Calgary repeat home sale price growth best in Canada

8.2% hike from last year

By Mario Toneguzzi, Calgary Herald August 13, 2014                    

 

Calgary home price growth year-over-year is the best in Canada.

Photograph by: Ted Rhodes , Calgary Herald

CALGARY - Calgary led the nation in July in annual price growth for repeat home sales.
The Teranet–National Bank National Composite House Price Index, released Wednesday, said Calgary prices were up by 8.2 per cent year-year-year while the national composite of 11 major centres in the country rose by 4.9 per cent.
The index is estimated by tracking ob­served or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.
On a monthly basis, prices in Calgary rose by 0.6 per cent and they were up by 1.1 per cent nationally, which was the first time in five months that the monthly change in the composite index exceeded the historical average for the month in question. Prices were up on the month in 10 of the 11 metropolitan markets surveyed.
The report said the gain exceeded the countrywide average in five markets: Victoria (3.5 per cent), Ottawa-Gatineau (2.0 per cent), Toronto (1.8 per cent) and Quebec City and Hamilton (1.6 per cent). It lagged the average in Edmonton (1.0 per cent), Halifax (0.7 per cent), Calgary, Montreal (0.5 per cent) and Vancouver (0.2 per cent). For a third consecutive month, Winnipeg prices were down from the previous month (0.1 per cent ).
“July was the eighth month in a row in which the composite index did not fall. This countrywide performance was equalled in only one market, Edmonton, though Calgary came close with a seventh straight monthly increase,” it said.
The report said the countrywide average year-over-year was greatly exceeded in Calgary, Hamilton (7.1 per cent), Toronto (6.6 per cent) and Vancouver (6.1 per cent). The 12-month increase was more moderate in Edmonton (3.7 per cent), Victoria (2.5 per cent) and Montreal (1.5 per cent). Year-over-year prices were down in Winnipeg (0.1 per cent), Quebec City and Halifax (1.2 per cent) and in Ottawa-Gatineau (0.1 per cent).
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123

© Copyright (c) The Calgary Herald

Calgary closing in on Vancouver and Toronto for title of wealthiest city

By Mario Toneguzzi, Calgary Herald August 11, 2014

 

According to WealthScapes 2014, the average household net worth in Vancouver was $710,095 followed by Toronto at $693,652 and Calgary at $680,377.

Photograph by: David Moll , Calgary Herald

CALGARY - Vancouver, Toronto and Calgary remain the wealthiest cities in the country but the gap between them in average household net worth is narrowing, according to data released Monday by Environics Analytics, a marketing services and data analytics company.
WealthScapes 2014, a database on the assets, liabilities and wealth of Canadians to December 2013, found that the average household net worth in Vancouver was $710,095 followed by Toronto at $693,652 and Calgary at $680,377.
“But the difference in affluence is getting smaller as the net worth in Vancouver, Toronto and Calgary grew by 6.5 per cent, 8.8 per cent, and 10.8 per cent, respectively, compared to 2012,” it said. “While increases in liquid asset and debt were similar among the three cities, the key differentiator was real estate values — up a modest 2.8 per cent in Vancouver, a strong 6.6 per cent in Toronto and roaring 9.1 per cent in Calgary.
“Vancouver continues to reign as Canada’s wealthiest city because of its pricey real estate — averaging $579,250 per household compared to $535,002 in Toronto and $485,364 in Calgary. Canada’s most populous city, Toronto, benefitted from a 6.1 per cent rise in savings — nearly triple the national average — and a 3.7 percent decline in consumer debt — which is a significant drop given that nationwide consumer debt remained essentially unchanged. And in addition to its healthy real estate performance, Calgary benefitted from a 2.9 per cent decline in consumer debt; those two indicators ranked among the best for large cities.”
The database found that net worth for Canadians in general was up 7.7 percent over the previous year to $442,130, consumer debt was flat and real estate performed more predictably compared to recent years — increasing a solid six per cent over 2012. In a release, it said the data revealed that not only are the rich (the top fifth of the populace) getting richer — their net worth increased 8.1 per cent over the previous year — but the poor (the bottom fifth) are feeling more flush too, with their net worth rising 8.7 per cent.
The three wealthiest provinces at the end of 2012 retained their top status at the end of 2013 - British Columbia with a net worth of $591,047); Alberta at $531,067 and Ontario at $523,969).
“Third-ranked Alberta had a good year — its net worth grew by 10.0 per cent — and it leap-frogged Ontario in the standings, becoming the second wealthiest province in Canada,” said Environics Analytics.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123

© Copyright (c) The Calgary Herald

Calgary Resale Housing Record Set In July

Calgary resale housing record set in July | graphic

Most ever MLS sales for the month

By Mario Toneguzzi, Calgary Herald August 1, 2014                          

 

CALGARY - July was anything but the dogs days of summer for Calgary's hot resale housing market.

