Originally posted on Calgary Real Estate Review:
While Toronto and Vancouver have been the focus of the Canadian housing market, Robert Kavcic, an economist with BMO writes that Calgary is quietly becoming a market to watch. In a brief research note released today on April’s housing figures, he wrote:
[Calgary] Sales jumped 30% y/y in April and are back above the 10-year average for the first time in about 3 years.
Prices have yet to gain much momentum (up 0.7% y/y), but supply conditions are tightening rapidly across Alberta.
The months’ supply was down to 4.6 from a post-recession high of more than 8, and sales have far outpaced new listings in recent months.
If oil prices remain high enough to continue supporting strong economic growth and migration flows, Calgary could again become Canada’s real estate hot spot in short order.
You can read the release here
TD Economics didn’t have any specific remarks regarding Calgary, but…
View original 145 more words