Calgary multi-family starts soar

Calgary Condos - Calgary multi-family starts soar

In the metropolitan area census of Calgary, the multi family house stats rose more than 90 percent in October compared to the previous year.

The recent report from Canada Mortgage and Housing Corp. says that almost 438 multifamily real estate properties began construction last month. This statistic is higher than 230 units compared to October 2009. CHMC revealed that single detached units decreased by 3.1% last month as compared to the previous year. Total housing stats increased 7.1% in the entire region to 784 units.

According to senior marketing analyst Richard Cho, the single-detached property construction sustained to moderate levels as a consequence of sharp competition from resale market. He pointed out that, this is the third successive month where real estate property stats have declined. He added that new property construction in single detached division will remain reasonable for the last quarter of this year and in the first part of the following year until active property listings in the resale market reduce.

President of the Canadian Home Builders' Association-Calgary Region, Mr. David Hooge said that the fall in single detached market is a continuance of a trend from the previous few months. The multiple listing service numbers of resale market has dropped a little since the last three weeks. In sales centers the traffic has increased from since the last few weeks and Hooge considered it as a very positive sign for real estate market in that entire region.

Across the region of Alberta, the real estate housing stats turned down 17% in October from 2,179 in 2009 to 1,801 this year. The senior economist Todd Hirsch said that the Calgary real estate house stats have been showing a slow turn down from early spring. He added that the province's property stats have "clawed their way back" from the little hit in 2009. The Calgary housing trend has been definitely slower since the month of March this year. He again revealed that a great deal of the market for property was brought onward into the first two quarters of this year when people interested in the properties expected high rates during the next summer. He points out that housing stats may fluctuate in the few following months but as the population is growing and employment condition is also improving, the real estate market is expected to be fare better in a shorter time frame.

The Canadian real estate market showed a weaker sign in the month of October as housing stats fell 9.2% to 167,900 annualized units.