BMO Economics Report "Tale of Four Cities" examines the state of Canada's four largest housing markets
- Calgary housing prices sit at an affordable four-times median family income
- Immigrants and young Canadians flocking to the city, drawn by better job prospects and rising wages
- BMO Housing Market Scorecard indicates a "sellers" market for Calgary
CALGARY, ALBERTA--(Marketwired - Dec. 5, 2013) - After correcting several years ago, Calgary has reclaimed its title as the strongest major housing market in the country, according to a new report from BMO Economics on Canada's major housing markets.
The report, titled "Canadian Housing Update: Tale of Four Cities", examines the state of the housing markets in Canada's four largest cities: Vancouver, Calgary, Toronto and Montreal.
"In the three months to October, home sales have run 23 per cent above year-ago levels - nearly twice the national rate - and stand a heady 20 per cent above past decade norms," said Sal Guatieri, Senior Economist, BMO Capital Markets. "While preliminary data suggest the pace of sales slowed somewhat in November, listings are lean, giving sellers the upper hand on pricing."
According to the report, although construction has picked up, starts have barely kept pace with an exploding population. Inventories of new homes are very low, while benchmark prices are climbing the fastest among major cities and have now all but retraced the 16 per cent collapse from 2007 to 2009.
Mr. Guatieri noted that despite heady price gains, valuations remain reasonable, with prices running about four-times median family income and mortgage service costs consuming a manageable 23 per cent of earnings. "About half of the increase in prices is supported by rising income. Hourly wages in Alberta are up 4.4 per cent year over year in the first ten months of the year, double the national rate."
The report stated that immigrants and young Canadians are flocking to the city, drawn by better job prospects, faster wage growth, and healthier housing affordability than in Vancouver and Toronto. Alberta attracted a record 53,000 more people from other provinces than it lost in the past year, and a similar number from other countries.
"Strong economic and population growth will encourage an upward trend in Calgary's house prices, though higher borrowing costs will moderate the gains," concluded Mr. Guatieri.
Laura Parsons, Mortgage Expert, BMO Bank of Montreal, added that in light of expected increases in longer-term interest rates in the year ahead, Canadians need to examine ways to reduce overall housing costs.
"While survey numbers tell us that the majority of Canadians will be able to service their mortgage in the face of rising interest rates, it's still crucial that Canadians stress-test their mortgage against a higher rate to ensure they can afford what they sign up for if conditions change," said Ms. Parsons.
BMO Housing Market Scorecard for Four Major Cities and Canada
|Existing Sales (y/y % change)
|Sales vs. 10-year Mean (% change from average)
|Prices (y/y % change)
|Prices vs. Family Income (ratio of annual family income)
|Mortgage Service Costs (% of family income)
|Median Family Income
The full report, featuring the complete and sourced version of the scorecard above, can be downloaded at bmocm.com/economics.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of $537 billion as at October 31, 2013, and more than 45,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.
Laurie Grant, Vancouver
(604) 665 7596
Calgary Housing Stats
The yellow-highlighted numbers tell us that the inventory of homes for sale in Calgary is nearly 18% lower than June of 2012. This means that well-priced homes don't last in the current market!
There is a way to be among the first buyers to know when a new house hits the market. Contact me today and I'll set you up with a search that means new listings are emailed directly to you, before they reach public Internet sites.
This a free, no-obligation, service that will help you avoid disappointment and put you at the front of the line for new home listings.
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Re/Max Real Estate (Central)
403.397.3706 or email me
Tightened housing supply curbs sales volume
First quarter sales improve in condominium market, while declining in single family sector
April 2, 2013
The inventory of active homes for sale in Calgary
are the lowest March levels in more than five years.
The decline in new listings hampered resale sales growth, which declined by more
than two per cent in March compared to March 2012.
New listings in March are five per cent lower than levels recorded in 2012, and five per cent lower afternthe first quarter.
The overall active listings stand at just 4,006 units, up from February’s levels but well
below the number available one year ago.
“Less resale product available to consumers is ultimately limiting sales growth,” said CREB® President Becky Walters. “In addition, resale homes are selling in less time and with continued upward pressure on prices.”
Walters said buyers have grown accustomed to a market when they have more time to make decisions
because there was ample supply. But, as market conditions have tightened, if they are serious about purchasing a resale home, they can no longer significantly delay that decision, she said.
“While market conditions are a far cry from activity witnessed throughout the frenzy in 2006 and 2007,there has been a noticeable cha
nge over what became the norm over the past few years.” Walters said.Single family, year over
year sales growth declined by six per cent in March, a reflection of declining supply. Active inventory totaled 2,713 units, 22 per cent lower than levels recorded in 2012, and the
lowest March inventory level recorded since 2007. The market balance continues to trend into seller’s territory in this segment causing a year over year price increase of nearly nine per cent, for a total of $446,500 in March 2013.
“Tighter rental conditions and continued employment growth has supported housing demand growth,”
said Ann Marie Laurie, CREB®’s chief economist. “However, for those looking for more affordable single family home products, their choices continue to narrow.” She said new single family listings under $500,000
are declining at double digit rates, driving consumers at that price point to either surrounding towns, condominiums or the new home market.The condominium
townhouse market is the only category to record a year over year rise in sales activity for the month.
