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FREE july 5 to july 11 2013 issue 03-26 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
real estate news from industry experts
JUNE
sales beat expectations Calgary market strong enough to survive floods, says CREB® President Becky Walters
Statistics A3
$527,162
$521,887
$510,834
$518,392
$518,452 $492,777 $468,360
$475,272
$478,528
$489,271
$483,519
$472,465
More contents construction news briefs coming to Rental downtown CREB® STAFF
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JUN11 JUL11 AUG11 SEP11 OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13
$438,683
$453,629
$469,726
$470,655 $455,399
$466,167 $453,969
$455,849
$479,580
kelsey hipkin, Reporter/Photographer
MLS® AVERAGE PRICE* JUN ‘11 – JUN ‘13
$502,065
SINGLE FAMILY
With 660 of the 4,584 active listings in Calgary situated in flood—affected areas, CREB® President Becky Walters said affected homeowners will have some “big decisions to make” when it comes to selling their homes.
$496,579
C
algary homes changed hands at a brisk pace in June, according to statistics mostly reflecting pre-flood market conditions. The month leading up to Calgary’s flood disaster saw 2,317 sales in the city, a six per cent increase from June 2012. “While sales and prices continue to show improvement, the city and residents of communities impacted by the recent flooding will face significant remediation challenges over the coming months,” said Ann-Marie Lurie, CREB®’s chief economist. “Until the extent of the damage is known, it is difficult to accurately assess the full impact this will have on the city’s housing market.” Through the first six months of 2013, MLS® sales in the city were five per cent higher than levels recorded in the first half of 2012. The rise in sales comes despite a nine per cent drop in new listings from June 2012, and a 20 per cent drop in active listings compared to last year. With 660 of the 4,584 active listings in the city situated in flood-affected areas, CREB® President Becky Walters said the effects on the market will depend greatly on the choices made by those most affected.
“In the coming months, flood victims, particularly those who were planning on selling their homes, will have some big decisions to make,” she said. “Will they take a discounted price? Or will they stay and fully remediate the property? Either way, in the short term, housing supply will likely be relatively tight.” CREB®’s mid-year forecast update, released June 28, predicted a rise in prices and sales through the remainder of 2013, primarily because of higher-than- expected demand for condominiums. “The tighter market conditions are placing upward pressure on pricing in all city sectors,” said Lurie. “While the areas affected by the flood may face some short-term impacts on pricing, any adjustments occurring are unlikely to outweigh the impacts on the overall city wide price growth.” Overall sales will grow by 4.3 per cent this year, up from the 2.2 per cent CREB® predicted at its annual forecast in January. This is driven by the condominium market, which has recorded a year-to-date increase of 15 per cent. By the end of the year, condo growth is expected to reach 12 per cent, while single-family home sales are expected to increase by one per cent.
$496,636
managing editor
$488,311
CODY STUART
lready home to several construction cranes, Calgary’s downtown skyline is set to add even more activity in the coming months. In a report from CBRE Limited, Calgary’s downtown commercial market was second only to Toronto for square footage under construction, with 1.7 million sq. ft. of office space currently underway.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
4229 BRITANNIA LANE SW
$4,985,000
One of Calgary’s significant architectural statements. A modern masterpiece designed from the ground up by celebrated architect Richard Davignon, subtle detail and nuance abound in this one-of-a-kind home on a 95’ x 167’ lot. Extensive use of brick, glass, metal panels, natural woods and marble. Features include; Cable suspended staircases, Ipe wood ceilings, cistern water system, geothermal heating plant and use of solar energy. The 4 car garage and auto-court are a car aficionado’s dream! 4 bdrms (all with ensuites), over 6300 sq. ft. up plus “walkout” lower level, highest-end appliances/fixtures, private sunny west terrace/yard, elevator + more. Style savvy and substantial, bold and brilliant in Britannia. MLS®C3544747
COMMERCIAL A3
#J500 – 500 EAU CLAIRE AvE SW
$2,500,000
This very generously proportioned Eau Claire Estates penthouse has the most sought after features including; Windows that orient in 4 directions with gorgeous views, 400+ sq. ft. private patio with south & west exposure, main floor master bedroom, semi-formal living areas with views of the river & Prince’s Island, vaulted ceilings, fireplace and wet bar. Upper level has private 2 bedroom/2 bath guest quarters with huge office/flex room & loft/library. 4 titled parking stalls + exceptional storage. MLS®C3534838
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4208 BRITANNIA DRIvE SW
$1,199,000
This lot is big & private. It has DT views, a south backyard and the land is priced at less than $87/sq. ft. An urban woodland oasis, this 13,832 sq. ft. lot offers both the opportunity to live within minutes of the best amenities in the city, curtain of mature trees and foliage afford remarkably quiet and private. The house is solid, well constructed and liveable, however the pricing is based on land value only. MLS®C3574524