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October Market Update

Monday, November 9th, 2009

With all of the recent, positive housing data, I thought this would be a good time to take a look at how the Calgary and Canadian real estate markets are performing. The most recent average home prices, released by CREB, indicate that we’ve seen almost 9 months of uninterrupted growth. Back in December of 2008, the average house price in Calgary was $413,049 and as of September 2009, the average house price was $462,465.

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Another important real estate market indicator that has seen improvement in the last month is the amount of new housing starts. Generally, residential construction companies build 6 months to a year in advance. And, an increase in the amount of new starts translates into a vote of confidence for both today’s housing market but more importantly, the housing market 6 to 12 months down the road. For the month of October, housing starts increased 5.4%, building on increases in previous months.

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And with all of this positive data, CMHC has gone ahead and improved their forecasts and outlooks for 2010. After a year of dismal news on the Canadian economic and real estate fronts, this is welcome news.

As always, visit my Calgary Real Estate website for further information regarding the Calgary Real Estate market.

M

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Market Update for June

Monday, June 15th, 2009

The recovery in the Canadian real estate continued in June, spreading to 70 percent of markets. In Calgary, seasonally adjusted sales were up 25 percent, ranking ahead of other major markets including, Edmonton, Toronto and others. Most economists and industry experts are singing a common tune; the worst of the downturn in the Canadian real estate market is over. The Canadian real estate market has now seen four straight months of growth and a 16% increase in the average home cost. The most desirable properties appear to be those under $600,000, with buyers who were previously priced out of the market scooping up deals and locking in at record low interest rates.

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Market Update for May 2009

Sunday, May 17th, 2009

It looks as though the months of double digit decreases in real estate sales are over. The most recent sales numbers, released by CREA, indicate a measured but significant positive outlook for the Calgary real estate market. Sales of single family homes rose 19 percent month-over-month, while sales of condos rose 30 percent month-over-month. While year-over-year sales remain depressed, the decrease is much less than in the previous months. Experts continue to predict that a bottom for the Calgary real estate market is near and if the evidence on the ground is any indicator, I am inclined to agree with the prognostocators. To read more about the recovery of Calgary’s real estate market, click here.

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Market Update for April 2008

Saturday, April 4th, 2009

A flurry of recent articles about the Calgary real estate market have touted the increase in MLS sales and average home/condo prices. While year-over-year numbers remain down, there are reasons for optimism as first-time home buyers are recognizing the benefits of buying in this market and improving the housing market with there investment. The average house price in Calgary has risen roughly 1% over February, in March, gaining back some of the roughly 10% decrease in average home prices over the past year. Optimism is also spreading in the US residential market and Calgary commercial market. Recently, developers of the Bow Tower were able to secure financing from 6 of Canada’s banks, indicating a loosening of lending practises. And, US home starts were up, indicating the start of a housing market recovery there. These signs all bode well for the Canadian and Calgary residential real estate markets. If there are buyers out there that are waiting for a bottom, start your engines because maybe, just maybe this is it. For recent information about average home prices and condo prices in Calgary, visit the Calgary Market Stats section.

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CREA Forcast for 2009/2010

Thursday, February 12th, 2009

The Canadian Real Estate Association has come out with its housing forcast for 2009 and 2010. In Alberta, CREA is predicting a decrease of 8.9% in 2009 and a much more modest decrease of 1.1% in 2010. So, it appears that the worst of the market decreases are yet to come but relief is on the horizon, as Canadian and world economies are predicted to start growing again in 2010 and beyond. For more information about CREA predictions for Alberta and other provinces, go to the MSN.ca article “Where are home prices headed“.

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Market Update for December 2008

Friday, December 26th, 2008

The news for Calgary real estate isn’t pretty for some right now. Consider the amount of units sold up to the end of the month of November in 2008 compared with 2007. There were approximately 31000 units sold up to the end of November 2007 and approximately 23000 units sold up to the end of November this year. That’s a reduction of 40%! This behavior, however, could be seen as a natural correction following a period of unprecedented growth. Calgary has had a shortage of housing for most of the last decade or more and it is just now that builders have caught up to the demand. For sellers, this can be trying times as values continue to decrease, however, for buyer’s this could be a time of great opportunity. Calgary’s real estate market will turn around and most think this is an inevitable fact. Alberta and specifically Calgary, has a lot to offer and the value of Alberta’s natural resources cannot be overlooked as the world economy starts to turn around. These facts make Calgary real estate a great bargain and a great investment opportunity. For people who have stable credit and a considerable down payment, Calgary real estate may be one of the best investments when compared with equities and more conservative investments. So, for those people who are considering purchasing in Calgary, this period of contraction will allow you to peruse the market for the absolute best deal without feeling the pressure to buy. Relax and enjoy the market because the days of a frenetic Calgary real estate market or at least a more balanced market aren’t that far off.

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