I apologize for the delay in getting this update out today. My new computer was preloaded with Windows 8.1 and it took a bit to get oriented with the new setup 😉 Now that that’s done…on we go!
Calgary home sales remain strong in the opening week of April, ahead of last year’s pace by 11.68% and the best start to the month since 2007.
Buyers will be glad to know that new listings are finally up y/y over all three housing categories – albeit only slightly for SFH (see stats summary below). Even so, overall inventory remains below year ago levels by -18%.
Calgary Herald: Houusing market faced with severe shortage of listings
CMHC reported today that total starts during March in the Calgary CMA climbed to 1,667 from 890 in March 2013. The majority of the increase was focused on the multifamily sector which jumped 212% y/y. Interestingly, the SFH sector saw a drop of 10% to 450 units.
Also out today was the new Royal Lepage House Price Survey. Here’s an excerpt:
Suggestions of an overheated real estate market and bubble continue within the mainstream dialogue, but are becoming less frequent. Of the core housing types, the condominium segment remains the most vulnerable to short-term price softness in light of increased inventory, but the situation is limited to only a few cities. The medium to longer term prognosis for this housing sector remains very positive.
Sustained high demand coupled with inventory shortages fuelled strong price appreciation in the Calgary housing market. The average price for a standard two-storey home experienced the greatest growth year-over-year, surging by 7.5 per cent to $472,644. During the same period the average price for detached bungalows jumped by 6.3 per cent to $480,222 and standard condominiums increased by 5.3 per cent to $274,700.
To read the entire report, click here