A burgeoning population will spark another real estate cycle in Calgary with growing demand fuelling more MLS sales and more new home construction. But industry experts don?t expect the next cycle to match the boom of a few years ago which experienced a frenzy of activity and fast-rising house prices due to a lack of supply. Instead, a continual, steady growth is expected in Calgary?s real estate market. This article has been shared by Whistler is Home. You can find Whistler is Home by searching real estate Whistler BC .
On Wednesday, Statistics Canada reported the Calgary census metropolitan area had the highest rate of population growth in the country at 12.6 per cent between 2006 and 2011 and is now more than 1.2 million for the region.
CREB is forecasting single-family MLS sales activity to increase by 12.2 per cent this year from 2011 levels and condo transactions to increase by 5.9 per cent. Its forecast is also for average sale prices of single-family homes to rise by 2.1 per cent as well as 1.7 per cent for condos.
Already in January some real estate data, released Wednesday, is indicating support for increased activity in the profession as housing starts and residential building permits showed impressive increases compared with a year ago.
Based upon Canada Mortgage and Housing Corp., housing starts in the Calgary census metropolitan area totalled 786 units in January, up 52 per cent from 518 units a year ago. In the region, 336 single-detached units broke ground in January, up 14.7 per cent from the 293 units started in January 2011.Multi-family starts, consisting of semi-detached units, rows and apartments, increased to 450 units in January, up from 225 units a year earlier.
Also, the estimated construction value of building permit applications for the residential sector in Calgary rose by 42 per cent in January compared with a year ago. In releasing its latest data on Wednesday, the City said residential values increased to $153 million weighed against $108 million in January 2011. This represents 651 new residential units, a 73 per cent increase compared with the January 2011 total of 376.
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This post was written by admin on April 7, 2012
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