March Canmore Real Estate News from Louise Fuller

Sales of Canmore Real Estate for the month of February  2014 are as follows:

Single family: 4 sales, average sale price $718,750, average days on market 102 (DOM).

Half duplex: 7 sales, average sale price $824,221, average days on market 100 (DOM).

Townhouse: 8 sales, average sale price $554,350, average days on market 110 (DOM).

Apartment: 10 sales, average sale price $399,615, average days on market 92 (DOM).

Lots: 0 sales.

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CMHC announces it will raise mortgage insurance premiums

OTTAWA (MNI) – Following is the text of a statement issued Friday by Canada Mortgage and Housing Corporation announcing it will raise mortgage insurance premiums starting May 1, 2014 to meet the agency’s higher capital targets:

Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014.

The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC.

 

Calgary poised to reach record highs for average home sale prices

Solid February MLS sales drive homebuying costs higher

By Mario Toneguzzi, Calgary Herald

CALGARY – A low inventory is continuing to drive resale housing prices upward with the city poised to set numerous all-time records from February MLS sales.

As the housing market comes to the end of another month, Calgary is on the verge of hitting new highs for average sale prices and median prices in both the overall city market and in the single-family sector.

According to the Calgary Real Estate Board, from February 1-26, the average MLS sale price for all city sales was $485,085, up 6.94 per cent from a year ago while the median price has jumped by 7.80 per cent to $425,000. Also, the single-family home market has seen the average price soar to $553,077, up 8.16 per cent from a year ago while the median price has risen by 10.98 per cent to $485,000.

 

Calgary housing prices forecast to rise in short-term

Year-over-year growth of 5-6.9% predicted

By Mario Toneguzzi, Calgary Herald

CALGARY – The short-term expectation for year-over-year MLS price growth for the existing home market in Calgary is one of the highest in Canada, according to a report released Monday by the Conference Board of Canada.

The board said Calgary housing prices in the short-term can expect to see annual growth in the range of five to 6.9 per cent as the city is in a seller’s market at this time.

The report said the seasonally-adjusted annual rate of sales in the city in February was 29,844, up 6.6 per cent from January and 13.7 per cent year-over-year.

However, listings of 39,564 are down 3.8 per cent both on an annual and a monthly basis.

The price in February was up to $455,785, representing a 5.8 per cent hike from a year ago and a 1.4 per cent increase from the previous month.

 

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