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Calgary luxury home sales on record pace

September 18, 2014

Every month this year has set a new peak for MLS transactions

West Hillhurst Infill The appetite for luxury homes in Calgary continues to be very strong as another MLS sales record was established in August.
According to the Calgary Real Estate Board, there were 69 properties that sold for $1-million or more during the month, eclipsing the previous monthly high of 64 set last year.
Each month this year has established a record for luxury home sales.
Year-to-date, there have been 611 luxury home sales until the end of August compared with 522 for the same period last year. The all-time peak for annual sales at the $1-million plus level was in 2013 with 726 MLS transactions.
“Bolstered by the city’s thriving economy, the strength of its oil and gas sectors, low unemployment rates, high average net incomes and strong net migration, the market for high-end homes continued its upward trajectory with single-family home sales up 19 per cent and attached home sales up 21 per cent year-over-year,” said Sotheby’s International Realty Canada’s Top-Tier Real Estate Report for the first half of the year, which was released on Thursday.
“Due to limited inventory in Calgary’s condo market, sales decreased 25 per cent compared to the same time last year. With a number of new high-end condo projects recently announced in Calgary’s downtown core, it is expected that the volume of luxury condo sales above $1 million will increase in the second half of 2014.”
Ross McCredie, president and chief executive of Sotheby’s International Realty Canada, said the Calgary housing market is still relatively inexpensive for many people who have moved to the city from other parts of Canada.
“There’s a ton of different factors (to the luxury home boom) but overall there’s a ton of confidence,” he said.
“Low interest rates, a lot of confidence specifically in Calgary where you have a lot of investment, very, very low unemployment and you have huge demand for jobs . . . Overall we don’t see anything that’s going to change in the horizon right now for us.”
The Sotheby’s report said low inventory in the beginning of the year drove bidding wars and price increases in a market that favoured sellers.
“Over the summer months, new inventory over $1 million emerged to meet strong consumer demand, particularly in the condominium market, a trend which is expected to continue into the fall,” it said. “At the same time, Calgary’s robust economy is expected to sustain demand for luxury real estate, and notable growth is expected in the $4 million single-family home market throughout the fall and into 2015 as this category has already outpaced 2013 sales numbers.”

By Mario Toneguzzi, Calgary Herald September 4, 2014

CALGARY REGIONAL HOUSING MARKET STATISTICS – August 2014

September 3, 2014

Condominium sales set a new record for August activity
Sales activity improves for condominium product, while declining in the single-family sector

Strong gains in Calgary’s condominium apartment and townhouse sectors sparked a 3.4 per cent year-over-year growth in residential resale housing sales activity for August. A total of 2,267 units exchanged hands in the city during the month, compared to 2,192 during the same period in 2013.
The condominium apartment and townhouse sectors saw the biggest gains, increasing by nearly 14 and 20 per cent, respectively, for total monthly sales of 790 units. “The record pace of August sales in the condominium sector is related to the relative affordability of this product combined with a tight rental market and low lending rates,” said CREB® chief economist Ann-Marie Lurie, noting most of the activity continues to take place in lower price ranges.
“More than 76 per cent of condominium new listings are priced below $400,000 and represent more than 68 per cent of the total inventory within city limits.” So far this year, condominium apartment and townhouse sales have totaled a respective 3,388 and 2,685 units. This represents a combined increase of nearly 20 per cent.
“Over the past three months apartment-style new listings have increased by more than 40 per cent year over year, pushing up overall inventory levels and moving this market toward balanced territory despite the strong sales growth,” said Lurie. Meanwhile, year-over-year single-family sales declined by 2.4 per cent in August to 1,477 units, partly due to limited availability in lower price ranges. Despite the pullback, activity in the sector remains stronger than long-term averages.
“The decline in single-family sales is mostly due to the shrinking supply in the under-$400,000 sector,” said CREB® president Bill Kirk. “Overall, sales activity has improved compared to last year for product priced over $400,000.”
The good news for buyers is added choice. New listings in August improved by 13.6 per cent compared to last year, causing inventories to rise by nearly 18 per cent. Increased inventory levels also moved the single-family market toward more balanced conditions, helping minimize further monthly price gains.
The single-family unadjusted benchmark price totaled $512,300 in August, similar to July, but still 10.24 per cent above $464,700 posted a year ago. “Following a prolonged period of Calgary being a sellers’ market, a move toward more balanced conditions is welcome news,” said Kirk.
“This will help support a more stable city housing market in terms of price gains.” The average, median and benchmark prices for condominium apartments in August were a respective $332,006, $287,500, and $298,200. “While both average and median prices in this sector have recorded further monthly gains, the benchmark indicates prices are similar to levels recorded in the previous month,” said Lurie.
“The composition of apartment sales shifted toward the higher-end segment this month compared to last month, resulting in higher monthly gains. The benchmark price reflects price changes for similar properties, less subject to the variability in composition.”
Condominium townhouses remain the tightest of the three sectors in Calgary, resulting in further monthly price gains and reaching an August benchmark price of $328,300. While prices are shy of previous highs, they increased by 0.4 per cent over the previous month and nearly 10 per cent above levels recorded in August 2013.
Click Here to view the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS – August 2014

