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November 2011

Found 4 blog entries for November 2011.

RBC Housing Affordability Measures - November 2011Lately the news has been flooded with articles about the affordable housing market in Alberta. All this excitement was the result of the release of the RBC November report on Housing Trends & Affordability.

You may have heard Alberta had the lowest affordability measures of all the provinces in Canada:

  • Detached bungalow: 32.8%
  • Standard two-storey: 36.0%
  • Standard condominium: 21.3%

Calgary housing affordability was slightly higher than the provincial numbers but "continues to be one of the most affordable major cities in the country": 

  • Detached Calgary bungalow: 37.6%
  • Standard Calgary two-storey: 38.2%
  • Standard Calgary condominium: 23.2%

This sounds great, but what exactly does it all mean? Where do these numbers come

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2011 Distribution of Calgary Luxury Property Sales

Where Do Calgary's Wealthy buy Homes?

 Distribution of Calgary Real Estate Luxury Sales - November 2011

Where do Calgarian's with high net-worth buy property in the city? Overwhelmingly it seems in Southwest Calgary Neighbourhoods:

  • two-thirds (68%) of Calgary luxury sales are in SW Calgary
  • one-quarter (24%) of Calgary luxury sales are in NW Calgary
  • one-tenth (9%) of Calgary luxury sales are in SE Calgary
  • Notably, there have been no million dollar+ sales in NE Calgary year-to-date

There have been 417 "million dollar+ sales" year to date in metro Calgary. This number represents the highest percentage of luxury sales to total metro sales recorded in any of the past 5 years:

  • 2011: 417 luxury sales out of a total 16,922 metro sales = 2.46% *year-to-date*
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Calgary Real Estate Market Growth

 "Pay attention. Something's happening here" is what Don R Campbell, well known Vancouver author & president of the Real Estate Investment Network says about the Calgary real estate market.

Campbell is paying attention to the reports coming out showing positive economic news for Alberta and Calgary. Good economic growth. In-migration levels rising. And employment growth leading the way in Canada.

Campbell has long held the view that real estate booms are preceded by predicable market cycles. Initially a market sees GDP & job growth, followed by an inflow of population. This is followed by increased rental demand coupled with decreased vacancies & rising rents, and ultimately rising purchase demand for home & condos and increased property prices. 

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Calgary Real Estate: October 2011 Market Review

Calgary Real Estate Market Stats - October 2010

  •  SF Calgary MLS® sales for the month of October 2011 showed an 11.5% increase over October 2010.
  • Average sale price for Calgary homes was $455,247, a 2.3% increase over Oct 2010.
  • Median sale price for Calgary homes was $395,000, a 1.5% increase over Oct 2010.
  • Average days on market (DOM) for SF Calgary home sales in October was 52 days
  • Calgary MLS® condo sales also were much stronger, with 20.2% more condo units selling last month vs October 2010.
  • Average sale price for Calgary condos was $282,743, a 1.8% decrease over from Oct 2010
  • Median sale price for Calgary condos rose 2.0% from the October 2010 level
  • Average days on market (DOM) for Calgary condos was 57 days

 Calgary Real Estate

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