While total building permits in Calgary fell 7.3% between July and August, I was curious how the residential construction market was faring especially since it was posting some month-over-month gains:
“Provincially, Alberta saw the value increase by 3.2 per cent on a monthly basis to $796.1 million. That was due to a 27.4 per cent monthly gain in the residential sector to $542.6 million while the non-residential sector experienced a 26.6 per cent decline to $253.5 million.” (Source)
Below are the historical Calgary residential building permit stats from Stats Canada. Included are the Total Dwelling, Single, Apartment and Conversion stats. Other categories not shown are “Row”, “Double”, and “Cottages”
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And here’s a closer look at 2009 so far:
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Mike,
I am interested in the trend between RE sales and Building Starts. I note that you have these separate in the last several posts. Can you plot them on the same graph against date, and also against each other to see if they correlate and if the correlation has changed recently?
For example, were developers building ahead of anticipated demand (building spec houses creating a bubble) and now are building slower or in a delayed fashion to sales (working through their inventory).
I would be happy to crunch the numbers and build the charts if you could supply me your data.
NumbersGuy, I sent you an email.
Interesting report released from TD Economics today: Real Estate Trends Could Impact Future Path of Canadian Monetary Policy.
Some real estate related judgements this week:
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An inside look at a couple foreclosure cases:
CIBC v. Tuazon, 2009 ABQB 565
Baxter v. Darby
Banks had also been dealing with some mortgage fraud cases this week as well:
Royal Bank
Bank of Montreal/ TD Canadatrust
An issue between Condo Developer and owners over stalls (Edmonton): view
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Interesting to browse through.
Mike,
I double checked my email. I didn’t get it. Can you resend?
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Mike Fotiou says: Sure thing.