Multi-family properties are expected to take center stage in 2013. A report that targeted Canadian investing trends came up with that fact, influenced by the somewhat tepid state of the global economy. The Morguard Corporation report noted that the condo market would be influenced by a strong demand and a steadily decreasing inventory.
There is not expected to be a great deal of development in the coming year, which will further tighten the condo market. In turn this will see rental rates rise and occupancy rates close to 98 percent nationwide. Some parts of the country do have rent control legislation, which does influence those rates slightly.
The Morguard study also considers the residential rental sector, in the multi-family category, in stable…
Calgary did see a rise in sales this past year, but the towns and cities surrounding this Alberta population center did even better. In Calgary, sales through the MLS system increased by 14.66, but in those surrounding areas, sales were up by 21 percent.
Calgary Real Estate Board’s president, Becky Walters, noted that 2012 was the year for stronger growth and sales outside of the city. Prices have recovered, as they have in Calgary, but still below the pre-recession levels seen in 2007. Cochrane, Okotoks and Airdrie saw the greatest amount of growth, with sales increases in the double digits.
Collectively the communities surrounding Calgary saw 3,970 sales through the MLS system for 2012. The single family home price did go down 0.51 percent from the rate…
The Canadian Real Estate Association released a report this past Tuesday, noting that the only major metro area to see an increase in MLS sales during this past December was Calgary. Nationwide things were an entirely different story with the markets taking deep dives in sales.
Calgary saw 1,343 sales go through the MLS system this past December, a 7.2 percent increase over sales during the same month in 2011. Nationwide, Canada experienced a decrease in sales of 17.4 percent with only 20,538 properties changing hands. Sales prices for the month also saw an increase in Calgary, with a 6.9 percent increase year over year and an average unit price of $419,811. Nationwide the increase was a more modest 1.6 percent and an average price point of $352,787.
If you are in the real estate investment game, do you prefer buying a property that’s already up or building something from scratch? Both options have their pros and cons. It helps to look at both sides of the issue, especially if you are new to the market, before you go ahead with your plans.
Building Your Own
One reason to build your own property is that you won’t find any hidden surprises down the road. Older properties, and some new ones, may have secrets behind the walls, under the floorboards or in that attic. Some can be quite expensive, like a foundation that is barely there or faulty electrical wiring. If you build your own property you can supervise what’s going up, while it’s going up.
Customization is another good reason to build a new property.…
Calgary’s real estate market had a good year in 2012. Average home prices reached record levels, even surpassing those from the boom days in 2007. The Calgary Real Estate Board noted that 21,207 homes changed hands through the MLS system, bringing an average price per home to $428,655. Prior to that, the record was 26,611 sales with an average price of $423,770 seen in 2007.
Chief economist from the CRBC, Ann-Marie Lurie, noted that the sale price was boosted by a considerable number of homes in the luxury market being sold. Multi-million dollar sales were up, showing 544 such homes exchanging hands in 2012. The month of May saw the highest number of sales worth $1 million plus, 80 homes sold in total. Before that, the record was 458 for the year, again…