creb calgary real estate news jan 21,2011

Page 1

mortgage rules

we asked. he answered.

sunnyside

Flaherty announces further restrictions

CMLC’s Chris Ollenberger talks to CREB® Real Estate News about East Village redevelopment

Stroll through this affable neighbourhood

news A3

pop the question A9

403-804-3694

sherry@wemortgage.ca

neighbourhood A8

133 First Street NW, Airdrie, Alberta T4B 0R3

WeMortgage.ca

FREE jan 21 to jan 27 2010 issue 01-01 www.creb.com

balanced market to return Housing market to recover slowly in 2011, CREB® forecast The following is an excerpt from the CREB® economic outlook and Calgary housing market forecast for the year he Calgary real estate market ap- ahead: pears to be on its way to recovery. In the coming months, Cal- GDP growth Alberta’s growth in 2010 fell short of gary‘s housing inventory levels are expected to stabilize, resulting in an forecast expectations. A rebound in the eventual return to a more balanced and oil and gas sector has taken longer than sustainable housing market, according expected, and left Alberta with a GDP to CREB‘s 2011 forecast report released growth of only 2.7 per cent in 2010, lower than the national average. And while this week. “This could be great news for those 2011 will continue this trend of slow, inhomebuyers who have been putting cremental growth, demand for oil and off purchasing in Calgary for fear that commodities will translate into bigger homes may still decrease in price,” improvements in the upcoming year. says CREB® President Sano Stante. Consequently, Alberta’s GDP growth “2011 will offer buyers the convergence in 2011 will outpace that of last year, of unprecedented affordability, low climbing to just over 4 per cent—above interest rates and a large selection of Canada’s national average. As expected, inventory.” 2010 saw a reinvestment in the oilAccording to sands, and govthe forecast, sellernment-funded ers will likely see construction and an increase in stimulus spendvalue toward the ing proceeded. second half of Nevertheless, 2011. However, there was little green homes in else to stimulate walkable, mixednew job creation, use, sustainable and unemploycommunities will ment remained a be hot commodistubborn 6-plus ties, as there is a per cent across vast shortage of the province. With governproduct in these ments unable to areas, and sellers invest further who own homes in economic rein this category covery — withcan expect topout a risk of indollar in 2011. creasing public “New mardebt — the 2011 ket segments growth in emhave emerged— ployment will homebuyers will choose to be more financially and be dependent on business investment environmentally conservative, drive and consumer spending. Throughout less, and live in ‘walkable‘ communi- this last year, small businesses conties,” says Stante. “Buyers will now be- tinued to struggle. Nonetheless, congin to look for less conventional homes sumer confidence is slowly returning that accommodate evolving lifestyles, and consu-mer bankruptcy trends have aging parents, home offices, telecom- also reversed. Retail sales have finally muting and, at the same time, offer access started to trend up, pointing to a more to a diversity of community and cultural optimistic outlook for consumer spending in 2011. amenities.” CREB® Staff

T

Buyers will now begin to look for less conventional homes that accommodate evolving lifestyles, aging parents, home offices, telecommuting and, at the same time, offer access to a diversity of community and cultural amenities”

*All statistics based on monthly data compiled by CREB® via MLS® activity.

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DEC10

$441,341

$455,460

NOV10

OCT10

SEP10

JUL10

JUN10

MAY10

APR10

AUG10

$445,617

$444,744

$460,278

$464,655

$481,964

$483,240 $460,378

$458,254

contents

$441,217

FEB10

DEC09

NOV09

OCT09

SEP09

JAN10

$451,349

$464,444

$462,465

$459,085

$454,130

AUG09

$436,782

JUL09

JUN09

$436,427

MAY09

$426,311

APR09

$420,354

MAR09

$415,568

FEB09

$413,049

JAN09

DEC08

$417,398

SINGLE FAMILY HOMES CALGARY METRO DEC’08–DEC’10

$447,142

MLS® AVERAGE PRICE*

MAR10

balanced A3

$471,269

CREB® president Sano Stante speaks at the CREB® Forecast Conference and Tradeshow. Calgary’s housing market is expected to recover slowly over the next year. photo: cody stuart, CREB® Photographer/Reporter

news briefs mortgage rates Zone mapS listings

zone a

inner city

zone c

zone b

zone d town & country commercial

open houses

A3 A10 B1 B2 B2 B4 B5 B8 B10 B12 B15 B15

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