Billions spent in new construction, renovation, and infill over the past decade have contributed to a serious upswing in the calibre of Canada’s housing stock, propping up residential average price in the country’s major centres, according to a report released today by RE/MAX.
The report states that in Calgary, the average price climbed from $176,305 in 2000 to $398,764 by year-end 2010, an 126% increase. As well, being one of Canada’s youngest cities from a housing standpoint, more than one third of Calgary’s owned dwellings were built in the 10 year span from 1996 to 2006.
The RE/MAX report finds that Calgary’s future looks promising:
The city continues to attract new residents—once again posting positive population gains after a short-lived contraction during the recession, although that was preceded by a period of double-digit growth among the strongest in Canada.
Calgary’s potential remains vibrant, with many positive developments on-going, particularly in terms of non-residential construction and infrastructure. Smart growth is the future of city planning, with the expansion of light rail transit top of mind.
While buyers remain cautious—in light of global economic concerns—locally, the picture continues to improve with increased employment and rising confidence.
You can read the entire report on Calgary and other major centres here (PDF opens in new window)