A recent report reveals that the avg cost of a house in Calgary is 43% higher than the avg household income.
Data from MLS indicates a median household income in Calgary of $95.1K, eligible for a maximum insured purchase price of $385K.However, the avg cost of a house in Calgary is $550.7K, exceeding what the avg household can afford by $165.7K.
Residential construction values in Calgary increased in Q3 2023, driven by multi-residential buildings and secondary suites.Calgary's housing strategy, "Home is Here," aims to address the housing crisis and provide more affordable homes.Building permit applications show positive growth across residential and commercial projects.
The middle of winter has long been a time of celebration around the world.
Many peoples rejoiced during the winter solstice, when the worst of the winter was behind them, and they could look forward to longer days and extended hours of sunlight.Popular modern customs include gift-giving and the display of various holiday decorations.Here's wishing you Happy Holidays! May the good times and treasures of the present become the golden memories of tomorrow. We hope you have a safe and relaxing holiday season.Happy Holidays!
Calgary experiences a significant increase in applications for secondary suites in both new and established communities.
Demand for secondary suites is driven by homeowners seeking additional income and out-of-province investors.
Secondary suites provide affordable housing options for renters, students, and those unable to afford homes.
Calgary councillors have approved a budget that includes a 7.8% increase in residential property taxes for 2024. The move aims to address transit and safety issues and shift more of the tax burden from businesses to residents. Non-residential property owners will see a 3.5% tax increase. Despite attempts to cut spending or provide relief, none of the proposed amendments to reduce the tax increase were successful. The Calgary Chamber of Commerce sees the decision as a step in the right direction but believes more needs to be done to support businesses. Property tax assessments will be mailed out in the new year, with bills due by the end of June.
Despite the overall market challenges, some Canadian cities have seen significant increases in condo sales.
Calgary stands out as a red-hot market for condo sales, with over a 20% rise in sales compared to the previous year.
The city's booming condo market is driven by factors like affordability, a robust economy, population growth, and lifestyle options.
Calgary renters are rallying for more affordable housing options as part of a nationwide movement against corporate landlords. This movement, led by the Association of Community Organizations for Reform Now (ACORN), is in response to the increasing average monthly cost of a one bedroom apartment in the city, which has jumped 13% since 2022. ACORN hopes to introduce corporate regulations for affordable housing ownership by delivering 400 tenant testimonials to the Canada Housing and Mortage Corporation (CMHC) and Liberal MP’s offices across the country. Meanwhile, Calgary City Council is scheduled to explore the future of its affordable housing model on Tuesday.
Calgary saw a 17% increase in home sales in October, with 2,171 transactions.
New listings also rose to 2,684 units, the highest for October since 2015.
Inventory levels remained over 40% lower than usual due to strong sales.