Housing Market Gains Momentum
Tuesday, March 9
Calgary, March 1, 2010 – Calgary’s housing market continues to build stability and momentum in the second month of the year, according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in February 2010 in the city of Calgary was up 25 per cent from the same time a year ago, while condominium sales saw an increase of 56 per cent from the same time a year ago. February 2010 saw 1,035 single family homes sold in the city of Calgary. This is an increase of 36 per cent from 762 sales in January 2010. In February 2009, single family home sales totaled 825. The number of condominium sales for the month of February 2010 was 536. This was an increase of 43 per cent from the 376 condominium transactions recorded in January 2010. In February 2009, condominium sales were 343. “There is a spring in the step of Calgary homebuyers as we get ready for the spring market,” says Diane Scott, president of CREB®. “Indeed, the Calgary housing market has shifted from fragile to fervent in just over 12 months. We will see strong activity in the spring market as many buyers will view 2010 as the time to take advantage of affordability and to get in before interest rates rise.”
Affordability Drives Calgary’s Housing Market
Wednesday, February 3
Calgary, February 1, 2010 – Affordability continues to drive a recovery in Calgary’s housing market according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family homes sold in January 2010 in the city of Calgary was up 39 per cent from the same time a year ago, while condominiums sales saw an increase of 67 per cent from the same time a year ago. “Low mortgage rates and earlier price reductions have improved the affordability of home ownership for Calgarians,” says Diane Scott, newly elected president of CREB®. “For the time being average home prices are more in line with average incomes. A narrowing gap between the costs of renting versus owning a home will attract more first time home buyers into the market in 2010,” adds Scott. January 2010 saw 762 single family homes sold in the city of Calgary. This is a decrease of 5 per cent from 799 sales in December 2009. In January 2009, single family home sales totaled 550. The number of condominium sales for the month of January 2010 was 376. This was an increase of 10 per cent from the 341 condominium transactions recorded in December 2009. In January 2009, condominium sales were 225.
PENT-UP DEMAND BOOSTS ACTIVITY
Monday, November 16
A strengthening economy means more houses will sell in Canada this year than expected, the Canadian Real Estate Association said Monday as it boosted its sales forecast for the year by 6.6 per cent. Average prices, meanwhile, are now expected to climb 4.2 in 2009 to a record $317,900 – a 1.5-per-cent boost over CREA's previous estimated. “Pent-up demand built in late 2008 and early 2009, as many buyers moved to the sidelines pending an improved economic outlook,” said president Dale Ripplinger. “With the economic outlook having improved since then, the release of that pent-up demand will boost activity over the rest of the year and in 2010.” Steve Ladurantaye - The Globe and Mail
Interesting Herald Article
Thursday, October 15
CALGARY - Spurred by sales in Calgary, Vancouver and Toronto, national resale housing activity climbed to the highest level of any third quarter on record this year, says the Canadian Real Estate Association. http://www.calgaryherald.com/business/Calgary+major+cities+driving+housing+resale+rebound+CREA/2106132/story.html (Source: Calgary Herald)
Alberta Among Most Dramatic Revisions
Tuesday, September 1
The speed and magnitude of the resale housing market's rebound has been unprecedented and that recovery has prompted the Canadian Real Estate Association to revise its forecast for sales and prices for the rest of the year into 2010. "Alberta was among one of the most dramatic revisions in terms of unit sales" said Gregory Klump, chief economist with the association. Calgary Herald Friday August 29, 2009
Housing prices post first gain in eight months
Thursday, July 30
OTTAWA -- Canadian housing prices rose in May by 0.7% -- the first time since October that they didn't decline month-over-month, according to a national index released Wednesday. However, May's increase was not enough to stop the downward trend in year-over-year prices. The Teranet-National Bank home price index fell 6.9% in the year ended May 2009, the sixth straight 12-month decline. The index is now down 8.9% from its peak in August, 2008, said Marc Pinsonneault, senior economist with the National Bank Financial Group. Canwest News Service "This series is not seasonally adjusted (due to the short data span), but a quick back-of-the-envelope calculation suggests that prices may have risen by a more modest 0.2% month-over-month if historical patterns were to be considered," cautioned senior TD Securities economist Millan Mulraine in a note, though he saw some reason for optimism.
Oil Communities Feel Housing Buzz
Tuesday, June 9
They each have an economy anchored to oil and gas, all have struggling real estate sectors, and they're each suffering from consumer hesitancy. But Calgary, Denver, Col., and Houston, Tex., are also showing signs of shrugging off the malaise brought about by the global recession. Energy prices are recovering and potential buyers are visiting show home parades for new homes, as well as dropping into open houses for resale housing. David Harvie, a senior vice-president with Calgary-based Carma Developers, keeps a close eye on what's happening in the Colorado and Texas markets, seeing as how the company has projects underway in both states. "The markets there are stronger now than they were," he says. "But it's not so much the stronger oil industry as it is about the freeing up of money for mortgages and the ability to be able to run a business." Marty Hope, Calgary Herald Published: Saturday, May 23, 2009
Positive Signs for Calgary Economy
Monday, June 1
The Calgary Herald reports: Both the price of oil and the Canadian dollar enjoyed large jumps, while preliminary real estate numbers for Calgary show a price rebound. Pollster Ipsos Reid said 52 per cent of Canadians believe the economy will improve in the next year, a level of confidence the firm has non seen in 18 years of tracking consumer confidence.
Increase In Calgary Home Sales
Wednesday, May 6
The Calgary Real Estate Board has announced an increase in single family home sales of 19% in March. In April the town of Okotoks saw 42 single family home sales and 89 new listings. See our new stats page for more information.
Lower Interest Rates
Wednesday, April 29
The Bank of Canada lowered its benchmark overnight lending rate by one quarter of a percentage point to 0.25 per cent at its setting on April 21st, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, declined to 0.5 per cent.
Official Launch
Tuesday, March 10
We are very pleased and excited to officially launch the new "okotoksrealty.com" website. Please send remarks, comments or suggestions to "info@okotoksrealty.com". Thank you!