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Jan. 2015 Calgary Real Estate Market Snapshot

Friday, January 2nd, 2015

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market. This shows what’s really happening in the Calgary Real Estate Market. The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate. A simple way to keep up to date and ahead of most!

Below are the details along with a few comments, all numbers were taken from the Calgary Real Estate Boards Stats package for Realtors.

Want to see stats specific to your Community? Register for our Market Report at http://www.calgaryareasolds.com/

Find out what your Neighbor’s home sold for – Register for our Market Report at http://www.calgaryareasolds.com/

An interesting month in the Calgary Real Estate Market.  Yes, Sales numbers for December dropped but the real question should be “Is this an annual trend or is it due to the price of oil?  Keep reading to find out.  Attached please find a copy of the stats package from the Calgary Real Estate Board for the month of December 2014.   Below is a summary of some key areas with a few short comments.

 

Calgary Listing Inventory:  As I would expect, all Inventory levels decreased this last month.  Inventories typically decrease at this time of year as many people wait until the New Year to list.  Of interest for the first 6 months of the year our inventory hovered about 600 listings lower than 2013 and for the last half of the year our inventory hovered about 600 listings online casino higher than last year.

 

Inventory  Nov  2014    Dec 2014 Change
Single Family Home 2373 1985 -388
Condo  Townhouse 511 434 -77
Condo  Apartment 985 823 -162
Total 3869 3242 -627

 

Calgary Sales: 

Typically at this time of year we also see sales numbers decreasing.  Sales in December decreased in all categories.  Yes, this drop looks drastic but wait…… This year the drop from November to December was 39.2% and for 2013 the drop was 32.1%  Still a drop but not as drastic as it appears.

 

Sales Nov  2014    Dec 2014 Change % Change
Single Family Home 1181 708 -473 -40.0
Condo  Townhouse 277 157 -120 -43.3
Condo Apartment 324 218 -106 -32.7
Total 1782 1083 -699 -39.2

 

 

Calgary Real Estate Sales Prices:  

In December the benchmark price decreased very slightly for all categories.  The change is so small it’s really insignificant.   Now that we have moved to a balanced market position pricing should remain stable.

  Sales Prices Nov  2014    Benchmark Price  Dec 2014 Benchmark Price Change
Single Family Homes 511,300 510,900 -$400
Condo Townhouse 338,600 337,300 -$1300
Condo  Apartment 300,700 300,300 -$400

 

Sales Prices “Year to Date”   

Year to date prices – Prices have increased in all categories and exceeded most predictions for what would happen in 2014.  Good news if you are a homeowner.

Sales Prices Dec  31 2013  Benchmark Price  Dec 2014 Benchmark Price Change$ % Change
Single Family Homes 472,200 510,900 37,800 8.0
Condo Townhouse 307,100 337,300 30,200 9.8
Condo  Apartment 278,600 300,300 21,700 7.8

 

 

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0
Balanced Market Between 2.8 to 4.0
Seller’s Market <2.8

 

*** Absorption Rate:   

This month the absorption rate increased for all categories.  If you have been following my stats this is the largest change that we have seen in some time.   Townhouses remain in a sellers market position  but both Condos and Single Family homes have moved into a balanced market position.

 

Absorption Rate   Nov  2014    Dec 2014 Change
Single Family Homes 2.01 2.80 .79
Condo Townhouse 1.84 2.76 .92
Condo  Apartment 3.04 3.78 .74
Total Calgary 2.17 2.99 .82

 

**Please note that these numbers do change on a community basis and more so for towns.  If you would like to find stats on your community just let me know.  If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

 

 

 

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CREB® supports Condominium Property Amendment Act

Saturday, December 13th, 2014
 

New bill is a win for consumers and the real estate industry
CREB® supports the provincial government in tabling the Condominium Property Amendment Act this week and bringing over 50 amendments for enhanced consumer protection and stronger governance within the condominium industry. In particular, the new Act will regulate a disclosure of information related to the sale and governance of condominium units.

