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October 2012

Found 11 blog entries for October 2012.

Calgary will be Canada's economic leader in 2013.  With oil prices remaining high, strong population growth, and a US economy that's beginning to recover, the Alberta economy and Calgary housing outlook is looking very bright. Although the market remains a little flat with prices having dropped a little, mortgage rates are forecast to remain low, home buyers in Calgary will be ready to buy in 2013. 

According to the Calgary Chamber of Commerce's chief economist Ben Brunnen and economic analyst Priyanka Karuvelil, “Calgary will close out 2012 with four to 4.2 per cent GDP growth and, looking ahead, provided the global economy remains stable, all indicators suggest that Calgary will be one of the economic leaders of the country, experiencing growth in the

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For those who grew up in Calgary, the name Mount Royal is synonymous with wealth, prestige, and privilege. Mount Royal is Calgary's "old money" community where you'll find plenty of million dollar homes. It's rated as one of the wealthiest neighbourhoods in Canada with a median income of $145,104.

Mount Royal is separated into two distinct neighbourhoods by an escarpment that rises to the north. Thus the communities of Upper Mount Royal and Mount Royal were created. Upper Mount Royal offers the great views and there are over 215 homes there. If you're seeking a million dollar home in an established prestigious neighbourhood, Mount Royal has a distinct atmosphere you might like. An ideal location close to downtown Calgary and a short commute up 14th St

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Although most homebuyers enjoy a whimsical look at multi million dollar homes in Calgary's MLS listings, a small group of buyers is taking them a lot more seriously. These properties could be their new home, or they might just be a key investment. Are million dollar homes a good investment? Yes.

The luxury home buyer is more emotional and hard headed than homebuyers looking for homes in the lower price ranges. Wealthy buyers expect much more from a home, from lot size, to rooms to views and luxury amenities. They might want big lots with mountain views, huge pools, gourmet kitchens, huge floor space, the latest high technology, wine cellars, luxury master bathrooms, hot tubs/whirlpools, entertainment centers, multicar garages, waterfront location, and

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As I mentioned in this early October housing report for Calgary, sales and prices are fine. The market has softened due to the new mortgage rules, but full time employment has grown strong over the last 2 months. The Flaherty government came out with another warning/threat regarding Canadian consumer debt loads recently. That was a country-wide story but no mention of Calgary's market specifically. The measure is the ability to pay those debts (mortgages too) and although Calgarians might be well indebted too, full time employment and good family income here is well able to handle that debt.

With immigration to the city so strong now and with oil prices very stable, and the global economy reasonably stable, the likelihood of a housing bubble are

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In a long drawn out statement, the Bank of Canada is going to keep the key interest rate at 1%.  The Bank of Canada governor Mark Carney has been talking about rising interest rates and the toll it will take on Canada’s debt ridden population.  Canadians have excessive debt because of the recession, plain and simple.

After tightening credit and making mortgage loan acquisition even tougher, the national housing market has deteriorated and of course, the economy traditionally depends on housing. When else would you buy a new roof, refridgerator, sofa, TV, bed or other furnishings?  Couples buy houses and have babies and that generates a lot of economic activity. The housing market squeeze then prevents domestic spending which is key to economic growth

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If you’re planning a move to Calgary, you’re probably trying to visualize what communities offer the best quality of life. Yet, quality of life is a personal thing. If you want to live close to downtown Calgary, then communities such as Hillhurst, Sunnyside, Crescent Heights, Sunalta, Bridgeland, Connaught, or Mount Royal might be ideal locations. If want to be close to the LRT for a time saving commute, then Dalhousie, Brentwood, Varsity, Varsity Estates, Banff Trail, Silver Springs, Ranchlands, and Scenic Acres give you access yet you’re out where there is affordable real estate.

If you prefer to be close to the Bow river with its bicycling paths, then communities such as Westmount, Parkdale, West Hillhurst, Wildwood, Spruce Cliff, Point McKay, and

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The growth in Calgary's Population is amazing. Only a couple decades ago, it was about 670,000 and was about equal to Edmonton's population. Since then, the city has taken off and left Edmonton in the dust. Mayor Nenshi just released the news that Calgary's population had surpassed 1.1 million.

The growth is increasing too. More than 30,000 new residents had moved to Calgary during the last summer to summer period. That's similar to the boom in 2007. This time, there will likely not be a global recession to cool the immigration trend. As the Canadian and US economies grow again, the odds are we'll see a shortage of homes. Since 2010 there have been almost 8400 new homes built, a 23% increase. The September and early October real estate reports for

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October Sales Much Better than Last Year

Sales up, new listings down. So far in October, sales have increased by 20% over sales in the same period during October 2011. New listings in contrast have dropped slightly. The average sold price during the first part of October rose 5% over that same time period in October 2011. That’s a rise of $20,000.  However, total sales for October will likely be down from last month.

Sales of single detached homes were up more 14% from the same period during October 2011, and the average price rose by 5%.

Sales of condos so far in October similarly are up by 14% from the same period in October of 2011. New listings appear to be down from last month. 

With fewer detached homes and condos on the market, and with

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The outlook for employment growth in Calgary remains strong with a good lift in full time employment. The Alberta unemployment was an amazing 4.4% and Calgary’s was a healthy 4.7%. Across the province 3,600 full time jobs were created in September, while part-time employment fell by 1,500 people. Normally, job growth is about 2600 per month.

In Calgary, unemployment fell by 1,700 or 0.2 per cent from the previous month. However, Calgary is up 15,400 jobs or 2.1% from last year.  The August Calgary housing report and September economic report were similarly rosy.

Jobs Outlook

The Economic and Jobs Outlook for 2013 and beyond looks excellent too. Calgary and Edmonton are forecast to be the fastest growing CMAs in the country for the next 4 years.

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The conference board of Canada noted a positive upswing in consumer spending across Canada. TheOttawabased department found Canadians are the most positive they’ve been since the summer of 2011. Hard to say why Canadians are so optimistic, but it could be just less bad news is spurring employers and consumers alike.

The Conference Board’s own consumer confidence index increased 6.7 points to 82.2 after a more pessimistic August. 18.4T of survey respondents said their situation had improved over the past six months while 5.2% expected an improvement over the fall and winter months, a rise of 2%. And 15% of respondents said they expected their situation to worsen, which is 2% less than August.

Statistics Canada said retail sales were up 0.7 per cent to

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