From the history of Inglewood to the dining and patio options of Kensington to the walkability of the East Village, Calgary’s inner city has a little something for everyone.
With a mix of single-family, condominium, apartment homes and more, those who hail from the inner city range from young professionals starting their careers, families taking advantage of the many schools and parks and retirees utilizing the handy pathway systems.
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Calgary, May 1, 2013 –The benchmark price of single- family homes reached a new high of $452,900 in April, as market conditions that favour the seller finally drove prices above the unadjusted peak in 2007.
“It’s really encouraging to see that the Calgary market remains strong,” said Becky Walters, CREB® President. “It’s reassuring to both buyers and sellers to see that this area is outperforming many parts of the country.”
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The Calgary real estate market began recovering in 2012, and so far this year, the future is looking bright.
CREB® statistics for the first three months of the year, as well as its outlook for 2013, suggest the recovery is expected to continue. So, what does this mean for people who are considering buying or selling their homes?
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No one is really wrecking Sunnyside; though Wreck City, a community of artists, is giving nine houses in the area a new look.
The nine houses in the Calgary community of are set for demolition but, thanks to a partnership with Bucci Developments Ltd., the buildings are playing their swan songs in a pretty spectacular way.
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Tightening market conditions are supporting price growth in Airdrie, Okotoks and Cochrane, although overall inventory levels of property remain healthy in areas surrounding Calgary.
Property sales in the surrounding areas totalled 865 units after the first quarter of the year, running at a similar pace to the same period in 2012. As in the entire region, the number of new listings has been falling at double-digit rates. Relatively strong demand has placed downward pressure on somewhat elevated inventory levels and reduced the time product is on the market. However, overall inventory levels still remain at healthy levels, meaning the conditions are balanced for buyers and sellers.
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In a bustling Calgary real estate market, condos have become the talk of the town.
Compared to February 2012, combined condo apartment and condo townhouse sales in Calgary this February increased by 11 per cent. The boost in condo sales, in part, can be attributed to a tightening market on homes $500,000 and less available in the city.
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Once regarded as the tightest commercial market in the country, things in downtown Calgary are beginning to change for prospective tenants.
According to a report from CBRE Limited, the first quarter of 2013 saw absorption in Calgary drop substantially, with 260,281 sq. ft. of sublet space returning to the office market. As a result, sublet space now accounts for 43.3 per cent of downtown vacant space, up from 8.7 per cent at this time last year.
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Calgary’s condo market is enjoying a resurgence in response to declining single-family inventory in homes available for under $400,000.
“While total new listings are declining, there has been a rise in the number of condominium apartments available in the $200,000 to $400,000 segment,” said Ann-Marie Lurie, CREB®’s chief economist.
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It appears Calgarians are voting for Panaroma Hills as Calgary’s most popular community in the form of moving vans and cardboard boxes. Having grown by nearly 2,400 residents according to the 2012 Civic Census – more than any other community in the city – the appeal of the area is obvious.
The Robsons are one of the many families who have chosen to make Panorama Hills their new home in 2012. The Robsons were attracted by the affordability and amenities available in the area.
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A report by Altus Group suggests, while the apartment sector will be driving most of the overall moderation in starts in 2013, Calgary is the only market expected to escape a downturn.
Calgary apartment starts are expected to reach 4,100 in 2013 compared to 4,000 in 2012, the only increase in major centres covered by the Altus Group report. By 2014, however, that number is expected to drop to 3,600.
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