‘SUSTAINABLE, TIMELESS DESIGN’
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Calgarians remodeling kitchens in a style that’s built to last
CREB® Charitable Golf Tournament tees off
Office market produces largest single quarter of commercial absorption
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FREE jul 22 to jul 28 2011 issue 01-27 www.creb.com
Report suggests Calgary housing market to ‘outperform’ national average
CODY STUART, CREB® Staff
CODY STUART
managing editor
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acked by a strong employment picture, growing in-migration and a robust commodities market, Calgary’s housing market is set to better most other major centres in Canada over the next two years. According to a recent TD Economics report on Canada’s housing market, Calgary’s boost in economic activity will help support housing demand in the city through 2013. TD expects
existing home sales in the city to post a year-over-year increase of 1.7 per cent in 2011, followed up by 1.6 per cent in 2012 and 3.7 per cent in 2013, while the average home price is predicted to rise by 2.7 per cent over the same period. The optimistic outlook for Calgary comes in rather stark contrast to the national forecast, where TD is predicting resale activity and average prices to decline by roughly 15.2 per cent and 10.2 per cent respectively over the next two years. “These underlying fundamentals help support our call that the Calgary
SINGLE FAMILY
housing market will out outperform most other urban centres. In fact, we are calling for moderate sales and price growth for the region over 2011-13,” said TD economist Sonya Gulati. The findings are backed by recent numbers released by the Alberta government, which indicate that net interprovincial migration to the province doubled in the first quarter of 2011, rising to 5,275 from just 2,510 in the third quarter of 2010. Employment in the province is also on the rise, as Alberta gained 22,000 additional jobs in May. “Calgary’s economy is rebuild-
3395 JUN09 3314 JUL09 3296 AUG09 3148 SEP09 3003 OCT09 2658 NOV09 DEC09 2054 2513 JAN10 3106 FEB10 4014 MAR10 4986 APR10 5649 MAY10 5991 JUN10 5525 JUL10 5046 AUG10 4880 SEP10 4528 OCT10 3869 NOV10 2712 DEC10 3073 JAN11 3504 FEB11 4024 MAR11 4395 APR11 4616 MAY11 4744 JUN11
MLS® MONTH END INVENTORY* JUN ‘09 – JUN ‘11
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Sophisticated Living at its Finest Cridland designed, this home is a showcase of impressive space and custom crafted detailing. Over 5700 sq. ft. of living space, 5 fi replaces, massive glazing, remarkable lighting and an abundance of custom olive wood built-ins. Empire kitchen features double Wolf ovens w/ warming tray, Sub- Zero refrigeration, gas range and a sleek pantry plus slide away windowwall to the garden terrace. Terrace features a large fi replace for those temperate summer evenings. Floor-to-ceiling wine cellar highlights the dining room complete with fi replace and butler bar. Family/media room boasts a coffered ceiling & moveable wall concealing a bar and entertainment unit. The contemporary courtyard adjoins a striking formal living room. Master suite boasts an opulent ensuite bath and custom walk-in closet. Second bedroom is complete with private bath. Stunning alternate bdrm/flex room or gym and over 600 sq. ft. of rooftop terrace complete the upper level. Absolutely must be seen! MLS®C3478169
6128 Belvedere Road SW $2,999,500 www.sanostante.com
RE / MA X RE AL ESTATE ( CENTR AL )
403.289.3435
ing and the employment is gaining momentum,” said CREB® president Sano Stante. “With new jobs comes increased in-migration, often from other provinces who do not have the economic engine that Alberta has. This simmering demand will help mitigate any declines that other provinces could be susceptible to.” The strong showing in other areas of the economy was reflected in the number of Calgary homes that sold in June. According to CREB®, residential sales in the city in June numbered 1,979 units, marking the first year-over-year
A recent report from TD Economics predicts existing home sales in the city to post a year-over-year increase of 1.7 per cent in 2011, followed up by 1.6 per cent in 2012 and 3.7 per cent in 2013, while the average home price is predicted to rise by 2.7 per cent over the same period. increase of single-family homes since April of 2010.
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BANK OF CANADA CONTENTS MAINTAINS NEWS BRIEFS OVERNIGHT RATE CREB® STAFF
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iting a sluggish global economy, the Bank of Canada has announced that it is maintaining its target for the overnight rate at one per cent. In a release issued by the financial institution, the Bank stated that while the U.S. and Japanese economies is performing “below expectations,” growth in Canada is expected to reaccelerate in the second half of 2011.
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Ward 6 Alderman Richard Pootmans