February marked significant year-over-year gains in resale Calgary condo apartment sales, rising by 13.4 per cent.
Figures from the Calgary Real Estate Board show resale condo apartment sales marked 279 deals last month compared to 246 in February 2012.
Condo townhomes also saw an 8.7 per cent rise in sales, with 223 sales in February compared to 205 during the same time last year.
Sales may have been helped by a tighter single-family housing market.
“With less selection in the single family market, particularly at the lower price ranges, more consumers are turning to the condominium market,” says CREB chief economist Ann-Marie Lurie in a news release. “Throughout the downturn there were more single-family homes priced under $400,000.”
However, over the past few years the number of new single family listings in this range represents a declining share of the market, leaving consumers looking for more affordable products.
Condo prices have grown as sales grow and total inventory shrinks. The condo apartment benchmark price was $252,900 in February, a six per cent increase over the previous year of $238,700.
The benchmark price is based on a formula that uses various factors to ensure accurate comparisons.
Townhouse condo benchmark prices grew as well by 4.6 per cent year over year to $283,000 in February from $270,500 the year before.
“While the current price gains are a sign of recovery, the unadjusted condominium apartment and townhome benchmark prices still remain 14 per cent below the peak levels,” says Lurie.
Such prices have not been adjusted to take into account seasonal factors.
The area of Calgary that saw the most sales activity last month was Zone C, roughly Calgary’s southwest, with 269 sales averaging $327,521 and 45 days on market.
Within this zone, Connaught was the hottest neighbourhood for sales, with 27 transactions at an average of $313,514.
Last month, Zone A in the northwest had 135 sales, averaging $322,645, while Zone B in the northeast had 32 sales averaging $178,939. Zone D, in the southeast, had 66 sales averaging $271,767.
DID YOU KNOW?
One resale apartment condo priced at more than $1 million wassold in February, down from two such units during the same month last year., says the Calgary Real Estate Board.
Sales of townhomes in this price range increased compared to 2012, with four sales in Feburary compared to one during the same month last year.
Visit creb.com for more information.
Saturday, March 9, 2013
Wednesday, February 27, 2013
Maillot Homes: Best of Houzz 2013
Maillot Homes is proud to announce being selected as Best of Houzz 2013. I would like to personally thank all of our staff and suppliers for your continued support and friendship throughout the years.
Most importantly, I would like to thank all of our amazing clients for whom we have to honor of building these beautiful homes. Without you, none of this would be possible.
Thank you all!
Robert Ohlson B.Sc. Eng.
President, Maillot Homes
Most importantly, I would like to thank all of our amazing clients for whom we have to honor of building these beautiful homes. Without you, none of this would be possible.
Thank you all!
Robert Ohlson B.Sc. Eng.
President, Maillot Homes
Saturday, February 23, 2013
Calgary region to see MLS sales and prices rising for next two years
CMHC report says average price to hit $434,000 in 2014
CALGARY — The Calgary region can expect to see increases in both sales and average MLS prices for the next two years, according to a housing forecast released Friday by Canada Mortgage and Housing Corp.
The agency said sales in the Calgary census metropolitan area will grow by 1.37 per cent this year to 27,000 units followed by another 2.59 per cent growth in 2014 to 27,700 transactions.
The average sale price is expected to rise by 2.59 per cent this year to $423,000 and by another 2.6 per cent in 2014 to $434,000.
Christina Hagerty, a realtor with Sotheby’s International Realty Canada in Calgary, said she has had a very busy start so far to the year.
“With Calgary’s industries continuing to hire, I see many people coming from other Canadian centres and the U.S,” said Hagerty. “Specializing in the inner-city market, most of the people we meet are either job transfers and want no commute to work, first-time buyers and empty nesters.”
She said rental vacancy rates are at an all-time low and interest rates have remained historically low as well which have been factors in increasing housing demand.
