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NEWS BRIEFS
Canada will be raised before spring,” he said. “And if the global situation worsens, the next rate change could even be a cut.” The next scheduled date for announcing the overnight rate target is October 25.
10.25.11 The BANK OF CANADA’S next scheduled DATE for ANNOUNCING the OVERNIGHT RATE target is OCTOBER 25.
WHAT THEY’RE SAYING… “[The recent GDP report] puts the Canadian economy on track for average annual growth of 2.4 per cent in 2011, below the Bank of Canada’s expectations. The central bank is unlikely to resume rate hikes until above trend Canadian economic growth is assured.” IN A RELEASE ISSUED BY THE BANK
DIANA PETRAMALA ECONOMIST, TD ECONOMICS
observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the
% CHANGE YEAR OVER YEAR 7.2 5.9
and multi-purpose rooms. The Quarry Park centre could include: a 25 or 50-metre lap pool, gymnasia, multi-purpose room, fitness area and an indoor running track. To have your say, go to calgary. ca/newreccentres and click on the feedback form.
$430M The TOTAL COST of the four NEW RECREATION CENTRES will be approximately $430 MILLION, which will be under the P3 MODEL.
MUNICIPAL
Calgary Named ‘Fifth Most Livable City’ C
algary is the fifth most liveable city in the world, according to the latest annual ranking compiled by the Economist Intelligence Unit. The report analyzed 30 factors to establish its annual rankings, including stability, health care, culture, environment, education, infrastructure and personal safety and is often used by companies to determine hardship allowances for relocated employees. The UK based group explains what makes a high-ranked city: “Cities that score best tend to be mid-sized cities in wealthier countries with a relatively low population density. This often fosters a broad range of recreational availability without leading to high crime levels or overburdened infrastructure. Seven of the top ten scoring cities are in Australia and Canada, where population densities of 2.88 and 3.40 people per sq. km respectively compare with a global (land) average of 45.65 and a
National
PROVINCIAL
City Seeks Input on Rec Centres ew recreation facilities are being planned for Calgary’s underserviced areas – one in the far northwest and three in the southeast¦—¦and The City is asking for your input into what will be included in those facilities. Each site will have amenities designed to meet the specific needs of their area based on research, market analysis and citizen engagement. Amenities being considered for the northwest site include: 25 or 50-metre lap and play pools, indoor ice gymnasia, multi-purpose space, indoor tracks, outdoor fields/diamonds, outdoor tracks, outdoor rinks art centre, fitness area and library. For the larger regional facility being planned for Seton; possible amenities include: 25 or 50-metre lap pool and play pool, indoor ice, library gymnasia, multi-purpose space, indoor track, outdoor fields/ diamonds, outdoor tracks, outdoor rinks, racquet facilities, arts centre and fitness area. The Great Plans centre could include: multi-pad indoor/outdoor arenas, gymnasia, a fitness centre,
4.5
4.2
-2.7
US average of 32,” stated the report. Calgary ranked 96.6 out of a maximum 100, behind Vancouver, Melbourne, Vienna and Toronto. The highest ranked U.S. city is Pittsburgh, at 29th place and the most unlivable city in the world is Harare, the capital of Zimbabwe, the list’s authors said.
96.6%
CALGARY ranked 96.6 out of a maximum 100 in the poll by Economist Intelligence Unit, which ANALYZES 30 FACTORS.
CREB REAL ESTATE NEWS ONLINE ®
CREB Real Estate News has partnered with Virtual Paper to publish a fully interactive online edition at creb.com. All property ads are linked directly to REALTOR.ca and the edition is iPad, tablet & mobile device compatible. Check it out today at creb.com. ®
4.6
4.4
MUNICIPAL
N
index. This is known as the repeat sales method; a complete description of the method is given at housepriceindex.ca.
