Edmonton and Calgary Lead Canada's Real Estate Markets...Again
No sooner do I post that CREA released stats about the resale housing market with nothing specific about Edmonton and Calgary, do I find this article. Although sales are down nationally this April compared to last, Edmonton and Calgary are WAAAAAAAY up... Add to that the two cities lead the country in a drop in new listings. More sales, fewer listings = higher prices (a little elementary economics for you). From the Calgary Sun:
Calgary and Edmonton have achieved record resale housing activity so far in 2006.
By IAN WILSON, BUSINESS EDITOR
Calgary and Edmonton have achieved record resale housing activity so far in 2006, pushing national home sales to new heights, according to the Canadian Real Estate Association.
Across Canada, transactions for the year-to-date in April were 5.1% ahead of the number of sales posted during the first four months of 2005, putting the residential resale sector on track for a sixth consecutive annual record in 2006.
In Calgary, there were 12,354 sales from January to April, marking a 23% increase from a year ago.
Edmonton, meanwhile, recorded 6,822 sales in that time, up 21% from the first four months of 2005.
The two cities had the greatest increase in activity of any other Canadian market.
And as residential sales shoot through the roof, Edmonton and Calgary also lead the country when it comes to a drop in new listings.
Calgary experienced an 11% decline in new listings in the first four months of the year, compared to 2005, and Edmonton saw a 15.5% plunge.
“The market remains tight and this is reflected in rising prices,” said CREA chief economist Gregory Klump.
“There aren’t enough new listings coming onto the market to meet consumer demand in many urban areas, so prices will continue to rise over the rest of the year and next.”
Average residential resale prices in Calgary hit $341,838 in April, a shocking 37% increase from the same month last year.
And the average home resale price in Edmonton climbed 18% to $226,846 from April 2005 to last month.
Calgary and Edmonton have achieved record resale housing activity so far in 2006.
By IAN WILSON, BUSINESS EDITOR
Calgary and Edmonton have achieved record resale housing activity so far in 2006, pushing national home sales to new heights, according to the Canadian Real Estate Association.
Across Canada, transactions for the year-to-date in April were 5.1% ahead of the number of sales posted during the first four months of 2005, putting the residential resale sector on track for a sixth consecutive annual record in 2006.
In Calgary, there were 12,354 sales from January to April, marking a 23% increase from a year ago.
Edmonton, meanwhile, recorded 6,822 sales in that time, up 21% from the first four months of 2005.
The two cities had the greatest increase in activity of any other Canadian market.
And as residential sales shoot through the roof, Edmonton and Calgary also lead the country when it comes to a drop in new listings.
Calgary experienced an 11% decline in new listings in the first four months of the year, compared to 2005, and Edmonton saw a 15.5% plunge.
“The market remains tight and this is reflected in rising prices,” said CREA chief economist Gregory Klump.
“There aren’t enough new listings coming onto the market to meet consumer demand in many urban areas, so prices will continue to rise over the rest of the year and next.”
Average residential resale prices in Calgary hit $341,838 in April, a shocking 37% increase from the same month last year.
And the average home resale price in Edmonton climbed 18% to $226,846 from April 2005 to last month.
posted by Sara @ 5/16/2006 02:51:00 PM
6 Comments:
At 6/05/2006 04:25:00 AM,
Dali said…
Would you rather live in Fort Worth Texas where you can drive your sports car all year round and live in a house like this for 140 G
http://www.realtor.com/FindHome/HomeListing.asp?snum=862&mlsttl=&frm=bymap&pgnum=87&mls=xmls&js=on&target=&ct=fort%20worth&st=TX&sbint=&sbls=&sblo=&stype=&areaid=2074&lid=Enter%20MLS%20ID&ss_aywr=&mnsqft=0&fid=so&vtsort=&exft=iaoh05&exft=0&exft=e2cargar&exft=0&mnprice=125000&mxprice=150000&mnbed=2&mnbath=2&typ=1&poe=realtor&x=18&y=11&sid=06BA1B7DCEAEC&snumxlid=1054156590&lnksrc=00001
or live in this beauty in Edmonton for 14 G's more...
http://www.edmonton-homes.ca/Stony_Plain/Alberta/Homes/Stony_Plain/Stony_Plain/Agent/Listing_614633.html
At 6/05/2006 04:27:00 AM,
Dali said…
I guess I can't post links, too bad it was quite the comparison. From Castle to Trailer
At 6/05/2006 08:12:00 AM,
Anonymous said…
That's the great thing about freedom Brent. You have the choice of where to live. Enjoy Texas. How many guns do you own?
At 6/05/2006 09:50:00 AM,
Dali said…
I'm sure your a real estate agent and I'm sure your choice is the trailer park for 158 G's with your ski doo park beside it. By the way, a lot of Texas is Bible Belt country. Nice try!
At 6/05/2006 09:40:00 PM,
Sara said…
Thanks for the amusing commentary! My thoughts... real estate is a free market. When demand is high relative to supply, prices are high. Clearly demand is very high in Edmonton. Prices here are not as high as other Canadian cities with similar climates, such as Calgary - where the average price is more than $100k higher than Edmonton.
At 6/06/2006 06:03:00 PM,
Dali said…
Yes demand is high in Edmonton and I cashed in. Lived there my whole life, don't know why. Saw 3 rise and falls since the 80's and wasn't about to hang on and ride it down again.
Cheers,
Brent
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