“Information is power, and these changes will empower consumers and REALTORS® to make more informed purchasing decisions,” said Bill Kirk, CREB® president. “In a particular, it will create clarity around reserve funds and special assessments, and reduce those surprises for consumers on things like special levies.”

The amendments include the creation of a condominium tribunal, that reduces the time and costs associated with dispute resolution between condo owners and corporations. As well, there will be increased regulation of the industry with the introduction of licensing requirements for condominium managers by the Real Estate Council of Alberta.

As a stakeholder in industry consultations, CREB® is pleased to see its members’ concerns addressed in the amendments. The Act is a positive direction towards the modernization of condominium legislation and reflects the changes to the industry since the Condominium Property Act was first introduced in 2000.

“Thanks to the input of owners, their associations and over 4,000 Albertans, Bill 9 makes intelligent and purposeful changes to protect current and future condo owners, brings consistency for condo developers and provides structure and stability to governance for condo boards,” said Stephen Khan, Minister of Service Alberta. “We followed the leadership of Albertans to develop legislation, and will continue to work with them to implement it.”

Service Alberta indicates most of the regulations from the Bill will be implemented over the next year. CREB® looks forward to the implementation of the amendments and continuing to serve as advocates on issues that affect its members.

There are over 320,000 condominium owners in the province and condominium sales account for approximately 20 percent of residential sales annual.

 

To view an overview of the changes click here

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Nov 2014, Calgary Real Estate Market Snapshot

Tuesday, December 2nd, 2014

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market.  This shows what’s really happening in the Calgary Real Estate Market.  The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate.   A simple way to keep up to date and ahead of most!

Below are the details along with a few comments, all numbers were taken  from the Calgary Real Estate Boards Stats package for Realtors.

Want to see stats specific to your Community?  Register for our Market Report at http://www.calgaryareasolds.com/

Find out what your Neighbor’s home sold for – Register for our Market Report at http://www.calgaryareasolds.com/ 

 

Calgary housing market softens slightly as we approach Christmas.  Single family homes and apartment Condos moved slightly toward a balanced market while the Townhouse market went slightly deeper into a Sellers market.  Below is a summary of some key areas with a few short comments.  

 

Calgary Listing Inventory: As I would expect all Inventory levels decreased this last month. Inventories typically decrease at this time of year as some people now wait until the New Year to list. Interestingly the decrease was about 40% less than our decrease in November last year.

 

Inventory

Oct 2014    

Nov 2014    

Change

Single Family Home

2780

2373

-408

Condo Townhouse    

568

511

-57

Condo Apartment  

1088

985

-103

Total

4436

3869

-567

 

Calgary Sales:

Typically at this time of year we also see sales numbers decreasing. Sales in November decreased in all categories. Compared to last year sales from October to November decreased slightly more than last year however sales numbers are still higher than November 2013.

 

Sales

Oct 2014    

Nov 2014    

Change

% Change

Single Family Home

1462

1181

-281

-.19

Condo Townhouse  

300

277

-23

-.07

Condo Apartment

385

324

-61

-.16

Total

2147

1782

-365

.17

 

 

 

 

Calgary Real Estate Sales Prices:

In November the benchmark price decreased for single family homes and increased for Townhouses and apartment condos. The change is so small it’s insignificant. December pricing should remain fairly stable. Based on what I am seeing my early prediction for the New Year is for prices to continue to increase for Single family homes, and less so for Townhouses. Apartment condo prices should remain fairly stable as we are in a balanced market state.  

Sales Prices

Oct 2014   Benchmark Price

Nov 2014   Benchmark Price

Change

Single Family Homes

513,500

511,300

-2,200

Condo Townhouse  

337,800

338,600

+800

Condo Apartment  

299,800

300,700

+900

 

Sales Prices “Year to Date”

Year to date prices – Prices have increased in all categories. Good news if you are a homeowner.

