Housing starts, sales and prices continue to climb in Calgary and area, says an economic analysis report by the Canadian Home Builders’ Association-Alberta.
Housing starts in Calgary continue to be up year-over-year, shows the report prepared by Richard Goatcher, economic analyst for CHBA-Alberta.
For the fifth consecutive month, total housing starts in Calgary and surrounding communities increased on a year-over-year basis in February. Total starts of housing of all kinds reached 1,270 units, up 42 per cent from last February.
For the first two months of the year, total starts sit at 2,598 units, up 61 per cent during the first two months of 2013.
Single detached houses in Calgary and area increased in February by 15 per cent to 559 units from a year earlier. In the first two months of 2014, shovels were in the ground on 1,010 single-family units in Calgary alone, up nine per cent from the first two months last year.
From a recent low in 2008, of just over 4,000 single detached starts, the trend has been climbing over the past six years to just over 6,000 starts last year. This is still shy of 2006’s starts, which tallied about 10,500.
Calgary’s new homes continue to increase in price, Statistics Canada’s new house price index shows. They increased in price by seven per cent year-over-year in January, the largest since April 2007. This index of contractor selling prices was up on average by 5.3 per cent in 2013, the largest increase in Canada.
Meanwhile, Canada Mortgage and Housing Corp. reports the average absorbed (sold) new house price for Calgary and area increased by almost 14 per cent from a year earlier in January to $585,359. The number of homes selling for under $450,000 decreased during this time.
Residential MLS sales in Calgary increased in February year-over-year for the 11th month in a row. Sales of MLS-listed homes were up by 14 per cent from a year earlier to 2,363 units. Home sales were up by 14.3 per cent from the first two months of 2013 to 4,165 units.