CALGARY — Fuelled by low interest rates and job security, demand for residential real estate in Calgary is on the upswing, says the RE/MAX Housing Market Outlook 2012 report released Tuesday.

And the real estate firm says Calgary will be a Canadian leader next year in the annual growth rate for MLS sales. By year-end 2011, 22,500 homes are expected to change hands, an eight per cent increase over the 20,801 sales reported in 2010, it said.

And the average price in Calgary is forecast to appreciate as well, rising a “modest” one per cent to $405,000 in 2011, up from $401,186 one year ago.The report forecasts the average MLS sale price will jump by three per cent in 2012 to $417,000 while sales will rise by five per cent to 23,600 units.

Lowell Martens, of RE/MAX Real Estate (Mountain View) in Calgary, said any hesitation on the part of some buyers in the city is more than likely a direct reflection of the uncertainty in the European economic situation. He said commercial real estate construction taking place in Calgary “tells us the long-term feeling out there is very positive for Calgary.” “We have a very stable market over the next little while. We don’t anticipate any big upswings but at the same time we don’t anticipate any big downswings either. It’s going to be very stable,” he said.

Buyers in the city are cautiously optimistic after more than two years of recession, making their moves while interest rates are at historic lows and housing values are affordable, said the report.

“Single-family homes remain most popular with purchasers, representing close to 60 per cent of total residential sales. Demand is greatest for entry-level product, priced between $350,000 and $450,000,” it said.

“Condominium apartments and town houses have also experienced solid momentum in recent months, with the lion’s share of activity occurring from $200,000 to $300,000. Luxury home sales — priced over $1 million — have been particularly brisk, up approximately 25 per cent over 2010 levels.”

While global concerns still loom overhead, the market appears to be gaining some traction moving into the new year, added the report. “First-time buyers are expected to continue to capitalize on low interest rates, while move-up buyers cautiously enter the market in the mid-range price points. Sales in the upper-end are expected to remain robust,” said the report.

A recent housing market outlook by Canada Mortgage and Housing Corp. forecast a 2.3 per cent increase in MLS sales in 2012 for the Calgary census metropolitan area to 22,700 transactions and a 2.2 per cent hike in the average sale price to $411,000.

“Many factors that support resale housing demand have become or remained favourable this year, including growth in full-time employment, low mortgage rates and improved net migration,” said the CMHC.

“However, competing factors such as uncertainty in the global economy has kept some prospective buyers on the fence, and will continue to temper any large increases in sales.”

RE/MAX said the Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board.

The trend is expected to carry forward into 2012 as Canadians “continue to demonstrate their faith in home ownership, despite concerns over the European debt crisis and its impact on the global economy.”

By year-end, an estimated 460,000 homes are expected to change hands, up three per cent from the 447,010 units reported in 2010. Sales are expected to climb one per cent to 464,500 units in 2012. The value of a Canadian home is set to climb to $363,000 by year-end — an increase of seven per cent over the $339,030 posted one year ago. By year-end 2012, the average price in Canada is forecast to appreciate two per cent to $371,000, added RE/MAX.

“What 2011 proves is that real estate continues to have momentum,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada, in a statement. “The economic underpinnings support ongoing demand, particularly as job creation efforts continue and unemployment rates edge down further.”

By Mario Toneguzzi Calgary Herald

December 1, 2011 CALGARY — “Despite any global economic cautions, consumers are actively seeking well priced listings in the market, a reflection of their positive long term outlook for the city,” says Sano Stante, president of CREB®. “Following two years of employment losses, the current growth in jobs is translating into improvements in the housing sector and a more optimistic consumer.”

November listings have edged down over last year’s levels, decreasing by two per cent. Lower listings combined with the increase in sales helped reduce the months of inventory to less than four months.

“This stable pricing provides an opportunity for buyers in our market. The addition of historically low interest rates, combined with a good selection of inventory, makes it a trifecta,” Stante says. “With positive wage growth in the wind, this is a signal, and a reminder, that this market opportunity will not remain forever.”

Calgary Real Estate News

The top 5 Calgary communities with the highest percentage of people over the age of 65. 1. Chinatown - 47.8% 2. Pumphill - 33.8% 3. Kelvin Grove - 33% 4. Briar Hill / Houndsfield - 32.6% 5. Palliser - 29.4% http://www.calgaryherald.com/news/data-centre/seniors/index.html

November 29, 2011 CALGARY — Calgary’s resale housing market saw sales grow in October but the average price dip, according to the Conference Board of Canada.

In a report released Tuesday, the board said the seasonally-adjusted annualized rate of sales in Calgary was 22,572 during the month, up from 22,344 in September and an increase from 19,524 in October 2010.

But the average price fell in October to $402,561 from $408,466 in September. A year ago it was $396,041.

As for new listings, the annualized rate in October decreased to 43,656 from 44,664 the previous month but up from 42,960 in October 2010.

In October, the sales-to-new listings ratio in Calgary was 0.512. It was 0.471 in September and 0.455 a year ago.

The conference board said Calgary can expect short-term year-over-year annual price growth of between five and seven per cent.

