‘I think Calgary is going to see some of the stronger price gains, in part because we’re coming form such a low inventory level’
Sellers in Calgary will likely remain in the driver’s seat for 2024 despite loosening conditions in the city’s housing market, the local real estate board says.
Calgary’s real estate market is struggling to keep up with demand despite hitting new highs for housing starts, according to Calgary Real Estate Board’s (CREB) annual outlook report, released Tuesday.
Several risks continue to hold for the market this year, but Calgary remains significantly more affordable than other major Canadian cities.
Four key markers were down significantly in 2023: sales (down eight per cent), new listings (down 13 per cent), inventory (down 26 per cent) and months of supply (down 20 per cent). Meanwhile, the benchmark price in Calgary rose six per cent, hitting $556,975.
The housing crunch has led to a significant uptick in apartment building starts, which drove overall housing starts to the highest levels in the past 18 years.
But that was offset by the fastest population growth in Alberta since 1981, as the province added 145,000 new residents over the first three quarters of 2023. (In 2021, Alberta added 28,640 people — which included a net loss of more than 6,000 people to interprovincial migration.)
“What’s really the differentiator is for the second year in a row, Alberta has been only second to (Prince Edward Island) in terms of total employment growth,” she said. “When you have strong employment gains, people come here.”
Despite price increases over the past two years, the average apartment or condo in Toronto and Vancouver still goes for about the same amount as a single-detached home in Calgary.
Calgary, a city defined by suburban sprawl, saw record apartment sales as those units became an increasingly dominant choice for buyers due to their relative affordability.In 2021, apartments made up just 15 per cent of all home sales. That number has nearly doubled — hitting 28.8 per cent in 2023 — and is projected to rise.
Calgary and Edmonton’s real estate markets told very different stories over the past year, as Calgary welcomed a comparatively large number of the international and domestic migrants.
In fact, while Calgary’s benchmark price increased six per cent, Edmonton’s dropped nearly five per cent to $368,350.
Sales, inventory and new listings also dropped substantially in Edmonton — but the city has more than double the months of supply (3.4) than Calgary (1.3).
That was explained by Edmonton’s higher supply levels at the beginning of last year, Lurie said, which is partly due to employment gains between the two cities. In 2022, Calgary added more than 56,000 jobs to Edmonton’s 30,500. That flipped in 2023, with Calgary adding more than 25,000 workers and Edmonton bringing in more than 41,000.
Rising prices and fewer sales defined smaller surrounding communities; Canmore, Airdrie, Cochrane, Strathmore, Okotoks and High River all experienced double-digit percentage drops in sales, and all saw their benchmark prices increase between four and eight per cent.
Calgary will likely remain undersupplied in 2024, Lurie said.
While the number of housing starts increased in 2023, Lurie noted the average house takes nine months to complete, while the average apartment complex takes 18 months, meaning many homes are still in the pipeline.
Alberta will likely see job openings this year as employment gains have started tapering, according to a recent report from the Business Council of Alberta. Residential investment is also 17 per cent below 2021 levels on Canada’s construction investment index, the same report said.
Christian Twomey, a Calgary real estate agent and CREB chair, said employment is compelling Canadians — specifically in the Lower Mainland of B.C. and southern Ontario — to move to Alberta. The province’s unprecedented population boom, he said, has been different than past growth because it’s been fuelled by more than just the energy sector.
“It’s bringing more employment opportunities for people to migrate to this province, which is fantastic,” he said.
Several environmental policies have CREB’s attention, too. The report noted recent federal policy announcements, such as the Clean Energy Regulations and emissions cap on oil and gas companies, could affect investment and the number of new jobs being created in Alberta. Lurie said she’s uncertain whether they will have a negative economic effect, but she’s watching whether traditional energy jobs are transitioned into new sectors.
“It’s really about that total employment number — are we still creating employment, is there a concern with that? . . . A sudden change in employment and job loss, that’s where that tends to have an impact on the housing market.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
The Canadian Press. All rights reserved.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
The Canadian Press. All rights reserved.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
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