuja (small globular and egg-shaped evergreens, throughout beds)

- Hosta Sum and Substance (perennials, white blooms, yellow lime, in line with left window, disliked by slugs)

- Lamium maculatum White Nancy (perennials, white blooms, silver white with green edge, ground cover, both beds)

- Heucherella Stoplight (perennials, white blooms, lime leaves with a dark red vein, base of Buxus hedge, compost in spring, thick layer of black mulch)

- Impatiens Wallerana Dazzler Cranberry (annuals, red blooms, all containers, do not over-fertilize)

- Hedera helix (cascading greenery, green or variegated, take indoors for winter, return outdoors in spring)

- Hakanechloa macra Aureola (ornamental grasses, yellow ribbons, green stripe, left of right bed)

- Onoclea sensibilis (ferns, soft green, copper in fall, beneath centre of flower box)

- Euonymus fortunei Canadale Gold (low persistent shrub, green and gold leaves, front of right bed)

- Malus Sir Lancelot (small crab apple tree, white blooms, centred in the right side of bed away from window view)

- Hydrangea arborescens Annabelle (shrub, white blooms, front right of Cimicifuga, right bed)

A BIG HIKE

Calgary house price growth outpacing rest of Canada
9.6% annual hike for repeat home sales to record level
BY MARIO TONEGUZZI 
CALGARY HERALD MARCH 12, 2014

CALGARY - Calgary’s housing market continues to shine compared with the rest of the country as local residental real estate prices showed the highest growth rate in Canada in February, according to a report released Wednesday on repeat home sales.

Calgary prices rose by 9.6 per cent year-over-year and by 1.1 per cent month-over-month - both the best in the country and to an all-time high for the city, said the Teranet-National Bank National Composite House Price Index.

Nationally, of 11 centres surveyed, prices were up 5.0 per cent from last year and by 0.3 per cent from January.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation.

The trend in price increases in Calgary does not appear to be changing in March. According to the Calgary Real Estate Board, so far this month from March 1-11, the average MLS sale price in the city is up 5.28 per cent from the same time a year ago to $480,345 while the median price has increased by 7.25 per cent to $429,000. CREB stats indicate there have been 796 MLS sales so far this month, up 10.71 per cent from last year but new listings are down 4.05 per cent to 1,114 and active listings are off by 18.80 per cent to 3,049.

The Teranet-National Bank report said that for the second month in a row, prices for Canada as a whole rose to an all-time high, though new records were set in only two of the 11 metropolitan markets surveyed - Vancouver (for a fourth straight month) and Calgary (for the first time since September 2007).

The gain from a year earlier was well above the cross-country average in two of the 11 markets, Calgary and Vancouver (7.7 per cent). It was slightly above the average in Toronto (6.1 per cent) and Edmonton (5.3 per cent), equal to the average in Hamilton (5.0 per cent) and below it in Winnipeg (3.5 per cent) and Montreal (1.9 per cent).

In Halifax (4.7 per cent) and Ottawa-Gatineau (0.6 per cent), prices were down from a year earlier for a second consecutive month. In Victoria (3.4 per cent), home prices have been down from a year earlier for 12 months now. Quebec City posted its first 12 month deflation in 15 years (2.0 per cent). It is the first time since October 2009 that there is price deflation in at least four of the regions covered, said the report.

“In February the east-west dichotomy became more pronounced than ever,” it said.

Home prices were up from the month before in all five markets of Western Canada - Calgary, Vancouver and Victoria (0.9 per cent), Edmonton (0.6 per cent) and Winnipeg (0.5 per cent). The rise in Victoria ended a run of four consecutive monthly declines. For Vancouver it was the 10th consecutive monthly increase. In the six markets of central and eastern Canada, the only monthly rise was in Montreal (0.7 per cent), the second advance after six months of flat or declining prices. Prices were down 0.1 per cent in Toronto, making February the fourth month without a gain in the last six. For Ottawa-Gatineau (0.8 per cent) it was the sixth decline in a row, for Quebec City (1.7 per cent) the sixth in seven months. For Halifax (1.7 per cent) it was the third decline in a row, said the report.

