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Sunday, May 20, 2012

Calgary real estate sales growth leads country

Calgary is ready to take its place as the hottest housing market showed again for new Canadian data, the city last month, the country's highest year on year sales growth of MLS.

The Canadian Real Estate Association, in a report published on Tuesday, the city in 2720 MLS Sales in April said 30 per cent over the previous year. Nationwide, sales rose by 11.5 percent from April 2011.

"Calgary is still observed at a market," said economist Robert Kavcic of BMO Capital Markets, noting sales are above the 10-year average for the first time in about three years.

During the height of the fire sales, the prices are more modest gains, however, shown. CREA April survey showed the average MLS sale price in Calgary by 0.7 percent to $ 414,932, compared with 0.9 percent in Canada.

"The prices still need to gain much momentum, but supply conditions are more closely drawn over Alberta," Kavcic said.

"If oil prices stay high enough to continue to support strong economic growth and migration, could again Calgary Canada real estate hot spot to be in a short time."

Robert Hogue, senior economist at RBC Economics said that April, the third in a row "oversized" rise in Calgary, was a "clear indication that this market will eventually escape."

New listings in Calgary increased by 4.4 percent over the previous year, to 4370th In Canada, new listings increased by 4.9 per cent to 89 739.

In Alberta, sales rose by 23.5 percent in 6191, new listings increased by 2.4 per cent to 10 718 units and the average sales price rose 1.9 percent to $ 365,830.

"A number of Canadian real estate market trends in April remained intact from the previous month," said Wayne Moen, president of CREA.

"Trends in Vancouver and Toronto are still apart. These two housing markets have a significant impact on national statistics."

In Toronto, sales of 10 350 in April by 14.5 percent over the previous year and the average sales price rose 8.4 percent to $ 517,556. Sales in Vancouver by 13 percent and the average price fell by nearly 10 percent to $ 735,315.

"Was, it bears repeating that the national average price distorts higher last spring by a record level high-end home sales in the most expensive district of Vancouver, and that a repetition of this phenomenon was not expected this year," said Gregory Klump, chief economist at CREA .

Klump warned against too much in the national retail price figures.

"Netting Vancouver the national average price calculation gives a 4.9 per cent compared to last year," he said.

"Netting out of Toronto ... Leaving Vancouver, a 2.2 percent decline produced over the previous year. Netted both Vancouver and Toronto, leading to an increase of 3.1 percent ... the bottom line at a modest price growth in this matter midst balanced market conditions in much of the rest of Canada. "

Diana Petra Mala, an economist at TD Economics said the Canadian housing demand is likely to remain a persistently low interest rates 2012th

"Still, the growth in property prices and sales are likely to be limited, since the over-valuation has led to a deterioration of affordability," said Petra Mala.

"We expect the Canadian housing market to remain relatively flat next year with home prices to rise just two percent this year after gains of seven percent in each of the last two years."
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