Calgary Realtor® Blog - Friday, July 23, 2010 - Calgary’s Resale Real Estate Sector Looking For Healthy Upswing

Can it be that the strong sales in luxury homes is a sign that the somewhat static resale home market is about to turn? Ted Zaharko, a Calgary broker from Royal LePage Foothills. Citing the fact that people don’t buy high end homes unless they are sure of a favourable economic climate, he predicts that by the end of this year or perhaps the first quarter of 2011, Calgary’s resale market will be back in seller’s market territory.

That is not the case at present. There are currently 11,000 homes on the market in the Greater Calgary Area. In June there were less than 2,000 sales. That leaves a lot of inventory for buyers to sort through. That much inventory takes the edge off the buying process, the exact opposite of what happened when the increased mortgage rates were looming as were tighter mortgage qualifications.

Zaharko also notes that financial happenings half a world away in Greece should not have an affect on sales locally, other than perhaps psychologically, and that things will even out. He also expects more interest in the real estate market once the Calgary Stampede is over for the year. Calgarians are in too much of a party mood when the annual extravaganza is going on.

Foreign investment and increased migration to the region will also mean more homes will be needed. Most home types, except condos, show an increase in prices year over year. Although the latter half of 2010 is expected to be slower than the first half, it is expected that the first half of 2011 will start strong and build into the second quarter, signalling a return to a healthy real estate environment.

Calgary Realtor® Blog - Monday, June 28, 2010 - Slight Rate Increase Should Not Intimidate Home Buyers

Everyone knows that mortgage rates have experienced a modest increase since earlier in the years, when buyers were enjoying near-record low rates. However, any anxiety needs to be kept in check when comparing this rate hike to a review of rates from back in the 1980s. For some homebuyers in the early years of that decade, it was not unusual to pay a 22-percent interest rate on a conventional mortgage.

It has been said that the latest growth in interest rates would add roughly $20 each month to a $100,000 mortgage. For the vast majority of homeowners and would-be buyers, this is not a burden. Although the average Calgary home price increased by at least $20,000 in May versus April, much of the overall increase was due to an atypically high number of upscale home sales.

According to data from the Calgary Real Estate Board, 52 homes that were priced at more than $1 million changed hands as compared to 29 homes in this price bracket in April. If the high-end homes are subtracted from the rest of home sales, the average home price actually decreased.

As an example, a single-family home in southwest Calgary that was priced at $506,000 in March declined to $472,500 by May 31. In the city’s southeast quadrant, the average home price dropped by $5,000 during this period. In only one month, the average single-family home price in the northeast area slipped by at least $10,000.

Bryan Morrow, a realtor with Re/Max First, is convinced that the supply-and-demand law will continue to apply: As the number of listings grows, sales will slow. He also contends that this situation will result in greater price reductions as months go by.

Board President Diane Scott noted a 20-percent decline in sales for detached homes in May, and a 21-percent decrease in condo sales. She also said that of the homes that have sold, they have been priced appropriately and competitively.

Calgary Realtor® Blog - Friday, June 11, 2010 - Calgary Home Real Estate Market Slows In May, Listing and Prices Up

May was a slow real estate month in Calgary. A combination of factors, the increasing mortgage rates, tighter mortgage lending rules and an iffy global financial market has put a whiff of instability in the air. Sales decreased by more than 20 percent compared to May of 2009. The number of listings on the MLS service and the average price per home also rose.

The tighter mortgage qualifying rules also meant that buyers who did not get in under the wire will have to save for a bigger down payment, delaying their purchase. The larger down payments will offset the higher interest costs for buyers.

Listings are also up. There were 2,966 single family homes and 1,221 condos listed as of May, a 33 percent and 22 percent increase, respectively, over May of 2009. Sales prices, boosted by move-up buyers looking for more expensive homes are being elevated. The rural areas outside of Calgary, as well as the acreage market, are experiencing similar trends.

Diane Scott of the Calgary Real Estate Board believes this is just a normal cycle and that when we finally compare sales in 2010 to 2009, the current year will show stronger numbers.

Calgary Realtor® Blog - Tuesday, June 2, 2010 - Calgary’s Home Prices Appear To Be In A Holding Pattern

Calgary home prices have rebounded from their lows in 2009 but appear to have levelled off just below the pre-recession price range. The city remains the only metropolitan area of Canada that has not managed to reach that price peak. Prices are still down just over ten percent from the hey-day highs of August 2007.

Calgary has also experienced a drop in home prices for the last three month. April’s prices were down 0.3 percent from those in March. If we compare this year’s prices to last years, Calgary is still on the plus side with at 2.7 percent gain. Nationally, Canada has seen a steady gain in house price increases for the last 11 months. Comparing the early part of 2010 with 2009, there is an average gain of 11.6 percent.