Stunning Views from this Bungalow in Stanley Park

August 21, 2014

4523 Stanley Drive SW – $1,200,000

Potential for stunning views from this well located property on a quiet street in the sought after inner city community of Park Hill/Stanley Park! Build your dream home or renovate this spacious 1559 sq ft bungalow. Enjoy the large rear yard with mature landscaping and city views from your deck and home. Surrounding homes that are 2 stories have a fabulous panoramic downtown view. Five bedrooms +den, hardwood in mint condition, wood burning fireplace, adorable front patio, numerous windows (and skylight) allowing an abundance of natural sunlight, 2.5 bathrooms, huge rec room and plenty of storage on lower level. Do not miss this outstanding opportunity! CLose to Stanley Park, Sunterra market, Chinook Mall, walking distance to public transportation and all of the amenities inner city Calgary has to offer.
Check out the virtual tour: www.obeo.com/925710

Calgary resale housing market experiences highest annual price growth

August 19, 2014

10.48% hike from a year ago

Calgary continues to far outstrip the rest of the country when it comes to annual price gains in the resale housing market.
The MLS Home Price Index, released Friday by the Canadian Real Estate Association, said prices in the Calgary area in July were up by a whopping 10.48 per cent compared with a year ago. Meanwhile, the national aggregate, comprising 11 centres, saw a year-over-year hike of 5.33 per cent as sales rose to their highest level since March 2010.
The closest centre to Calgary’s annual spike was Toronto which recorded a jump of 7.88 per cent.
“As market conditions move toward more balanced conditions, it is causing prices to level off. However, due to strong gains in the first half of the year, even with prices levelling off, year-over-year gains remain at higher levels,” said Ann-Marie Lurie, the Calgary Real Estate Board’s chief economist.
Over the past three years, Calgary also has the highest rate of price growth at 25.01 per cent compared with 12.52 per cent nationally. And over five years, Calgary’s 28.89 per cent spike is second only to Toronto’s 40.48 per cent increase while it is 26.89 per cent across the country.
Don Campbell, senior analyst with the Real Estate Investment Network, said it takes 18 months for immigration and population growth to begin to affect the resale and new housing markets. Also, a demand/supply imbalance has contributed to higher prices.
He said the housing market is being affected by tightness in rental vacancy and lack of new supply.
“So the record population growth we witnessed last year is now being felt,” he said.
“Combine this with a general decrease in available single-family home building lots and this is keeping the inventory tighter than normal, thus adding upward value pressure on resale market.”
The number of homes sold nationally through the MLS systems of Canadian real estate boards and associations rose to 48,000 in July – a 7.2 per cent hike from a year ago.
Calgary area sales of 3,177 were 6.8 per cent higher and Alberta sales of 7,194 were up 5.0 per cent.
“Low mortgage interest rates continue to bolster home sales activity,” said Gregory Klump, CREA’s chief economist, in a news release. “With the Bank of Canada widely expected to hold interest rates steady until next year, home purchase financing will remain attractive over the second half 2014 and continue to support economic growth while waiting for Canadian exports and investment to improve.”
In terms of average MLS sale prices, Calgary saw a rise of 5.2 per cent year-over-year to $460,790 while the increase was 4.2 per cent in Alberta to $395,552 and 5.0 per cent across the country to $401,585.
Leslie Preston, economist with TD Economics, said low interest rates are continuing to fuel the Canadian housing market into the summer.
“The renewed momentum in Canada’s housing market in recent months represents both a bounce back from weather-related weakness over the winter months and a response to lower mortgage rates,” explained Preston. “Potential buyers who may have sat on the sidelines last year as interest rates rose, are being enticed back to the market by lower interest rates. Meanwhile, a strengthening in economic growth continues to support the fundamental demand in the housing market.
“However, existing home prices . . . are on track to outstrip income growth for a second straight year in 2014, which adds to concerns about an already-overpriced market. Affordability, even at low interest rates, has become an obstacle in many markets. This contributes to our view that the Canadian housing market will cool later this year and into 2015 as interest rates are likely to nudge higher. Another factor which is expected to weigh on prices is the supply growth in the pipeline due to the record number of new homes that are under construction in many markets.”

