Daily Market Update

by Jordan Maxwell27 Apr 2015
Resale prices up in Calgary 
According to the Calgary Sun, despite the highest inventory levels in many years, coupled with a drop in sales, prices in MLS housing markets in the Calgary area are holding their own. “A lack of recovery in oil has many concerned about their employment status and these concerns have been impacting consumer confidence in the first quarter,” said Ann-Marie Lurie, chief economist for the Calgary Real Estate Board (CREB). “However, on aggregate, surrounding area prices have posted some quarterly growth as some of these areas have not recorded the same level of pull-back in sales relative to inventory levels.” 

Unadjusted benchmark prices for residential properties in the surrounding areas were close to one per cent above average levels recorded in the previous quarter and 8.4 per cent above levels recorded in the first quarter of 2014. “City of Calgary prices have started to retract, but it is important to note that total residential benchmark prices in Calgary recovered from 2007 highs in 2013,” said Lurie. “In surrounding areas, prices only surpassed previous highs last year.” Sales in surrounding areas were 911 homes in the first quarter of 2015, a 22.7 per cent decline compared to the same time last year. New listings increased by 11.6 per cent and inventories averaged 1,715 for the quarter, pushing the quarterly average months of inventory to 5.65.

Judge orders fine against real estate agents 
A judge brought the hammer down on two real estate agents who reneged on a deal to buy a Kitchener real estate firm. According to an article from the Waterloo Region Record, Justice Gerry Taylor ruled earlier this month that Roy Cleeves and David Anderson owe Carol Hammer $225,000 plus interest and court costs. On Sept. 22, 2010, the two sides signed a purchase agreement for Hammer's company, called the Hammer Team. The price was $200,000. The agreement also called on Cleeves and Anderson to pay Carol Hammer a bonus based on average gross annual revenue for the Hammer Team of up to $40,000 a year for five years. The closing date of the deal was Jan. 10, 2011. read more here

Calgary industrial market 'resilient'
Colliers International says local vacancy increased only 43 basis points, to 4.25 per cent, in the first quarter of 2015.

“Our industrial market is distribution-driven and has less direct exposure to the energy sector,” said Joe Binfet, managing director/broker for Colliers International in Calgary.“Despite the somewhat softer market due to oil and gas prices, logistics-driven companies continue to be a bright spot for the industrial market.” According to an article in the Calgary Herald, Binfet said some manufacturing space was returned to the market during the quarter as fabrication of oil and gas-related products slowed. Target Canada’s closure of its 1.3-million-square-foot distribution centre near Balzac will also push up vacancy in the short term. Read more here.

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