AT WAR

Calgary homebuyers return to housing market bidding wars
BMO report says Canadians willing to pay more to get what they want
BY MARIO TONEGUZZI, 
CALGARY HERALD MARCH 5, 2014

CALGARY - Prospective Canadian homebuyers are more willing to enter into a bidding war this year for properties they want to purchase, says a new report released Wednesday by BMO.

And Calgary’s hot housing market is proving to be a good example of that as nearly 20 per cent of MLS residential sales in the city in February were for above list price.

The BMO Home Buying Report said 34 per cent of Canadians are willing to enter a bidding war when it’s time to buy a home, an increase of six points, or 21 per cent, from a year ago.

The report, conducted by Pollara, said that in major city centres, the appetite for competitive bids is the highest in Toronto and Vancouver (44 per cent and 41 per cent respectively). In Calgary, it is 38 per cent and in Alberta, it is 30 per cent.

“While many suspect bidding wars are triggered by sellers who deliberately price their homes below market, the report shows that just 15 per cent of owners have that motivation, with those on the Prairies and in Toronto the most likely to pursue this strategy - but even then the numbers are modest at 24 per cent and 22 per cent respectively,” said BMO, which says average home prices across Canada continue to rise, gaining momentum in the past year, with the average transaction price up nearly 10 per cent year-over-year in January. The average home sale price in Canada is currently just over $400,000.

“Calgary’s market continues to see the strongest fundamentals; Vancouver has rebounded from a soft patch; while Toronto’s market remains relatively balanced overall, though the condo market is more amply supplied,” said Robert Kavcic, senior economist with BMO Capital Markets, in a statement. “Overall, sales are expected to hold relatively steady in the year ahead, with price growth in the low single-digit range, below the rate of income growth.”

Laura Parsons, mortgage expert with BMO Bank of Montreal, said the competition for real estate in Canada, particularly in hotter markets, can be fierce and turn into an emotional frenzy.

“A shortage of inventory is driving a lot of it,” said Parson of the Calgary market. “It’s such an emotional thing. When you see it, you get it. I remember the days when there were lineups of people behind each other. The minute you see that your heart starts to race and you want to not lose.

“Lots of people are prepared. They know what their high is . . . Calgary has the biggest income so we’re willing to spend more if we have to and hopefully we’ve been conservative before we go in and we know we have that room to bid higher.”

Parsons said many people don’t understand that they can renovate a home and build it into the purchase price.

For some people, she said, there’s a need to move before spring and they’re feeling the pressure.

Data released Monday by the Calgary Real Estate Board indicates all-time records, for any month, were set in February in the average city sale price ($482,530) and the median city price ($424,900) as well as in the single-family sale price ($550,312) and the single-family median price ($480,000).

“Calgary has been in a statistical sellers’ market since February 2013,” said Robyn Moser, a realtor with CIR Realty. “As time has passed, the sellers’ market has become increasingly aggressive. This has caused buyers to see lower and lower levels of inventory, placed into competing offers and homes selling in days if not hours. This cause is speculated to be the lack of available new home inventory due to Calgary sewer lines that are needing to be upgraded. This has placed metro Calgary real estate values into statistical unsustainable levels until the sewer line upgrade is complete.”

According to CREB, as of Tuesday, there were 2,893 active MLS listings in the city which was down 20.15 per cent from a year ago. Year-to-date, sales have increased by 11.77 per cent to 3,551 transactions.

Mike Fotiou, associate broker with First Place Realty, said Calgarians were so determined to buy a home in February that nearly one in five paid above the asking price.