By Mario Toneguzzi, Calgary Herald August 15, 2014

Calgary region housing starts to increase 24% in 2014

August 13, 2014

But decline almost 8% in 2015

Increased demand and a low level of supply are pushing housing starts in the Calgary region to an elevated level this year.
Housing starts in the region are forecast to rise by 24 per cent in 2014 from last year but then dip by 7.7 per cent in 2015, according to a new report released Wednesday by Canada Mortgage and Housing Corp.
The agency’s housing outlook says starts in the Calgary census metropolitan area will increase from 12,584 in 2013 to 15,600 this year but then fall to 14,400 next year.
“The rise in total housing starts this year is due to a combination of increased demand and a decline in supply,” said Richard Cho, senior market analyst in Calgary for the CMHC. “Employment growth in Calgary continues to post impressive gains with the majority in full-time positions. Low mortgage rates have also helped people purchase a home and migration has been elevated in the last couple of years. This has supported the demand for housing. Selection in the resale market has been low which has led to some prospective buyers to look to the new home market. Not only are active listings low but new home inventories are down, which will also contribute to the rise in construction this year.
“In 2015 total housing starts are forecast to decline but still reach its second highest level since 2006. Job creation in Calgary is forecast to moderate from the elevated pace in 2014 and net migration, although remaining positive, will decline as economic conditions improve in other areas of the country. We are also anticipating that buyers will have more homes to choose from as average monthly active listings are expected to be higher. The number of new homes under construction has increased and may put more upward pressure on inventories when completed. This will impact the opportunity to increase new construction in 2015.”
For Alberta, starts are forecast to increase by 7.2 per cent this year to 38,600 units but decline by 4.7 per cent next year to 36,800 units.
The agency is expecting MLS sales in the Calgary region to improve by 9.8 per cent this year to 32,900 units and by another 2.4 per cent in 2015 to 33,700 transactions. CMHC says the average MLS sale price will rise by 5.0 per cent in 2014 to $459,000 and by 2.8 per cent in 2015 to $472,000.
“The economy in Calgary is anticipated to continue creating jobs, attracting migrants and supporting income growth,” said Cho. “However, the rate of increase in some of these key housing demand factors will moderate throughout the forecast period. This will also be reflected in the resale market.
“Home prices in Calgary have experienced more upward pressure from the low supply of active listings on the market compared to previous years. Buyers have been competing for a lower selection of homes, resulting in multiple offers on many homes and shortening the average days-on-market. The MLS price is forecast to rise five per cent in 2014. As we move towards the end of 2014 and into 2015, the supply of resale homes is anticipated to move higher. New listings in Calgary have started to pick up and are forecast to rise this year and next. This will help ease some of the upward pressure on prices in 2015 resulting in a 2.8 per cent increase.”
For Alberta, MLS sales are forecast to be 5.8 per cent higher this year to 69,900 followed by a 2.9 per cent gain next year to 71,900.
The average sale price in the province is expected to increase by 4.2 per cent this year to $396,800 and by 2.6 per cent next year to $407,000.