Sales Prices

Dec 31 2013 Benchmark Price

Nov 2014   Benchmark Price

Change

$

% Change

Single Family Homes

472,200

511,300

39,100

+9.3%

Condo Townhouse  

307,100

338,600

31.500

+10.25%

Condo Apartment  

278,600

300,700

22,100

+7.9%

 

 

Absorption Rate (Months of Inventory)  (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market

>4.0

Balanced Market

Between 2.8 to 4.0

Seller’s Market

<2.8

 

*** Absorption Rate:

This month the absorption rate increased for Single Family homes and Apartment Condos while Townhouses decreased slightly. This moves Single family homes closer towards a balanced market, Townhouses in a deeper Sellers market and apartment condos move stronger into a balanced market.

Absorption Rate

Oct 2014  

Nov 2014  

Change

Single Family Homes

1.90

2.01

+.11

Condo Townhouse  

1.89

1.84

-.05

Condo Apartment  

2.83

3.04

+.21

Total Calgary

2.06

2.17

+.11

 

**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

 

 

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October 2014, Calgary Real Estate Market Snapshot

Monday, November 3rd, 2014

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market.  This shows what’s really happening in the Calgary Real Estate Market.  The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate.   A simple way to keep up to date and ahead of most!

Below are the details along with a few comments, all numbers were taken  from the Calgary Real Estate Boards Stats package for Realtors.

Want to see stats specific to your Community?  Register for our Market Report at http://www.calgaryareasolds.com/

An interesting month in the Calgary Real Estate market. Apartment Condos and Townhouses continued to slowly shift away from a seller’s market towards a more balanced market. I find it interesting that Single Family homes moved slightly deeper into a Seller’s market. Attached please find a copy of the stats package from the Calgary Real Estate Board for the month of Oct 2014.  Below is a summary of some key areas with a few short comments.

 

Calgary Listing Inventory: Inventory levels typically decrease at this time of year as some people now wait until the New Year to list. That was the case for Single Family homes. Townhouses and Apartment condos increased very slightly but not big enough to make any substantial difference.

 

Inventory Sept 2014     Oct 2014     Change
Single Family Home 2961 2780 -181
Condo Townhouse 552 568 +16
Condo Apartment 1081 1088 +7
Total 4594 4436 -158

 

Calgary Sales:

Typically at this time of year we also see sales numbers decreasing. Sales in October decreased marginally for Townhouses and Apartment Condos while sales for Single Family Homes increased. I believe this may be still a backlog of buyers waiting for the perfect home to come on the market. It is critical to note that even though the sales are decreasing we are still substantially above our sales for 2013.

Sales Sept 2014     Oct 2014     Change % Change
Single Family Home 1397 1462 +65 +4.6
Condo Townhouse 318 300 -18 -5.6
Condo Apartment 432 385 -47 -10.9
Total 2267 2147 -120 -5.3

 

 

Calgary Real Estate Sales Prices:

In October, the benchmark price increased for all categories. Based on what I am seeing my prediction is for prices to continue to increase for Single family homes, and less so for Townhouses but Apartment condo prices should flatten as they are now in a balanced market state. If you have been following my reports you will notice the increases are continuing to get smaller every month.

Sales Prices Sept   2014   Benchmark Price Oct  2014     Benchmark Price Change
Single Family Homes 512,800 513,500 +700
Condo Townhouse 336,300 337,800 +1500
Condo Apartment 298,800 299,800 +1000

 

Sales Prices “Year to Date”

Year to date prices – Prices have increased in all categories. Good news if you are a homeowner.

Sales Prices Dec 31 2013 Benchmark Price Oct  2014 Benchmark Price Change$ % Change
Single Family Homes 472,200 513,500 +41,300 8.75
Condo Townhouse 307,100 337,800 +30,700 +9.99
Condo Apartment 278,600 299,800 +21,200 +7.61

 

 

Absorption Rate (Months of Inventory)  (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0
Balanced Market Between 2.8 to 4.0
Seller’s Market <2.8

 

Absorption Rate:

This month the absorption rate increased for Townhouses and Apartment Condos and decreased for single family homes. This puts single family homes in more of a sellers market while it puts apartment condos into a balanced market.