“All the indicators are continuing to confirm our projections last year that Calgary will be leading the nation,” she said. “Affordable mortgages, record low vacancy rates, continued inward migration and low inventory going into the Spring market makes for a year of healthy growth ahead.”
According to the Calgary Real Estate Board, year-to-date until February 21, total MLS sales in the city of 2,498 are up 11.57 per cent compared with the same period last year and the average sale price has risen by 10.63 per cent to $448,635.
For Alberta, the CMHC is forecasting MLS sales to increase from 60,369 in 2012 to 61,000 in 2013 and to 62,400 in 2014.
In the province, the average MLS sale price is forecast to increase from $363,208 in 2012 to $371,200 this year and to $380,700 next year.
The CMHC report also forecast that housing starts in Alberta will fall from 33,396 in 2012 to 31,800 in 2013 but then rise to 32,200 in 2014.
In Calgary, starts are expected to fall from 12,841 in 2012 to 11,800 in 2013 and then rise slightly to 11,900 in 2014.
“The resale market in Calgary is anticipated to remain in balanced territory over the forecast horizon,” said Richard Cho, senior market analyst in Calgary for the CMHC. “Sales in 2013 are forecast to rise for the third consecutive year but at a more tempered pace compared to the previous year. Low mortgage rates, rising incomes and employment growth will continue to help support housing demand. Some sales will also come from renters who migrated to Calgary in the last couple of years.
“The average price has been gradually trending up, and is expected to continue in 2013. Active listings have declined, lowering the selection of available homes and putting pressure on prices.”
Thursday, February 21, 2013
Calgary housing market soars to new average sale price record for January
CALGARY — Calgary’s resale housing market had its best January for sales since 2008 as average prices also climbed to their highest level ever for the month.
According to the Calgary Real Estate Board, total MLS sales in the city in January were 1,230, up 15.17 per cent from a year ago while the average sale price rose by 12.34 per cent cent to $439,671.
The previous record high for the average sale price in any January was in 2008 at $413,271.
“In today’s Calgary real estate market there are a number of significant factors that influence our housing sector. The growth within the energy sector is significant along with consumer confidence in the marketplace as well as steady economic performance,” said Kaitlyn Gottlieb, realtor with Century 21 Bamber Realty Ltd. in Calgary. “While these factors continue to increase home sales, should inventory continue to decline, pricing may continue to increase steadily, yet moderately. Although it is early in the year to make market predictions, if 2013 continues to bring good economic activity there is a great possibility that 2013 will exceed our expectations both in the Calgary real estate market and in Calgary’s outlying areas. While 2013 growth may be modest, we can still expect a positive market for this year.
“Alberta continues to fuel growth as a commodity-rich province and is expected to continue to support moderate price growth as we saw in 2012. The increased prices we have seen on single-family homes can partially be attributed to the record number of luxury homes sales we saw last year.”
In the single-family home market in Calgary, sales during January of 879 were up 15.20 per cent from last year and the average sale price rose by 12.74 per cent to $496,579.
The average sale price was the fifth highest ever for any month in the single-family market. The peak was $506,670 set in July 2007.
In the condo apartment category, sales of 204 for January were up 13.97 per cent from a year ago while the average sale price jumped by 13.09 per cent to $280,273. The condo townhouse sector saw sales increase by 16.67 per cent from a year ago to 147 transactions and the average price rise by 7.61 per cent to $320,590.
“Prices have improved in the Calgary market but as always it is important to keep some perspective on this,” said Ann-Marie Lurie, CREB’s chief economist. “While January’s year-over-year increase seems significant, price recovery occurred in the spring months of 2012 under tighter market conditions and home prices leveled off for the remainder of the year.”
CREB also tracks the prices for what it calls typical properties sold. The overall benchmark price in the city rose by 8.35 per cent to $392,000. The single-family home benchmark price jumped by 9.01 per cent to $436,900. It rose by 7.49 per cent in the condo apartment category to $251,300 and it was up by 4.85 per cent in the condo townhouse category to $283,400.