CALGARY REGIONAL HOUSING MARKET STATISTICS – July 2014

August 5, 2014

Growth in new listings outpace sales growth in July, supporting double-digit inventory gains
Calgary, Aug. 1, 2014 – Residential sales this month totaled 2,336 units, a record level for July activity. However, year-over-year sales growth slowed to 3.18 per cent.
“While July’s sales growth seems like a dramatic departure from the double-digit gains recorded in the first half of this year, it is in comparison to exceptionally strong sales during the same period last year,” said CREB® chief economist Ann-Marie Lurie, noting July sales this year are nearly 19 per cent above long-term averages for the month.
New listings in July totaled 3,219 units, an 18 per cent increase over the previous year. The rise outpaced sales growth during the month, pushing inventory to 4,659 units, nearly 14 per cent higher than July 2013 levels.
“More selection is welcome news for many potential purchasers. However, improving supply levels have only come after nearly three consecutive years of declines,” said CREB® president Bill Kirk. “Along with improving inventories, other indicators support the notion that market conditions are moving toward more sustainable levels.”
Single-family unadjusted benchmark prices totaled $511,600 in July, just above May figures, but 10.8 per cent higher than $461,600 in July 2013.
“Following two years of annual increases and several months of monthly gains that exceeded one per cent, unadjusted benchmark prices appear to be leveling off,” said Lurie. “This fits with our expectations as the market moves into more balanced territory.”
Single-family sales totaled 1,553 units in July, a 1.3 per cent decline compared to the same period in 2013 and a 8.3 per cent increase year-to-date.
While overall single-family sales remain higher than long-term trends for this month, the year-over-year monthly decline reflects fewer sales and listings in properties priced under $400,000.
“With declining choices in the lower-priced single-family market sector, consumers are considering both condominium apartment and townhouse segments,” said Kirk.
Year-to-date condominium apartment and townhouse sales increased by 21 and 19 per cent, respectively. New listing growth far outpaced sales growth, particularly in the apartment sector, thus boosting inventory levels.
For buyers, more choice has helped ease some of the upward pressure on benchmark prices. Unadjusted prices in both apartment and townhouse-style condominiums were similar to levels recorded the previous month. Despite slower monthly gains, year-over-year price growth grew by 11 per cent in the condominium sector. Benchmark prices for apartment and townhouse-style condominiums in July totaled $298,100 and $327,000, respectively.
“Calgary’s housing market continues to demonstrate exceptional levels of sales, and strong year-over-year price gains,” said Lurie. “This is a reflection of the economic factors supporting this market, including gains in net migration, employment, wage growth and favourable lending rates.”
Click on the image below or the following link for the full .pdf report: Calgary Regional Housing Statistics for July 2014

