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Calgary home values close to boom levels, despite flood impact
Calgary home values are nudging 2007-08 property boom levels, with sharp declines in flood-hit neighbourhoods unable to check the city’s real estate growth.
The city’s 2014 property assessments, released Friday, showed values of properties outside areas badly damaged by the June floods have risen six per cent since last year.
Citywide, the typical home is now worth $430,000, up from $410,000 in 2013.
That’s the highest level since 2008, when the boom lifted the median price to a record $447,500.
“We have certainly seen a really strong increase, and certainly a resetting of some of those values back before some of the financial crisis happened,” said city assessor Nelson Karpa.
Many communities saw assessments rise more sharply than the six-per-cent median, particularly those in northeast Calgary and those hugging Nose Hill and Fish Creek parks.
Elbow Park and Roxboro were the only neighbourhoods where assessed values dropped.
Calgary Real Estate Board (CREB) economist Ann Marie Lurie said the citywide rise was likely being led by a surge in demand for single family homes.
“A single family home under $500,000 have been selling quicker and their prices are increasing.
“We have finally pushed above those unadjusted (for inflation) levels. We’ve pushed above those peaks that we saw in 2007 (for single family homes).”
The trend was likely stronger in parts of the city which registered value increases above the six per cent average, she said.
“It could be that those areas have more homes on that lower end of the (single family) market.”
Value increases for condos and townhouses still trailed single family properties, she said, despite strong recent performance.
Price growth for single family homes in 2013 was 7.8 per cent, CREB figures showed, compared to 8.7 per cent for condos.
However, condo prices in the city took a bigger hit after the 2007 boom, Lurie said, and were yet to recover to that peak.
Calgary property taxes are based on the assessments. The city council set this year’s property tax hike at five per cent, but all homeowners whose property assessment rose by more than the six per cent average will pay a greater increase and people with lesser value rises or drops will face a lesser one.
Realtors often warn that assessments aren’t a substitute for actual market value. Assessors normally don’t visit homes, and they only consider neighbourhood home sales up to the previous June 30 — which means they’re already six months behind sales trends.
Residents and business owners can review assessments and appeal by March 4.
By Jason Markusoff and Michael Wright, Calgary Herald January 4, 2014
CALGARY REGIONAL HOUSING MARKET STATISTICS for December 2013
TIGHT MARKET CONDITIONS SUPPORT PRICE GROWTH
Sales enjoy second consecutive year of double-digit growth
Click here or on the image above to view the full report.
December’s 8 per cent year-over-year increase in sales volume in the city of Calgary capped a year that saw an 11 per cent growth in sales volume for the entire 12 months.
City residential sales totaled 1,172 units in December, bringing total sold units for 2013 to 23,489. Prices for the year were up by 8.6 per cent over 2012. “Sales growth exceeded expectations in 2013, pushing above long-term trends,” said Ann-Marie Lurie, CREB®’s chief economist.
“Two consecutive years of elevated levels of net migration, combined with an improving job outlook and confidence surrounding long-term economic prospects, supported the demand growth.”
As expected, both new listings and transactions in December eased over the previous months because it is typically a slower time of the year for sales. However, sales activity for the month was in line with long-term averages, despite poor weather conditions just before the holiday season.
“Typically, fewer sellers list their homes in December,” said Becky Walters, CREB® president. “There were more new listings this year than in 2012 because some sellers saw the continued price gains and decided it was the right time to list.”
Market conditions favoured the seller for much of 2013, causing price gains in both the single-family and condominium sectors in the city. The single family benchmark price was $472,200 in December, a 0.3 per cent increase over the previous month and an 8.6 per cent increase over the previous year. On an annual basis, unadjusted single family prices grew by more than seven per cent in 2013, exceeding previous highs.
“Prices have recovered in the single-family market, but sellers need to keep in mind there are differences between communities and types of homes,” said Walters. “Higher-end homes (priced above $500,000) have recorded slower price growth than those in the lower-price segment. And there are many communities where prices have not surpassed previous highs.”
There were 16,302 single-family homes sold in 2013, an 8 per cent increase over the previous year. Meanwhile, the 22,569 new listings were nearly one per cent higher than in 2012. Condominium apartment sales totaled 4,007 units in 2013, more than 14 per cent higher than in 2012. Condominium townhouse sales totaled 3,180 units a 22 per cent increase over 2012.
“The condominium market is more affordable than single family, and that is attractive to first-time buyers who are weighing rising rental costs against ownership costs,” said Walters. “Investors are also attracted to condos, because prices have not yet fully recovered to their previous highs.”