“The employment gains achieved in previous years along with rising income, low mortgage rates and robust net migration levels has sustained demand for housing,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Many buyers have benefited from Calgary’s growing economy, giving them opportunities to move into homeownership.
“Some of the resale activity will have likely come from renters as well. As the rental market has tightened with average rents moving up, some renters may have decided to purchase a starter home and take on a mortgage instead of paying rent.”
mtoneguzzi@calgaryherald.com
According to the Calgary Real Estate Board, total MLS sales in the city in January were 1,230, up 15.17 per cent from a year ago while the average sale price rose by 12.34 per cent cent to $439,671.
The previous record high for the average sale price in any January was in 2008 at $413,271.
“In today’s Calgary real estate market there are a number of significant factors that influence our housing sector. The growth within the energy sector is significant along with consumer confidence in the marketplace as well as steady economic performance,” said Kaitlyn Gottlieb, realtor with Century 21 Bamber Realty Ltd. in Calgary. “While these factors continue to increase home sales, should inventory continue to decline, pricing may continue to increase steadily, yet moderately. Although it is early in the year to make market predictions, if 2013 continues to bring good economic activity there is a great possibility that 2013 will exceed our expectations both in the Calgary real estate market and in Calgary’s outlying areas. While 2013 growth may be modest, we can still expect a positive market for this year.
“Alberta continues to fuel growth as a commodity-rich province and is expected to continue to support moderate price growth as we saw in 2012. The increased prices we have seen on single-family homes can partially be attributed to the record number of luxury homes sales we saw last year.”
In the single-family home market in Calgary, sales during January of 879 were up 15.20 per cent from last year and the average sale price rose by 12.74 per cent to $496,579.
The average sale price was the fifth highest ever for any month in the single-family market. The peak was $506,670 set in July 2007.
In the condo apartment category, sales of 204 for January were up 13.97 per cent from a year ago while the average sale price jumped by 13.09 per cent to $280,273. The condo townhouse sector saw sales increase by 16.67 per cent from a year ago to 147 transactions and the average price rise by 7.61 per cent to $320,590.
“Prices have improved in the Calgary market but as always it is important to keep some perspective on this,” said Ann-Marie Lurie, CREB’s chief economist. “While January’s year-over-year increase seems significant, price recovery occurred in the spring months of 2012 under tighter market conditions and home prices leveled off for the remainder of the year.”
CREB also tracks the prices for what it calls typical properties sold. The overall benchmark price in the city rose by 8.35 per cent to $392,000. The single-family home benchmark price jumped by 9.01 per cent to $436,900. It rose by 7.49 per cent in the condo apartment category to $251,300 and it was up by 4.85 per cent in the condo townhouse category to $283,400.
“The employment gains achieved in previous years along with rising income, low mortgage rates and robust net migration levels has sustained demand for housing,” said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. “Many buyers have benefited from Calgary’s growing economy, giving them opportunities to move into homeownership.
“Some of the resale activity will have likely come from renters as well. As the rental market has tightened with average rents moving up, some renters may have decided to purchase a starter home and take on a mortgage instead of paying rent.”
mtoneguzzi@calgaryherald.com
Sunday, February 10, 2013
Sunday, January 20, 2013
2013 CALGARY REAL ESTATE BOARD FORECAST
CREB® forecasts moderate sales, price growth
Calgary, Jan. 16, 2013 – The resale housing market in Calgary and area will see moderate sales and house price growth in 2013, CREB® said today at its annual forecast.
Sales growth in the city is expected to ease to 2.2 per cent this year, with house prices rising by 2.9 per cent.
“Slower growth trends in employment combined with lower migration estimates will impact sales growth across all resale sectors, and, as listings continue to decline, this will further dampen sales growth, particularly in the single-family market,” Ann-Marie Lurie, CREB®’s chief economist, said at the 2013 CREB® Forecast Conference & Tradeshow. “However, as the overall market remains well supplied, prices will continue to grow but not at the levels seen in 2012.”
