Net migration figures point to housing market bounce back
It’s been a challenging year for Calgary’s resale housing market, which is still feeling the effects of two recession years in 2015 and 2016.
While the economy has rebounded, it has been at a slow pace, and this has been evident in the real estate industry. As of the end of June, year-to-date MLS® System sales in the resale market totalled 8,553 units, down 17.1 per cent in the city compared with the same period a year ago.
CMHC report includes interesting findings on prospective homebuyers
Many companies and organizations release survey results to the public regularly. Because there are so many reports to sort through and they are often self-serving, they often get ignored by the media.
However, every so often, interesting or significant findings fly under the radar, especially in the real estate industry.
A notable example of this was the recent 2018 Prospective Home Buyers Survey by the Canada Mortgage and Housing Corp (CMHC).
2017 brought positive news for the new-home market, but there’s still room to improve
Will 2018 bring good news or bad news for Calgary’s new-home market? As with many aspects of the real estate market, it depends on your focus.
“Looking at Canada Mortgage and Housing Corp. data, we saw an improvement in starts in both the single- and multi-family sectors in 2017,” said CREB® chief economist Ann-Marie Lurie.
A closer look at the numbers behind Calgary’s apartment-style housing market
Statistics Canada recently released an interesting piece of information regarding Calgary’s residential real estate market that went relatively unnoticed.
According to the government agency, the share of households in the Calgary census metropolitan area living in condominiums was 21.8 per cent in 2016. That represented the second highest percentage in the country, behind only Vancouver at 30.6 per cent, and was much higher than the national average of 13.3 per cent.
The arrow is pointing upwards for Calgary housing market as recovery continues
It’s been a tough couple of years for Calgary’s housing market, as it slowly recovers from the collapse of oil prices that started in 2014.
That pain created some deep wounds for the city’s economy, which shed thousands of jobs and plunged into a recession for both 2015 and 2016. The light at the end of the tunnel began to materialize this year, and the recovery is expected to fully take hold in 2018.
That’s good news for the real estate market, as job growth will fuel demand going forward.