Calgary

Energy sector key to Calgary's growing real estate market

The dean of the Haskayne School of Business says the energy sector has been keeping the city's real estate market growing.

Calgary Real Estate Board says 2013 resales were 10 per cent higher than year before

Hot housing market

11 years ago
Duration 2:10
The dean of the Haskayne School of Business says the energy sector has been keeping the city's real estate market growing.

The dean of the Haskayne School of Business says the energy sector has been keeping the city's real estate market growing.

The Calgary Real Estate Board says in 2013 resales were more than 10 per cent higher than the previous year, and it's predicting growth for this year of close to four per cent.

The University of Calgary’s Jim Dewald said the energy sector has been keeping the city's real estate market growing.

The Calgary Real Estate Board predicts resale values will raise in the city by another four per cent this year. (Canadian Press)

Altadore is the community with the largest average price increase since 2005 — 231 per cent

“I think there's a lot of lifestyle changes people are looking to be able to walk to work or take transit to work. Spending less time sitting in their vehicles in traffic and so that again drives up prices that demand the popularity of inner city communities is having an impact  in terms of the prices going up.”

Dewald also says the city has been short on a supply of homes to sell and low interest rates also attract buyers.

Location, location, location

Realtor Mike Tingley says location is the key.

“The inner city is what I think is really, really strong. Some people want to live north of the river some want to live south.”

CREB chief economist Ann-Marie Lurie says it was a better year than expected because of more people moving here and job growth.

“If you couple that with the fact that the rental market was so tight all of that resulted in stronger than expected demand.”

Lurie says new construction will help increase the housing supply.

CREB also warns delays or rejection of pipeline projects or problems with raising investment money could translate into a weaker demand for housing in Calgary.