Crebnow nov22,2013

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Greenhouse gardening

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REAL ESTATE (CENTRAL)

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real estate news from industry experts

looking up

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CMHC’s Richard Cho predicts good news to continue for Calgary housing market Cody Stuart

managing editor

C

algary continues to be a city on the rise. Driven by impressive net-migration numbers and record employment growth, Canada Mortgage and Housing Corporation (CMHC) is forecasting increases for nearly every category of Calgary’s housing market. Speaking at this year’s Housing Market Conference, Richard Cho, CMHC’s senior market analyst for Calgary said MLS® sales in the city should reach 29,200 units by the end of 2013, an increase of 9.6 per cent over 2012. “Over the last two years, [Calgary] has added about 60,000 people,” said Cho, who led off his presentation at the Alberta Housing Outlook Conference with the words “up, up, up.” “That’s a lot of people who will be looking for housing. While CMHC is predicting net migration to the city to drop substantially in 2014, falling by more than 23.3 per cent from the 30,000 seen in 2013, Cho said resales in the city should continue to increase in 2014, rising by 2.7 per cent. On the heels of four consecutive years of record employment growth, Calgary’s job situation is also expected to continue its upward climb next year. Mirroring the escalation in construction slated for downtown Calgary, employment growth in Calgary is forecast to climb by 2.5 per cent in 2014 after increasing by 2.8 per cent in 2013. Other driving factors singled out by Cho included Calgary’s cramped rental market, which along with low mortgage rates, Cho said has contributed to the rise in new homebuyers in the city. According to CMHC, the October vacancy rate is expected to decline for the fourth consecutive year in 2013, averaging 0.8 per cent.

SINGLE FAMILY

OCT11 NOV11 3761 DEC11 2761 JAN12 2980 FEB12 3093 MAR12 3367 APR12 3501 MAY12 3842 JUN12 3817 JUL12 3646 AUG12 3535 SEP12 3486 OCT12 3114 2586 NOV12 DEC12 1859 JAN13 2075 FEB13 2048 2727 MAR13 2977 APR13 3311 MAY13 3199 JUN13 2917 JUL13 2791 AUG13 2789 SEP13 2705 OCT13

4486

MLS® MONTH END INVENTORY* OCT ‘11 – OCT ‘13

Steady increase contents forecast news briefs A3 for Calgary test your knowledge A6 housing market Animal bylaws CREB® STAFF

C

algary resale prices are rising, and price projections show they will continue to rise into 2017. The Conference Board of Canada’s Autumn Metropolitan Housing Outlook, commissioned by Genworth Canada released a report that shows forecasted numbers for the housing market.

*All statistics based on monthly data compiled by CREB® via MLS® activity.

market A3

event listing

A6

industry

A7

CAAMP mortgage survey

mortgage rates

A8

commercial

A10

map

B1

open houses

B19

Donna Williams 403-617-7749

SUTTON CANWEST REAL ESTATE

$619,999

cmhc A3

cody stuart, Managing Editor

Beautifully renovated estate home. 2134 sq. ft. w/OS double attached garage. New maple kitchen, granite, stainless appliances, gas fireplace. Sun room. Vaulted ceiling. 3 bdrms. All new baths. Loads of updates. Very private yd. Mins to Fish Creek & schools. Immediate possession.

164 WOODFIELD RD SW, WOODBINE MLS®C3584541

$774,000

$439,900 Tranquil setting 3 bdrm, 2386 sq. ft. townhouse with lake views from your family rm, kitchen & master suite. Stunning renovated kitchen. Marble flooring on main. Fully dev basement. OS double att garage. Condo fee of $492 includes cable, & your lake fee as well as lawn care & snow removal.

RARE LAKE MIDAPORE FRONTAGE MLS® C3570888

Pride of ownership, 1733 sq. ft. 2 storey with vaulted ceiling. Family room off kitchen with cozy wood burning fireplace. 3 generous bedrooms upstairs. Fully developed basement. Beautifully landscaped private yard with patio & hot tub.

671 MACEWAN DR NW, MACEWAN MLS® C3586306


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