“Of the 1,854 properties that sold during the month, 364 or 19.6 per cent of buyers paid higher than list price. Compare that to the 10.4 per cent of buyers from a year ago or the 6.1 per cent from February 2012 that paid above asking,” Fotiou wrote on his blog.

“As sales rise and inventory continues to decrease year-over-year, it’s to be expected that buyers will find themselves in more situations where multiple offers are involved.”

LISTINGS DOWN, PRICES UP

Listings remain down in Calgary resale housing market
Pressure on prices which continue to rise
By Mario Toneguzzi 
Calgary Herald February 3, 2014

CALGARY - Pressure on prices in Calgary’s resale housing market continued in January as MLS listings remained at lower levels compared with a year ago.

According to the Calgary Real Estate Board, new listings of 2,393 for the month were down 4.01 per cent from January 2013 and active listings were off by 18.16 per cent to 2,524.

With sales growing by 17.17 per cent to 1,440, that help spike prices to record levels for the month.

CREB said the median price jumped by 6.71 per cent to $417,250 while the average MLS sale price rose by 5.09 per cent to $462,168. The board, in releasing its official statistics on Monday, said the overall benchmark price in the city, which if what it calls typical property sales, rose by 9.46 per cent to $429,100.

According to Mike Fotiou, associate broker with First Place Realty, January also set a record for most luxury home sales for the month. There were 41 MLS transactions of at least $1 million, eclipsing the previous record of 36 set in 2007.

Last year, Calgary experienced a record year for total luxury home sales of 727 with 10 months setting records. The only months in 2013 that didn’t set luxury home sale records were January and December.

Grace Yan, a realtor with RE/MAX Real Estate (Central) in Calgary, said property inventory has steadily declined over the past year due to a high volume of migration of people to the city, a low unemployment rate and better job opportunities.

“As a result, turnkey properties that are well priced, whether it’s a condo, fixer-upper, starter homes to high-end luxury homes, are selling within days and realtors are lined up outside taking turns for showings resulting in competing offers selling well above list price,” she said. “The market is currently so competitive that we are seeing unconditional or minimal condition offers and I’ve recently seen offers even as high as $70,000 over list and selling within the first day.

“The shortage of listings is really tough on buyers and disappointing when they place their best offer on their perfect home and not to even be close to other competing offers. On the other hand it’s excellent for the sellers who are pleasantly surprised what their properties are selling for. We typically see listing inventory rise come the spring and summer. Real estate, like any other investment, has its ups and downs. It’s just trying to find the right time and the right place in the current hot market.”

The inventory of active listings in Calgary year-over-year hasn’t been positive since February 2011.

Ann-Marie Lurie, CREB’s chief economist, said the overall trend of a declining inventory in the resale housing market has been around since March 2011.

“They had actually too much for a period of time. There was really an excess amount of inventory,” she said. “And a lot of that was working through the system . . . There was over supply in the market at that time frame.

“It’s really over the past year and into this year that we’ve seen those levels to continue to decline . . . They’ve been falling. What I’ve been watching has been that rate of decline which had actually started to ease . . . Towards the beginning of 2013, and into 2012, we were in those high 20 per cent declines, like almost 30 per cent declines, over the previous year. As you go through the later portion of 2013, the levels came off a bit. It’s still declining but not declining as much.”

She said sales have been increasing at a greater rate than the level of new listings.

In January, MLS sales for different housing categories and their percentage increase from last year were: single-family, 974, 10.93 per cent; condo apartment, 260, 27.45 per cent; condo townhouse, 206, 40.14 per cent; and towns, 251, 2.45 per cent.

The average sale prices and their annual hikes were: single-family, $520,686, 4.80 per cent; condo apartment, $314,678, 12.36 per cent; condo townhouse, $371,638, 15.92 per cent; and towns, $379,053, 8.54 per cent.

The benchmark prices and their year-over-year growth were: single-family, $476,700, 9.11 per cent; condo apartment, $280,600, 11.66 per cent; condo townhouse, $308,100, 8.72 per cent; and towns, $346,500, 5.26 per cent.

