With house prices continuing to grow in Canada, a new survey shows nearly 26 per cent of Albertans intend to use their homes as their primary source of income after they leave the workforce.

The 2014 Sun Life Canadian Unretirement Index, released Wednesday, also found that 17 per cent do not know if their investment in their home will serve as their primary source of income during retirement.

The survey also found that 12 per cent of Albertans expect retirement income to come from home equity; 28 per cent to come from government plans; 29 per cent to come from personal savings; and 21 per cent to come from employer plans.

According to the Calgary Real Estate Board, month-to-date until Tuesday, the average MLS sale price in Calgary was $490,882, up 7.33 per cent from a year ago while the median price has risen by 7.68 per cent to $425,350. In the single-family home market, the average price has jumped by 7.33 per cent as well to $554,011 while the median price has increased by 8.83 per cent to $480,000.

Read full post

Calgary’s sizzling resale housing market is showing no signs of cooling as the city recorded the highest year-over-year hike in prices across the country in January - and early indications show February is experiencing a continued escalation in what it costs to buy a home.

The Canadian Real Estate Association released its monthly MLS data on Friday and listed Calgary as the top center in the country for annual growth in the MLS Home Price Index at 8.98 per cent. Nationally, prices, in the 11 centres surveyed, up by 4.83 per cent.

A realtor with RE/MAX said the city’s housing market has started 2014 with a bang. The market has not slowed down at all from the healthy pace it set in 2013.

Read full post

 A high level of demand will continue to lift housing starts, MLS sales and average house prices this year in the Calgary region, according to a report released Thursday by Canada Mortgage and Housing Corp.

The agency’s first quarter 2014 Housing Market Outlook said housing starts in the Calgary census metropolitan area will reach 14,100 units in 2014 before declining to 13,500 in 2015. They were at 12,584 last year.

The report said a record level of migration in 2013 will help lift MLS sales from 29,954 in 2013 to 31,300 units in 2014 and to 32,100 in 2015 and the high level of demand is expected to be met by more supply which will help lift the average price from $437,036 in 2013 to $449,000 in 2014 and to $460,000 in 2015.

The Calgary and Alberta housing markets will be buoyed in the coming years by strong net migration numbers. CMHC estimates net migration to the province in 2013 will be 103,000 people followed by forecasts of 71,000 in 2014 and 63,000 in 2015.

Read full post

Calgary’s new condo market boosts in 2013 with sales up by 30 per cent from the previous year and coming close to the peak of 2005 when prices were a lot less for a property, particularly in inner-city neighbourhoods.

A report by the Altus Group Limited says sales in the city reached 5,400 last year for new townhouse and apartment units. At its peak almost a decade ago, sales in the market hit 5,900.

Calvin Buss, president of Buss Marketing in Calgary, said the city’s condo boom is being fuelled by a strong economy, strong growth in employment and in-migration as well as a very low rental vacancy rate.

Read full post
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.