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Expanding economy to drive demand for housing in Calgary region: CMHC

Market UpdateAn article written by a senior business writer in a recent edition of the Calgary Herald peaked my interest since it's one of the leading indicators of possible rising selling prices for homes...
CALGARY — Demand for housing in the Calgary region is expected to increase next year as the economy expands, creating jobs and attracting more people here, says Canada Mortgage and Housing Corp.
MLS residential sales this year are expected to end the year at 22,200 units, an increase of 5.7 per cent from 20,996 in 2010, says the CMHC in its latest housing market outlook. released Friday.
Sales in the Calgary census metropolitan area in 2012 are anticipated to rise another 2.3 per cent to 22,700 units.
With elevated listings relative to sales, average price growth has been modest in 2011, says the CMHC report.
The average price for 2011 is forecast to be $402,000, up 0.8 per cent from 2010.
“As the supply in the resale market moves lower and conditions become more balanced, stronger price growth is expected next year. In 2012, the average price is anticipated to rise 2.2 per cent to $411,000,” it said.
Total housing starts in the Calgary CMA are on pace to decrease this year before rising next year.


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