Calgary’s population has reached 1,149,552; this is an increase of 29,327 residents from the previous year when the Civic Census showed the city’s population was 1,120,225. This is an increase of 2.62%, similar to the level of population growth reported in 2012.
The number of housing units, both existing and under construction continued to rise, increasing by 9,019 to 468,358; an increase of 1.96%.
There are currently 442,558 occupied dwellings. Of those, 303,166 or 68.5% are owner-occupied.
There’s no rocket science involved in understanding why we have a shortage of listings, and will continue to do so.
Read more City releases 2013 census
To quote Ben Rabidoux, ”Hard to see how Alberta’s housing market will slow meaningfully given population growth + low units under constrctn.”
Rabidoux: “Alberta nominal y/y population growth in Q2 2013 was HIGHER than Ontario for the first time….ever.”
Here’s a chart from Rabidoux showing population growth:
Last month I made a special note of the fact that first-time buyers were busy in May, with a 30% increase in first-timers over last year. This story in the Herald reinforces it:
The real estate market in Calgary is supported by three important factors, any of which would support a robust market independently and yet we enjoy all three,” said Cody Battershill, a realtor with RE/MAX House of Real Estate in Calgary. “The underlying variable that ties all three together is the desirability and quality of living we enjoy in Calgary.”
The first factor is strong migration to Calgary and Alberta.
“The second is Calgary’s demographics. We are Canada’s youngest major city with the average Calgarian being in their mid to late 30’s. This is important as first-time buyers kick start the property ladder and enable existing homeowners to sell and move up,” he said.
“The third factor is that Calgary is a head office leader and business hub that is recognized internationally for our experience, technical prowess and leadership. Calgary has more head offices per capita than anywhere else in Canada and is the world’s 17th most competitive financial centre.”
Read more: House price growth best in Canada
also, from BMO: Prices remain stable, perhaps maddeningly so for the legions of bubble mongers. The ceiling can’t hold us
After seeing how busy the real estate market has been in Calgary, this story shouldn’t surprise you:
U-Haul names Calgary as top 2012 Canadian destination city
According to moving data reflective of nationwide statistics for calendar year 2012, Calgary ranked No. 1 and took first place from Toronto, which ranked No. 1 for 10 years in a row and dropped down to No. 2. Montreal ranked No. 3 and Edmonton took No. 4 for the fourth year in a row. Other cities in the top-25 included Regina, Saskatoon, Kelowna, Vancouver, Victoria and Red Deer.
The ranking reflects destinations for movers renting a truck one-way and considers every city in the country, regardless of size. To make this even more significant for Calgary, the data is not stated as a percentage of population.
In the United States, Houston took top honours.
More accolades for Calgary: Bow Tower is world’s most spectacular corporate building
Calgary’s population increased 2.86% over the past year, higher than the boom year of 2007. Where will they all live?
These statistics go a long way in explaining the torrid pace of home sales this spring. Total residential sales are up 21% this year, with an increase in price of 2.1%. Continue reading