According to the latest Canada Mortgage and Housing Corp. market outlook report, MLS sales in the Calgary region are forecast to increase by 2.3 per cent in 2012 to 22,700 while new listings are expected to decrease by 1.1. per cent to 43,700.

The average MLS sales price is forecast to jump by 2.2 per cent in 2012 to $411,000 in the Calgary census metropolitan area.

The CMHC held its annual Calgary Housing Outlook Conference on Tuesday.

“Improvements will be reliant upon rising net migration, continued employment growth, lower new home inventories, and a more balanced resale market,” said Richard Cho, the CMHC’s senior market analyst in Calgary.

The CMHC housing market outlook says despite many positive factors for real estate “competing factors such as uncertainty in the global economy has kept some prospective buyers on the fence and will continue to temper any large increases in sales.”

Calgary Herald - By Mario Toneguzzi
 

November 26, 2011 Calgary’s housing market has seen an upswing in activity in November compared with a year ago.

According to the Calgary Real Estate Board, month-to-date from Nov. 1-24, there have been 794 single-family MLS sales, up from 724 for the same period last year.

The average sale price has also jumped to $475,277 this year from $460,731 a year ago.

The condo market has also seen an increase in activity with sales jumping to 314 this November compared with 231 transactions month-to-date for November 2010.

But the average sale price for a condo has dipped this year to $273,467 from $279,118 a year ago.

Calgary Herald

CALGARY — Alberta will be the only province next year to buck the national trend for housing starts across the country.

According to an October 2011 Housing Forecast report released Tuesday by Altus Group, only Alberta is expected to see an increase in housing starts in 2012.

Subdued economic growth will take the “sizzle” out of Canadian housing starts in 2012 and deteriorating global economic conditions leading to lower Canadian growth expectations will constrain housing demand across the country, said the report.

“Based on recent data, the Canadian housing sector is performing at a very high level, with elevated housing starts, steady prices, and steady resale markets. Interest rates are also no longer expected to increase over the next year,” said Peter Norman, chief economist, Altus Group. “But at the same time a number of risk factors are emerging, especially deteriorating economic conditions and tighter mortgage rules. Canadians can expect lower levels of housing construction in most areas of the country next year.”

But the report said Alberta has seen job conditions and interprovincial migration rise sharply this year at the expense of Ontario and British Columbia, positively affecting housing demand next year.

Alberta will see housing starts in 2012 rise to 27,800 units from 24,881 this year. In 2010, there were 27,088 housing starts in the province.

Across Canada, housing starts will hit 192,000 units this year and dip to 181,600 units in 2012. There were 189,930 starts in 2010.

The Altus Group report said only Calgary and Edmonton, among major markets in Canada, will see a rise in housing starts next year.

Calgary will jump to 9,400 units from 8,400 in 2011 while Edmonton will see a rise to 9,400 units as well from 8,900 this year.

In 2010, Calgary had 9,300 housing starts while Edmonton had 10,000.

By Mario Toneguzzi, Calgary Herald November 22, 2011

Shawnee Park developer, Geo-Energy Enterprises Ltd., plans to keep a vast majority of the trees on the former Shaw-Nee Slopes Golf Course.

“It’s Geo-Energy’s plan to insert the appropriate development into the landscape — not obliterate,” says Les Humphrey, the senior planner charged with bringing the developer’s conservation development to life. “The trees are the signature element of the community.”

A conservation development focuses on providing a high percentage of open areas and green space, preserving natural elements like trees and gentle landscape changes. It also increases access to existing amenities, along with natural spaces and habitats. In the main central development areas, as much as 45 per cent of the property will be accessible open space.

As well, pedestrian accesses will be designed to attract people into the community, as well as through it to Fish Creek Provincial Park. “Our goal is to create uses that respond to the community’s needs but just as importantly to respect the land,” says Humphrey during a golf cart tour of the 53-hectare property in southwest Calgary.

Geo-Energy purchased the property in 2008. More than a year of intensive research and planning — along with a series of open houses for area residents — has gone into the Shawnee Park plan. The developer hopes it will go before the Calgary Planning Commission before Christmas, followed by city council early in 2012, says consultant Ray Clark, who represents Geo-Energy,

“The plans for Shawnee Park are in conformity with every policy document by the city of Calgary since 1974, including Plan It,” says Clark. Shawnee Park is considered a transit-oriented development because of its mixed use design, higher density levels, and in-community bus and pedestrian access to the LRT.

The plan currently calls for 1,400 homes of all types with a density of 11.5 housing units per acre (one acre equals 0.4 hectares). As well, there will be retail village elements at the east end of the property — an area that will also see denser multi-family housing close to the Fish Creek/Lacombe LRT station.

By Marty Hope, Calgary Herald; Photograph by: Courtesy, Geo-Energy Enterprises Ltd.

According to figures released Novemeber 1, 2011 by CREB® (Calgary Real Estate Board), Calgary residential sales totaled 16,184 after the first 10 months of the year, an increase of eight per cent over last year.

