real estate

Your budget will determine your lifestyle in toronto: home versus condo…

Gap between low and high-rise homes widens in Toronto

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The cost of land in Toronto is widening the gap between prices of houses and condos in the city.
A report from the Building Industry and Land Development Association shows that, while the average cost of a condo is much the same as last year, at $440,463, the cost of a low-rise home, including townhouses, detached and semi-detached houses rose by 16 per cent to $783,995 on average.
The gap between the high and low-rise properties is now $343,492, having risen $100,000 in the past year.
Bryan Tuckey, BILD’s president wrote: “As the price of ground-related housing continues to grow at a record pace, it’s becoming increasingly difficult for GTA residents to afford a low-rise home.”

Canadian Real Estate Wealth

Screen shot 2015-05-05 at 4.30.32 PMAverage Vancouver home now 12.5 per cent more expensive
House prices in Vancouver have increased again with the average cost of a detached home rising 12.5 per cent in April to $1.08 m … Read more

April sales fall in Edmonton
Sales of homes in Edmonton fell by 13 per cent last month compared to April 2014. Read more

Toronto sales hit new monthly record
There were 11,303 home sales in Greater Toronto in April, the highest level on record. Read more

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Click Here to see the full article online.

25 acre property North of Sundre not to be missed!

South property boundary is 600 meters (that’s 6 football fields) of James River frontage! Approx. 8 acres of developed land on 1 side of creek & 17 acres of wooded paradise w/ paths. Quadding, snowmobiling, hiking, fly fishing are all at your disposal. Enjoy the creek that runs through the property which is spring fed receiving it’s run off from the James River. If looking for a spot to build your dream home or just a weekend retreat this is it! 2 bedroom mobile home, shop/garage 30′ X 40′ w/ heated flooring, 4 sheds -1 is used for well services another for generator & the other 2 may be turned into sleeping units. Metal 10’x60′ shipping container included to secure recreational equipment. To add to the convenience an incinerator & tanks for diesel & gas provided on the property & artesian well currently used in summer w/ terrific water. Developed land didn’t flood in 2005 or 2013. Yard w/mature trees add privacy, fire pit area & a ZIP line that takes you over the creek if you dare.
$350,000
C3622228_401_22
click here for more photos and info.

Alberta housing market a standout performer

Underlying driver is a robust economy
Alberta has emerged as a standout performer in Canada’s housing market and while a slowdown in Canada’s broader housing market is underway, the province’s housing sector has been heating up, says a new report.
The Alberta Treasury Board and Finance’s Economic Spotlight said housing starts continue to trend higher, prices are accelerating, and the resale market remains firmly in seller’s territory in the province.
“The underlying driver is a robust economy. Alberta’s economy has grown at double the rate of the Canadian average over the past three years, and accounted for a disproportionately high share of the nation’s new jobs,” said the report. “Job opportunities have lured migrants from other provinces, creating a need for new housing, while rising wages have kept affordability in check.
“Record inflows of migrants have also resulted in a tighter rental and resale housing market, pushing activity and prices higher. On the supply side, the flooding in Southern Alberta has reduced the stock of available homes, adding further tightness to the market.”
The report said Alberta’s low unemployment rate and higher average wages will continue to draw inmigrants, both from within and outside Canada.
“These new migrants tend to be younger, workingaged adults,” it said. “The transitioning of these new young migrants from rental accommodations into home ownership will be a primary driver in the housing market demand. Higher wages will also encourage continued household formation and home ownership.
“Net migration is forecast to remain high over the near term and will be an important driver of housing demand. After spiking by 3.5 per cent in 2013, the largest increase since 1981, Alberta’s population growth is forecast to ease to a stillstrong 2.9 per cent in 2014 before gradually moving to 2.0 per cent by 2017.”
The report said housing is expected to remain a vibrant part of the Alberta economy, but there are risks to the outlook.
With a commodity-driven economy, a slowdown in emerging markets could lower prices and impact Alberta, leading to lower in-migration and lower housing demand.
The report also said housing affordability is also a risk and an unexpected shift in the trend of higher wages and lower interest rates would impact the market.
“On the upside, the housing market could also strengthen more than expected. A stronger-than-forecast expansion in Alberta could lead to more in-migration, and put further pressure on housing demand,” said the government report.
“The housing market in Alberta performed exceptionally well through 2013 and is forecast to strengthen further in 2014, at a time when the national housing market is expected to slow or level off.”
In another report, Diana Petramala, economist with TD Economics, said “Calgary is one market that appears to be more balanced than the rest and has more upward potential.”
 
