Seller's market conditions persist, pushing up prices

Calgary, Sept. 3, 2013 – Residential sales within city limits totaled 2,196 units, an 27.5 per cent increase over 2012 and 8.7 per cent on a year-to-date basis.

The level of transactions was well above long-term trends for the month, mostly due to improved activity in the single-family sector. However, on a year-to-date basis, activity is only slightly higher than expectations.

The 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.

The Canada Mortgage and Housing Corporation (CMHC) have implemented new rules on guarantees it offers banks and other lenders. A move CREB®'s president said is a step to control a market the agency feels is "overheated".

In a note to lenders, the agency said it would be restricting banks and mortgage companies to a maximum of $350 million of new guarantees this month under the National Housing Act Mortgage-Backed Securities program.

With the release of CREB®'s monthly stats, Calgary's residential sales totaled 2,268 units in July, a 17 per cent increase over last year and a six per cent increase year-to-date.

CREB®'s Chief Economist Ann-Marie Lurie said recent flooding likely contributed to sales activity.

Too soon to see any impact that flood would have on resale activity

City of Calgary monthly residential sales totaled 2,317, a six per cent increase over June 2012 figures, and nearly five per cent higher than levels recorded in the first half of 2012. However, the
impact of recent flooding is expected to trickle into the housing statistics over coming months.

It will take some time to determine the full impact of Alberta's worst flood ever on the housing market, however, recent history suggests property values in affected areas in the city of Calgary will not take a long-term hit.

Although estimates are difficult until the extent of the damage is revealed, this year's flooding saw far more damage than seen in 2005.

The path to legal secondary suites in Calgary may get a little easier, in some neighbourhoods.

A report released by the City's planning department is recommending changes to the way the suites are handled. City bureaucrats have suggested easing permit requirements in certain districts, such as areas within walking distance of major transit stops and postsecondary schools.

Calgary, June 3, 2013 – City of Calgary residential monthly sales improved over the previous year, mostly driven by increased demand in the condominium market.

Sales activity in all categories totalled 2,544 units for the month, a seven per cent increase over May 2012 figures.