cranston feature a12 – A13 FREE jul 13 to jul 19 2012 issue 02-27 @crebnow www.creb.com
Low rental vacancy in Calgary CMA kelsey hipkin
reporter/photographer
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spurt in Calgary’s population growth, plus a strong economy and rising home prices is starting to make its mark on the city’s rental vacancy and in turn could mean changes for the housing market. The average apartment vacancy rate in Alberta’s urban centres decreased from 4.7 per cent to three per cent between April 2011 and April 2012, according to the Canadian Mortgage and Housing Corporation (CMHC). In the Calgary Census Metropolitan Area (CMA), the decrease was 2.5 per cent. Just south of Calgary, Okotoks posted a vacancy rate of zero per cent in April 2012 while the highest vacancy rate in the province was Wood Buffalo at 10.8 per cent. “A tight rental market results in less choice for renters and ultimately pushes up rental rates,” said CREB® economist Ann-Marie Lurie. “As rental rates rise, more people consider home ownership as the spread between ownership and rental narrows; this drives up the demand for housing.” According to Calgary’s 2012 Civic Census, net migration to the city between April 2011 and April 2012 resulted in 19,658 more residents, numbers similar to those seen in 2007 and a significant increase compared to 2011’s 9,563 new residents. The CMHC reported the average two-bedroom apartment in the Calgary CMA, including new and existing structures, was $1,113 per month. According to www.rentfaster. ca, apartments ranged from as much as $5,000 a month for a 2,300 sq. ft. twobedroom condo in Eau Claire to $1,800 for an 860 sq. ft. two-bedroom condo in Bridgeland to a $1,000 for a 950 sq. ft. apartment in Chinook Park. The Federation of Canadian Municipalities (FCM) Quality of Life Reporting System (QOLRS) said over the last 20 years the proportion of rented-to-owned dwellings has been in decline.
rental A3 The average rent for a two bedroom apartment in Calgary sits at $1,113 per month. cody stuart, Managing Editor
SINGLE FAMILY 5525
5991
MLS® MONTH END INVENTORY* JUN ‘10 – JUN ‘12
Calgary housing starts increase in June
2761 2980 3093 3367 3501 3842 3817
4024 4395 4616 4744 4630 4573 4753 4486 3761
JUN10 JUL10 AUG10 SEP10 OCT10 NOV10 DEC10 JAN11 FEB11 MAR11 APR11 MAY11 JUN11 JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12
2712
3073
3504
3869
5046 4880 4528
CREB® STAFF
*All statistics based on monthly data compiled by CREB® via MLS® activity.
• 2 storey walk up basement with non-conforming suite $599,900 • Fully landscaped south facing backyard with an enormous deck • Large 2024 sq. ft. 5 bedroom home boasts many upgrades such as hardwood floors, 9 foot ceilings, granite countertops • The fully finished basement suite has a separate entrance, full kitchen with maple cabinets, two bedrooms, laundry hookups, large windows plus 9 foot ceilings • Oversized double attached garage • MLS®C3529161
West Springs
homesforsaleinwestsprings.com
ccording to preliminary figures released by Canada Mortgage and Housing Corporation (CMHC), housing starts in Calgary totaled 1,184 units in June 2012, compared to 719 units in June 2011. In the first half of the year, total housing starts in the Calgary CMA increased to 7,044 units. “After six months, both singledetached and multi-family starts have risen from the previous year,” said Richard Cho, CMHC’s Senior Market Analyst for Calgary.
construction A3
news briefs industry
Human Rights Museum
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mortgage rates A10 business directory A10 community A11 Cardel’s Camden Court
pop the question
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commercial community
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Tom Thivener
Urban beekeeping
Cranston EstatEs BEaUtY stEPs to FIsH CrEEK ParK This gorgeous Jayman home is a must see with almost 2200 sq. ft. above grade with a fully finished basement. You will love the open concept living spaces with plenty of room to entertain. MLS®C3519971
$519,900 Brought to you by your Cranston resident rEaLtors®
RobeRT & Diana MCinTYRe
BRENNAN CUNNINGHAM 403.921.5203
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403-710-2877 Mountain View
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