Home construction on the rise
Posted Jul 10, 2012 10:57 am.
This article is more than 5 years old.
House construction crews in Calgary are busy!
New figures from Canada Mortgage and Housing show starts in the city in June were up more than 67 per cent from the same period in 2011.
The city’s growing population and relatively strong economy are getting most of the credit for generating demand for not only new homes but helping drive the resale market as well.
“After six months, both single-detached and multi-family starts have risen from the previous year. Low mortgage rates, full-time employment gains, positive migration flows, and a more balanced resale market have contributed to the demand for new homes,” said Richard Cho, CMHC’s Senior Market Analyst for Calgary.
The latest Royal LePage House Price and Market survey contains mostly good news for Calgary.
Ted Zaharko, who is the broker and owner of Royal LePage Foothills, says the Calgary real estate market is balanced, favouring neither buyers nor sellers.
Zaharko says house prices in Calgary are up as much as 5 per cent year over year, with condo prices down less than 1 per cent.
He says they don’t see a major price correction on the horizon.
The report suggests Calgary’s housing market should remain vibrant moving forward thanks to increased inter-provincial migration and a strong economy.
Zaharko also doubts recent changes to mortgage lending rules will have a negative impact on future transactions here.