This is in part because the level of new listings improved in March 2013 relative to March
Condominium year over year apartment sales declined by nearly three per cent in March. However, after the first quarter, sales activity totaled 830 units a 6 per cent increase over the previous year.
Condominium townhouse sales totaled 652 units at the end of the first quarter, a 15 per cent
increase over the previous year.
“The condominium apartment market remains in balance,” said Lurie. “While it has moved to the lower end of the spectrum, it remains better supplied then the single family market and the majority of product available is in an affordable price range.”
The benchmark apartment price totaled $257,700 in March, a six per cent increase over the previous year.
Meanwhile, the condominium townhouse benchmark price experienced a year over year increase of 4 per cent, to $286,800.
“Despite tighter market conditions, it is unlikely that we will have another significant run up in prices,” said Lurie. “Outside of easing economic factors expected this year, consumers have options in the total housing market.”
Council approves twin towers
225 SIXTH is a proposed full-block commercial development located between 1st & 2nd Streets and 6th & 7th Avenues SW in downtown Calgary. This block represents one of the best remaining undeveloped sites in the city and affords Brookfield the opportunity to create another landmark development that significantly contributes to the public realm. Brookfield has recently submitted a development permit application and continues to work closely with City officials and administration on finalizing the vision for the full-block development.
The proposed development, consisting of 2.8 million square feet, includes the tallest structure in downtown Calgary at 56 storeys and 247 meters tall to be located at the northeast corner of the block. A second tower of 42 storeys will be located on the northwest corner. Situated between the towers is a spectacular three-storey, 50,000-square-foot transparent glass pavilion, connecting the grade-level open space to the +15 pedestrian skywalk system. The pavilion touches the site lightly and sets itself away from the towers, while enclosing an internal civic square, which will be programmed year round.
The contemporary modernist architecture of the towers provides maximum transparency through a clear glass skin.
The plaza, at over one-half acre, promises to be a significant addition to the evolving downtown public realm. Creating a dramatic arrival experience for those working in and visiting the new office towers, the proposed plaza will see a steady stream of foot traffic, much of it headed to and from the LRT on 7th Avenue SW. Landscaping complements the architecture and augments the function of the plaza which faces south to take advantage of the sun year-round.
Retail opportunities will be provided along the west, south and east edges of the plaza, complementing the existing retail presence of the Hudson’s Bay store. Cafés and restaurants are easily accommodated, with activity spilling out to animate the plaza.
The public space is designed to be well used and appreciated by downtown employees and shoppers, coupled with significant programmed activity, public art and cultural events that will contribute to the vitality of the downtown throughout the week. The high building lobbies will provide visual connections to the plaza, and connections to 6th Avenue SW and the City’s major destinations.
Brookfield has committed that all of its new developments will be sustainably designed to achieve LEED® Gold Core and Shell or higher and 225 SIXTH is no exception. Brookfield's two most recent developments in Canada, Bankers Court in Calgary and Bay Adelaide Centre in Toronto, were certified LEED® Gold Core and Shell in 2009.
Sustainable design features expected to be included are as follows;
• Energy efficient lighting and control systems
• High efficiency mechanical equipment
• Low flow washroom fixtures
• Bicycle racks, storage and shower facilities
• Auto sharing, car pooling and electric plug-in parking facilities
• Well served by public transportation
• Management and retention of storm water
• Water efficient irrigation & drought resistant plant species
• High efficient curtain wall system
• Use of recycled materials
• Construction waste diversion away from landfills
• Reduction of heat island effects
• A green housekeeping program
Calgary apartment vacancy rate decreases in 2012
Down to 1.3%
CALGARY — The apartment vacancy rate in the Calgary region averaged 1.3 per cent in October, down from 1.9 per cent last year, according to Canada Mortgage and Housing Corp.’s Fall Rental Market Survey released Thursday.
“Employment growth and higher incomes, supported by Calgary’s expanding economy, continued to attract migrants and increased demand for rental units,” said Richard Cho, senior market analyst in Calgary for the CMHC.
The apartment crunch will likely continue as the CMHC is forecasting 20,000 net migrants to the Calgary area in 2012 after 11,200 net migrants in 2011.
“Alberta is once again seeing some very strong interprovincial migration these days and many of these people are arriving in Calgary,” said Todd Hirsch, senior economist with ATB Financial. “Typically before looking at buying a home, the recently-arrived will rent an apartment. That’s where a lot of the strong demand is coming from, and it’s pushing down the vacancy rate in the rental market.”
Recently, Sam Kolias, chairman and chief executive of Calgary-based Boardwalk Real Estate Investment Trust, told the Herald that the local rental market continues to see high demand as people keep moving to the province.
In the REIT’s third quarter, which ended September 30, it has 5,310 rental units in Calgary and the occupancy rate was 99.34 per cent, up from 98.89 per cent last year.
The apartment vacancy rate in most zones in Calgary declined from the previous year, said the CMHC report. Areas close to the downtown where there is a high concentration of employers continued to have among the lowest vacancy rates in the city, said the CMHC.
