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Condos Feature A8 – A10
FREE apr 4 to apr 10 2014 issue 04-13 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
real estate news from industry experts
single-family shortage New listings in single-family market at lowest March inventory since 2006
cody stuart, Managing Editor
kelsey hipkin
reporter/photographer
W
ith an increase in Calgary’s single-family market sales, a decline in new listings has brought inventory numbers to their lowest level for the month of March since 2006. Single-family sales at the end of the first quarter of this year totalled 3,901 units, a 9.5 per cent increase over the same period last year while new list-
ings declined by nearly five per cent. As sales growth outpaced the amount of new listings growth in the market, inventory levels dropped to just over 2,000 units. “There are several factors contributing to the growth in housing demand including the inflow of people to our province over the past two years, strong gains in employment and tight rental conditions,” said Ann-Marie Lurie, CREB®’s chief economist. Between April 2012 and April 2013,
the Civic Census found Calgary’s population increased 2.62 per cent to 1,149,552 including a net migration of 19,067 residents. With that inflow of people, plus the living spaces affected by June 2013 flooding, Calgary’s rental vacancy rate as of October was one per cent according to the Canada Mortgage and Housing Corporation. While the single-family market is seeing low inventory, Lurie said supply conditions vary amongst different property segments impacting sales and price growth.
SINGLE FAMILY
MLS® AVERAGE DAYS ON MARKET* MAR ‘12 – MAR ‘14
49
40
51 47
45
43 42 43 41 38 37 36
39 37 37 37 38
37 34 31 31
29
27
MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14
33
40
“If supply constraints persist in the single-family sector, prices are expected to record further gains as we move into the spring market,” she said. Persistently tight market conditions prevented any relief in terms of price gains. The unadjusted single-family benchmark price totalled $490,600 in March, a 9.9 per cent increase over the previous year and monthly increase of 1.6 per cent. “With tight market conditions, particularly in the single-family market,
Tax break coming for city homeowners
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5th FLOOR, 1228 SQ FT, CONTEMPORARY STYLING & DESIGN, CORNER UNIT 2 BDRM + DEN, 2 FULL BATHROOMS. HARDWOOD, GRANITE, STUNNING KITCHEN W/STAINLESS APPLIANCES, GAS FP, EXTRA STORAGE, 9FT CEILINGS. CONCIERGE SERVICE, HUGE GYM, STEAM ROOM. POOL TABLES. TITLED INDOOR PARKING. LOADED & STUNNING. WALK TO INGLEWOOD SHOPS & CAFES. MLS®C3602421
contents news briefs pop the question industry
R
mortgage rates MLS® Statistics
esisting a push from Mayor Naheed Nenshi, Calgary City Council voted to keep this year’s tax hike at 4.8 per cent. Due to a one-time rebate and a cut in provincial taxes, homeowners will actually see their tax bill drop by an average of $41. Nenshi had called for higher taxes to assist with business costs and to help with the construction of more affordable housing.
municipal A3
$529,900
A3 A4
Home stager Elysse Bulloch SAM Awards
1228 SQ. Ft. uPgRaded 2 BedRooM + den 5tH FlooR Condo Prime location in prestigious SoBow, adjacent to william Pearce Park.
statistics A3
CREB® STAFF
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Sutton CanweSt Real eState
purchasers should ensure they have a clear understanding of what they can afford and what they are willing to pay for a home,” said Bill Kirk, CREB® president. “However, both sellers and buyers need to be aware that conditions are dependent on the community and price range that they are targeting.”
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March 2014
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