Over 61 per cent of Calgary’s established communities saw increased sales levels compared to last year. Garrison Woods, Collingwood and Mahogany
saw the largest sales increase at 170 per cent combined; nearly half of all Calgary communities recorded price increases, with Shaganappi, Chinook Park and Downtown leading the way with a combined average price increase of 55 per cent.

“A boost in full time jobs throughout the year is gradually translating into improved sales in the real estate sector,” says Sano Stante, president of CREB®. “Consumers are taking advantage of price stability and a healthy variety of selection. While these gains are moderate, we are set to outpace 2010 sales.”

CREB October 2011 Stats

Proving they are more prudent than many so-called experts believe, Canadians took proactive steps during the economic downturn to secure their mortgages. A survey of mortgage holders by TNS Canadian Facts shows 10% made extra payments to reduce the principal amount, 13% negotiated for better payment terms and 5% switched from a fixed-rate to a variable-rate mortgage to lower monthly payments. “Home mortgages have … been impacted (by the economy) as Canadians have tried to trim thei ... Full Article...

CALGARY - Albertans are the most likely to say they are very likely to buy a home in the next two years, says the 17th Annual RBC Homeownership Survey. The survey also indicated 92 per cent of respondents believe that buying a home is a good investment. Among those looking to buy they are also the most likely (40 per cent) to say they will buy within the next year.                           RBC says respondents cite good housing prices, favourable interest rates and the opportunity to bu ... Full Article...

CALGARY - It's one of the most highly anticipated residential urban developments in Calgary and on Thursday sales are expected to begin for a small number of lots at the Currie Barracks. It's all part of the first phase of a major redevelopment at the former military site that proponents say will create a marquee place to live and work. It's also a major step in the conversion of the former CFB Calgary. A small number of upscale "estate" lots for yet-to-be built homes are expected to go on sale ... Full Article...

The average sale price of a Calgary existing home is forecast to rise by five per cent next year after falling by an estimated five per cent in 2009, according to a report released today by Re/Max. The real estate firm’s Housing Market Outlook for 2010 said the MLS sale price this year for Calgary, which includes all residential properties, is estimated to be $385,000 but it is forecast to rise to $403,000 next year. Re/Max is estimating MLS sales to hit 26,000 this year in Calgary for ... Full Article...

Another nine Canadian cities have been added to the list of those offering virtual tours through Google Street View .  Victoria, Nanaimo, B.C., Edmonton, Saskatoon, Winnipeg, Sudbury, Ont., London, Ont., Sherbrooke, Que., and St. John’s, N.L., are among the more than 20 Canadian cities that have been filmed for the Google feature. Users can search for an address in those cities and see a 360-degree view of the streets. Google also announced last week that it’s in the process of c ... Full Article...

Visits to Google Inc.’s popular online mapping services more than doubled worldwide Wednesday when the Internet company launched its Street View image service of 11 Canadian cities.  The service provides curbside pictures of homes, neighbourhoods and attractions in cities — as well as some rural areas — around the world. According to Google, more than 28 million Street View images of various locations within Canadian cities were viewed on Wednesday alone. So far this year, ... Full Article...

CALGARY - Fort McMurray is Alberta's most expensive residential real estate market, surpassing both Calgary and Edmonton, says a report released today by Coldwell Banker. The 2009 Coldwell Banker Home Price Comparison Index of most expensive and most affordable North American markets evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two-and-one-half baths in 345 markets across Canada and the United States. In Alberta, the average price in F ... Full Article...

Canada's resale housing market for July posted the largest year-over-year gain in two years, with Western homebuyers leading the way, according to statistics released Friday by The Canadian Real Estate Association. For the first time on record, sales of existing homes climbed to more than 50,000 units for July. A total of 50,270 homes were sold last month via the Multiple Listing Service of Canadian real estate boards. This is up 18.2 per cent from the same month last year, and 3.9 per cent a ... Full Article...

CALGARY - Parks Foundation Calgary will today announce it's starting work on a 10-kilometre bicycle pathway along the city's east edge. The first phase of the East Calgary Greenway will run in the same corridor as the east portion of Calgary's ring road from Airport Trail down to Elliston Regional Park at 17th Avenue S. E., the Herald has learned. With a price tag around$6 million, it's the largest-ever project for the non-profit parks foundation--and is part of a bigger vision to eventually ... Full Article...

Calgary home sales boasted a double-digit increase in May, marking the first time since September last year that the recession-battered re-sale market posted a year-over-year uptick. Realtors sold 1,584 single-family homes in Calgary last month, up from 1,368 sold in May one year ago, the latest MLS data released yesterday by the Calgary Real Estate Board show. That’s increase just shy of 16%. By MARKUS ERMISCH, SUN MEDIA / read more

When you are planning to purchase or refinance a home, your personal credit history factors heavily on the lender’s decision to approve your mortgage, and at what interest rate. This is true more than ever as credit expectations have increased heavily in light of the current financial environment. By Sharon Essington /read more

In a surprising move, the Bank of Canada announced the decision to keep the key lending rate at the further reduced level of 0.25% until the end of the second quarter in 2010. The additional decrease on April 21 influenced lenders to drop ... By Sharon Essington /read more