Absorption Rate Sept 2014   Oct 2014   Change
Single Family Homes 2.11 1.90 -.12
Condo Townhouse 1.74 1.89 +.15
Condo Apartment 2.50 2.83 +.33
Total Calgary 2.14 2.06 -.08

 

**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

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Existing Home Market Sales Projected to Reach Highest Level on Record

Friday, October 31st, 2014

CMHC has just released their Calgary Fall  2014 Housing Market Outlook.  They show what has happened and they also predict what they believe is going to happen.

A few interesting tidbits

  • MLS sales are expected to increase through 2016
  • New MLS listings are expected to increase through 2016 giving buyers more selection.
  • Prices in Calgary are expected to rise.

What’s best about this report is that it also gives you they WHY they are making the predictions

If you want to keep on top of the Calgary Housing Market this report is a must read.

Check it out  here

 

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Calgary Real Estate Market Snapshot Sept 2014

Friday, October 3rd, 2014

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market.  This shows what’s really happening in the Calgary Real Estate Market.  The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate.   A simple way to keep up to date and ahead of most!  The Calgary housing market is deeply  entrenched is a Sellers Market however is slowly changing and is moving toward a balanced market.

Below are the details along with a few comments, all numbers were taken  from the Calgary Real Estate Boards Stats package for Realtors.

Want to see stats specific to your Community?  Register for our Market Report at http://www.calgaryareasolds.com/

 

Calgary Listing Inventory: Inventory levels for Single Family homes decreased while everything else increased this month. Typically this time of year we show increases in inventory. Single family home inventory went down which is not normal. I believe the reason is that we still have a large backlog of buyers waiting for the perfect home to come on the market, especially in the starter home price range.

 

Inventory Aug 2014 Sept 2014     Change
Single Family Home 3021 2961 -60
Condo Townhouse 437 552 +115
Condo Apartment 1056 1081 +25
Total 4514 4594 +80

 

Calgary Sales:

Sales in September decreased marginally in all categories. Sales numbers decreasing is very normal at this time of year.  It is critical to note that even though the sales are decreasing we are still substantially above our sales for 2013.

Sales Aug 2014 Sept 2014     Change % Change
Single Family Home 1477 1398 -79 -5.3
Condo Townhouse 338 318 -20 -5.9
Condo Apartment 452 432 -20 -4.4
Total 2267 2148 -119 -5.2

 

Calgary Real Estate Sales Prices:

In September, the benchmark price increased for all categories. Based on the inventory change, prices are likely to increase moderately for a few more months as we move from a seller’s market to a more balanced market. If you have been following my reports you will notice the increases are continuing to get smaller every month.

Sales Prices Aug 2014 Benchmark Price Sept   2014   Benchmark Price Change
Single Family Homes 512,300 512,800 +500
Condo Townhouse 328,300 330,200 +1900
Condo Apartment 298,200 298,800 +600

 

Sales Prices “Year to Date”

Year to date prices – Prices have increased in all categories. Good news if you are a homeowner.

Sales Prices Dec 31 2013 Benchmark Price Sept 2014 Benchmark Price Change$ % Change
Single Family Homes 472,200 512,800 +40,600 +8.6
Condo Townhouse 307,100 330,200 +23,100 +7.5
Condo Apartment 278,600 298,800 +20,200 +7.3

 

 

Absorption Rate (Months of Inventory)  (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0
Balanced Market Between 2.8 to 4.0
Seller’s Market <2.8

 

Absorption Rate:

This month the absorption rate increased in all categories. For Single Family homes the ratio went up even though our inventory decreased – this is because sales decreased more. Condo Townhouses took the largest jump of .45, I believe this is just catching up as last month it went opposite of everything else.

Absorption Rate Aug 2014 Sept 2014   Change
Single Family Homes 2.05 2.11 +.06
Condo Townhouse 1.29 1.74 +.45
Condo Apartment 2.33 2.50 +.17
Total Calgary 1.99 2.14 +.15

 

**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

 

If you know anyone else who might enjoy seeing our monthly summary please feel free to share

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CIR REALTY wants to give your local community project, charity or community group $5,000!

Friday, September 5th, 2014

CIR REALTY wants to give your local community project, charity or community group $5,000!