By Mario Toneguzzi, Calgary Herald May 20, 2014

Local home prices rising…

Demand in all categories still strong

Calgary’s growing population, coupled with a continued shortage of listed properties, is pushing up house prices in the city.
Royal LePage’s latest house price survey, released Thursday, shows prices increased in all housing types.
It said average sale prices were particularly robust in the third quarter with detached bungalows gaining 7 per cent year-over-year to $465,411 and standard twostorey homes increasing 3.4 per cent to $446,411. Condo prices increased 5.6 per cent to $263,087.
“A sustained period of low housing inventory coupled with a healthy economy and an influx of corporate sector workers has pushed prices up further,” said Ted Zaharko, broker/owner, Royal LePage Foothills. “For some time now too many homebuyers have been chasing too few properties.”
New home prices are on the rise, too, as Statistics Canada, in a separate report, stated Thursday.
The federal agency said new home prices in Calgary increased 0.6 per cent in August, due largely to higher material and labour costs as well as a shortage of developed land.
Year-over-year, new home prices in Calgary are up 6.1 per cent, the highest in the country. Across Canada, prices are up 1.8 per cent from a year ago. On the resale front, Royal LePage’s Zaharko said listings are low in all categories, particularly the detached bungalow segment, creating competition among buyers.
The third-quarter sales period also saw additional demand from flood victims wanting to relocate.
“Buyers are acting very quickly when homes are put up for sale, which is leading to frequent multiple offer situations on all housing types,” said Zaharko. “The aggressiveness of buyers is making it very difficult for first-time buyers to break into the market.”
Nationally, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter.
The Royal LePage survey showed a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes, while detached bungalows rose 4.1 per cent to $381,811.
Sales surged in several regions as Canadians re-entered the housing market after sitting on the sidelines for more than a year – marking the end of the most significant housing market correction since the 2008-2009 global recession, said Royal LePage.
The Calgary Real Estate Board said October sales, through Wednesday, are up 37 per cent over the same period last year. The average sale price has increased by almost 8 per cent to $460,509 while the median price is up 6.96 per cent to $415,000.
New listings have risen by 10 per cent, although active listings are down 23 per cent. “We have significant demand and we have across-the-board limited supply, regardless of the price ranges. There is not a substantial variety to choose from and in some cases, such as in the case of bungalows, there has been a short supply in Calgary and new listings often get multiple offers,” said Rachelle Starnes, a realtor with Royal LePage Foothills in Calgary.
 

Mario Toneguzzi, Calgary Herald

Published: Friday, October 11, 2013

CALGARY REGIONAL HOUSING MARKET STATISTICS

CALGARY RESALE MARKET REACHING NORMAL
2012 saw end to four years of weaker sales activity
DECEMBER 2012

Click on the picture above to download a full version of this report.

Calgary, Jan. 2, 2013 – Residential real estate sales in the city of Calgary ended the year on a high note, with sales volume up 15 per cent in 2012 compared to 2011, and benchmark prices up five per cent.
“Calgary’s housing market has finally started to recover,” said Ann-Marie Lurie, CREB®’s chief economist. “While prices remain shy of the highs recorded in 2007, this is a move in the right direction.”
Much of the sustainable recovery is fueled from the growth in the energy sector, spilling over into all aspects of our economy, including housing, said Lurie. “There is no question employment and migration growth has supported housing demand, a trend that is expected to continue this year, albeit at a slower pace.”
The single family market sales growth outpaced increases in the total condominium market within city limits. Single family sales rose by 15 per cent in 2012 compared to 2011. New listings did not keep pace, declining by seven per cent over the same period. This has significantly reduced the inventory of single family homes in the market, pushing prices up.
“Consumers in the market were looking for value and, if a home was priced right based on a longer term view of their housing needs, they were buying,” said 2012 CREB® President Bob Jablonski.
The price spread is expected to narrow as balanced market conditions support further price growth, he said. But in most communities, prices remain lower than 2007 levels.
The unadjusted single family benchmark price was $434,800 for the month of December, 8.7-per-cent higher than 2011. On average, single family prices are up by seven per cent for the year, and remain two per cent below peak pricing in 2007.
Condominium sales are improving, as lower supply levels and rising prices in the single family market drove consumers to explore alternatives. Sales in the apartment and townhouse sector recorded annual increases of 12 and 16 per cent, respectively. Meanwhile, listings are declining in both sectors, keeping both markets in balanced conditions. Price growth has not been at the same pace as what was recorded in the single family sector.
Condominium apartment benchmark prices totaled 248,700 in December, a 5.4 per cent increase over 2011. Annual average benchmark increases were two per cent, significantly lower than the five per cent increase in the annual average price.
Click on the following link to download a full version of the CALGARY REGIONAL HOUSING MARKET STATISTICS Report.

Boost in migration strengthens Calgary housing market: CMHC

Strong employment growth in the Calgary region has sparked more people from other parts of the country to move here, buoying the local housing market for the next two years.
According to Canada Mortgage and Housing Corp., net migration to the Calgary census metropolitan area will balloon to 20,000 people this year after numbers dropped to 9,209 in 2010 and 11,220 in 2011. And the CMHC is forecasting net migration to the region to be 18,000 in 2013.
“With the relative strength of our labour market, the growth of employment and a low unemployment rate will help attract people to Calgary,” said Richard Cho, senior market analyst in Calgary for the CMHC on Tuesday as the agency held its 19th Annual Alberta Housing Outlook Conference in Calgary.
“Net migration is a key component to housing demand . . . Whenever you have an influx of people come to a region you’re going to see some strong demand for housing in the rental market as well as in the homeownership market.”
Net migration to the Calgary region peaked in 2006 as it approached 25,000 people.
Those net migration numbers will help boost MLS sales by 15.7 per cent this year in the Calgary CMA to 26,000 transactions and by another 1.9 per cent in 2013 to 26,500 sales.
The CMHC is forecasting average MLS sale prices in the Calgary region to rise by 2.0 per cent this year to $411,000 and by another 2.7 per cent next year to $422,000.
Total housing starts are estimated to rise by 33.4 per cent this year to 12,400 units but dip by 4.0 per cent in 2013 to 11,900.