Calgary’s Population Continues to Grow, More Housing Demand

Posted by Alan Zunec on Friday, February 17th, 2012 at 8:17pm.

Is Calgary up for another real estate boom? It is a possibility. The population is steadily increasing, bolstered by an increasing number of jobs available. Statistics Canada’s latest report, issued this past Wednesday, noted that Calgary’s population had grown by 12.6 percent from 2006 to 2011. At latest count, over 1.2 million people call the city and surrounding metropolitan area home.

All of these people mean more housing starts, both in the single family and condo markets. Tom Logel, one of the partners of Cardel Lifestyles, a Calgary developer, noted that more and more housing inventory is being more quickly absorbed. By the end of 2012 there will be no surplus. Logel also predicts this to be a new cycle in Calgary real estate. The last one ended in the second quarter of 2007.

Calgary Real Estate Board’s Ann-Marie Lurie, an economist, agrees. She also notes that the resale market will see an increase in sales and take up much of that excess inventory. There has been plenty of availability for a number of years because of the number of people moving out of the area.

The forecast by CREB is for a 12.2 percent increase in MLS single family sales by the end of 2012, compared to 2011 figures. Condo sales are expected to increase by 5.9 percent. As far as price, single family homes are expected to increase by 2.1 percent and condos by 1.7 percent, compared to end year figures from 2011.

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