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FREE feb 7 to feb 13 2014 issue 04-05
real estate news from industry experts
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In High Demand Cody Stuart
managing editor
T
he number of homes up for sale may have declined, however Calgary’s housing market showed no sign of letting up in January. Undeterred by a four per cent drop in new listings, MLS® sales in the city increased by 17 per cent year-over-year in January. The increase marks the tenth consecutive month of year-over-year increases in Calgary dating back to March of 2013. “Sales growth continues at the double digit pace seen over the later portion of 2013, mostly due to the gains in the condominium sector,” said CREB® Chief Economist AnnMarie Lurie. “While these are the highest January sales levels since 2008, total sales transactions are in line with long-term trends.” Condominium apartment and townhouse sales totaled 466 units in January, a 33 per cent increase over the same period in 2013. This is relative to the 974 sales in the single-family sector, only an 11 per cent increase over the previous year. The good news in Calgary’s condo market isn’t confined to the resale sector. A report from Altus Group
MONTHS OF SUPPLY JANUARY
Limited showed sales of new condos in the city reached 5,400 in 2013 – a figure that approaches those seen in Calgary’s peak of 2005. “Consumers looking for more affordable product turned to Calgary’s condominium market, which was the only sector to record growth in new listings, compared to January 2013,” explained CREB® president Bill Kirk. “The improvement in listings helped ease some of the tightness in the condominium market, however overall conditions continue to favour the seller.” New listings in the condominium apartment and townhouse market totaled 809 units, a combined increase of six per cent. Meanwhile, the single-family sector lost momentum with new listings recording an eight per cent year-over-year decline. Overall market conditions continue to remain tight with months of supply remaining below two months. Calgarian Jayden Lukas Van is one of the many Calgarians who decided January was the right time to buy a new home. According to Van, the decision to upgrade was motivated in part by the city’s cramped rental market.
9 8 7 6 5 4 3 2 1 Single-family
Townhouse
Apartment
CREB® Total Residential CREB® City of Calgary
Statistics A3
CREB® Towns
Source: CREB®
cody stuart, Managing Editor
$520,686
$527,764
$516,447
$516,244
$512,359
$517,234
$524,900
$527,162
$521,887
$510,834
$518,392
$496,579
$496,636
$488,311
$492,777 $468,360
$475,272
$478,528
$489,271
$483,519
$472,465
JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14
$438,683
$469,726
$502,065
$518,452
SINGLE FAMILY
MLS® AVERAGE PRICE* JAN ‘12 – JAN ‘14
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Council approves seven rapid bus routes CREB® STAFF
S
even new bus rapid transit and transitway routes will be built throughout Calgary by 2021, as long as funds promised by the federal and provincial government come through. Last fall, city council approved use of the $52 million property tax increase for a 10-year transit fund, this will allocate about $480 million towards transit expansions.
transportation A3
contents news briefs
A3
industry
A6
New home warranties
mortgage rates
A10
Market
A10
RE/MAX luxury report
commercial
A11
map
B1
open houses
B19
MLS® Statistics
b19
January 2014