Condominium apartment and townhouse prices totaled $278,600 and $307,100 respectively in December. On average, annual benchmark price growth in the townhouse market totaled just more than six per cent, compared to the apartment sector increase of nearly nine per cent.
“In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded this year,” said Lurie “While factors influencing demand will support growth in 2014, rising listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.” Those factors, combined with potential increases in long-term lending rates, should take some of the steam off the exceptionally strong price growth recorded in 2013, said Lurie.
Click on the following link to read the full report: CALGARY REGIONAL HOUSING MARKET STATISTICS – 2013 December
Calgary home price growth doubles national average
Year-over-year hike of 8.82% best in Canada
Calgary year-over-year home price growth was the best in Canada in November and more than doubled the national average, according to the Canadian Real Estate Association.
The association’s MLS Home Price Index, released on Monday, said prices in Calgary have risen by 8.82 per cent from a year ago while in Canada, for 11 major centres surveyed, they were up by 4.11 per cent.
The index tracks benchmark prices in Canada’s housing markets.
CREA said MLS sales across Canada in November rose by 5.9 per cent to 32,411 units. They were up by 18.7 per cent in Calgary to 2,173 units and increased by 13.1 per cent in Alberta to 4,563 sales.
Related: Canadian home sales, prices stronger than expected
The average sale price in Canada was up by 9.8 per cent to $391,085 and increased by 7.5 per cent in Calgary to $445,114 and by 5.3 per cent in Alberta to $385,217.
CREA also released a revised residential market forecast on Monday. It said sales in Alberta this year are projected to reach 66,300 units, which is a 9.8 per cent hike from the previous year and the best growth rate in the country. Sales will rise an additional 3.5 per cent in 2014 to 68,600 units.
Across Canada, the association is forecasting 0.8 per cent growth this year to 458,200 sales and 3.7 per cent growth in 2014 to 475,000.
As for the average sale price, CREA is projecting it to rise by 4.9 per cent this year in Alberta to $381,100 followed by 3.4 per cent growth, the best in Canada, in 2014 to $393,900.
Across Canada, the association is forecasting 5.2 per cent price growth this year to $382,200 and 2.3 per cent growth in 2014 to $391,100.
“In staggering contrast to the dire forecasts early this year, precisely one of the 26 largest cities in the country has reported a drop in average prices so far this year — Victoria, with a minuscule 0.6 per cent sag,” said Doug Porter, chief economist with BMO Capital Markets. “All of the other 25 cities have recorded single-digit price gains, with the median city posting a non-threatening 3.6 per cent rise.
“When judged by total sales volumes, a measure that combines both price changes and the number of units sold, the hottest markets this year have been Calgary, Edmonton, and, against all expectations Vancouver. All three reported double-digit volume increases, the only cities in that category.”
By Mario Toneguzzi, Calgary Herald December 16, 2013
CALGARY REGIONAL HOUSING MARKET STATISTICS – November 2013
SALES GROWTH BOOSTED BY RISE IN NEW LISTINGS…
Click here on the following link to view the full CALGARY REGIONAL HOUSING MARKET STATISTICS for November 2013
Fifth consecutive month of double-digit trend:
City residential sales totaled 1,730 units in November, a 19 per cent increase in sales volume over the previous year. Following another month of strong activity, year-to-date sales totaled 22,322 units, 11 per cent higher than long-term trends. CREB® President Becky Walters said it appears that several factors are motivating buyers.
“Many first-time homebuyers appear to be moving now to get ahead of any further increases in home prices, rent hikes, or an increase in lending rates,” she said. “And current owners are taking advantage of the recent price gains to upgrade to a home that better fits their lifestyle.” There were 1,823 new listings in the city in November. While this is an 12 per cent increase over levels recorded at the same time in 2012, listings remain below long-term trends and total inventory levels is lower than normal for this time of year.
“Tight market conditions have resulted in higher-than-expected price gains in all sectors of the Calgary market,” said Ann-Marie Lurie, Chief Economist. “However, these increases need to be
put into context.”
Citywide, only the price of single-family homes has fully recovered and started to push above unadjusted levels recorded in 2007. Meanwhile, condominium apartment and townhouse prices remain below peak, Lurie said.
Single-family benchmark prices totaled $470,600 in November, 8.5 per cent higher than one year ago. Meanwhile, condominium apartment and townhouse unadjusted benchmark prices totaled a respective $279,600 and $305,700 in November, 6 per cent below 2007 peak pricing.
