Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.
The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.
Newport in Canal’s Landing offers affordable townhomes in Airdrie’s premiere water-focused community
If you’ve been searching for a beautiful and affordable townhome in the heart of an established community, look no further than the picturesque community of Canal’s Landing in Airdrie. On June 23, Genesis Builders Group is hosting a grand opening for Newport, its latest offering in the community.
“Newport is really a community within a community, and is perfect for millennials, professionals or downsizers,” said Kelsey Orvis, marketing co-ordinator at Genesis Builders Group. “It’s really designed for anyone who wants to spend more time enjoying life, rather than shovelling snow and cutting grass.”
May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.
Citywide sales activity in May totalled 1,726 units, 19 per cent below last year’s levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.
“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.
Prices steady, but struggles in Alberta economy weigh on housing
Changes to the lending industry and a challenging economic recovery are weighing on sales activity in Calgary’s housing market.
Supply levels have not adjusted to the weaker demand environment, and that is preventing price recovery.
“Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry,” said CREB® chief economist Ann-Marie Lurie.
“While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas of the city have been offset by declines in other areas.”
As Airdrie grows, new communities flourish
Airdrie’s new communities are looking forward to renewed expansion in 2018, as more buyers are looking to the city, fuelling a boom that has put residential housing sales at their highest point since 2013.
According to the city of Airdrie, nearly 2,000 houses were sold in 2017 for an average price of $394,046, up from 1,336 the previous year. The housing boom has not only led to a population increase, but has helped Airdrie grow its young, vibrant demographic. The city’s statistics now show that 35 per cent of residents are between the ages of 25 and 44, with children under 15 accounting for the second largest demographic.