The Calgary region is one of the nation’s leaders when it comes to new home construction.
A report by BuzzBuzzHome, which researches new residential developments, said the Calgary census metropolitan area has by far the most construction relative to its size.
The region has 2.42 homes per 100 people under construction - the best rate in the country. The next highest is the Edmonton CMA at 1.56.
Calgary had the third highest number of homes under construction in the second quarter at 29,438 behind the Montreal CMA at 30,238 and the Toronto CMA at 81,061.
The increase in population is driving demand for housing. Low inventory on the resale market is also placing more demand for new home construction.
The heat from Calgary’s sizzling resale housing market is reaching out to communities outside the city as Airdrie, Okotoks and Cochrane have experienced record MLS sales.
In a report released Wednesday, the Calgary Real Estate Board said housing activity in Calgary’s surrounding communities continued at a brisk pace with record-setting quarterly sales in those three centres.
Year-to-date, 2,938 units were sold in surrounding towns until the end of June, a 30.46 per cent increase over last year.
The convenience of living in a smaller town that has everything you need is quite appealing especially when people can get more of a house for their budget. The commute to different areas of Calgary is also so much easier with the expansion of the ring road and highway access. Families seem to be looking for more of a small town lifestyle with the convenience of a big city so close by.
While many Calgarians look on with envy as the Edmonton Oilers plan a magnificent new building to play in, landlord Bob Dhillon sees only the opportunity.
The president and chief executive of Calgary-based Mainstreet Equity Corp. has been actively consolidating property in the Arena District.
The area Dhillon has focused on is close to the downtown, between 124th Street to the west, 104th Avenue to the south, 101st Street to the east and 118th Avenue to the north.
It is an area near three post-secondary institutions, close to LRT expansion and the redevelopment along 124th Street and 104th Avenue.
Edmonton’s economy is rolling. In-migration numbers are strong. It’s a gateway to northern Alberta for heavy oil. It’s a port city without the port.
Calgary’s resale housing market experienced a record month in June with the average MLS sale price reaching an all-time high and luxury home sales setting a new monthly peak.
According to the Calgary Real Estate Board, the average MLS sale price for residential properties in the city climbed to $491,928 during the month, eclipsing the previous high of $486,531 established in May.
Prices were up 5.48 per cent from a year ago.
Average sale price records were also set in the single-family category at $562,382 and the condo apartment sector at $350,712.
Previous records in those categories were $556,522 for single-family homes in March of this year and $332,731 for condo apartments in October 2007.
In June, there were 2,670 MLS sales, an increase of 15.78 per cent from a year ago while new listings rose by 27.22 per cent to 3,814.
Active listings at the end of the month were up 3.10 per cent from last year to 4,726.
Calgary’s luxury real estate market set a new all-time sales peak for the second straight month.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.