The vacancy rate in the Downtown zone reached 0.5 per cent in October, down from 1.0 per cent in October 2011.
The strong demand for rental accommodations combined with lower vacancies has led to an increase in rental rates in Calgary. Same-sample rents increased 6.1 per cent in October, following a 1.8 per cent rise in the previous year. Bachelor units and two-bedroom units recorded an increase of 7.4 per cent and 5.9 per cent, respectively. The average same-sample rent for three-bedroom units increased 4.2 per cent from a year earlier, said the agency.
Overall, the two-bedroom rent in Calgary averaged $1,152 in October, up from $1,087 last year. The Downtown and Beltline had among the highest average two-bedroom rents in the Calgary CMA at $1,240 and $1,222, respectively. The Southeast and Other Centres recorded the lowest two-bedroom rents in October, averaging $998 and $1,005, respectively.
Vacancies for rental condominium apartments declined to 2.1 per cent in October, down from 5.7 per cent in October 2011. The condominium rent in CMHC’s 2012 survey averaged $1,288 per month, down from $1,378 last year.
“Condominium apartment rents are typically higher compared to units in the purpose-built rental market as the buildings are generally newer and may include additional amenities such as a fitness centre, entertainment room, and heated underground parking,” said Cho.
Don Campbell, president of the Real Estate Investment Network in Canada, said the low vacancy rate wil lead to two things.
“Strong upward pressure on rents across the board, at all levels. Upward pressure on resale housing market first in 2013, then new home sales in 2014,” he said. “Look for the market to perform well in 2013 with values going up more quickly than 2012.”
© Copyright (c) The Calgary Herald
Alberta economic boom shows no signs of slowdown Growth leader forecast for 2014
BY MARIO TONEGUZZI, CALGARY HERALD
CALGARY — Alberta’s economic boom is showing little sign of slowing down, according to the latest RBC Economics Provincial Outlook released Thursday.
RBC forecasts that Alberta will continue to be among the fastest-growing provincial economies in 2013 with a real GDP growth rate of 3.5 per cent, second only to Newfoundland & Labrador’s 4.4 per cent.
Alberta will regain the top spot in the country in 2014 with Real GDP growth forecast at 4.2 per cent.
“Alberta is in the midst of an impressive economic boom, with activity in the province surging by 5.1 per cent in 2011 and remaining on the fast track in 2012,” said Craig Wright, senior vice-president and chief economist with RBC. “While massive investment in the energy sector – which was the key catalyst for the economic boom – has been tempered recently, strong capital expenditures and rapid momentum in other sectors will keep the economy moving ahead at a sustained clip.”
But RBC said the mood in the province remains somewhat cautious, as Alberta’s oil sector finds itself increasingly “land locked” due to pipeline bottlenecks. It said major players in the oilsands have cited delivery challenges and a greater than usual discount on wellhead prices as reasons for delays in spending on mega projects.
RBC said these delays have raised some concerns about the sustainability of business investment in the province and it expects major players in the oilsands to remain generally cautious in 2013, keeping spending in a holding pattern while pipeline issues are addressed and crude oil price relationships normalize.
The report said Alberta will benefit from broad-based expansion in 2013, with strong population growth and employment continuing to fuel consumer spending and housing activity showing continued vigour. On the business side, rising demand for commercial and industrial space will support growth in capital spending outside the energy sector.
Economic growth for this year is estimated at 3.8 per cent, the best in Canada, following 2011’s 5.1 per cent which also set the pace for the rest of the country.
“We anticipate that Alberta’s growth will slow modestly next year thanks in large part to the lull in oilsands investment,” added Wright. “However, sufficient progress in resolving these oil delivery issues in 2014 should allow for major projects to proceed, setting the stage for a 4.2 per cent re-acceleration in growth.”
The Canadian economy is forecast to grow by 2.4 per cent in 2013 and 2.8 per cent in 2014 after an estimated 2.0 per cent growth this year.
In its quarter economic forecast released Thursday, TD Economics said Canadian economic growth is expected to edge down to 1.7 per cent in 2013, before picking up to a healthier 2.5 per cent in 2014.
“In Canada, the first half of 2013 is shaping up to be quite soft. Fiscal consolidation in the U.S. alone could shave 0.5 percentage points off Canadian economic growth through lower exports and the knock-on-effects to other areas of the economy,” said TD. “Beyond mid-year, the rebound in the U.S. should help support a modest recovery in Canadian export growth.
“However, the Canadian economy will still face headwinds from a high Canadian dollar, elevated household debt and government restraint.”
© Copyright (c) The Calgary Herald
Boom in resale housing market just outside Calgary
Towns see nearly 40% hike in MLS sales
BY MARIO TONEGUZZI, CALGARY HERALD
CALGARY — The resale housing market in towns just outside the City of Calgary has seen a boom in sales this year.
According to the Calgary Real Estate Board, year-to-date MLS sales in the surrounding communities market has ballooned to 4,878 up to the end of November, a hike of 39.05 per cent compared with the same period in 2011.
In comparison, year-to-date sales of 20,128 in the City of Calgary are up 15.21 per cent compared with last year.
