Calgary condo starts could create new records… Record prices for single-family homes in Vancouver… Edmonton sees price rises… And Nova Scotia to ban fracking…
Calgary condo starts could create new records
A new report from consulting firm Altus Group predicts that condo building could push overall housing starts to record levels this year. The firm says that new starts could reach 17,800 in the Calgary census metropolitan area by the end of this year, beating the previous high of 2006. Altus says that condos are particularly hot right now with the level of starts in the first half of this year running at four times the level of the same period in 2013. With employment staying strong and consumer confidence relatively high the report says that demand is still high. There is a cautionary note though; Altus predicts a slowdown in housing starts next year, although rates are still expected to be higher than 2013. Read the full story.
Record prices for Vancouver single-family homes
A single-family detached home in the Vancouver area is getting more expensive, with the benchmark home price index rising 6.6 per cent in August from a year earlier, to $984,300. It’s expected that the high cost of detached homes will add further demand for townhouses and condos in the city and its suburbs with the typical cost being around half that of a detached home. There are many baby boomers who are now downsizing to condos or townhouses and seeing very healthy returns on their detached homes in the process. Read the full story.
Edmonton demand sees prices rise
Edmonton is seeing increased interest and the population growth is pushing prices higher. The Realtors Association of Edmonton has released new figures that show a 14 per cent rise in the total value of the city’s real estate sales with the level of new listings slightly down on last year as is the time taken to complete a sale. The average price of a single-family home in Edmonton increased 4.3 per cent in August compared to the same time last year and now stands at $435,430. A condo will average $262,273 which is up 7.5 per cent year over year. With the ratio of sales to new listings at 67 per cent it is still very much a sellers’ market in the city. Read the full story.
Nova Scotia to ban fracking
Many homeowners are concerned by fracking with environmental worries paramount. Those who live in Nova Scotia will be pleased with the news that fracking will be banned in the province, albeit for a temporary period. The Energy Minister Andrew Younger announced yesterday that legislation will be introduced that delays any fracking until more independent research has been carried out and a process put in place to allow communities to have a say in how, or if, fracking proceeds. Read the full story.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate