CALGARY MARKET PERMITS RISING
A GROWING CONCERN
Attractive, affordable and available
Community gardens provide opportunity for inner city green thumbs
Stalled Fourth St. project to resume
INDUSTRY A11
COMMERCIAL A12
SHERRY JENKINS
GARDEN A13
403-804-3694
sherry@wemortgage.ca 133 First Street NW, Airdrie, Alberta T4B 0R3
WeMortgage.ca See MONEY on page A10
FREE jul 15 to jul 21 2011 issue 01-26 www.creb.com
CODY STUART, CREB® Staff
F
New report forecasts 3.8 per cent increase in Calgary by 2012
ollowing modest year-over-year price declines that resulted from the recent boom, Calgary house prices are predicted to increase by the end of the year. According to the latest Royal LePage House Price Survey and Market Survey Forecast, average house prices in Calgary are forecast to increase 3.8 per cent by 2012. “Calgary continues to be one of the most affordable regions in Canada for home ownership and Calgary is witnessing the economic fundamentals that will bring continued recovery to
CODY STUART
managing editor
SINGLE FAMILY
our housing market,” said Sano Stante, president of CREB®. “While price increases are not the most important factor for a strong and buoyant market, we expect that we may see some slight increases by the end of this year as job creation begins to have a positive effect on in-migration.” On a national level, Canada’s residential real estate market saw sizable year-over-year price increases in the second quarter of 2011, but high house prices are concealing early signs of a moderating market, according to the
MLS® AVERAGE DAYS ON MARKET* JUN ‘09 – JUN ‘11
59 56 50
47 44
43
42
40
41
42
45
43
36
39
50
BMO PROJECTS RESUMPTION OF RATE HIKES
52 CREB® STAFF
45 39
41 41
43
33
JUN09 JUL09 AUG09 SEP09 OCT09 NOV09 DEC09 JAN10 FEB10 MAR10 APR10 MAY10 JUN10 JUL10 AUG10 SEP10 OCT10 NOV10 DEC10 JAN11 FEB11 MAR11 APR11 MAY11 JUN11
34
38
52
survey. The market has seen its nearterm peak in house price appreciation, and a slower second half of the year is expected. Still, by the end of 2011, the national average house price is expected to be 7.7 per cent higher than it was at the end of 2010. In Calgary, the year-to-date average price of a single-family home is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year, according to the latest numbers released by CREB®. The distribution of sales by
*All statistics based on monthly data compiled by CREB® via MLS® activity.
G
iven the outlook for above-potential economic growth for the third quarter of 2011 and beyond, BMO Economics has issued a new report projecting a resumption of rate hikes by the Bank of Canada in October of this year. “In its latest policy announcement on May 31, the Bank of Canada said that monetary stimulus would have to be ‘eventually withdrawn’.
RATES A3
Outstanding Luxury in Hillhurst
111 16 Street NW
price range has not shown any significant shift compared to last year, pointing to continued stability in the market.
HOUSE PRICES A3
CONTENTS NEWS BRIEFS
A3
EVENT LISTING
A6
MORTGAGE RATES
A10
BUSINESS DIRECTORY A10 TEST YOUR KNOWLEDGE A11 Gardening in Calgary
MAP
B1
OPEN HOUSES
B19
A RARE FIND 60+ CONDO
$154,800
MLS®C3470397
• 3 bedrooms, 3.5 bathrooms • 2499 sq. ft.
Following a period that saw Calgary house prices dip, the latest Royal LePage House Price Survey suggests that a 3.8 price increase could happen before the next calendar year.
60+ building with outstanding amenities: meal plans, fitness/rec room, activities, etc. 1 bdrm main floor unit with patio & green space. Insuite laundry. Great value in Somerset Legacy. A must to see! MLS®C3481828
For more details call the The “Home Hunters”
Grant
& Steve Hunter 403-278-9208
SUTTON GROUP CANWEST VISTA • WWW . THEHOMEHUNTERS . COM