SF Homes Spur Calgary Real Estate Market
Posted by Jim Sparrow on Thursday, December 10th, 2009 at 8:22pm.
Single-family Homes Spur Calgary Real Estate Market
Calgary real estate is showing promise with single-family homes being built at a faster pace than the same period in 2008. The Calgary real estate market had a 2009 record of 832 units built in one month. Chief Economist Bob Dugan of the Canada Mortgage and Housing Corporation, said that “despite a small decline in November’s multiple home construction, overall starts numbers were up due to a solid increase in singles starts.”
The renewed interest in home construction and the real estate market in Calgary is likely due to lower prices, reasonable mortgage rates, and less availability. Strong demand for single-family housing continues to rise and push for more new construction.
November’s seasonally adjusted annual rate of housing starts for Calgary real estate didn’t have the significant jump that September to October had (8,000 more units), but we still saw overall unit starts hit 158,500. The smaller increase can be attributed to developers being a little pessimistic about the large rebound they saw post summer. The rebound has given the market its third month in a row of unit starts being higher than they were in 2008. Slowly going up is still going in the right direction.
Unfortunately, real estate in Calgary isn’t all roses just yet. The total year-to-date number of housing starts in the Calgary market are still down 50% from last year. But, if September, October and November are indicators of what is to come, we can expect that: Calgary real estate market = good new year. Calgary real estate won’t hit the same numbers as last year, but 2010 is looking promising.
Jim Sparrow sells Calgary Real Estate with Royal LePage Calgary & specializes in South Calgary estate and luxury homes. Visit our website Calgary Luxury Real Estate our blog Living in Calgary or page me directly at Royal LePage Solutions 403.252.5900
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