eau claire expansion
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University of Calgary to launch Westman Centre for Real Estate Studies
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FREE nov 29 to dec 5 2013 issue 03-47 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
a small step forward
Despite construction increases, Calgary renters still finding few vacancies
Cody Stuart managing editor A small measure of relief is on the way for Calgary renters. While the city?s vacancy rate isn?t about to see a dramatic increase in the near future, construction in the long dormant rental sector is on the upswing. With just 418 purpose-built apartment rental units built in the city between 2006 and 2011, it appears Calgary developers are recognizing the need for more rental properties. ?For several years, there was not a lot of purpose-built rental construction in Calgary,? said Richard Cho, CMHC Senior Market Analyst. ?However, with vacancy rates expected to remain low and rents moving higher, more purpose-built rental construction is expected.? Cho, who presented his outlook for the city?s rental market as part of the recent CMHC Housing Conference, said more than 450 rental unit starts were recorded in 2012, with nearly 200 more started thus far in 2013. However, CMHC?s latest forecast puts Calgary?s vacancy rate at just 0.8 per cent. Those looking for a root cause for Calgary?s rental crisis only need to look back to the number of rental units constructed in the city in the last decade. According to CMHC, the first quarter of 2004 alone saw 331 rental apartment units break ground. However, the following five years saw just 132 new apartments added to the city?s rental stock. During 2005, not a single rental apartment unit was built in the city, and 2009 and 2011 saw less than 10 new units. The resulting situation has left many Calgary renters with few options. ?I?ve been renting in Calgary for most of the past 10 years and this is the craziest I?ve seen it,? said Tara Scaglione, who shares an apartment in the city?s southwest with her son and two pets. rentals A3
CALGARY CMA QUARTERLY RENTAL STARTS
More rental construction expected in months ahead units (apartments ? market tenure) 350 300 250 200 150 100 cody stuart, Managing Editor 50 Tara Scaglione, who rents a basement suite in the city?s southwest with her son and two pets, is one of many frustrated Calgary renters.
MLS $455,399 $470,655 $453,629 $438,683 $469,726 $472,465 $483,519 $502,065 $489,271 $478,528 $475,272 $468,360 *All statistics based on monthly data compiled by CREB ® via MLS ® activity. $492,777 $488,311 ® AVERAGE PRICE* OCT ?11 ? OCT ?13 $496,636 $496,579 $518,452 $518,392 $510,834 $521,887 $527,162 $524,900 $517,234 $512,359 $516,244
OCT11 NOV11 DEC11 JAN12 FEB12 MAR12 APR12 MAY12 JUN12 JUL12 AUG12 SEP12 OCT12 NOV12 DEC12 JAN13 FEB13 MAR13 APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13
Report says Canadian housing market headed for ?soft landing?
CREB® STAFF ?05 ?06 ?07 ?08 ?09 ?10 ?11 ?12 ?13 Source: CMHC
real estate market could be in for a ?soft landing? according to a report from a global rating agency. The 12-page report from Fitch Ratings claims Canada?s housing market as a whole is ?overvalued? with some markets overpriced by as much as 26 per cent. market A3
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Tranquil setting 3 bdrm, 2386 sq. ft. townhouse with lake views from your family rm, kitchen & master suite. Stunning renovated kitchen. Marble flooring on main. Fully dev basement. OS double att garage. Condo fee of $492 includes cable, & your lake fee as well as lawn care & snow removal.
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