“Listings are low in Calgary due to a number of factors. However one of the biggest is the lack of housing options available in Calgary and region due to the combination of increased demand through population growth, the flood zone financing and insurance issues and lack of new product readily available,” said Don Campbell, senior analyst with the Real Estate Investment Network.

“This reduction in housing options brings pause to the homeowner who was considering selling their homes to move within the city or region. When homeowners do not have confidence that they will be able to find an appropriate property to replace the one they are considering to sell, then they delay the decision.”

Also on Monday, TD Economics released a housing report forecasting sales in Calgary to grow by 5.8 per cent this year and by another 2.1 per cent in 2015. It forecast the average price for existing home sales to rise by 3.5 per cent this year and by 1.2 per cent next year.

The report said Calgary’s sales to new listings ratio was 70.2 per cent in 2013 and forecasts that to rise to 73.1 per cent in 2014 before falling back to 69.9 per cent in 2015.

TD also said the percentage of income an average household would have to devote to mortgage payments in Calgary in 2013 was 24.9 per cent in 2013 and it is forecast to rise to 25.0 per cent this year but fall back to 24.6 per cent in 2015.

Diana Petramala, economist with TD Economics, said current interest rates are likely unsustainable, nor are they expected to increase to more normal levels in the near future.

“Overall, given the expectations of a modest increase in interest rates, home prices are likely roughly 10 per cent overvalued,” she said of the national housing market. “Housing is very regional, and some markets are more vulnerable than others. For instance, the overvaluation in Toronto, Vancouver, Montreal and Ottawa is likely more significant than that found in markets in the Prairie and Atlantic Regions.

“Looking forward, the combination of softer demand and rising supply of homes for sale on the market will likely pull some steam out of home price growth. Slower home price growth, rising incomes and only modestly rising interest rates will help keep housing in check over the next few years.”

Photo By: Sepehr Ehsani

SALE PRICE JUMP

Calgary repeat home sale prices rise 7.1%
Second biggest jump in Canada behind Vancouver’s 7.5%
By Mario Toneguzzi 
Calgary Herald February 12, 2014

CALGARY - Calgary had the second best year-over-year growth rate in prices for repeat home sales in January, according to the latest Teranet-National Bank National Composite House Price Index released Wednesday.

It said Calgary’s annual increase was 7.1 per cent which was behind only Vancouver’s 7.5 per cent.

The national composite, of 11 major centres surveyed, rose by 4.5 per cent.

The index is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation.

Toronto saw an annual increase of 5.8 per cent.

Sonny Scarfone, economic analyst with TD Economics, said the index surprised on the upside with a larger gain in momentum than expected across the country.

“Home price gains are still exceeding income growth by a considerable margin, especially in larger real estate markets like Toronto and Vancouver. A low supply of new listings is an important contributor to the upward pressure on prices,” said Scarfone.

“However, as U.S. and Canadian economic growth accelerates and the Federal Reserve continues to taper its quantitative easing program, North American bond yields are likely to rise over time and this will be reflected in mortgage rates. As a consequence, the current stronger-than-expected prices are likely to soften over the medium term.”

The index nationally rose 0.4 per cent from December to an all-time high. It was the largest monthly rise in five months.

The gain from a year earlier exceeded the cross-country average in four of the 11 markets: Vancouver, Calgary, Toronto and Hamilton (5.1 per cent). It was close to the average in Edmonton (4.4 per cent) and Winnipeg (3.9 per cent). It was minimal in Montreal (0.8 per cent) and Quebec City (0.6 per cent). Prices were down from a year earlier in Victoria (5.7 per cent), Halifax (2.9 per cent) and Ottawa-Gatineau (0.6 per cent). The 12-month decline was a first for Ottawa-Gatineau, the 11th straight for Victoria and the fourth in six months for Halifax, said the report.

