How Calgary’s Unique Demographics Have Impacted the Housing Market

There are many things that make Calgary stand out. Its economy, rapid growth, and unique career opportunities have been making headlines across the country over the last decade. It is a city that is moving forward in leaps and bounds. For those who have been here all their lives, Calgary is noticeably different from the one they remember.

Calgary is home to more than 240 different ethnic cultures and ranks third in Canada for cultural diversity. The majority of Calgarians, nearly 50%, are between the ages of 25 and 54. As of last year, the median age is just 36 years old. Family sizes are about the same over the last few years, meaning the number of children entering the school system is fairly consistent year after year. According to the 2011 census, the population is nearly an even split between males and females.

Having the largest segment of the population in the workforce has no doubt provided a positive effect on Calgary’s economy. Wages are highly competitive and disposable income is among the highest in Canada. Over the last year, we have certainly seen the real estate market respond to these trends. Demand is high, and buyers are driving the market into an upward swing.

The condo market saw the most significant increase over the last year, and new developments are at an all-time high. Calgary’s young professionals want to find a modern and trendy place to call home, and they are willing to pay a premium to be in the heart of the action. Suburban living is also a popular choice for young families or couples looking to settle into a community-like environment at a more affordable price. Calgary has expanded with sustainability in mind. Many of Calgary’s communities have everything they need within a short distance to reduce the strain on the major roads and improve the quality and convenience of life for its residents on the outskirts of the city.

Calgary Real Estate update for October 2013

Calgary Alberta Market Report for October 2013

Calgary’s resale housing market continued to soar in October with strong year-over-year hikes in both sales and prices.

According to preliminary data from the Calgary Real Estate Board, MLS sales of 1,953 for the month were up 17.72 per cent from a year ago as the average sale price rose five per cent to $458,876 while the median price saw an increase of 5.96 per cent to $409,000.

“The October Calgary real estate market kept a consistent absorption rate between two to 2.2 months’ worth of inventory. This places us in a strong sellers’ market.

“Attributes of a sellers’ market are, competing offers, listed home selling in the first two weeks or sooner, sellers being able to dictate the terms of the negotiations and not having to settle for much less than realistic asking prices. All consistent with our October experiences.”

Although new listings for the month were up 9.08 per cent to 2,522, active listings at the end of the month were down 16.18 per cent to 3,840.

The average days on the market to sell a property dropped from 45 a year ago to 40 in October.

This Calgary Market is fuelled by a number of factors: seasonal fall peak activities with people wanting to purchase and move into homes before winter sets in; investor speculators coming into the market due to the flood impact in June; corporations reorganizing and centralizing back to Calgary and Edmonton; and rental rates increasing.

Buyers have to react to this market by acting quickly when homes came available for sale, being prepared to pay Top Dollar  or above..

Sales and prices were up across all housing categories in the city during the month.

In the single-family home market, there were 1,336 MLS sales, up 14.29 per cent from last year with the average sale price increasing by 4.76 per cent to $516,244 and the median price rising by 5.12 per cent to $452,000.

The condo apartment category saw sales rise by 24.35 per cent to 337. The average sale price was up 6.76 per cent to $309,414 and the median price rose by 8.80 per cent to $272,000.

In the condo townhouse market, sales of 280 were up 27.85 per cent with the average price rising by 13.49 per cent to $365,036 and the median price up by 8.29 per cent to $319,450.

The towns surrounding Calgary saw sales jump by 23.64 per cent to 387 with the average price increasing by 13.51 per cent to $390,580 and the median price up 8.11 per cent to $360,000.mtoneguzzi@calgaryherald.com  information provided by the Calgary Herald

http://www.rodforsythe.com/free_market_evaluation.phpImagealgary

Country Residential Market Report for June 2013 Calgary Alberta

What has The Country Residential Market done in the past 4 years?

House Values

Calgary Alberta Country Residential Report. Calgarians have waited a while to see their activity and prices rise on all acreage properties just outside of the Calgary city limits. This welcome change has acreage owners thinking about what is next? A new condo in Victoria or Palm Springs?

 

Rod Forsythe//
Managing Partner // The Forsythe Group

Keller Williams // Calgary Ab Canada 403.777.1040

http://www.RodForsythe.com

Calgary Real Estate Year in review 2012

January 2013

Rod Forsythe’s Year end Calgary Real Estate Report for 2012

Calgary’s real estate market is getting back to normal and property sales over $1,000,000.00 were the stars of the year. There were 544 transactions in Calgary this year that sold for more than a million dollars compared to 446 sales in 2011 and 462  unit sales in 2007. Inventory today sits at about 2700 properties; this is a low amount of inventory for the beginning of any year. The average price for a single family home in 2012 ended up at $481,236 up about 3.1% from 2011; the average condo price is $284,702 up from 271,538 in 2011.

Country residential property sales picked up this year with a total of 873 sales compared to 676 in 2011. The interesting statistic about the country market is that the average price went down from $816,655 in 2011 to $793,053 in 2012. The average days on market remained at about 105 days for both years.

Looking at the big picture Calgary has improved since 2008; with net migration happening in Alberta again, the new mortgage rules pertaining to the amortization, the price of oil and gas and the fact that 20% more properties sold for more than a million dollars in 2012 than 2011. It seems as if this market will be around for a while yet.  

If you’re thinking about buying or selling the market is as good as it has been in 4 or 5 years. The activity in unit sales rivals that of 2004 and buyers are starting to ring our phones again. Timing might be perfect to move across the market, move up in this market or sell your home and buy a place in BC or the U.S.A.  

 The following are MLS sales and the average sale prices for all properties in Calgary in the past few years.

2012 — 21,207, $428,655   2011 — 18,496, $414,391

2010 — 17,218, $409,885   2009 — 20,669, $394,064

2008 — 19,084, $413,293   2007 — 26,611, $423,770

2006 — 27,426, $358,326   2005 — 26,833, $256,327

2004 — 22,842, $227,269   2003 — 21,062, $215,838

2002 — 21,544, $203,203   2001 — 19,535, $186,586

2000 — 17,211, $180,420   Source: Calgary Real Estate Board

“The best way to have the last word is to apologize”

Anonymous

 

Wishing all a magnificent 2013

 Rod Forsythe

Keller Williams Real Estate  

email rod@rodforsythe.com //tel. 403.777.1040