Calgary was the top choice in the categories of investment, development and homebuilding for the second year in a row, according to survey respondents.
The Emerging Trends in Real Estate report by PwC and the Urban Land Institute said, “Holding the top spot for both investment and development, Calgary moved into first place for homebuilding as well.”
The survey and interviews used for the report were conducted with over 1,000 industry experts to include investors, developers, fund managers, property companies, lenders, brokers, advisers and consultants.
“The energy industry, primarily oil, remains strong and will continue to benefit from economic growth around the world,” said the report. In 2013 economic activity is expected to grow at a 3.3 per cent rate, and a 3.4 per cent rate in 2014.
The goods sector will be led by manufacturing and construction, and the services sector will be led by personal services, transportation and warehousing. “Economic activity is being supported by growth in both the goods and services sectors,” said the report.
Employment growth is expected to slow but remain good through the end of this year and into 2014, growing at a 2.4 per cent and 2.8 per cent, respectively.
2014 is expected to be a good year for Calgary, as there is improved job growth and personal income gains, which should support the consumer spending and in turn support wholesale and retail trade sectors.
“By property type, survey respondents see Calgary as a market where itis still attractive to buy for-rent apartment, retail and industrial/distribution property.” The survey showed that 47.01 per cent of Calgarians are buying apartments, 52.56 per cent are holding on to their apartments and 0.44 per cent are selling.
CREB® Calgary Regional Housing Market Statistics show that Calgary is seeing an increase of residential sales activity from 2012. In October residential sales activity was at 1,953 units which was an 18 per cent increase from 2012.
The new listings for October showed a nine per cent increase from 2012 making the new listings total 2,522. These numbers have made it the fourth consecutive months of yearover- year gains.
The report shows Alberta taking the lead in real estate markets, as Edmonton follows Calgary in investment, development and homebuilding. The remaining Canadian cities following Edmonton in order are: Saskatoon, Vancouver, Toronto, Winnipeg, Ottawa, Halifax and Montreal.