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Archive for April, 2014

Calgary Real Estate nearing seller’s market, says report – CBC News

Thursday, April 3rd, 2014

Real estate is approaching a seller’s market in Calgary, according to a new report on the potential of a national housing bubble.
The Conference Board of Canada report concludes that while Canadian housing prices may be headed for a modest decline in some markets, there is no bubble to pop.

“Calgary’s resale market is approaching sellers’ conditions. Sales have not fallen on a year-over-year basis since April 2011, and price growth accelerated sharply last year,” according to the report.

Calgary’s population growing

People are moving to Calgary — 43,000 last year alone — as Alberta becomes the province of choice for job seekers from the rest of Canada.

“It’s absolutely a double-edged sword,” said Calgary Mayor Naheed Nenshi. “Those people who move here don’t bring schools and hospitals and roads with them. And from a city’s perspective, they also don’t bring buses and C-Trains or parks.”

He’s stressing responsible growth and smart budgeting to make the most of the positives — a city with lots of work and a young population.

Healthy economy

ATB Financial economist Todd Hirsch agrees, saying Calgary’s experiencing a healthy rate of growth.

“In this province we are never too far away from a boom and bust mentality, and we are an energy dependant province, there’s no question about that. But I would say that in 2014, there’s more diversity within the energy sector itself,” he said.

“We’re still on kind of a roller coaster, but I’d call it more of a kiddie roller-coaster, there are still going to be ups and downs with energy price fluctuations, but I’m not looking for anything wildly dramatic.”

Memories of 2006

Calgary real estate agent Lucas Ramage says “sold” signs are going up fast.

“They’re going quick, they’re going close to list price, and again it’s getting to that type of a situation where people are needing to potentially compromise of having any kind of conditions,” he said.

“It’s getting back towards where, in ‘06, when things were getting really hot.”

Housing prices skyrocketed in 2006 with an average residential property jumping 38 per cent in Calgary over the year.

Real Estate a very hot commodity in Calgary

Thursday, April 3rd, 2014

Michael Franklin, CTV Calgary
Published Friday, March 21, 2014 7:42AM MDT

The condo market is heating up in the City of Calgary and buyers are learning quickly they need to act fast to buy what they want.

Brenna Hebert has been looking for a condo for a long time and has just conditionally bought one in a downtown complex.

Hebert hopes the deal closes because she missed out on several others.

Real estate Realtors say that while the market in Calgary hasn’t reached the frenzy it has in 2005 or 2007, they’re seeing a lot of the signs that show we could be headed for another boom.

“When I started, I was taking my time and looking around,” she says. “Then those properties would go quickly so I ended up having to change my strategy in this market right now.”

The Calgary Real Estate Board says that buyers looking to break into the market by purchasing starter homes for less than $400,000 are having a hard time.

“So we started to see last year really that demand was far greater than the new supply we were seeing come online,” says Ann-Marie Lure, economist with CREB. “It really depleted the inventory on the resale market.”

Pedro Villamar, Herbert’s real estate agent, says the market in Calgary is very hot, and every neighbourhood and price bracket is feeling the crunch.

“Right now, we’re seeing about a 20 percent decrease in the average days a home is on the market, we’re seeing about a 12 percent increase in sales, and an 18.5 percent decrease in active listings.”

He says the market has been building steam for more than a year and while it hasn’t reached the boom levels of 2005 or 2007, it could hit that point sometime.

“We’re seeing things we haven’t seen since the last boom,” Villamar says. “Multiple offers, homes going in one day, homes going over price by thousands of dollars.”

He adds that inner city properties are the most sought after, with vacant lots being at the top the list.

The hottest neighbourhood is Altadore, with a vacant spot listed for almost $1.4M when, two years ago, it would have gone for $1.2M.

Read more: http://calgary.ctvnews.ca/real-estate-a-very-hot-commodity-in-calgary-1.1739531#ixzz2xqKRcW4m

Brady Layton, BComm, CFP, Remax Landan Real Estate
#102 279 - Midpark Way, Calgary, Alberta, T2X 1M2
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