Starting September 1st CIR REALTY will be giving out four, $5,000 grants to local community projects and initiatives. All members of the public are encouraged to submit an entry and winners will be decided by public votes!

You can submit your entry to one of four categories:

1. Locally Registered Non-profit grant
2. Community Facility Improvement grant
3. Youth Extracurricular Activities grant
4. Local Sustainability & Conservation grant
Submitting an entry is easy –
just upload a photo and write a brief description and then share your entry with friends and family and encourage them to vote for you!

Whether you have a community garden that needs a little love, a playground that needs to be rebuilt, a swim team that needs funding or a local animal shelter that needs new dog beds, we want to help YOU!

visit www.cirrealty.ca to enter

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August 2014, Calgary Real estate Market Snapshot

Monday, September 1st, 2014

Stay ahead of the curve by following our Monthly Market Snapshot of the Calgary Real Estate Market.  This shows what’s really happening in the Calgary Real Estate Market.  The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and the effect on the price of Calgary Real Estate.   A simple way to keep up to date and ahead of most!  The Calgary housing market is deeply  entrenched is a Sellers Market however is showing slow signs of moving toward a balanced market.

Below are the details along with a few comments, all numbers were taken  from the Calgary Real Estate Boards Stats package for Realtors.

Want to see stats specific to your Community?  Register for our Market Report at http://www.calgaryareasolds.com/

 

Calgary Listing Inventory: Inventory levels decreased for marginally in all categories. While this is typical for this time of year the challenge is we are starting with a low inventory so a decrease can push us back towards a stronger Seller’s market. I believe the reason is that we still have a large backlog of buyers waiting for the perfect home to come on the market, especially in the starter home price range.

Inventory July 2014 Aug 2014 Change
Single Family Home 3056 3021 -35
Condo Townhouse 536 437 -99
Condo Apartment 1070 1056 -14
Total 4662 4514 -148

 

Calgary Sales:

Sales in August decreased marginally in all categories except apartment condos. Sales numbers decreasing is very normal at this time as people are focused on summer vacations.  Apartment condos increased and I believe that’s simply that last month they decreased more than the other categories.

Sales July 2014 Aug 2014 Change % Change
Single Family Home 1553 1477 -76  
Condo Townhouse 339 338 -1  
Condo Apartment 444 452 +8  
Total 2336 2267 -69  

 

 

Calgary Real Estate Sales Prices:

In August, the benchmark price increased for all categories. Based on the inventory change, prices are likely to increase for a few more months as we move from a seller’s market to a more balanced market. If you have been following my reports monthly the increase is smaller than what we have been seeing.

Sales Prices July 2014

Benchmark Price

Aug 2014

Benchmark Price

Change
Single Family Homes 511,600 512,300 +700
Condo Townhouse 327,000 328,300 +1,300
Condo Apartment 298,100 298,200 +100

 

Sales Prices “Year to Date”

Year to date prices – same as above, Prices have increased in all categories. Good news if you are a homeowner.

Sales Prices Dec 31 2013 Benchmark Price Aug 2014Benchmark Price Change

$

% Change
Single Family Homes 472,200 512,300 40,100 +8.5
Condo Townhouse 307,100 328,300 21,200 +6.9
Condo Apartment 278,600 298,200 19,600 +7.0

 

 

Absorption Rate (Months of Inventory)  (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0
Balanced Market Between 2.8 to 4.0
Seller’s Market <2.8

 

Absorption Rate:

This month the absorption rate increased for single family homes while it decreased for Townhouses and Apartment Condos. This I find interesting as we have been moving from a strong seller’s market towards a buyer’s market (although slowly). My only explanation here is that there is still a backlog of buyers especially in the starter home price ranges putting more pressure on Condos and Townhouses.

 

Absorption Rate July 2014 Aug 2014   Change
Single Family Homes 1.97 2.05 +.08
Condo Townhouse 1.58 1.29 -.29
Condo Apartment 2.40 2.33 -.07
Total Calgary 1.99 1.99 –

**Please note that these numbers do change on a community basis and more so for towns. If you would like to find stats on your community just let me know. If you have any questions about this summary, the attached stats package or any Real Estate questions please feel free to contact us.

