Read all about it! Don’t miss the most important events in Calgary real estate news for the week of July 7 - 13, 2013. Compliments of the Calgary Home Team.
Calgary Suburban Communities to Lead Housing Growth - Wetsern Investor
Calgary suburbs are poised to attract most of the population growth for the next five years, according to the City of Calgary's 2013-17 Suburban Residential Growth Report. The forecast expected the city to have118,600 new residents between 2013 and 2017, of which 94% of them will choose to live in the suburbs that will host 77% of the 50,600 additional residential units during the same period! These growth figures pose a great challenge to the City of Calgary, always looking to restore housing & population balance between the city core and the suburban developments. Currently, the city's approved land supply is enough to to accommodate 130,000 residents over the next three to five years, and 310,834 over the next 10 to 12 years!
After the flood, Calgary tight rental market is getting tighter - Calgary Herald
As the cleanup continues in the many flood affected areas throughout the city, Calgary Residential Rental Association predicts the already tight rental housing market to get even tighter in the next few months as owners of rental properties impacted by the flood will have some big decisions to make! For those properties, " the question will be whether or not they are ever fixed up and put back into the market. Some of them may not be, " says executive director Gerry Baxter. This will add more pressure on the vacancy rates in the city that saw 2.5% decline in April 2013 compared to the same period last year, which in turn pushed the rents to go 7.9% up, reaching $1,202 for a typical two bedroom apartment. However, The Association said that the turnover rate in Calgary, between 38 to 42 % will provide tenants with good selection of properties available for rent!
The number of condo buyers in Calgary on the rise - Calgary Herald
Calgary prospective condo buyers rose 8 points from the fall to reach 33%, according to a recent report published by BMO that examines the buyers intentions in the next five years. Calgary condo sales has increased 9.5% in the first quarter of 2013, over the same period last year, with an average sales price the rose 6.9% to reach $297,530. In Toronto, 31% prospective buyers expressed their intentions of buying a condo in the next five years, up 11% from the fall, while in Vancouver and Montreal the numbers have declined by 5 points and 3 points to reach 28% and 24% respectively. The report says that the number of people planning to buy single family homes in Calgary has dropped from 71% to 58%.
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