With over 2000 homes SOLD!
We Are the Right Choice For Your Real Estate Needs.
With over 2000 homes SOLD!
We Are the Right Choice For Your Real Estate Needs.
For a full detailed report on the housing market provided by RE/MAX for the entire country of Canada please CLICK HERE . If you are just interested in the Calgary’s real estate market go straight to page 8 of the update. If you have any questions – never hesitate to call us as we would be happy to help. Our family team is always here for you 403-283-7113 www.penleymcnaughton.com RE/MAX Central Calgary.
Cheers, Doug, Susan and Kristen
#2011 135 13 AV SW – $419,000
Inner city living at it’s finest! A well thought out floor plan complete with two bedrooms and 2 bathrooms (including a 4 pc ensuite). Special features are numerous including: open concept living area, polished/glazed trendy concrete flooring, stainless steal appliances, granite counter tops, contemporary cabinetry, custom sun shades, diffused glass sliding wall, floor to ceiling windows allowing fabulous views and plenty of sunlight – especially in the morning, quiet building, glass balcony with BBQ gas outlet, air-conditioning, in suite laundry, easy to maintain and clean, high ceilings & titled parking. The sought after building of “Colours” provides several convenient amenities such as: common patio for entertaining, heated parking, bike storage,24 hour surveillance. wheelchair accessible and pet friendly. Outstanding location – walk to work, dining, cafes, boutiques, tennis courts, Starbucks, Sunterra, LRT and much more. Do not miss this outstanding opportunity. Click Here to see the virtual tour.
The positive outlook of consumers is helping to keep the Calgary housing market consistent with typical levels.
That’s according to a new report from the Calgary Real Estate Board, which notes that the volume of sales in June was only five per cent below the 10-year average for the month and three per cent higher than levels of the past three years.
“We’ve seen less concern from consumers lately,” said CREB president Corinne Lyall. “Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn’t happened yet, and so they’ve decided to take advantage of the improved selection and lower lending rates.”
June’s sales were 18 per cent lower than the same month last year, new listings totalled 3,122 and prices were essentially flat. The second quarter figures show that the worst may be behind us with year-over-year declines in sales of 22 per cent, down from 32 per cent in the first quarter.
The apartment sector in Calgary is showing the greatest weakness in absorption rates, creating downward pressure on prices, although still 1.65 per cent above last year’s average on an adjusted basis.
Detached homes reached a benchmark price of $515,500, up 0.4 per cent from the same month last year; the year-to-date figure is 3.44 per cent higher than the same period last year.
Calgary’s new condo market has been facing huge headwinds since the start of 2015 with sales plunging by 61 per cent in the first quarter compared with the same period a year ago, says a new report by Altus Group Limited.
The report said there have been 523 transactions in the first three months of 2015, which is also 53 per cent lower than the average of the past five years. But sales remain higher than the 2008-2010 period.
“Consumer confidence took a beating over Q1 as the impact of the oil prices downturn sunk into the market mentality,” said Ian Meredith, residential advisory consultant with Altus Group in Calgary. “The drop in absorption resulted from a combination of the investor segment disappearing, owner-occupiers without a need to buy opting to stay on the fence, and the increased MLS inventory eroding the competitive position of the new condo market.”
The report said several new projects were launched in the first quarter to mixed results.
“Sales launch activity is substantially weaker than the past few years, with investors having effectively exited the market for the time being,” it said.
The report said projects not finding the same levels of success at launch, combined with weakened absorption at existing projects, resulted in the available inventory of new condominium supplies increasing to over 2,700 units, the highest level since 2008.
“Whether or not the trend continues is reliant on some positive employment and oil-price messages permeating the market so as to push buyers off the fence and entice the investor segment back in,” said Meredith. “The seasonal effect almost always pushes Q2 numbers above Q1, but the extent to which this occurs is reliant on some positive macro-economic news. Based on Q1 results, the market is on track for 2,000 sales in 2015, in-line with 2010 but still less than half the average volume of the past four years.”