Year-to-date, single-family sales totalled 15,533 units, eight per cent higher than the previous year. The higher-than-expected rise in sales activity is due to stronger activity in the second half of the year. Tightness in the condominium apartment market eased in November, as the year-over-year growth in November new listings of 23 per cent outpaced the sales growth of 20 per cent. While overall inventory levels remain 26 per cent lower than levels recorded in 2012, this is an improvement over the declines recorded throughout recent months. Year-to-date sales activity totaled 3,787 units, a 15 per cent increase over the previous year.
Condominium townhouse sales totaled 3,002 units after 11 months, a 21 per cent increase over the previous year. While this sector remains the smallest out of the Calgary housing types, it has recorded the largest gains in sales. “Overall, sales growth in surrounding communities outpaced the city,” said Walters. “They offer the family friendly attractions of small towns, and they’re more affordable.”
Lurie noted the vibrant employment market has encouraged a large number of net migrants into the city over the past two years. Click here to read more! (Or click on the following link to view the full CALGARY REGIONAL HOUSING MARKET STATISTICS for November 2013)
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Calgary Apartment Construction Lagging
Casting light on Calgary’s current rental crunch, a new report shows there were fewer purpose-built apartments built in Calgary than in any other major city in Canada between 2006 and 2011.
As shown in the report released by the Altus Group, there were only 800 purpose-built rental apartments built in Calgary between 2006 and 2011. The number places Calgary last amongst the markets surveyed for rental apartment construction. During the same period, Montreal saw the highest level of purpose built apartment construction, with 16,000 units built, while the next lowest level of rental construction came in Ottawa, where 1,100 units were added.
During the five-year period in the survey, Calgary’s population went from 991,759 to 1,090,936, an increase of 99,177. In the same span, Edmonton added 1,300 purpose-built rental units while posting a population increase of 81,829.
“New units in condominium apartment projects outpaces units in purpose-built rental apartment buildings by about three to one in 2006-2011,” stated the report, which took information from the National Household Survey conducted during the 2011 Census of Canada.
Demonstrating the demand for rental units in the city, the report showed 41 per cent of the condominium apartment units built between 2006 and 2011 ended up as rental units, while 46 per cent were owner occupied.
Of the 10,700 condo apartment units constructed in Calgary during the period, only 3,800 were in buildings higher than five storeys. In Toronto, where 61,000 apartments were built, 55,000 were in buildings higher than five storeys.
Other findings in the report showed nearly one million Canadian households were in need of “major” repairs, roughly seven percent of the country’s housing stock. Defined as problems that “compromise the dwelling structure or the major systems” of the home, 17 per cent of homes built before 1920 were need of major repairs compared to just one per cent of recently built units.
Also detailing the make-up of the average Canadian household, the report showed the average household size for those living in newly built homes was 2.7 persons for owner occupied units, while the average size for those in rental units was an even 2.0 persons.
by Cody Stuart on Nov 20, 2013, CREBNow
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CALGARY REGIONAL HOUSING MARKET STATISTICS for October 2013
Click Here to download the full report of the October 2013 Calgary Housing Market Statistics Report
Residential sales activity totaled 1,953 units in October, an 18 per cent rise over 2012 and pushing year-to-date voiume increases tojust over 10 percent.
However, on a year-to-date basis, city Wide sales remain far below transactions levels recorded throughout 2005 2007.
“Some people have noticed that properties are selling quicker, and at times above list,” said Becky Walters, CREB® president.“But, in spite of very positive signs, we are not seeing a repeat of 2006.”
Year-to-date, the average residential home was on the market for 37 days before selling. Thats 16 per cent less time than last year, but much longer than the 20 days recorded in 2006. in addition, the citywide sales price-to-list price ratio has increasedl but is lower than the levels recorded seven years ago.
New listings within the city ofCaigary totaled 2,522 units in October, a nine per cent increase over the previous year.
While the rise in new listings was not large enough to result in inventory growth, it is the fourth consecutive month of year-over-year gains.
“Price growth and tighter market conditions have encouraged some of the recent rise in new listings,” said Ann-Marie Lurie, chief economist. “This is a trend worth noting as the rise is easing some of the tightness in the market. Despite some movement, sellers market conditions persist.”
A total of 14,340 single-family homes sold after the first 10 months of the year, a seven per cent increase over the previous year. Sales growth has exceeded expectations mostly due to the recent rise in new listings, which was limiting growth potential in the first haif of the
Year-to-date, 3,482 condominium apartments and 2,774 condo townhouses were sold. While condominiums remain a smaller segment of the market, year-to~date sales are 18 per cent higher than last year.
Unadjusted benchmark prices in the city of Calgary increased in October relative to both September of this year and October 2012. Singie-family prices benchmarked at $468,000, whiie the benchmark price for condominium apartment and townhouse were a respective $276,100 and $302,200 in October.
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