“I think what’s happening is the buyers can’t find necessarily what they want in the city,” said Bob Jablonski, CREB’s president. “There’s less product to look at here in Calgary. And they’re finding they can find what they’re looking for in surrounding towns for the price points and getting a bigger bang for their bucks. So they don’t mind the commute.”
In the towns market, so far this year the average MLS sale price has dipped by 0.18 per cent to $354,897 while in the city it has risen by 3.16 per cent to $428,208.
According to CREB, in the country residential (acreage) market, sales so far this year are 842 with an average sale price of $793,707.
Last year there were 689 sales with an average sale price of $807,764 for the same time period.
Don Campbell, president of the Real Estate Investment Network in Canada, said places like Airdrie and Okotoks experience what’s called the Doppler effect in the real estate industry.
“It’s where a centre booms and then the smaller centres around it follow either a year or a year and a half later,” said Campbell.
“But the thing that’s really affected Okotoks, and now especially Airdrie, is the transportation change. The Ring Road (Stoney Trail). For Okotoks, of course, it was the expansion of Highway 2 a few years ago that really started to drive and bring to everyone’s attention Okotoks. Because nobody really went south of Calgary. Everybody went between Edmonton and Calgary and always knew that Airdrie was there. Okotoks is now on the radar.”
With any real estate market, it’s about affordability, said Campbell, and markets like Airdrie and Okotoks, for example, were driven by potential homebuyers who felt that they couldn’t afford to live in Calgary.
Stoney Trail has had huge impact on the Airdrie market, said Campbell. Also, many new jobs have been created in the northeast part of Calgary.
“So rather than live in the northeast, people are living in Airdrie which is almost the exact length of time to get to work,” he said.
© Copyright (c) The Calgary Herald
Calgary top real estate investment market in Canada
Edmonton ranked as second
CALGARY — Calgary has been ranked as the top real estate investment market in the country followed by Edmonton by the Real Estate Investment Network Ltd.(
In its Top Alberta Investment Towns report, REIN said that Alberta’s economy has come out on top after a few years of economic turbulence.
The report identifies towns and regions poised to outperform other regions of the province over the next three to five years.
And none is better than Calgary.
“After a couple of roller-coaster years, Calgary is back on a roll. The return of jobs to the city, as well as greatly reduced office vacancy rates show us that the city’s short slump has come to an end,” said the report. “Recording a GDP growth of three per cent in 2011, and one of the lowest unemployment rates in the country, it’s no wonder Calgary is sitting as one of the top places in North America for property investors. When you combine the economic fundamentals, the population growth, and a burgeoning provincial economy, it is easy to see why so many businesses and people have come to call the city home.
“The market is hot. With the pressure on the resale housing market, there is similar pressure on the rental market. Inventory has dropped for rental accommodations while monthly rents have increased. Real estate investors and real estate agents are reporting that rental listings are being pounced on. Savvy investors purchasing units and advertising them for rent upon close are receiving calls from anxious tenants wanting to see the unit before the investor has possession and/or has done any improvements to the property. Rental sites are reporting difficulty in compiling statistics become some communities have nothing for rent.”
REIN said housing affordability will begin to be an issue in Calgary, with rents increasing and a high average sale price. But when you look at that price versus average income it shows that other cities in Canada have a much larger problem on their hands.
“Calgary has the long-term economics to support long-term market strength while other cities do not,” said REIN.
The Top Alberta Investment Towns ranked in order are: Calgary, Edmonton, Airdrie, Red Deer, St. Albert, Fort McMurray, Lethbridge, Grande Prairie, Okotoks, Leduc, Sylvan Lake and Lacombe.
The report said Airdrie has been one of the fastest growing communities in the province.
“Its proximity to the economic engine of Calgary and the growth of the surrounding economy will push the physical and economic growth limits of the city in the next decade,” said REIN.
“With increasingly easy access to many areas of Calgary via the ring road as well as the growth of job centres in and around the city, Airdrie property owners should continue to feel upward pressure on both rents as well as home prices. As affordable housing becomes a growing problem in Calgary, Airdrie will benefit from lower average house prices. As the office centre of the west, Calgary may offer employment opportunities that Airdrie does not, but much of the labour force will turn to Airdrie as a place to call home.”
REIN’s top Canadian investment cities ranked in order are: Calgary, Edmonton, Hamilton, Surrey, Maple Ridge and Pitt Meadows, Airdrie, Kitchener and Cambridge, Red Deer, St. Albert, Waterloo, Winnipeg, Saskatoon, and Halifax.
According to a research note by Scotia Economics, Alberta remains a key economic engine for Canada, with the highest provincial real GDP growth rate forecast for 2012 and 2013 at 3.4 per cent and 3.0 per cent respectively.
“The economy is growing strongly with contributions from consumer spending, business investment, particularly in the oilsands, and exports, which is encouraging given the strong Canadian dollar and soft global demand,” it said. “Provincial government spending also will continue to support growth, albeit at a slower pace than over the decade prior to the recession.”
In the second quarter of 2012, Alberta had a year-over-year population growth rate of 2.5 per cnet, the highest in the country.