According to data released Friday by the Calgary Real Estate Board, there was a record number of MLS transactions in the city during the month.

The 2,336 sales bested the previous July peak of 2,273 set in 2005.

July was also the 16th consecutive month of year-over-year gains in sales with transactions up by 3.18 per cent from last year. And it was the 30th consecutive month of annual growth for average sale prices coming in at $482,487, which was 4.85 per cent higher than a year ago.

The median price of $425,700 was up by 6.52 per cent. The benchmark price - the price of a typical home in Calgary - rose by 10.89 per cent to $459,200 which was the 35th consecutive month of a year-over-year price increase.

"The forecast and expectations show no signs of slowing down this year and sellers are acting on this with confidence while buyers remain motivated to buy and move fast as we see prices continue to rise every month," said Claudia Walz, a realtor with RE/MAX Real Estate (Central). "July has been a record month in 10 years of business and I did not see the usual Stampede slow down that we typically experience in July. I expect 2015 to mirror 2014 quite closely as interest rates continue to stay low and make it very attractive for buyers to keep this pace going."The Calgary market has been buoyed by stunning net migration to the area. According to Canada Mortgage and Housing Corp., net migration to the Calgary census metropolitan area reached a record 45,168 in 2013.

Ann-Marie Lurie, CREB's chief economist, said July's activity in the housing market reflects the city's positive economy and the strong net migration.

"It is a reflection of the strong amount of population growth that we've had that's been supporting that demand," said Lurie. "It does reflect the overall health in our economy and we do expect that trend's going to continue through the end of the year."

According to Alberta Treasury Board and Finance, there were 21,316 net migrants from other parts of Canada and the world in the first quarter, representing the second highest first quarter gain in record.

"The economy in Calgary has supported job growth for the last couple of years. Not only has employment risen, but a bulk of the growth has been full-time jobs," said Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp. "In addition, home prices have increased, and many existing home owners have realized higher equity gains. This along with rising incomes and low mortgage rates has helped boost resale activity.

"In 2012 and 2013, we also had a record number of people move to the region. Many of these migrants have come to take advantage of our favourable labour market, and will also be looking for a place to live. The demand for housing in Calgary has not been dependent on only one or two factors, but supported by a variety of factors."

During July, there were 3,219 new listings which was an increase of 18.13 per cent from a year ago and active listings of 4,659 at the end of the month are up by 13.86 per cent.

In July, it took an average of 33 days for a property to sell, down from 39 days a year ago.

July also set another record for luxury home sales in the city with 80 properties selling for more than $1 million. Every month this year has set a monthly record for luxury home sales with the all-time high of 104 established in June.

In July, single-family home sales in Calgary of 1,553 units were down 1.27 per cent from last year but the average sale price of $553,451 rose by 5.42 per cent and the benchmark price was up by 10.83 per cent to $511,600, which established a new record.

In the condo apartment market, sales increased by 11.84 per cent to 444. The average price was up 6.91 per cent to $323,164 and the benchmark price rose by 11.40 per cent to $298,100.

The condo townhouse market saw sales of 339 units, up 15.31 per cent from last year. The average price climbed by 12.04 per cent to $366,064 and the benchmark price jumped by 11.04 per cent to $327,000.

In the towns outside Calgary, sales amounted to 558 units which was up 16.25 per cent year-over-year. The average sale price grew by 6.32 per cent to $398,358 and the benchmark price was up by 7.88 per cent to $373,700.

mtoneguzzi@calgaryherald.com

Twitter.com/MTone123

 
• « Previous
  
• 1
  
• 2
  
• View as one page
 
• Next »

© Copyright (c) The Calgary Herald

Calgary luxury home sales up 18% from a year ago

 

By Mario Toneguzzi, Calgary Herald August 5, 2014 9:57 A.M.                     

 

 

Calgary’s luxury home market continues to set sales’ records.

CALGARY - Luxury sales in Calgary’s resale housing market continue to boom at record levels.
A new monthly record for MLS sales of properties over $1 million was set in July - the seventh consecutive month - and the 80 transactions brought year-to-date sales at the end of the month to 542, which is an increase of 18 per cent compared with the same period last year, according to realtor Mike Fotiou, associate broker with First Place Realty in Calgary.
Last year, the city set a record with 727 luxury home sales for the entire year.
At the end of July, year-to-date sales were just two behind the total for all of 2012 which was the previous yearly record.
In July, said Fotiou, there were 75 luxury sales in the single-family home market and five in the condo market.
The all-time sales record for any month is 104 which was established in June.
mtoneguzzi@calgaryherald.com
Twitter.com/MTone123

© Copyright (c) The Calgary Herald