Will add ‘consistency’ to housing stock numbers
Seeking to provide consumers and industry experts with a better picture of Calgary’s housing market, CREB has altered some of the categories in its monthly housing report.
Prior to the changes, which will appear on the January housing update, the city’s housing stock was separated into three categories: single-family, condominium apartment and condominium townhouse.
Single-family product included all properties that were freehold titled, as well as both attached and detached product. Condominium townhouses and apartments included properties that were condominium titled, comprised of either apartment high-rise and low-rise product, or attached townhome.
“[We’re making the changes] partly for consistency,” said CREB® chief economist Ann-Marie Lurie. “It’s a more homogenous product. If you’re looking at a detached home, attached product can be very different in activity versus a detached home, so it’s looking at it in a more similar manner. Any time you’re looking at housing stats on aggregate, it’s better to try and group it with product that’s more like it.”
Under the new categories, housing types will be separated into detached, attached and apartment style product. A detached home will be as it states: any property that is not attached to any other property.
An attached property, meanwhile, will consist of any property type that is attached to another in any form without internal hallways. Apartment product will be classified as those that are attached to another property via internal hallways.
In addition to category changes, CREB® will be making changes to the regions it reports on. CREB® will continue to cover Calgary, but will also include figures for Calgary CMA, Airdrie, Rocky View County and the M.D. of Foothills.
CREB® has also identified various spots outside of these areas that are also active areas within the region. Previously, “CREB® Total” included all data from all MLS® sales regardless of location, however this failed to take into account transactions that either occurred outside of the region, or in communities where CREB® members do not represent the majority of the market transactions.
The new CREB® Economic Region will consist of all member transactions in Calgary, Airdrie, Rocky View County (includes all rural, town, hamlet, village activity), the M.D. of Foothills and other active areas, including Strathmore, Vulcan, Carstairs, Didsbury and Cremona.
CREB® will also include a measure for Calgary CMA, which will enable a comparison to data from Statistics Canada. The Calgary CMA includes Calgary, Rocky View Country and Airdrie.