moving day Being prepared for the big move how to A12
fish creek feature a16 – A17
FREE sep 7 to sep 13 2012 issue 02-35 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
sales growth remaining strong kelsey hipkin, Reporter/Photographer
Residential sales in the city and surrounding towns record respective gains of 10 and 42 per cent kelsey hipkin
reporter/photographer
F
ollowing several months of higher than expected sales growth, Calgary residential sales in August totaled 1,725 units, a 10-percent increase over last year. “While the sales growth remains
strong, it is slower than the previous five months in part due to the lack of new listings in the city’s single family market,” said Bob Jablonski, CREB® president. “With fewer products to choose from, many consumers are holding off on transacting or turning to surrounding towns, the new home market and condominiums.” New listings within the City of
SINGLE FAMILY
Calgary totaled 2,585 units in August, down 13 per cent from one year ago and down more than four per cent on a year-to-date basis. Meanwhile, new listings in the surrounding towns have improved by nearly 10 per cent after the first eight months of this year. Yearto-date sales in Airdrie, Cochrane and Okotoks increased 42 per cent over the same time last year. “Improving choice, affordable prices, combined with lifestyle factors and the lack of choice in the single family market within city limits, have driven sales growth in towns surrounding the city,” said Jablonski. “In general, the area has witnessed sales activity that is comparable to peak sales activity.”
MLS® AVERAGE DAYS ON MARKET* AUG ‘10 – AUG ‘12
59
58
56 50
52
50
60
Single-family sales totaled 1,169 in August 2012, six per cent above levels recorded in 2011. Meanwhile, new listings declined by 14 per cent on a yearover-year basis over the same time frame. This year, demand has far outpaced new additions to supply in the single-family market, causing a significant depletion of standing inventories. However, the recent decline in sales growth helped ease the pressure on the market as months of supply have risen to levels more consistent with balanced territory. While sales growth activity did cool, the upward price pressure on singlefamily homes is unlikely to ease until the fall. As of August, the benchmark price for a single family home was
49 49 48 45
43 40
41 38 37
43
36
AUG10 SEP10 OCT10 NOV10 DEC10 JAN11 FEB11 MAR11 APR11 MAY11 JUN11 JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12
39
41 41
48
statistics A3
Calgary’s Housing Company
H
52 52
$432,600, an eight-per-cent increase over August 2011 levels. While the increase may seem significant, prices have leveled off compared to the July and remain nearly $20,000 below peak levels recorded in the boom of July 2007.
Calgary contents housing starts news briefs A3 increase in July test your knowledge A6 CREB® STAFF
52
Calgary residential sales in August totaled 1,725 units, a 10 per cent increase over last year.
ousing starts in the Calgary Census Metropolitan Area (CMA) totaled 910 units in July 2012 according to the latest numbers from the Canada Mortgage and Housing Corporation (CMHC). The figure marks a 38 per cent increase from the 658 units that broke ground in July 2011. After seven months, total housing starts were up 90 per cent to 7,954 units, compared to 4,188 in 2011. “Demand for new homes continues to benefit from Calgary’s growing economy, expanding employment, and heightened net migration,” said the CMHC in a report.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
construction A3
mortgage rates
A8
pop the question
A12
Maria Killam
commercial
A15
MLS® Statistics
A18
map
B1
open houses
B19