In July of 2007 an average price for a Calgary single family home was $505,920. So far this year the average price is up to $485,743. For condos, which hit their high mark in May of 2007, the average price then was $332,237. An average condo in Calgary today goes for $307,838.

Since the economy has been on the rebound, Calgarians have shown a preference for higher end homes which may be exaggerating the growth figures somewhat. The survey counted all homes that have been sold at least twice.

Calgary Realtor® Blog - Tuesday, May 11, 2010 - Calgary Commercial Real Estate on the Upswing

The commercial real estate market is recovering nicely in Calgary. A year ago the city was going through a decidedly slow period, but now investors are looking at retail, industrial and acreage listings and are eager to get back in the market. So far Calgary has seen more commercial real estate transactions during the few months of 2010 than in the entire year of 2009.

Colliers International released its 2010 Global Investor Sentiment Survey this past Tuesday and it noted the cautious optimism that Canadian real estate investors are currently feeling towards the market. The report also noted that 65 percent of Canadian based private and institutional real estate investment firms were planning on adding to their portfolios over the next 12 month. This is on par with the global trend of 64 percent.

Over 85 percent of Canadian responders to the survey indicated that they wanted to keep their investments in Canada. The city they were most interested in was Toronto, at over 27 percent, followed by Vancouver and Montreal both coming in at 16.7 percent, Edmonton at 14.8 percent and Calgary at 11 percent.

In Calgary, there is evidence of an especially healthy improvement in the optimism and confidence of investors in the area. Investors tend to gravitate towards opportunities that are project based. As Calgary recovers, more such investment opportunities will be made available much to the delight of investors and city officials alike.

Calgary Realtor® Blog - Friday, April 23, 2010 - Feds Examine Possible Mini-Pillar for CPP

Federal governments and provinces across Canada are re-examining the three pillar retirement system. The feds are advocating an additional mini-pillar to enhance existing retirement income, but Alan Caplan, TEP with CBA Wealth, says that the issue is a lack of people with enough discipline to build for their retirement. According to Caplan, the solution is not another plan but assisting people in helping themselves.

Canadian Pension Plan is funded by employees and employers. Every self-employed person or employee over 18 contributes a percentage of income to a maximum of $47,200. Employers must donate in an identical amount for every employee, and the combination funds CPP’s benefits.

CPP is managed by a pension board of money and has low transaction costs so its benefits pay well.

Registered Retirement Savings Plans (RRSP) pay GST and pay for GST on administration costs, an expense CPP doesn’t have. The private sector, known as the third pillar, provides savings options that aren’t available to CPP and plan members such as mutual funds, segregated funds, bonds, stocks, real estate and guarantees from issuers.

Instead of creating a new pillar, Caplan believes that there are many options to make savings plans more accessible to the public such as changing the Income Tax Act and GST, raising RRSP contribution limits or increasing financial education in schools.
These options, Caplan says, would remove an extra and expensive bureaucracy and allow people to take advantage of a good plan already in place.

E-mail Caplan at acaplanatcba@hotmail.com.

Calgary Realtor® Blog - Wednesday, April 14, 2010 - Real Estate Market in Calgary Continues to Recover Nicely

Calgary’s real estate market is still making a steady recovery during the beginning months of 2010. A recent price survey shows a steady increase in home values in all housing markets throughout the area.

The highest price increases were found in standard two storey homes, showing a 10.6 percent increase in price, translating to $437,178 per unit. Condos followed with a 7.2 percent increase to $263,533 per unit and detached bungalows with a 7 percent increase in price or $419,000 per home.

Nationwide, a detached bungalow currently averages $329,209 per unit, an 11 percent increase over this time in 2009. Standard condos rose 10.9 percent to $228,963 and standard two storey homes jumped 10.3 percent to an average price of $365,141. All of Calgary’s home prices are above the national average.

It should be stressed that the market is balanced at the moment. Currently the supply of homes in Calgary is keeping up with the increased demand, creating a fairer playing ground for both buyer and seller. As buyers try to close deals before the interest rates climb too high and the new mortgage rules are applied (April 19th) it is hoped the market remains balanced, or nearly so.

Calgary Realtor® Blog - Thursday, March 25, 2010 - Spring Housing Market in Calgary Is Warming Nicely

The spring housing sale season in Calgary is getting off to a fine start. Average prices of homes and the number of sales are up from those a year ago and as the economy improves, more homeowners with the intent to sell are listing their homes. This is good news for buyers, since that gives a larger inventory from which to choose and keeps prices from being artificially inflated due to bidding wars on a limited number of listings.

