Article content
An early analysis of Calgary property assessment data offers positive signs for home values, say city officials.
Real eState
City's early real estate review encouraging for home values – Calgary Herald
An early analysis of Calgary property assessment data offers positive signs for home values, say city officials
Advertisement
Article content
Advance preparation of the city’s 2022 property assessment roll suggests a significant rebound from a year ago, while home sales continue to topple records.
“This year we are noticing that home sales are heating up along with sale prices,” Eddie Lee, the city’s acting director of assessment, said in a City of Calgary news release.
Lee said the early review shows sales of detached properties, as of the mandated July 1 cut-off, are up 52 per cent from a year ago, while property values in some suburban communities are more than 10 per cent higher.
The findings are supported by the Calgary Real Estate Board, which recorded 2,915 total home sales in June, a record high for the month and 65 per cent better than a year ago. Monthly sales records were also reached in May and April, with year-to-date sales 127 per cent higher than in 2020.
Advertisement
Article content
The sale price of a typical Calgary home in June was $537,200, about one per cent better than May but still 13 per cent higher year over year.
Preliminary findings for non-residential Calgary properties are also showing signs of improvement, with demand for large distribution spaces remaining strong, according to city figures.
“Properties with 100,000 square feet or more of warehouse space increased in value substantially in 2020,” its release states. “We are predicting similar market values for 2022, highlighting market stability.”
A bump in retail property sales in the first quarter of 2021 suggests assessments in that category could also rise, depending on the property type and location.
Not every category is growing, however.
Advertisement
Article content
The value of industrial warehouse space of less than 20,000 square feet is decreasing from a year ago, the data suggests, and continuing high vacancy in Calgary’s office market is expected to produce lower assessments in that segment.
Tourism-related properties have also taken a hit.
“While optimism in the hotel sector is increasing with encouraging vaccination rates and the lifting of restrictions, the impacts from the previous 12 months and the global pandemic are a factor,” the release states. “We expect to see significant decreases in hotel values heading into 2022.”
The city’s assessment department, which distributed 12,000 direct information requests to non-residential and multi-residential property owners in April, will continue to collect property data later into 2021. The process will assess the market value of more than 550,000 city properties.
Residential property owners can update their property details using the city’s online assessment search at calgary.ca/assessmentsearch.
Continue Reading
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
The Canadian Press. All rights reserved.
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.
News37 mins ago
World Junior Girls Golf Championship coming to Toronto-area golf course
News40 mins ago
Red Wings sign Raymond to 8-year, $64.6 million contract
News41 mins ago
Purple place: Mets unveil the new Grimace seat at Citi Field
Media1 year ago
12 Bizarre Things People Did Just To Make Social Media Content
Sports5 years ago
AP source: Bears acquiring quarterback Nick Foles from Jaguars – Sportsnet.ca
Investment5 years ago
dynaCERT Inc. Invites You to Join Us at the Vancouver Resource Investment Conference | INN – Investing News Network
-
Economy14 hours agoLiberals announce expansion to mortgage eligibility, draft rights for renters, buyers
-
Sports13 hours agoPenguins re-sign Crosby to two-year extension that runs through 2026-27 season
-
Politics16 hours agoNext phase of federal foreign interference inquiry to begin today in Ottawa
-
News16 hours agoVoters head to the polls for byelections in Montreal and Winnipeg
-
News16 hours agoFeds wary of back-to-work legislation despite employer demands: labour experts
-
News16 hours agoOntario considers further expanding pharmacists’ scope to include more minor ailments
-
Sports24 hours agoSlovenia’s Tadej Pogacar wins Grand Prix Cycliste de Montreal
-
Economy14 hours agoStatistics Canada says manufacturing sales up 1.4% in July at $71B
