December 2011

Found 5 blog entries for December 2011.

Sitting in the quiet Elbow Park/Glencoe neighborhood is a property that just sold for a whopping $5,050,000. It is the highest MLS sale in Calgary in 2011 and the fifth highest price of all time. The property was on the market for 101 days before changing hands on December 10th.

Built in 2007 by Empire Custom Homes, it offers more than 9,000 square feet of space. The top floor is made up of a loft that is 1,599 square feet. The lower floor offers a media room with theatre style seating, a wine cellar with glass panels, an exercise room and a recreation room. Five bedrooms and six full bathrooms are included. The original asking price was $5,590,000. The buyer got a half million dollar discount.

The Calgary Real Estate Board also noted that between

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The unemployment rate in Canada edged up a bit, from 7.3 to 7.4 percent in November, with a net loss of 19,000 jobs. Alberta was that exception, with its unemployment rate going from 5.1 down to 5.0. That province had a net gain of almost 3,000 jobs.

Not surprisingly, many of those jobs were in the oil and gas industry, already doing well. Other fields included construction, technical and scientific sectors. Things always get busier in the gas and oil industry in the winter. This is the time of year when the ground freezes, making it easier to transport heavy equipment into remote areas.

Edmonton was the leader in job creation. In the year between October of 2010 and October of 2011, the city had a net gain of 45,000 jobs, the most of any metro area

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Another sign that the mortgage market is tightening is an upping of the credit scores required to get a loan. Reports just released by the CMHC notes that a credit score is being considered much more carefully than before. This will most likely not affect seasoned investors that are already in the game, but rather the newcomers just testing the pond waters.

In 2010, the average credit score for borrowers with a CMHC insured mortgage was 731. In the first three quarters of 2011, that number went to 735, which is the highest jump since back in 2007. True, it is a modest increase, but it does have some brokers who have new investor clients worrying whether they can actually approve a mortgage.

What it amounts to is that the recommendations made by CMHC are…
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MLS sales in Calgary were up this November compared to November of 2010. The Calgary Real Estate Board released a report this past Thursday, noting that 962 single family homes changed hands, which is an 8.09 percent increase over last November. The average sale in that category was 3.31 percent higher, or $470,665.

Condos also saw a significant jump Some 393 properties changed hands, a 26.77 percent increase over November of 2010. But unlike the single family home category, prices fell by 3.97 percent to an average of $272,356. Sano Stante, who is CREB’s president, noted that consumers are shopping wisely, looking for deals, and then actively buying.

The city did see two years of lower employment, but that is changing. Today the resurgence of the

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Companies looking for office space in Calgary in 2012 are not going to have an easy time of it. The Alberta city is expected to have the tightest market in Canada by the end of next year. Class A space is expected to have a vacancy rate of 1.2 percent, which is almost a sold-out situation, according to Cushman & Wakefield’s recent report.

The report notes that this is a definite boom time in Calgary’s office market. Competition for space, and skilled workers to occupy that space, is fierce. Even downtown is seeing an amazing 4.0 percent vacancy rate as of now. Large office spaces are in short supply, and things are not expected to improve for the foreseeable future.

Even the Bow, which won’t open until the second quarter of 2012, is already fully leased.…
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