Equity News 12/01/09
Our staff attended the annual 2009 CMHC Housing Outlook Conference held recently in Calgary and by popular opinion, Calgary and Alberta are thought to be well on their way to economic recovery.
CMHC is predicting employment growth of 1.7% for 2010 in comparison to -0.7 negative growth in 2009. Calgary's unemployment rates are still well below the national average and are expected to remain there through 2010.
Net migration to the city is also expected to improve in 2010 reaching 18,500 new inhabitants of the city as opposed to 16,000 in 2009.This will eventually have a positive effect on both the real estate sales and rental markets in Calgary.
CMHC also reports that they are predicting an increase in single family detached starts from 2009 levels of 4200 units to just over 4600 units in 2010
It is also predicted that the apartment vacancy rates in Calgary will move lower in 2010 to 3.5% from 4% in 2009.
Statistics indicate the affordability of owning a 2 bedroom condominium as opposed to renting a 2 bedroom apartment has improved to a low of $326 per month difference in favor of the rental. This does not however take into consideration the monthly condominium fee.
It is also predicted that the average cost of a 2 bedroom apartment will rise from $1075 per month to $1100 per month in 2010
Doug Davies
Past Newsletters
December 1, 2009
August 17, 2009
May 3, 2009
March 10, 2008