On a monthly basis, price increases were led by Vancouver (1.1 per cent), Toronto (0.5 per cent) and Quebec City (0.5 per cent) led the composite index. Calgary equalled it. Hamilton prices were up 0.3 per cent, Winnipeg and Montreal prices 0.2 per cent. Edmonton was flat on the month. Prices fell 0.3 per cent in Victoria, 1.1 per cent in Ottawa-Gatineau and 1.7 per cent in Halifax. The January rises in Montreal and Quebec City interrupted runs of five consecutive monthly declines. For Ottawa-Gatineau it was the fifth straight monthly decline, for Victoria the fourth and for Halifax the second. For Vancouver it was a ninth straight monthly rise, for the composite index the 10th in 11 months, said the report.

“There are signs that national house price inflation is close to peaking. The earlier strength in existing home sales, triggered by fears of higher mortgage rates, has begun to fade,” said David Madani, economist with Capital Economics. “January’s preliminary data reported by the regional real estate boards indicate that national home sales declined for a fourth consecutive month.

“The drop back in the months’ supply of inventory is already consistent with annual house price growth rate remaining around 4.0 per cent. If we are correct about home sales drifting lower this year, it will once again start to put downward pressure on house price inflation.”

MAKING GAINS

Calgary house price gain again best in Canada
By Mario Toneguzzi
Calgary Herald January 15, 2014 

CALGARY - Another day and another real estate report indicating Calgary’s housing market is showing the best year-over-year price growth in the country.

On Wednesday, the Canadian Real Estate Association released its MLS Home Price Index which indicated Calgary prices in December were up 8.74 per cent from a year ago while the aggregate across the country, encompassing 11 major markets, rose by 4.31 per cent. 

The CREA report followed Tuesday’s Teranet-National Bank National Composite House Price Index report which said Calgary led the nation with a 6.5 per cent hike in prices for repeat home sales.

In December, CREA said Calgary MLS sales were up nine per cent from last year to 1,464 transactions while the average sale price rose by 4.7 per cent to $439,389.
 For Canada, MLS sales during the month increased by 12.9 per cent to 23,215 units and the average sale price jumped by 10.4 per cent to $389,119.

In Alberta, sales of 3,135 were up 9.8 per cent from a year ago and the average sale price rose by 4.7 per cent to $380,477.

On an annual basis, the number of sales and percentage increases were: Calgary, 29,954, 12.5 per cent; Alberta, 66,080, 9.5 per cent; and Canada, 457,893, 0.8 per cent.

On an annual basis, the average sale price and percentage increases were: Calgary, $437,036, 6.0 per cent; Alberta, $380,969, 4.9 per cent; and Canada, $382,466, 5.2 per cent.

Booming luxury market pushes Calgary house prices to records

Booming luxury market pushes Calgary house prices to records

Average sale and median prices at unprecedented levels

BY MARIO TONEGUZZI
CALGARY HERALD, JANUARY 2, 2014

CALGARY - A booming luxury market, and tight overall conditions with listings not keeping pace with demand, has pushed Calgary house prices to unprecedented levels.

Average sale and median prices hit all-time records for the city in 2013 for both total MLS transactions and in the single-family home category, according to data released Thursday by the Calgary Real Estate Board.

The average sale price for total MLS reached $456,703 for the year, up 6.54 per cent from 2012, while the single-family average price rose by 7.61 per cent to $517,887.

The median sale price for total MLS was $401,000 and it was $450,000 for single-family homes. The median price rose by 5.53 per cent from the previous year for total MLS and it was a 7.14 per cent hike in the single-family market.

Also, December capped a solid year for the residential real estate market with the highest-ever monthly average sale price at $527,764, eclipsing the previous record of $526,546 set in June 2013.

