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A strong final month of 2021 capped off a record year of home sales, according to the Calgary Real Estate Board’s monthly report released on Tuesday morning.
There were 27,868 units sold in the last 12 months in Calgary, a 72 per cent increase over 2020m 44 per cent higher than the 10-year average.
A strong final month of 2021 capped off a record year of home sales, according to the Calgary Real Estate Board’s monthly report released on Tuesday morning.
There were 27,686 units sold in the last 12 months in Calgary, a 72 per cent increase over 2020, 44 per cent higher than the 10-year average.
Ann-Marie Lurie, chief economist for CREB, said they were expecting a strong year of sales, building off of 2020, but this surpassed any prediction they had for the year.
“One thing that was not factored into the pandemic is not just that we have low rates, but the amount of savings that people were having by really not spending on other goods, at least for those that weren’t impacted by COVID,” she said. “A lot of that translated, I think, into people getting into the housing market.”
The previous high water mark for sales in a year was 27,192 set in 2006, amidst an oil boom. Meanwhile total volume sales almost doubled from $7.4 billion to $13.6 billion.
Lurie said that due to the five years of recession that pre-dated the pandemic, there was a pent up demand on the real estate market and when interest rates dropped, the flood gates opened.
The benchmark price rose one per cent over November to $451,567, eight per cent higher than last year’s final benchmark. This was just below 2015’s record high.
In December alone, there was 1,737 sales, up from 1,199 in December 2020, with sale volume up 55 per cent to $830,245,656 from $535,619,133 from the same month the previous year.
The two most impacted sectors on price were detached and semi-detached houses, but there was growth across all four types of units.
Calgary finished just below 2005’s record sales for detached housing sales with 17,038, but this was still 40% higher than long-term averages. The report said a lack of supply on the market likely contributed to the previous record still standing. There are only 898 units in inventory at the beginning of 2022, a historical low.
There were 2,571 semi-detached sales in 2021, a gain of 55 per cent year-over-year and 47 per cent above long-term trends. This sector took off as the inventory in the detached market dried up and presented as a more affordable option. Benchmark prices in this sector jumped by 9.86 per cent year-over-year in December, alone, to $432,400 for the month.
Row houses continued to show strong growth. Total sales increased to 3,936 in 2021, up from 2,145 in 2020 with benchmark prices finishing up 6.05 per cent year-over-year at $294,983, but this was still nine per cent below the previous high watermark.
Apartment condominiums saw the slowest growth due to inventory remaining saturated. But there was still progress made on this front. Total sales increased to 4,141 units from 2,393 while benchmark prices increased 2.47 per cent to $251,358, but remain 14 per cent below the record prices set in 2014.
Location still plays a critical role in price in Calgary’s real estate market. For a detached house, the east is about half the price as the west at $367,000 compared to $738,200. A semi-detached house in the city centre will run $751,400 but cost $302,900 in the east.
Lurie said what will happen in 2022 all depends on how much new stock comes into the market, because that will influence price.
“We went through a period of almost six years where, depending on when you bought, for some people prices had really been trending down for most of that time frame,” she said. “Our market is an opportunity for many people who can take advantage now of those price gains we have finally seen, especially as price gains have recovered for most product types.”
Prices have also increased in surrounding areas as well, but stock is becoming harder to find. In Airdrie, prices increased by 13.2 per cent to a benchmark of $398,100 but inventory is down to 82 units to start the new year. Cochrane is up to a benchmark of $460,300 up 9.5 per cent and Okotoks is at $476,300 up 5.9 per cent.
Twitter: @JoshAldrich03
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.
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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