“At this juncture, the federal government’s recent tightening of mortgage and home equity financing standards appears to have had a limited impact on Alberta’s housing market,” said Scotia Economics. “It continues to be supported by strong employment growth, significant wage gains and ongoing resource development.”
© Copyright (c) The Calgary Herald
Midnapore is a community within the SE of the City of Calgary.
Midnapore was once an unincorporated community with its own train station, but as Calgary grew larger, it was annexed into being part of that city in 1961 and established as a neighbourhood in 1977. It is bounded to the north and east by Fish Creek Provincial Park, to the south by Sun Valley Boulevard and to the west by Macleod Trail.
Midanpore is a popular district and those looking for real estate for sale in Midnapore SE Calgary can choose from affordable starter homes to spacious lakeside properties.
In 2011 the neighbourhood had a population of 6,888. Residents in this community had a median household income of $68,492 in 2005, and there were 11% low income residents living in the neighborhood. As of 2006, 15.8% of the residents were immigrants. A proportion of 18.4% of the buildings were condominiums or apartments, and 29.3% of the housing was used for renting. Midnapore community info.
Midnapore Lake was developed by Keith Construction, which also developed several other lake communities in Calgary. The Midnapore Lake Residents Association (MLRA) is a not-for-profit association which owns, maintains and operates the facilities of the lake and park. Each residence is required to contribute to the assets of the MLRA each year to ensure the financial viability of the MLRA. More info.
Midsun The Mid-Sun Community Association strives to enhance the quality of life of the communities
of Midnapore and Sundance in southeast Calgary by providing a voice, as well as direction, to meet the expressed needs of residents.
There were 8 Midnapore Single Family Homes Sold in August of 2012, with an average sale price of $582,675 and a median sale price of $341,500. The average days on market (DOM) for these 8 sales was 19 days.
Closest Schools for the Community of Midnapore
Closest Midnapore LRT Stations
Click or call,403.397.3706, to schedule your private viewing of any Homes for Sale in Midnapore .Or, to receive customized search of listings in Midnapore or South Calgary email me
|LRT - Shawnessy Station
|LRT - Fish Creek Lacombe Station
|LRT - Somerset/Bridlewood Station
|LRT - Canyon Meadows Station
|LRT - Anderson Station
Calgary is world famous for the Calgary Stampede and for Spruce Meadows and its proximity to Banff National Park.
But, according to one global real estate consultancy, Calgary is on top of the world for a reason other than mounts and mountains: returns on property investments.The 2012 IPD Global Cities Report, unveiled at a real estate conference in Paris earlier this summer, places Calgary at the top of the heap of global cities for best returns on real estate investment. The index compares 60 international cities and covers four major property types: retail, office, apartment and industrial.
According to the report, Calgary was one of the world’s most improved markets, with total returns of 8.7 per cent in 2010, but shooting up to 21.6 per cent in 2011. “An energy-driven economic boom in Alberta...generally benefitted the city, and brokers reported prime office space in the central business district to be near full occupancy at year-end,” the report states.Other global cities that performed well on returns on property investments included San Diego, Portland,
and Seattle. The three other Canadian cities on the list—Vancouver, Montreal and Toronto—ranked 8th, 9th, and 10th, respectively.Despite the modest slowdown in general economic activity in Alberta this year, commercial and industrial activity continues to be a propeller of Calgary’s economy. Returns on investment may soften, but the city continues to attract international attention by the real estate investor.
Senior Economist, ATB Financial
Calgary's healthy housing market
Will van ‘t Veld
Economist, ATB Financial
September 6, 2012
After a spring of defying the negative national housing market sentiment, the Calgary market cooled a bit in August. But, Alberta’s largest city remains one the nation’s most solid real estate markets. Back in February, the inventory-to-sales ratio in Calgary began to dip, as sales increased faster than new listings, indicating the market had quickly dipped into sellers’ territory. Buyers have since reversed that trend slightly, with the Calgary Real Estate Board reporting that monthly
sales in August dipped 11.6 per cent month-over-month.The swing in housing market activity can be seen in average residential price changes. That average residential price nudged down to $417,000 in August, a 2.2 per cent drop from July, which is nonetheless 3.1 per cent higher than a year ago. The MLS also computes a benchmark price, which is less volatile. The benchmark price adjusts for specific features, such as lot size, bedrooms and location. The jump in the MLS benchmark price index through 2012 has been pretty impressive, up 6.5 per cent on a year-over-year basis. Activity in the single family detached home market has been particularly strong over the past year, with the MLS benchmark index jumping 7.8 per cent yearover-year in August. This is the main reason the overall residential home price index has increased so noticeably, as detached homes make up the vast majority of residential sales.
For their part, condo and town home prices have been plodding along, with the benchmark price increasing 3.3 and 2.6 per cent, respectively, on an annual basis.
Cranston Calgary Real Estate
Nestled next to the stunning Bow River Valley and Fish Creek Park, Cranston is an inspiring backdrop for outdoor lifestyles. Hike, bike, rollerblade or jog along year-round pathways that unwind among acres of lush park space. Relax near the Bow River with a picnic or a fishing rod. Or spend time with the kids in one of the many parks and playgrounds.
