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PRIYA SHARMA
Century 21 Signature Realty
#207, 2920 Calgary Trail NW, Edmonton, Alberta
P: 780-485-2100
F: 780-485-2180
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Tuesday, January 10, 2012 - Alberta to buck national trend for new home construction

 

Alberta is expected to buck the national trend for new home construction in the next

two years, according to a report by TD Economics.

 

After seeing a forecasted 6.3 per cent annual decline in 2011 to 25,200 housing

starts, the report is predicting new home construction will increase in the province

by 2.5 per cent in 2012 to 25,800 units and by another 1.6 per cent in 2013 to

26,200 units.  At the national level, housing starts are expected to be up 0.3 per

cent in 2011 to 192,100 units followed by declines of 5.6 per cent in 2012 to

181,300 and 5.3 per cent in 2013 to 171,700.

 

Tim Logel, president and partner of Cardel Lifestyles in Calgary, said there was a

pent-up demand of buyers in the local market at the end of the year and more

buyers are now coming forward.

 

A healthy economy, low interest rates, strong employment growth and increased in

-migration are fundamentals pointing to an improved housing market.  Logel said

Cardel had 218 building permts for condos and townhomes in 2011, up from 172

the previous year.

 

Multi-family permits over the past five years have reached 850 for the local builder,

tops in the city.  “I’m expecting the same type of growth for our company that we

had year-over-year,” noted Logel of the next couple of years in the homebuilding

industry.

 

In the existing home sales market, the TD Economics report forecasts sales to

increase by 0.5 per cent in Alberta in 2012 to 53,300 transactions and then dip by

2.7 per cent in 2013 to 51,900.  This after a 6.6 per cent hike in sales in 2011 to

53,000 transactions.

 

TD Economics forecasts the average existing home price to remain unchanged in

Alberta in 2012 at $355,900 after increasing by 1.1 per cent in 2011 to $356,100.

But the average is expected to fall by 2.5 per cent in 2013 to $347,200.  At the

national level, TD Economics expects existing home sales to drop by 2.4 per cent

in 2012 to 445,000 units and fall another 3.5 per cent in 2013 to 429,200. This after

a 2.2 per cent increase in 2011 to 456,200 units.

 

Across Canada, the report said the average existing home price would fall by 1.9

per cent in 2012 to $357,100 and decline by 3.6 per cent in 2013 to $344,200. In

2011, it rose by 7.5 per cent to $364,100.

 

posted in General at Tue, 10 Jan 2012 07:20:16 -0700



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