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Real Estate (Central)
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FREE aug 16 to aug 22 2013 issue 03-32
real estate news from industry experts
under pressure
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Low vacancy rates having sweeping effects in Calgary housing market Cody Stuart
managing editor
T
he fall rush of post-secondary students back to Calgary schools will put the already tight rental market under even greater pressure. Since Canada Mortgage and Housing Corporation’s (CMHC) last report on Calgary’s rental market in April, the city has witnessed census numbers showing near-record population growth and flooding that seriously impacted both owners and renters. Add in housing prices that have climbed to levels not seen since 2008, and you’ve got a situation that could have widespread implications for those looking to buy or rent. “Absolutely the lack of rental vacancy in the city has made it tougher for me to find a place in my price range,” said Carrie Brown, who began shopping for a two-bedroom condo in the city’s northwest in June. Since then, Brown’s search has been the cause of some irritation. “The search for a place has been frustrating, partly due to lack of availability in general and lack of available property in my price range – something that I am comfortable with on my own.” According to CMHC, Calgary was tied with Edmonton for the lowest vacancy rate of any major Canadian city in April, with just 1.2 per cent of residential rental space in the city up for grabs. When combined with the fact rents in the city climbed by more than seven per cent between April 2012 and April 2013, it makes for a scenario CREB® President Becky Walters said has contributed to the number of Calgarians looking to buy rather than rent.
vacancy A3
According to CMHC, Calgary was tied with Edmonton for the lowest vacancy rate of any major Canadian city in April, with just 1.2 per cent of residential rental space in the city up for grabs.
SINGLE FAMILY
MLS® AVERAGE DAYS ON MARKET* JUL ‘11 – JUL ‘13
58
60
52 52 49 49 48
49
48 40
41 38 37 36
51
CREB® STAFF
47
H
43 42 43 37
37 34 31 31
JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13
33
*All statistics based on monthly data compiled by CREB® via MLS® activity.
High river contents disaster news briefs A3 test your knowledge A6 recovery Civic census centre opens industry A7 igh River residents impacted by flooding are now able to apply for recovery funding and have their questions answered in person at the town’s Disaster Recovery Centre. The centre, which opened on Aug. 12 and will remain available in the community as long as needed and will serve as an ongoing location where people impacted by floods can apply for disaster recovery funding and have their questions answered.
provincial A3
Household budgets
MARKET
A10
mortgage rates commercial MUNICIPAL
A10 A13 A14
map open houses
B1 B23
Housing takes off
Media flood tour