Felicia Mutheardy, acting principal market analyst for Calgary for Canada Mortgage and Housing Corp., said the city has seen a decline in multiple family starts this year.
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The decline in starts in the first quarter is attributed to fewer condominium apartment starts, which were 28 per cent lower year-over-year,” she said. “It is important to note that in 2014, multi-family starts reached a record high, supported by strong net migration and employment growth. Multi-family starts for 2015 and 2016 were not expected to surpass this record due to slower in-flows of migration and moderating employment growth. In addition, since the latter half of 2014, low oil prices have introduced a high degree of economic uncertainty, which has eased housing demand further.
“Buyers in the market may be taking a bit more time to make their purchasing decision due to this uncertainty. For some, they may choose to purchase an existing home instead of a new unit, particularly given the recent increases in supply on the existing home market.
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According to CMHC, multi-family starts in Calgary were down by 29.1 per cent in the first quarter of 2015 compared with the same period in 2014.
“CMHC is forecasting lower multi-family starts in 2015 and 2016 due to reduced net migration and weaker employment growth,” said Mutheardy. “Given current economic conditions and outlooks, risks to the forecast are currently weighted on the downside. In 2015, CMHC expects multi-family starts to decline 30 per cent year-over-year to 7,500 units, followed by a further reduction to 6,200 in 2016.”
Fabulous 3 bedroom town home with views to downtown in a private and quiet location. This spacious, bright and sunny home includes numerous special features including: A living rm and family room both with cozy wood burning fireplaces. Gorgeous view to downtown, exit your living rm onto rear patio backing onto a park making this a private retreat (gas BBQ hook up included), spacious dining room and kitchen with plenty of cupboard space, large master with 4pc ensuite (relaxing soaker tub) and 2 additional bedrooms and dbl attached garage. This well thought out floor plan makes this home a wonderful home to entertain- do not miss this outstanding opportunity. Check out the Virtual Tour!
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(Photo above – Katy Tansley is the sales manager with First Condos at East Village)
New condo sales in Calgary in 2012 reached their highest level since 2006, according to a report by consulting firm AltusGroup.
The report said new multi-family sales were 4,180 units, which was 26 per cent higher than 2011’s 3,317.
Sales peaked in 2005 at 5,868.
“The strength in the market was felt equally in the downtown and suburban markets with both sectors of the market seeing increased demand in 2012,” said the report, authored by Matthew Boukall. “Particularly strong demand was seen for highrise condominium units in the downtown and townhouse units in the suburbs. The stronger sales seen in 2012 was a result of the introduction of new, affordably-priced projects which boosted the available inventory in the market and gave consumers considerable choice in terms of product, location, and price.”
The report said the new product entered the market as consumer and investor demand increased, with strong population growth, a strengthening economy and improved consumer confidence encouraging more consumers to purchase a new home in 2012.
It said sales activity was strongest in the downtown and inner-city market where over 1,800 new homes were sold, almost double the rate in 2011.
“Condominiums have been a good option for many buyers, especially those looking for their first home, or looking to downsize,” said Richard Cho, senior market analyst in Calgary with Canada Mortgage and Housing Corp. “With the decline in inventories for condos in the resale and new home market, along with some price growth, some buyers have decided to move ahead with their buying decision.”
AltusGroup said suburban townhouse sales were particularly strong during the year, accounting for 32.5 per cent of the sales in the market.
“The strong sales in the past year absorbed more units than were introduced into the market despite the more than 25 new projects, which introduced 1,600 new units into the market in 2012,” said the report.
“The key metrics to watch in 2013 will be the supply of available inventory and price movement of apartment product in the downtown region. Lower levels of inventory and higher prices are expected to modestly slow sales in 2013 to more historic levels with approximately 3,500 sales forecast for the year.”
In the resale housing market, the Calgary Real Estate Board statistics indicate condo apartment sales in 2012 rose by 11.53 per cent from the previous year to 3,501 transactions while the condo townhouse category saw sales increase by 16.09 per cent to 2,597 units.