 

If you know anyone else who might enjoy seeing our monthly summary please feel free to share.

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2404, 604 East Lake Blvd Airdrie Ab. T4A 0G6

Wednesday, August 27th, 2014

&Experience life in the Edge ­ Airdrie’s finest. This 2 Bedroom, 2 Bath and  den condo with 2 titled

parking stalls is on the top floor. Kitchen with espresso cabinets, granite counter tops and

stainless steel appliances. Living room is open and offers access to balcony. Master bedroom

features walk though closet and full 3 piece ensuite. Second bedroom located on other side of

unit. Features in suite laundry hookup. The Edge is conveniently located right beside Genesis

Place and is convenient to major routes and transit. Cross Iron Mills is minutes away for all your

shopping needs. Check out our video tour at https://www.youtube.com/watch?v=xB0SRBoR99E

MLS # C3633148

 

028 - Open2view ID4774 - 2404_604 East Lake Blvd 019 - Open2view ID4774 - 2404_604 East Lake Blvd 010 - Open2view ID4774 - 2404_604 East Lake Blvd 001 - Open2view ID4774 - 2404_604 East Lake Blvd

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The Third Quarter 2014 edition of CMHC’s Housing Market Outlook

Friday, August 15th, 2014
The Third Quarter 2014 edition of CMHC’s Housing Market Outlook – Canada is now available and can be accessed by clicking on the link below. For full report click
http://www.cmhc-schl.gc.ca/odpub/esub/61500/61500_2014_Q03.pdf

Here is what they say about Alberta

Alberta

Overview Economic growth in Alberta is expected to lead all provinces in Canada over the next two years. GDP is forecast to increase by 3.8 per cent in 2014 and 3.0 per cent in 2015. Higher oil and natural gas prices this year will help increase the value of energy exports and encourage investment in the energy sector. Consumer spending is also projected to rise, supported by strong population growth and rising wages. Labour market conditions in Alberta are projected to remain favourable as the economy generates employment growth of 2.8 per cent in 2014 and 2.2 per cent in 2015.

Alberta’s attraction of new migrants will help expand the labour force and keep the unemployment rate close to its ,current levels. The unemployment rate in Alberta is projected to average 4.6 per cent in 2014 and 4.5 per cent in 2015..After two consecutive years of record net migration, inflows of migrants to Alberta are projected to moderate as economic growth in other jurisdictions improve relative to Alberta. Net migration to Alberta will decline from the record of 102,465 people in 2013 to 79,000 in 2014 and to 64,000 in 2015.

In Detail,

Single Starts: Single-detached starts are forecast to increase from 18,431 units in 2013 to 19,100 in 2014 and then moderate to 18,800 units in ,2015. With active listings in the resale market below that of last year, some ,home buyers will look to the new home market to meet their needs, helping to lift starts this year. By 2015, the declining level of migration, combined with more listings in the resale market and rising new home inventory, are expected to moderate new production. Listings are expected to rise because housing prices in some markets have surpassed prices that last peaked in 2007/2008, thus providing an opportunity for homeowners to move up.

Multiple Starts: Multi-unit starts are projected to rise from 17,580 units in 2013 to 19,500 in 2014 and then ease to 18,000 units in 2015. The lift in multi-unit construction this year is primarily due to increased production in Calgary, where multi-unit starts are projected to attain a 33-year high. The multi-unit inventory has been trending lower over the past two years encouraging new production.

Resales:

MLS® sales are projected to increase to 69,900 in 2014 and to 71,900 in 2015. A large inflow of migrants over the past few years has generated momentum for housing demand. This will help lift sales over the forecast period, as will employment growth and income gains. While MLS® sales are projected to increase in 2015, growth will become more subdued as migration continues to ease.

Prices:

The average MLS® sales price is projected to increase to $396,800 in 2014 and then to $407,000 in 2015. A higher level of demand relative to supply will help lift resale prices in 2014. As 2014 progresses, new listings are expected to increase and continue rising into 2015.

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