In 2012, Calgary’s single-family market recorded sales growth of nearly 15 per cent. With a decline in the level of new single-family listings, that is expected to ease to 1.8 per cent this year. Prices are estimated to rise by three per cent.
Becky Walters, president of CREB®’s 2013 board of directors, said the city and surrounding areas are seeing good resale activity.
“We have a nice, balanced market, and it’s expected to see some growth this year,” Walters said. “Although some big markets in Canada are stumbling, Calgary is hot on the heels of a year of recovery, with the forecast saying the market is going to stay in positive territory.”
In the condominium market, sales are expected to increase by three per cent, with a moderate price appreciation of 2.4 per cent for condo apartments and 2.8 per cent for condo townhouses.
Although the prediction is for a “balanced” resale housing market, Lurie said there are numerous risks in the market.
“The largest risk in our market is related to concerns in the oil sector,” she said. “They are facing pipeline constraints and lack of access to more diverse markets, impacting the price they receive for their oil. If the discounts on our oil persist, this clearly could impact the job sector and, ultimately, the housing market.”
Friday, January 11, 2013
BEST IN CANADA
Calgary luxury home market sales growth best in Canada
Sotheby’s International Realty Canada predicts trend to continue
By Mario Toneguzzi
Calgary Herald January 11, 2013
CALGARY — Calgary led the country in 2012 in sales growth for the luxury home market, according to firm Sotheby’s International Realty Canada.
Ross McCredie, president and chief executive of the real estate company, said Calgary is the “best performing market in Canada right now in terms of growth.”
“The trend has been upward and we don’t see any sign of that changing for awhile,” said McCredie. “There’s more and more investment coming into Alberta. More and more people are moving there. You’ve got a range of jobs. It’s not just simply oil and gas companies that are investing there.
“In the rest of the country, there’s definitely a trend going west and Alberta is probably leading that trend in terms of companies investing in key offices across Canada as well as foreign companies coming in as well.”
He predicted double-digit sales growth for Calgary’s luxury home market this year which will outstrip the performance of other major centres across the country.
“Calgary is really starting to become a city of high net worth people and investment coming into the country,” said McCredie.
In its Top-Tier Real Estate Report, a biannual study highlighting market trends for the most expensive homes in Canada’s largest urban centres, Sotheby’s said the market for luxury homes is expected to gain momentum and “to generate increasing demand from both local and international buyers given strong economic fundamentals, historically low interest rates and a national unemployment rate that has hit a record four-year low.”
In Calgary, compared with the same July to December period in 2011, listings over $1 million were up 38 per cent and sales of real estate in the same category were up 21 per cent in the second half of 2012.
“The average days on market for homes over a million dollars increased slightly to 66 days and the percentage of properties selling over asking price dropped slightly to five per cent,” said the report. “High-end neighbourhoods like Elbow Park and Glencoe were among those to see strong demand.”
According to the Calgary Real Estate Board, the city experienced a record for MLS sales over $1 million each in 2012 with 544 transactions, eclipsing the previous record of 458 in the housing boom of 2007. In 2011, there were 446 luxury home sales.
In 2012, the luxury home market had 508 single-family home sales and 36 condo sales compared with 420 and 26 respectively in 2011.
CREB said 1,533 homes were listed for sale in Calgary over $1 million in 2012 — 1,408 single-family and 125 condo. In 2011, there were 1,352 luxury home listings — 1,253 single-family and 99 condo.
In 2007, the luxury home market had 1,242 listings for the year, comprised of 1,159 single-family homes and 83 condos.
“We saw such an increase in activity in the last two quarters of 2012,” said realtor Christina Hagerty, who recently joined Sotheby’s in Calgary. “The momentum was building up all last year and it continued over the holiday season. This should be a good indicator of the year ahead. With the dwindling supply, and the strong pulse on the street that ‘Calgary is where you need to be,’ properties priced at market, are selling. Buyers are not wasting any time. They have done their research and are ready to make an offer when the right one hits the market.”
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