Calgary’s Prospects Support Housing Market

Frosty Calgary by Kenton Smith
Frosty Calgary by Kenton Smith

The hot growth mecca, as Calgary was described by a forecast in Emerging Trends in Real Estate 2012, attracts investments and new migrants seeking work. Its stable prices are an opportunity for buyers in the real estate market, and combined with affordability, it provides great living conditions for each Calgarian. The city is confidently growing and enjoys benefits but also faces the problems that success brings.

November Statistics

According to a report released by the Calgary Real Estate Board (CREB), Calgary residential sales in November grew by 8 per cent over last year. Condo sales increased by 5 per cent, indicating a growing confidence in the market. Prices remained more or less flat compared to 2010. The average and median prices of single-family homes were $467,140 and $406,500 respectively.

“Calgary continues to record impressive employment growth and long term fundamentals remain strong,” Sano Stante, president of CREB, said. “The strength in our economy, combined with affordability levels that outperform most major centers, will continue to attract migrants to the city and spur further growth in our Calgary housing market.”

To Live in Luxury

Calgary Sunset by Kyle Peatt
Calgary Sunset by Kyle Peatt

The prospects of the energy sector in the city are more than just bright, and oil patch executives know they can afford more. The confidence in Calgary’s future supports a luxury home market that has recorded a spike in demand this year. Sales almost matched the record levels of 2007. According to CREB, the highest sale prices for single-family homes were $4.525 million in Rideau Park, $3.995 million in Elbow Park-Glencoe, and $3.8 million in Aspen Woods.

The growth in the luxury market is typical for a strengthening economy, and if the supply is wide and offers high-quality options, it will easily attract even more consumers and more investments.

More Control Over the City’s Expansion

As Calgary is quickly expanding, city officials have decided to take more control over how and where different parts of Calgary should grow. The Calgary Herald wrote that they will create a system to weigh nine growth criteria, a kind of guide that council can use when it makes urban planning decisions. The criteria consists of the capacity of existing infrastructure, community services in place, city-funded costs, access to transit, land supply, readiness to proceed, contiguous growth, innovations in design, and access to employment centres.

“It’s a much more transparent way of making decisions on where we grow and in what sequence we grow,” said David Watson, the general manager of planning development and assessment.

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