Vancouver
ome prices across the nation were up 1.7 per cent this past June from the month before, according to the Teranet-National Bank. This is the third consecutive monthly increase of over one per cent and the largest rise since August of 2009. Additionally, the recently released National Composite House Price Index found prices to have increased more than one per cent in all six of the surveyed metropolitan areas – the first time since April 2005. Home prices in Calgary rose by 1.6 per cent, while Toronto price tags led the way with a two per cent climb. The Calgary index is 10.9 per cent off the all-time high of August 2007 and 3.1 per cent off the pre-correction peak of August 2010, stated TeranetNational Bank. Year-over-year, the index held steady in June with a 4.5 per cent increase, rising ever so slightly from the 4.4 per cent climbs seen this past April and May. The report found the largest 12-month rise to be in Vancouver, with 7.2 per cent, while Calgary’s index declined by 2.7 per cent from a year ago. In July, according to seasonally adjusted data from the Canadian Real Estate Association, market conditions were balanced in the country as a whole while appearing tight in Toronto. The Teranet–National Bank House Price Index is estimated by tracking
Toronto
FROM A1 MORTGAGES
H
Ottawa
®
House Price Index Posts Largest Rise Since 2009
Montreal
‘‘
BUYERS ARE BENEFITING FROM IMPROVED SELECTION AT ALL PRICE RANGES IN THE MARKET. IN FACT, NEARLY HALF OF ALL SINGLE FAMILY HOMES SOLD YEAR TO DATE WERE PRICED BELOW $400,000.”
MARKET
Halifax
“When looking at Canada’s major compared to the six months recorded cities, Calgary is one of the most in August 2010. affordable regions for homeownership As in the single family market, in the country,” said Stante. “Buyers condominium inventories of 1,997 are benefiting from improved selecwere lower than last year’s levels. The tion at all price ranges in the market. market conditions have changed sigIn fact, nearly half of all single family nificantly as inventory levels continue homes sold year to decline. to date were The recent priced below improve$400,000. Well ment in sales, priced propercombined with ties seem to be lower listings, moving in this has resulted market.” in a year over The single year decline in family market the months of recorded 1,106 supply. sales in the Condomonth of August minium sales 2011. This is an amounted to increase of 28 468 units in per cent when August 2011, compared to with a year to August 2010 date total of sales, which 3,885 similar to were the lowest levels recorded levels of August in the first sales since 1994. eight months SANO STANTE CREB PRESIDENT Year to date sales of 2010. of 9,485 are 10 “With per cent higher than last Calgary’s energy sector slated to grow, year’s figures. it is expected to lift the city’s employSingle-family inventory levels ment, income and in-migration, and reached 4,573 in August, a nine per in turn help contribute to growth in cent decline over last year’s levthe resale market,” stated Stante. els. The recent rise in listings was “We expect price growth to counteracted by robust sales, keeping improve as we approach the end of absorption levels at four months 2011 and move into 2012.”
Calgary
FROM A1 STATISTICS
With the European sovereign debt crisis intensifying and reports on the recession in the United States showing a slower recovery than thought, the Bank of Canada expects American spending to be even more subdued and that fiscal stimulus could “turn into material fiscal drag.” As far as Canada is concerned, “The Bank continues to expect that growth will resume in the second half of this year, led by business investment and household expenditures, although lower wealth and incomes will likely moderated the pace of investment and consumption growth.” However, the statement continues to say financial conditions in Canada have “tightened” and could tighten further in the event global financial conditions continue to deteriorate. With the various factors combined, “the Bank has decided to maintain the target for the overnight rate at one per cent. In light of slowing global economic momentum and heightened financial uncertainty, the need to withdraw monetary policy stimulus has diminished.” Todd Hirsch, senior economist for ATB Financial added his thoughts to the “fragility of the global economy”. “It’s unlikely interest rates in
A3
sep 9 to sep 15 2011
RBC: Cost of Moving Stressful for Albertans A
ccording to a recent poll from RBC Insurance, 56 per cent of Albertans who plan on moving in the next three years aren’t confident they will be able to fully furnish their new abode during the first month. In addition, 91 per cent of Alberta respondents found the costs associated with moving to be more stressful than unpacking or adjusting to a new neighbourhood, stated the survey. Nearly half (44%) of those polled said they are unclear of how much it will cost to settle into their new place. “Moving into a new home can be very stressful,” said Tim Bzowey, vice president of Home and Auto Insurance at RBC Insurance. “Creating a moving budget and calculating your expenses ahead of time will not only help reduce stress and lead to a smooth transition, but doing so will also help save money and avoid unexpected expenses.” Stressful costs aside, 80 per cent of Alberta residents said they were excited about starting a life in their new home, stated the poll, with about 72 per cent of women and 60 per cent of men saying they were looking forward to organizing their space.
91%
The COST OF MOVING are a MAJOR cause of STRESS for 91 PER CENT of ALBERTANS – more so than unpacking or adjusting to a new community.