CALGARY REGIONAL HOUSING MARKET STATISTICS for June 2014

July 2, 2014

Housing supply improves in June
Condominium apartment benchmark price surpasses previous highs
click on the link or image above for the full CALGARY REGIONAL HOUSING MARKET STATISTICS for June 2014
Residential sales and listings in Calgary increased by double-digit rates in June compared to the same time last year. This increase is partly due to the floods impacting housing activity throughout the second half of June 2013.
“Last June was not a normal month, so it’s difficult to compare the two,” said CREB® president Bill Kirk. “The historic floods of 2013 forced residents and business owners from their homes and places of work. It’s not surprising that many Calgarians were not focused on purchasing or listing their home at that time.”
Despite the unusual circumstances of last year, the housing market continues to demonstrate strong demand. Residential sales totaled 2,670 units this June, which was 18 per cent above the 10-year average. Total sales for the first half of 2014 increased to 13,929 from 12,257 in 2013.
New listings totaled 3,814 units in June, representing the first time since June 2010 that it outpaced the long-term average. The monthly influx of new listings also helped ease some of the tightness in the market by improving inventory levels, which totaled 4,726 units compared to 4,584 in June 2013.
“Economic conditions continue to support housing demand growth. However, improving supply should help push our market toward more balanced conditions,” said CREB® chief economist Ann-Marie Lurie. “Over time, this will cause price growth to ease from its current levels.”
Single-family unadjusted benchmark prices totaled $509,700 in June, a one per cent increase over the previous month, and a 10.9 per cent increase over June 2013.
Single-family sales for June totaled 1,769 units, which outpaced the 10-year average by 10 per cent. The rise in sales activity was largely due to improved new listings. While this helped ease some of the tightness in this market, supply levels continue to fall in this sector.
The boost in single-family new listings for June was largely due to an increase in units listed at more than $500,000 – rising to 1,359 units in June from 954 the year prior.
“With less resale single-family product available in the lower price ranges citywide, this market continues to be fairly competitive,” said Kirk. “However, for consumers looking in the higher price ranges, there is often more choice.”
Condominium apartment sales for the first half of 2014, totaled 2,494 units, compared with 2,027 during the same period a year prior. While new listings growth kept pace with sales activity during the first part of the year, it has exceeded sales growth over the past two months, pushing up inventory levels and moving this market into more balanced conditions.
Apartment-style benchmark prices totaled $299,700 in June, a new high in the condominium apartment sector and 13.5 per cent increase over the previous year. Meanwhile, the benchmark price for townhouse-style units reached $326,000, still shy of previous records.
“As citywide condominium apartment prices have finally recovered from 2007 highs, we would expect this will continue to encourage some listings growth,” said Lurie. “However, as this market has moved into more balanced conditions, and if inventories continue to rise, price growth should ease throughout the remainder of the year.”

Cottages, Camps, Cabins and Condos – RE/MAX report sees sunny skies ahead for recreational property sales in Canada

June 25, 2014

Today RE/MAX released its annual Recreational Property Report, showing healthy activity across much of the country and forecasts modest increases in sales and prices through the rest of the year. With schools out and the coming Canada Day long weekend marking the unofficial start of summer, national recreational property sales and listings have rebounded from a slow start caused by the late spring and cold winter experienced in many markets throughout the country.
National Trends: While there are nuances and specific attractions that define local markets across the country, a number of broad national trends have been observed.
Buyer Profiles: Two groups of buyers are driving the majority of recreational properties sales in Canada. The first is made up of families with younger children, who have built up equity in their primary residence and are using that money to purchase a vacation property. The second group is made up of near or recent retirees who have purchased a recreational property with a plan to use it as a primary summer residence and launching pad for winter travel.
Residential Spillover: Canada’s hot residential real estate market in urban centres has had a spillover effect on recreational property sales. This is particularly true in markets within a two-hour drive of the country’s large urban centres, where price appreciation has allowed homeowners to use equity gains in their primary residence to purchase a second home for recreational use.
Evolving Use: The way buyers are using their recreational properties is changing. While in the past, properties were largely used for weekend getaways and a week or two of summer vacationing, today many are purchasing a property from which they can work throughout the summer. Furthermore, a majority now see their recreational property as a four-season vacation option, rather than just a summer retreat.
CMHC Insurance Changes: While some potential recreational buyers may have been discouraged by the Canada Mortgage and Housing Corporation’s recent decision to eliminate insurance on second mortgages, little to no material impact has been witnessed from this change. There are many options available for financing and insuring mortgages on a second property and an experienced RE/MAX agent can help buyers find the option that best meets their specific needs.
Read more: 2014 Recreational Property National Press Release
The full RE/MAX Recreational Property Report, with market activity summaries for 41 regions across the country, is available at: http://rem.ax/1lNuH73.
Videos summarizing markets in the Ontario and Atlantic Regions can be found here: http://rem.ax/1lNyFfV and summarizing Western Canada regions can be found here: http://rem.ax/1lOV6TC.

Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse

June 4, 2014

Development near Peace Bridge includes more than 200 units

Calgary’s latest luxury condo development project in Eau Claire, along the Bow River, will be the best engineered flood and emergency prepared residential building ever designed in Canada, says the Vancouver-based developer of The Concord.
Concord Pacific announced plans for the development on Tuesday, which has more than 200 luxury homes on two towers, including a $13-million penthouse, at 6th Street and 1st Avenue S.W. near the Peace Bridge.
“The Concord will be the first uncompromised answer to luxury single family living in Calgary,” said Peter Webb, senior vice-president of development for Concord Pacific, adding the site is the best in Canada and one of the best in the world. “It’s everything we could imagine. A water feature in summer to a skating rink in winter, five star amenities, Porsche kitchens designed by the world’s oldest kitchen brand, Poggenpohl, and oversized garages. The high level of detail that has gone into every area of this project is unparalleled to any development in Calgary’s history.
“In the world, there isn’t very many places that you really get sites like this. You’re right on the edge of the city. So there’s an urban backdrop to the development. And the riverfront right in front with Prince’s Island and the (Peace) Bridge. These are world-scale landmarks and features that the City of Calgary has managed to develop on their riverfront. So to actually have a property that was right on the edge to take advantage of that natural landscape is really kind of something you only come across once in awhile.”
Webb did not disclose the total cost of the project but confirmed it would be Concord Pacific’s most expensive project per square foot to build.
Concord Pacific is Canada’s largest urban community developer with more than 20,000 residential units built or currently under development in Canada. This is the privately-held company’s first development in Calgary.
The developer said the site was not affected by last summer’s devastating flood but The Concord will voluntarily put in “robust” infrastructure designed by flood mitigation experts, Associated Engineering.
That includes: a building design engineered to withstand an high waters twice as significant as the 2013 flood; a perimeter system which includes special linked piles that surround the foundation and above-grade fortification walls with floodgates for pedestrian access; waterproof foundation with self-sealing capabilities to prevent underground water seepage; stormwater backup prevention management; and uninterruptable emergency backup power for building and suite systems.
Councillor Druh Farrell said The Concord is inspired by one of Canada’s most celebrated architects Arthur Erickson who did the original design.
“This parcel of vacant land with Prince’s Island just next door and a view of our beautiful river and Peace Bridge is one of the finest in the country,” said Farrell. “Eau Claire is one of Calgary’s most beautiful communities and with a bright future. A complete Eau Claire will be true a mixed-use community with retail and services right next to the downtown.”
She said the flood mitigation by the project will set a benchmark for the rest of Calgary.
The Concord will be a two-tower multi-family luxury development with more than 200 luxury homes.