Every area of the city is easily accessible from Cranston’s location at Highway 22X (Marquis of Lorne Trail). Deerfoot Trail takes you directly downtown or to the Calgary International Airport and puts Foothills Industrial Park within easy reach. Follow Highway 22X west for direct access to Kananaskis Country and the Rocky Mountains, as well as the retail business corridor on Macleod Trail. http://calgary.livebrookfield.ca/livebrookfield/index.php/communities/cranston/experience-the-community.
Century Hall (Cranston) is your very own private resident's facility complete with a gymnasium, banquet facilities, ice rink, splash park and toboggan run — plus the opening of Cranston Market and two new schools in 2010, Cranston has everything your family needs right in your own backyard.
Century Hall Is At The Heart Of The community
Located on a spacious 7–acre gated park site is Century Hall – a striking 22,000 sq. ft. private facility for the residents of Cranston. Complete with meeting and banquet rooms, a gymnasium, multi-function rooms, a skate change area and more, Century Hall is the central gathering place for the community. Recreational programs, summer camps, workshops and community events all take place here.
Membership in the Cranston Residents Association is automatic and mandatory with the purchase of a home in Cranston. The payment of dues, which is reviewed and established annually, is secured by an Encumbrance (subject to upward adjustment for inflation) registered on the title of each member’s property. The Association, including the operation of Century Hall, is administered by a Board of Directors made up of Brookfield Residential and resident representatives.
Annual fees for 2012-13 are:
Standard - $146.15 (including GST)
*Annual fees are subject to annual compounded inflation increases and GST.
Interest will only be applied to all outstanding accounts beginning on May 1st of each year.
Cranston Home Builders
- Albi Homes
- Baywest Homes
- Brookfield Homes
- Cardel Homes
- Cardel Lifestyles
- Cedarglen Homes
- Discovery Homes
- Shane Homes
- Trico Homes
Calgary Home for Sale in Cranston SE Calgary
Cranston SE Homes for Sale Calgary Click Here! 3 or More Bedrooms
Calgary Homes for Sale in Cranston Bungalows Click Here!
Calgary Board of Education interactive map of Schools for the Community of Cranston
Cranston Real Estate Statistics more statistics here
There were 33 Cranston Single Family Homes Sold in July of 2012, with an average sale price of $468,257 and a median sale price of $415,000. The average days on market (DOM) for these 33 sales was 60 days.
Cranston Community profile pdf Download
Click or call,403.397.3706, to schedule your private viewing of any Cranston Home for Sale.
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Diane Richardson 403.397.3706
Calgary housing market among Canada’s most affordable: RBC
Stronger home resales and new construction
BY MARIO TONEGUZZI, CALGARY HERALD
CALGARY — The Calgary-area housing market remains one of the most affordable in Canada, according to a report released today by RBC Economics Research.
The latest Housing Trends and Affordability Report said the local market has enjoyed the best of all worlds recently: stronger home resales and home building, moderately rising prices, and attractive and improving affordability.
“Such a combination is a rare feat, but it follows years of sluggish performance in the aftermath of the area’s mid-2000s boom,” said the report. “In the second quarter of 2012, a sharp drop in the costs of utilities provided unusual help to affordability in the area. Utilities and property taxes—two small components of home ownership costs—typically do not sway affordability, but the sudden reversal of earlier electricity rate increases led to a substantial 17 per cent quarterly decline in utilities, which was more than enough to move the affordability needle.”
In the second quarter, the RBC measures edged lower for condominium apartments and two-storey homes by 0.6 percentage points and 0.4 percentage points, respectively, while the measure for detached bungalows was unchanged in Calgary.
“Such general amelioration kept housing affordability in check at some of the better levels among Canada’s largest cities,” said the report.
The RBC Housing Affordability Measure, which has been compiled since 1985, shows the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities.
In the second quarter, RBC measures for Calgary edged lower for condominium apartments by 0.6 percentage points to 21.6 per cent and for two-storey homes by 0.4 percentage points to 37.2 per cent. The measure for detached bungalows remained unchanged at 36.7 per cent.
RBC said significant drops in the prices for electricity and natural gas in the second quarter of 2012 in Alberta “further solidified this province’s position as the market with the lowest home ownership costs as a share of household income in Canada.”
The RBC measures eased by 0.6 percentage points for both two-storey homes and condominium apartments, while the measure for detached bungalows edged lower by 0.3 percentage points, it said.
“Alberta experienced a 17 per cent decline in utility costs, which was the largest contributor to across-the-board improvements in housing affordability in the most recent quarter,” said Robert Hogue, senior economist, RBC. “Attractive affordability and a vibrant provincial economy are providing powerful incentives for Alberta homebuyers – second quarter home resales were at the best level in five years, surging 18 per cent over the same period last year.”
The affordablity measures in Alberta were: 32.0 per cent for detached bungalows; 34.8 per cent for two-storey homes; and 19.7 per cent for condominiums.
In Canada, they were: 43.4 per cent for bungalows, up 0.2 per cent; 49.4 per cent for two-storeys, up 0.6 per cent; and 28.8 per cent for condominiums, unchanged.
