Calgary Real Estate News and Updates
I have read the stats and current market reports, and the Calgary Real Estate market is hot right now. According to CMHC Housing Starts were up by 11% from February of 2014 to March of 2014. Calgary had over 16,500 starts in March as compared to just under 15,000 in February.
Home Prices showed a Marked increase. and the Calgary Real Estate Market surges with Calgary having shown year after year increases. The price of a two story home has incread 7.5% to $472,644 while the average price for a bungalow has incread 6.3% to $480,000. Even Condo prices have increased 5.3% and average at $274,700
There is a high Demand for housing in Calgary right now and a low supply of inventory in the market. Most properties in Calgary right now are being sold in under 2 weeks which makes it a "Sellers Market". Calgary had the highest percentage of change in the market across the country. Edmonton coming in Second, then Vancouver, Toront and Montreal in that order.
If you want to Sell your home look no further! As a Calgary Top Producer I am here to help you Sell.
Here is more about the Alberta Real Estate Market.
More Albertans willing to brave rising prices and purchase a home
CALGARY - Despite high real estate prices, Albertans have a renewed interest in buying a home, according to the 21st Annual RBC Home Ownership Poll.
The poll, which was released Thursday, said the number of those intending to buy a home in the province is up from 22 per cent in 2013 to 28 per cent this year, “showing a renewed strength in the market from last year.”
“We saw a drop in purchasing intent last year in Alberta, so this renewed intent in 2014 shows that people in the province are confident in their ability to get into the market and invest in a home,” said Don Peard, regional vice president and mortgage specialist with RBC.
“There’s a couple of key factors. Number one being, certainly we were predicting a year ago and even more than that an increase in interest rates and that really hasn’t transpired. Even if it does transpire, I don’t believe it will be as severe as some people were anticipating. That’s a huge factor in affordability and certainly impacts peoples’ intent to purchase.”
Peard said discussion about the levels of consumer debt has had an impact on peoples’ savings habits with better results in recent years, which means they are able to have enough money for downpayments.
“And of course in Alberta, comparatively speaking, affordability still remains very well particularly when we compare pricing and affordability with other larger centres in Canada. Alberta still remains very affordable. There’s no question the intent to purchase has increased,” said Peard.
Recently, the Canadian Real Estate Association said Alberta will lead the country with the highest annual growth rate in prices over the next two years in the resale housing market.
It said average MLS sale prices will climb in the province by 3.9 per cent this year to $396,000 and by another 2.5 per cent in 2015 to $406,000.
The association said Alberta will see annual sales activity increase by 0.8 per cent this year to 66,600 and then lead the country in 2015 with 3.9 per cent growth to 69,200 sales.
In February, MLS sales were up by 1.8 per cent year-over-year in Alberta to 4,595 and the average MLS sale price saw a yearly increase of 7.6 per cent in the province to $407,540.
“The volatility and fluctuations in some of the other larger Canadian cities we just don’t experience that in Alberta. There’s good, solid general appreciation in home values but it’s certainly not big spikes and bubbles,” said Peard.
“Lots of fear and talk of real estate bubbles in the past two or three or four years and I think the general consensus now is that’s really probably not going to happen at all and there’s lots of good empirical data to support that and we’ve seen good positive changes in the Vancouver and Toronto markets and of course we’re just that much more fortunate here in Alberta with having one of the best economies in the country.”