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Thursday, May 11, 2006

Alberta Housing Prices to Surpass Ontario in 2007

Average residential resale prices in Alberta will surpass Ontario next year, according to the Canada Mortgage and Housing Corporation. Here are the details from the Edmonton Sun:

The CMHC's housing market outlook, released today, calls for average prices in the province to rise 23.7% this year to $270,000, before climbing another 8.1% to $292,000 in 2007.

That compares with the average resale price in Ontario reaching $279,000 this year, followed by a 2.9% jump next year to $287,000.

In Edmonton, home prices have been on a tear for years, riding the oil-fuelled blitz.

The average price for a residence (house, condo or duplex) in Edmonton hit a new all-time high of $226,846 in April (up 3% from the previous month).

The average resale price of an Edmonton house in April was $265,557, according to the Edmonton Real Estate Board. That's up from about $256,000 in March, and up from about $218,000 in April last year.

Edmonton prices are already 18% ahead of last year, the board said.

April condo prices were up 3.6% to $162,565, while average prices on duplexes and rowhouses were $221,941,up from $193,000 last month.

More than 40% of single family homes on the Multiple-Listing Service sold at more than the list price during April.

A home sold in April was listed for an average of 23 days. A year ago, the average was 46 days.

Calgary, meanwhile, is experiencing "the highest rate of resale price growth on record," said Richard Corriveau, a regional CHMC economist, in his spring forecast for the city.

The average price for all residential units in Calgary hit $308,576 during the first quarter of this year, marking a 26% increase from a year ago. By 2007, that average price is expected to hit $341,000.

Corriveau said higher levels of migration to Alberta and low mortgage rates are fuelling demand as "the prospect of higher prices and mortgage rates in the future has created a sense of urgency for first-time buyers, prompting many of them to make a purchase."

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