panorama Hills Feature Section A12 – A14 FREE jun 8 to jun 14 2012 issue 02-22 @crebnow www.creb.com
Highest activity for the month of May since recession cody stuart
managing editor
B
uoyed by a flourishing economy and low interest rates, Calgary homes were snapped up in May at a pace not seen in the city since prerecession 2008-09. During the month of May, 2,385 homes changed hands in Calgary, a 31.8
CREB®’s chief economist. “However, we are not out of the woods in terms of economic risks, as recent indicators point towards weak growth in the U.S. economy and increased uncertainty in global markets.” Accounting for a majority of the rise in sales, the single-family home market saw sales reach 1,710 units in May, resulting in year-to-date sales 19.1 per cent higher than the same period last year. While new listings recorded a year-over-year increase of 6.7 per cent, this did little to alleviate the supply constraint in the single-family market. Inventories totaled 3,842 in May, keeping months of supply in seller territory,
per cent increase over last year – the highest level of activity for the month since 2007. “In the past month, easing concerns regarding Calgary’s long-term economic prospects combined with continued full-time job growth and low interest rates, has contributed to the rise in housing demand, pushing sales to levels more consistent with longterm trends,” said Ann-Marie Lurie,
SINGLE FAMILY
MLS® AVERAGE DAYS ON MARKET* MAY ‘10 – MAY ‘12
59
58
56 50 45
50
52 52
52 49 49 48 45 39
41 41
48
C
43 40
38 37
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Quaint Charm in Altadore $869,000
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Calgary totaled 1,711 units in April, the highest number of starts since March 2008 and a threefold increase from the 556 homes that broke ground in April 2011. Year-to-date, total housing starts in the city have risen by more than 130 per cent, increasing from 2,104 units in 2011 to 4,911 units thus far in 2012. Where prices were concerned, the single-family benchmark price for the month of May 2012 was $427,500, a 6.7 per cent increase over the previous year.
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real estate contents briefs A3 icon passes news test your knowledge A8 away at 94 mortgage rates A10 CREB® STAFF
MAY10 JUN10 JUL10 AUG10 SEP10 OCT10 NOV10 DEC10 JAN11 FEB11 MAR11 APR11 MAY11 JUN11 JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12
38 39
52
60
with less than 2.5 months of supply – a clear indicator that growth in demand continues to outpace supply in the single-family market. “With less supply in the singlefamily market, buyers are making their decisions quicker,” said Becky Walters, CREB®’s president-elect. “As a result, we’ve seen a reduction in the amount of time homes stay on the market, and sellers are getting figures closer to their list price.” Recently released numbers from Canada Housing and Mortgage Corporation (CMHC) indicates the rise in activity isn’t confined to sales. According to CMHC, housing starts in
REB®’s first chief executive and 50 year real estate industry veteran Frank Johns passed away May 30 at the age of 94. “Frank was an icon in the real estate business and one of the early leaders in organized real estate,” said Ron Esch, retired CREB® CEO. “He received enormous respect from REALTORS® across the country.”
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