The project is designed by Nick Milkovich, who worked with Erickson for over 40 years. Their iconic projects include the Museum of Glass in Tacoma, Washington, The Erickson Tower in Vancouver and the Creekside Community Centre and Canada House for the Vancouver 2010 Games.
The Concord’s 105-suite West Tower will be 14 storeys and will be completed by the fall of 2017.
Suites range from 1,061 square feet to 6,161 square feet.
Prices start at $1 million to $2 million with the top Estate Penthouse close to $13 million. There will be a limited selection of two-bedroom premium suites starting from the $700,000’s.
“We do have a perception that Calgary is capable of absorbing this kind of product,” said Webb. “I think what we’ve seen in the past is Calgary can be cyclical. But when Calgary goes in real estate, it goes hard. Prices go up. People aggressively buy. It’s kind of that frontier sort of mentality when people feel good about something they move more aggressively on it.
“Our feeling is that in the last market uptick prior to the fall of 2008 when the market changed, the market went very strong, very quickly and prices went up, and up and up . . . We really believe that the Calgary market is poised right now to take off. When any market moves up, it’s the premier product that escalates in value more rapidly than the rest. We believe the market will be moving and people are very quickly going to be attracted to this project.”
Webb said construction is planned to start on Phase I in about a year’s time. He said both phases are built on top of the same parkade.
“So in all likelihood the project will proceed as one all the way through,” he said. “When we market the second phase, I’m not really certain. That will depend on how quickly the first phase is bought up. But they will be just going in an orderly fashion one right after the other.”
Exterior amenities include a central water garden situated between the two buildings which will act as a pond in the summer and a skating rink in the winter; a fire pit lounge, an outdoor kitchen and a seating area surrounding the water garden; and hose and gas bibs for all terraces and balconies (where applicable)
Interior amenities: include the Grand Room featuring a gourmet kitchen, indoor/outdoor dining area and a bar and lounge; a meeting room; a luxury parkade featuring a heated entrance ramp, automated under-carriage and tire carwash bay, automatic car wash and area, a dedicated manual car wash bay and multiple hose bibs to facilitate parkade cleaning; direct elevator access to all Private Residences and Estate Penthouses; oversized garages ranging from double to double plus storage or extra parking; swimming pool, hot tub, sauna and steam room; and state-of-the-art fitness facility, yoga room and golf simulator.
Gary Beres, executive vice-president for commercial real estate firm CBRE in Calgary, has purchased with his wife a 2,000-square-foot, Private Residence unit for an undisclosed amount.
“We needed a larger unit and we love living down here so this is a natural extension of that,” said Beres, who currently lives next-door to The Concord site at the Princeton condo tower. “I know the Concord Pacific people really well. I deal with them in my business and I just know them because I travel back and forth from Toronto and Vancouver and I see what they’re doing in both those two cities.
“It’s phenomenal. They’re truly world-class developers. So a combination of loving the area, wanting to stay in the area and wanting to move into a project that obviously has a lot of quality and a lot of amenities.”
The Concord is the latest condo development in the current housing boom.
It is reminiscent of the condo boom of a few years ago but today’s real estate construction frenzy has one Nearly half of all proposed or under construction developments in the downtown area are for rental use.
Figures supplied to the Herald from the Altus Group Limited indicate there are 2,184 proposed condo units, 2,038 in the pre-construction stage and 1,762 under construction for a total of 5,984 in the combined area of Eau Claire, West End, East Village, Downtown and the Beltline.
Proposed developments include those publicly announced but not having submitted an application for development approval. Pre-construction consists of projects with development approval submissions.
And under construction refers to projects with a building permit in place and site excavation started.

Planned Eau Claire twin ultra-luxury condo towers include $13 million penthouse

Rendering of The Concord luxury condo development to be built along the Bow River in Calgary’s Eau Claire neighbourhood.

By MARIO TONEGUZZI, Calgary Herald June 3, 2014

Sales improve as consumers have more choice

June 2, 2014

City-wide price gains and better weather support year-over-year gains in new listings

Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

Residential sales in the city of Calgary totaled 2,948 units in May, a 16 per cent increase over the previous year.
Sales last month were well above long-term trends and are the highest May activity on record.
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says CREB® chief economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice.
However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”
In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is the first time in over two years that year-over-year declines were not in the double digits.
While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
“Market conditions vary depending on the product type,” says CREB® president Bill Kirk.
“Both condominium apartment and townhouse style products have recorded inventory growth relative to last year.
This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.” Year-to-date condominium apartment sales have totaled 2,020 units, a 21 per cent increase over the first five months of 2013.
Meanwhile, the recent boost in new listings caused inventory levels to rise to 1,051 units, a 13.1 per cent increase compared to last year, representing 23.3 per cent of all city-wide inventories.
Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

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