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FREE jun 7 to jun 13 2013 issue 03-22
real estate news from industry experts
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market rolling along cody stuart, Managing Editor
Increased demand in condominium market helps drive May sales
Cody Stuart
managing editor
W
hile May brought plenty of falling rain to Calgary, sales in the city’s real estate industry were headed solidly in the other direction. Driven in part by an increased demand in the condominium market, Calgary residential monthly sales improved over the previous year in May, exceeding expectations, although slowing from 2012’s double digits. Emerging as a contender for the most improved sector in 2013, sales of condo townhomes increased substantially, with year-to-date sales up 20 per cent to 1,355. Condominium apartment
SINGLE FAMILY
sales totalled 1,672 units, a 10 per cent increase after the first five months of the year. Year-to-date single-family sales in Calgary numbered 6,937 units, for an increase of 0.45 per cent. “Tighter mortgage rules impacted what buyers could afford to purchase in the Calgary market,” said AnnMarie Lurie, CREB®’s chief economist. “And while the majority of buyers are purchasing single-family homes, the attractive price point has improved demand for condominiums.” With less supply relative to demand in resale, condominium prices are on a path to recovery. In May, the
MAY11 JUN11 JUL11 AUG11 SEP11 OCT11 3761 NOV11 2761 DEC11 2980 JAN12 3093 FEB12 3367 MAR12 3501 APR12 3842 MAY12 3817 JUN12 3646 JUL12 3535 AUG12 3486 SEP12 3114 OCT12 2586 NOV12 DEC12 1859 JAN13 2075 2048 FEB13 2727 MAR13 2977 APR13 3311 MAY13
4616 4744 4630 4573 4753 4486
MLS® MONTH END INVENTORY* MAY ‘11 – MAY ‘13
*All statistics based on monthly data compiled by CREB® via MLS® activity.
benchmark price for condominium apartments totalled $263,600, a yearover-year increase of seven per cent. Condominium townhomes reached a benchmark price of $292,100, a five per cent increase over the previous year. Reinforcing the numbers coming out of the city’s multi-family market, a BMO Bank of Montreal report showed that one-third (33 per cent) of prospective buyers in Calgary planned on purchasing a condo rather than a traditional home in the next five years, an increase of seven per cent from the fall.
Attainable Homes announces new income criteria CREB® STAFF
A
ttainable Homes Calgary Corporation (AHCC) has announced a new income criteria in an effort to help more families in Calgary purchase homes of their own. “In the rental market, families have to manage increases in rent and moving from time to time, as well as all the regular and unexpected costs of raising children that make it difficult to save,” said David Watson, AHCC president and CEO. “We found that many families earning just over $80,000 were still struggling to save the down payment required in the ownership market.”
housing A3
After the first five months of the year, condo sales in Calgary totalled 1,672 units.
statistics A3
contents news briefs
A3
INDUSTRY
A6
REALTOR® Safety Month
money
A10
Mortgage myths
mortgage rates
A10
pop the question
A12
Jessica Hagel
map
B1
open houses
B23
MLS® STATISTICS
B23