"Momentum was building from the last quarter of 2012," said Christina Hagerty, a realtor with RE/MAX Realty Professionals in Calgary. "We approached 2013 with low interest rates, one of the lowest unemployment rates in the country and the lowest vacancy rate in the past decade. Employment growth and higher than expected net migration into the city helped support the demand for housing and increased sales and pricing. 2013 was an extremely busy year for us with informed and prepared purchasers.

"People talk about the flood adding to this, but I focus on the amazing ability for a city to rebound in a very short period of time. Something that may have devastated other major centres. I believe that this is largely due to the sense of community and the job market allowing people the ability to rebuild."

The previous records for average sale prices were set in 2012 at $428,649 for total MLS and $481,259 for single-family homes. The previous records for median prices were set in 2007 at $382,000 for total MLS and in both 2007 and 2012 at $420,000 for the single-family market.

Average prices in the city ballooned this year as a result of a strong luxury market that set a record for most transactions ever at $1 million or more.

devastated other major centres. I believe that this is largely due to the sense of community and the job market allowing people the ability to rebuild.”

According to Mike Fotiou, associate broker with First Place Realty, there were 727 luxury home sales in 2013, which was a 33.6 per cent hike from the previous annual peak in 2012. The year was marked by 10 consecutive months of new monthly sales records. Only January and December did not set records in 2013.

Total MLS sales in the city reached 23,489 units in 2013, up 10.78 per cent from the previous year. New listings of 32,153 were up 0.97 per cent but active listings at the end of December were down by 17.80 per cent to 2,235.

"Companies are recruiting professionals across Canada and globally and this has put Calgary on the map as a thriving metropolis of opportunity and a safe place to raise their families," said Hagerty. "With vacancy rates at one per cent and an abundance of job opportunity, there is a confidence in the city. 2014 looks to continue with solid growth fueled by sound fundamentals."

MLS sales and percentage increase from 2012 for different housing categories were: single-family, 16,302, 7.92 per cent; condo apartment, 4,007, 14.45 per cent; condo townhouse, 3,180, 22.40 per cent; and towns, 4,516, 13.81 per cent.

Average sale price and percentage increase from 2012 were: single-family, $517,887, 7.61 per cent; condo apartment, $299,517, 5.17 per cent; condo townhouse, $341,116, 7.73 per cent; and towns, $381,884, 9.55 per cent.

Median price and percentage increase from 2012 were: single-family, $450,000, 7.14 per cent; condo apartment, $261,000, 3.78 per cent; condo townhouse, $306,000, 6.45 per cent; and towns, $355,700, 6.18 per cent.

Scott Bollinger, broker with the ComFree Commonsense Network, said prices in Calgary climbed because of increased sales and listings not keeping pace with the demand.

"Most notably in 2013 we saw rising wages, low interest rates and record in-migration. So it’s not surprising after three to five years of relatively little price growth, and despite the steady employment and the wage growth along with record low interest rates, that prices surged this year," he said.

"Add to that the Alberta and Calgary economies outperformed almost every other region in Canada in 2013 by a wide margin, which had the effect of attracting all of those people. But the interesting thing is that 70 per cent of the net migration to Calgary in particular was international. And the other thing about the migration was that we set a record this year for the growth of the cohort of ages between 25 and 45 and those people, along with the international crowd, are most likely to engage in household formation."

Bollinger said he is surprised that the listings didn’t catch up with the sales. He said the market might expect to see more of a reaction from the listing side early in the new year.

"If we don’t see that increase in listings, I think we’re going to continue to see farily significant price increases," said Bollinger.

In a statement, Ann-Marie Lurie, CREB’s chief economist, said sales growth exceeded expectations in 2013, pushing above long-term trends.

"Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth," she said.

"In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded this year. While factors influencing demand will support growth in 2014, rising listings and increased competition from the new home sector should alleviate some of the supply pressure in the market."

Those factors, combined with potential increases in long-term lending rates, should take some of the steam off the exceptionally strong price growth recorded in 2013, said Lurie.