Population growth continues to push housing demand in the Calgary region.

A report released Tuesday described the city’s new housing market as “red hot.”

It said there were 9,294 housing starts in the first half of this year, an increase of 67 per cent over the first six months of 2013, and more than year-end totals for 2009, 2010 and 2011.

The average forecast is calling for 16,400 starts in the Calgary CMA for 2014, which would represent an increase over 2013 (12,600) and the 10-year average of 12,000.

Calgary prices have increased between three per cent and six per cent depending on the housing index from the end of 2013. The metropolitan area has appreciated at an average annual rate of approximately seven per cent to nine per cent over the past decade, notwithstanding the highly fluctuating market values in-between.

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Cochrane has joined Airdrie and Chestermere for reaching an annual sales record in the resale housing market after just three quarters of the year.


MLS sales in Cochrane year-to-date until the end of September hit the 610 mark, up 38.32 per cent from the same period last year.

The annual peak for sales was established in 2013 with 554 transactions.

The average MLS sale price in Cochrane so far this year is $433,537, up 4.34 per cent from last year, while the median price has risen by 4.99 per cent to $426,250.

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Price gains in Calgary’s new home market are far outpacing what is being seen across the rest of the country.

Statistics Canada reported Thursday that the New Housing Price Index rose in August by 6.8 per cent on an annual basis and by 0.5 per cent on a monthly basis in the Calgary census metropolitan area. Both represented the biggest growth rates in Canada.

Builders reported that land development costs, as well as strong market conditions and increased demand, were the main reasons for the price gain.

Supply and demand has been a major factor in driving prices up in the industry as the city continues to have a buoyant economy supported by strong net migration gains over the past year.

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Attainable Homes Calgary Corporation has reached a milestone with its 500th sale.

 

It has also acquired a building at 51 Oak by Truman Homes in the southeast lake community, Mahogany, where qualifying Calgarians can buy a brand new one- or two-bedroom apartment condo at 51 Oak with a deposit as low as $2,000 and a minimum mortgage amount of $201,400.

 

AHCC is a non-profit organization and wholly owned subsidiary of the City of Calgary that assists working Calgarians with moderate incomes achieve home ownership.

 

The organization helps people who can afford homeownership but struggle to save enough money for a down payment. Demand for attainable homes has been strong as rental vacancy rates remain low and home prices continue to rise. According to the CREB, the average MLS sale price of a condo apartment in the city was $326,264 in September, up 9.21 per cent from last year while it rose by 4.21 per cent to $352,813 for a condo townhouse.

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