A 'fantastic' year for Calgary businesses despite dropping energy prices

Despite plummeting oil prices, commercial activity in Calgary remained robust throughout 2014, creating what many industry analysts are calling one of the most competitive markets in Canada heading into the new year.

"I think it's been a fantastic year despite the last quarter of the challenging energy prices. We had some great revenue streams that were available for the first three quarters of the year," said Calgary Chamber president and CEO Adam Legge.

"Building projects are strong. You see some of the new towers going up in the downtown. You've got a lot of major infrastructure projects.

Calgary's luxury resale residential housing market continued to fire on all cylinders in 2014, according to new numbers from CREB®.

Year-to-date home sales priced over $1 million increased 18 per cent to 812 from 688 as of the end of November compared to the same period in 2013. Of those, six were sales in excess of $4 million.

With one month to go, the total already surpasses the record for the most million-dollar-plus sales in a year, consecutively set over the previous two years with 732 and 544 homes sold in 2013 and 2012, respectively.

Demographics helping to distinguish Calgary market as Canada's leader

Calgarians need not be defensive about their hometown's place amongst Canada's preeminent cities, at least not when it comes to the world of real estate.

Having seen a rise in sales and prices, Calgary's housing market has been experiencing the same prosperity seen in Vancouver and Toronto – a trio billed as the "hot three" in a recent report from BMO Capital Markets.

There are, however, conditions that separate our city from the housing hot spots to the east and west.

Price growth eases as supply improves

Calgary's hot condominium market helped fuel a 10 per cent increase in Calgary's residential resale housing market in October.

Overall sales for the month totaled 2,147 units, compared with 1,948 during the same period last year, according to the latest statistics from CREB®.

"Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector," said CREB® chief economist Ann-Marie Lurie.

Affordability driving sales growth in Airdrie, Cochrane and Okotoks

Calgary's surrounding communities and their respective residential resale housing markets are continuing their torrid pace in 2014, with 4,449 homes overall exchanging hands for the first nine months of the year, a 26 per cent increase compared with 2013, according to CREB®.

Airdrie, Cochrane and Okotoks all saw double-digit sales growth on a year-over-year basis.

Calgary's 'vibrant' inner-city a popular attraction for many

They say it's a place you can go when life is getting you down. A place that has movie shows and little spots to go. In the words of songstress Petula Clark, downtown is where you forget all your cares.

While Clark may not have been referring to the city we call home, the growing popularity of Calgary's inner-city communities stand as proof she was on to something.

Mid-year update shows sales up in Calgary market

The beneficiary of a rental market where selection was less than limited, Calgary's condo market saw sales skyrocket through the first six months of 2014.

According to CREB®, year-to-date condo sales (apartment and townhome) in the city rose by 22 per cent through the first six months of 2014, increasing from 3,698 last year to 4,503 in 2014.

Mid-year forecast calling for more supply, added choices

Mario DeMarco thought he was prepared for anything after deciding to become a first-time homeowner.

The 25-year-old Calgarian has spent the past two years saving for a down payment, and was recently promoted at work, giving him the financial stability to purchase his own place – ideally a condo in the Beltline.