Equity News - 05/01/09
Rental Report
Canada Mortgage and Housing Corporation’s Rental Market Report for Calgary released in December of 2008 reported that Calgary’s overall vacancy rate was 2.1% up only .1% from the 2% reported in the spring of 2008, and .6% from the 1.5% recorded in December 2007. There were 29% fewer net migrants to Calgary in 2008 than in 2007.The report suggests that vacancies will rise moderately in 2009 toward 3% primarily due to continued movement into home ownership, and that the days of double-digit rent increases and low vacancies are over, replaced by vacancy management and rent stability.
CMHC continued their survey of condominiums in the rental pool for the third year, with vacancy rising to 3.5% from .7% the previous year, despite the fact the rental condominium universe actually shrank. There was a decrease in the number of condominiums in the rental, estimated at 5,939 units – 7.9% less than the 6,447 units recorded in 2007.
(As reported in the Rental Review Calgary Apartment Association)The complete report is available @ no cost and can be downloaded from CMHC’s website. www.cmhc-schl.gc.ca.
Sales Report
MLS sales activity of single family homes in Calgary was 1,086 in the month of March 2009 showing an increase of 32% from 825 sales in February 2009, according to figures released by the Calgary Real Estate Board. This was a decrease of 23% from March 2008 when single family home sales were 1,418. The number of condominium sales for the month of March 2009 was 446, an increase of 30% from the 343 condominium transactions recorded in February 2009 and a decrease of 21% from March 2008 when 565 condominiums changed hands.
The average price of a single family home in March 2009 was $420,354, showing an increase of just over 1% from February 2009, when the average price was $415,568 and showing a decrease of 11% from March of 2008 when the average price was $474,513.
The average price of a condominium was $284,056 up 6% from February 2009 when the average price was $268,971 and showing a decrease of 9% over last year when the average price was $312,620.
(As reported in the March CREB newsletter)
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