How the RBC Housing Affordability Measures work
The RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities on a detached bungalow, a standard twostorey home and a standard condo (excluding maintenance fees) at the going market prices.
SE Calgary Real Estate for Sale
SOUTHEAST CALGARY NEIGHBOURHOODS
There are many SE communities to choose from in Southeast Calgary, offering houses and condo in all price ranges. Southeast Calgary is home to neighbourhoods such as Auburn Bay, Chaparral & McKenzie Towne, Midnapore & New Brighton & Cranston.
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Okotoks is nestled in the Sheep River Valley of the Alberta Foothills, 20 kms south of Calgary on Highway 2/2A. Okotoks has centrally located access to a number of destinations, including downtown Calgary or the Calgary International Airport (40 minutes), Banff National Park (2 hours), Lethbridge (2 hours), Radium/Invermere (3 hours), and Waterton National Park (2.5 hours).
• Future South Calgary Hospital under construction - 10 minutes north.
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Homes for Sale in Okotoks: 3 or More Bedrooms Click Here!
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It’s taking less time these days to sell a home in Calgary compared with last year.
According to the Calgary Real Estate Board, so far this month from August 1 to August 20, the average days on market to sell an MLS residential property in the city is 43. That’s a drop of 12.24 per cent from the same period a year ago when it took an average of 49 days to sell.
Each housing category has seen a decline in average days on market.
For single-family homes, it’s dropped by 12.77 per cent from 47 days to 41 this month.
The condo apartment category has seen a drop of 11.32 per cent to 47 days from 53 last year.
And the condo townhouse sector has seen a slight decline of 3.77 per cent from 53 days last year to 51 so far this month.
http://diane-richardson.com/buying.html Calgary Real Estate Resources & Statistics
Welcome to my Website.
Whether you are a first time home buyer looking for the most up-to-date Calgary real estate listings or you are an empty nester looking to downsize, you have come to the right Calgary Real Estate Website.
Access properties that are listed on the Calgary Real Estate Board's MLS System. Listings are updated daily. 24 hours a day.
Find all MLS Listings active on the Calgary Real Estate Board MLS by using our Calgary Home Search. You can search Calgary Homes for Sale by Price, or search Calgary Homes for Sale by Community.
You can locate any Calgary area house or condo currently listed for sale on the Calgary Real Estate Board's MLS with street addresses and even driving directions.
Also, search Okotoks Homes for Sale Communities such as Cimarron homes for sale or Air Ranch, just to name two. And, search Airdrie Homes for Sale by price or community.
If you are looking for a house or condo in Calgary or a surrounding community register for free and I will send you a comprehensive search according to your criteria. Or, if you don't want to register go to our Home Finder and enter your wants and wishes for your new home there.
The City of Calgary is divided into 4 quadrants, to make your home search easier I've used these quadrants to divide the Calgary Market: SW Calgary Homes for Sale, SE Calgary Homes for Sale, NW Calgary Homes for Sale. To view any of these quadrants click on the area of choice.
On my website you will find Calgary Housing Statistics and detailed listing photos, Google maps, community profiles and several tools that can help with your next home purchase.
I'm happy to answer any questions you may have about any property or Calgary Home for Sale. And, if you're thinking of selling I can provide a no-obligation evaluation and information you'll need to make an informed decision.
Diane Richardson 403.397.3706
Calgary Rental Market Forecast
Average rent to rise as vacancies move lower
Along with other areas in Calgary’s housing market, the purpose-built
rental market has experienced an up-tick in demand. The apartment vacancy rate in October 2011 declined to 1.9 per cent from 3.6 per cent in October 2010. The apartment vacancy rate is forecast to average 1.7 per cent in October 2012, and decline to 1.5 per cent in 2013. With people taking advantage of the growing employment opportunities in the region, migration flows to Calgary will continue to be among the strongest contributors to rental demand.
With vacancies declining, fewer incentives will be offered while rental rates are forecast to increase this year.
The average two-bedroom rent is forecast to reach $1,150 per month in October 2012, up from $1,084 in
October 2011. Pressure on rental rates will remain steady as people migrate to the region and no large net additions to supply are expected in the near term. Landlords and property owners may also see more demand from younger renters as youth employment has improved with Calgary’s expanding economy. As such, the upward pressure on rental
rates is not expected to ease in 2013. In October 2013, the average two bedroom rent is forecast to rise to $1,200 per month, up $50 from a year earlier.The number of apartment rental units under construction, not including units
for social housing, has increased from the previous year. There were 404 apartment rental units underway in March, up 41 per cent from 287 units a year earlier. Despite the increase, apartment rental starts have only contributed to a portion of the rental units under construction. Many of the apartment rental units underway were originally intended to be sold as condominium units. However, as market conditions changed, some property owners and developers
decided to re-position their projects to take advantage of the growing demand in the rental market. The completion of the rental units under construction will likely not have a large impact on vacancy rates as an expanding population absorbs the new supply. Some older rental units are also anticipated to be converted into condominiums.
Average house prices in Calgary region to jump by $20,000 in next two years
CALGARY — The average MLS residential sale price in the Calgary region will climb by more than $20,000 over the next two years, according to Canada Mortgage and Housing Corp.(http://www.cmhc-schl.gc.ca/odpub/esub/64339/64339_2012_B01.pdf?fr=1344960776770)
In its third quarter 2012 Housing Market Outlook, released Tuesday, the CMHC said the average MLS sale price in the Calgary census metropolitan area will jump from $402,851 in 2011 to $413,000 this year and then to $424,000 in 2013.
The report also said MLS sales in the Calgary CMA will increase from 22,466 in 2011 to 25,200 this year and 25,800 next year.
And housing starts in the region will rise from 9,292 in 2011 to 12,000 this year but fall back to 11,700 in 2013.
“The economy in Calgary has improved compared to the previous year and the trends that we have seen thus far are expected to continue in the months ahead,” said Richard Cho, senior market analyst in Calgary for the CMHC. “Job growth, relatively low mortgage rates and higher average earnings will all contribute to housing demand. Net migration will also be a key contributor and we have already seen some encouraging numbers at the provincial and city levels.
“Whenever we have an influx of people move to a region, naturally they are going to look for a place to live. Some will look to the rental market while others may choose to buy an existing home or build a new one. Housing demand this year will be supported by a number of different fronts.”
Cho said the resale market has moved into more balanced levels this year and that is supporting price growth.
“Supply in the existing home market has declined from the previous year while sales have increased,” he added.
In Alberta, economic growth and job creation are supporting housing demand, said the CMHC. By year-end, single-detached starts are projected to reach 17,600 units, up over 15 per cent from 2011. In 2013, single-detached starts will rise five per cent to 18,400 units.
“Existing homeowners will see the value of their property rise and this will help with move-up buying,” said the agency.
Multi-family starts will increase by 35 per cent in 2012 to 14,200 units. To reduce the risk of rising inventory in the next few years, developers will moderate multi-family starts in 2013 to 13,800 units, it said.
“In Alberta’s resale market, MLS sales will increase by 11 per cent to 59,800 units in 2012. In 2013, resale transactions in Alberta are forecast to increase to 61,000 units. MLS sales in Alberta will rise this year and next year, as employment and income growth provide the means to purchase,” said the report.
“With a transition to balanced market conditions unfolding, expect price growth to increase over the forecast period. The average resale price in Alberta is projected to rise by 2.5 per cent in 2012 to $362,200, and nearly three per cent to $372,300 in 2013. Both of Alberta’s largest markets, Calgary and Edmonton, have experienced improved market balance this year.”
© Copyright (c) The Calgary Herald
Calgary real estate market stays the course
Sales activity trending towards long-term stability
Calgary, July 3, 2012 Residential sales in the City of Calgary totaled 11,752 for the first half of this year, a 16-per-cent increase over the same period last year. The rise in sales has brought activity levels closer to long-term trends in the city.
Recent mortgage rule changes may dampen some of the gains in the resale market, says Ann-Marie Lurie, CREB®s chief economist. But this is not expected to cause a full reversal of either sales or price growth, provided the global economic situation does not significantly worsen.
Our housing market is returning to normal levels of activity, supported by the improvements in our employment sector and rise in migration.
Single family monthly sales reached 1,609 units in June, a decline over the previous month, but 16 per cent higher than levels recorded in June 2011. However, new listings are declining as consumers appear to delay putting units on the market until they see further price recovery. Despite the decline, with a current inventory of 3,817, the supply constraint has eased and the single family market is moving towards more balanced levels.
Overall, the Calgary market is trending towards long-term stability, says Bob Jablonski, president of CREB®. Activity levels are consistent with our expectations, and are not demonstrating an overheated market. Weve seen a slight lack of supply in single-family homes, but this is not the case in the broader residential market, including surrounding towns.
The single-family benchmark price for the month of June 2012 was $430,800, a 7.3-per-cent increase over the previous year. Year-over-year price increases have been particularly strong in the recent months, in part due to the decline in months of supply. As the city moves towards balance, we can expect price growth to ease in following months.
Homebuyers are confident about the long-term prospects in our city, and continue to search for homes in those communities that align with their needs, Jablonski says. People who are in the market to buy right now have to make their decisions quicker, but they are well informed and they continue to seek out value for their money.
While June sales activity showed a modest improvement over last year, year-to-date condominium apartment sales totaled 1,858, a 7-per-cent increase over the first half of 2011. Both monthly and year-to-date sales remain consistent with long-term trends. The rise in sales over the first half of the year combined with a decline in listings helped reduce the excess supply. With supply hovering just above three months, the condominium apartment market remains in balance.
The condominium-apartment market recorded a modest improvement in pricing, with a benchmark price of $246,300 in June 2012, a year-over-year price gain of 1.5 per cent. The condominium-townhome benchmark price grew by 3.3 per cent over 2011, and is now $278,000.
Recent reports have mentioned an overvalued Canadian housing market, and it is important to note that the Calgary market has already recorded a correction, says Lurie, who notes benchmark prices in the entire CREB® residential market remain 8 per cent below peak levels. Alberta was slow to recover from the recession, but this year our province is expected to lead the country in economic growth. This growth will continue to support gains in full-time employment and encourage positive momentum in our local housing market by way of both demand and price recovery, Lurie concludes.