So far this month, the listings on the real estate board’s website total 3.655 for single family structures and 1,920 for condos. This is much healthier than in December of 2009 when the numbers were 2,054 for single family homes and only 1,204 in the condo market.

Sales so far this month have numbered 575 for single family homes, averaging $464,370 per unit and in the condo department 247 homes have changed hands averaging $296,659 per sale. Compare this to March of 2009 when Calgary saw 1,086 single family structures move at an average price of $420,354 and 466 condo sales at $284,056.

Anticipation of a rise in real estate mortgage interest rates later this year may have also encouraged those wanting to sell to move now rather than later while the affordability factor is in their favour. Then again, spring is traditionally one of the hottest seasons in the real estate business. In 2010, it appears that tradition is being upheld quite nicely.

Calgary Realtor® Blog - Friday, March 12, 2010 - Calgary Animal Adoption Agencies Hold Adopt-A-Thon for Abandoned Pets

The number of strays and abandoned pets is on the rise in Calgary and rescue groups that give them temporary shelters are hurting for space. Trying to find homes for cats, dogs and ferrets in their care, eight animal welfare organizations held an adopt-a-thon this past Sunday, taking 100 or their over 500 charges to the event.
Calgary’s shelters are no kill, so while that is a good thing, it does mean that the groups cannot take in any new animals until the ones already in the shelter have been adopted.  People who adopt from a shelter actually help two animals, the one they are adopting and one that can now be accepted in the shelter.

Part of the reason for so many unwanted animals is the lack of spaying and neutering. Another is the economy; people have had to make that hard decision to give up their pets.  Maybe they had to move or just could not longer take care of them.

 In the case of ferrets, some people who got these curious creatures didn’t quite know what they were getting into. They are smart, curious and need mental and physical exercise to be healthy and happy.  Right now there are 69 ferrets in foster care and the Ferret Rescue and Education Society is looking for volunteers able to give temporary homes to some of them.

Calgary Realtor® Blog - Tuesday, February 23, 2010 - Rental Market Hopes For Increased Business After Mortgage Rule Revamp

While the real estate market has been improving in Calgary, the rental market has had a rougher time of it.  Those in the rental market, such as the Boardwalk Real Estate Investment Trust, hope to see an upswing in business after the recent tightening of mortgage lending rules in Canada.

As housing prices tend to inch up and it becomes slightly more difficult to secure a mortgage, the rental firms are starting to drop their rental incentives.  In January Boardwalk was offering a $200 per month discount to renters.  This month that $200 has been decreased to $100. If increases in occupancy start to rise even more, that incentive will also take flight.

Average rents in Boardwalk properties across Canada are $998 per month.  In Calgary, the average is $1,093 and in Edmonton $1,039.  Nationwide, rental rates have dropped 1 percent, in Calgary 5 percent and in Edmonton 4 percent. More than one third of Boardwalk’s holdings are in Edmonton.

The rental market is far from stabilized.  As the new mortgage rules take effect in the coming months, the rental market should see improved numbers. Its biggest competitor is the condominium.  It is thought that the new mortgage rules may discourage building of more units and that once the glut of existing, already built condos has thinned, more people will return to the rental market.

Calgary Realtor® Blog - Tuesday, February 9, 2010 - Calgary's Housing Market Stills Sees Growth

In Calgary, the number of home sales and the average prices of those sales are continuing to increase in 2010, although the figures were not as potent as December's activity.

City officials believe that the housing market will continue to make a modest and gradual recovery in the months to come.  They think buyers will continue to show interest due to low interest rates and affordable prices.

Officials also note that after the dismal end to 2008 and ugly beginning to 2009, the year-over-year sales figures are dramatically greater, showing a recovery in full swing.

Bank of Canada is expected the raise interest rates later this summer.  Economists say that with a fully functioning credit market, there is only a matter of time before the authorities will raise the cost of credit from the extreme lows seen in 2009.

Once the rates are increased, economists believe that sales will decrease.  One solid factor unique to Calgary's market is that forecasts show increased migration to Calgary over the next few years, as job seekers come to the city.  These new residents will boost demand.

A six percent increase in home prices in 2010 is expected by the Calgary Real Estate Board.

Calgary Realtor® Blog - Tuesday, January 26, 2010 - Calgary Finds its Cultural Groove

For many years, Calgary was viewed by outsiders as a cultural wasteland.  Performing arts bastions like Theatre Calgary and the Calgary Philharmonic Orchestra were operating in the red.  It didn’t help that that Calgary’s then premier did not include the arts as an area worthy of government assistance.

Things have changed in the past ten years.  The current premier has pushed the arts to the forefront, even appointing a culture minister.  An influx of young people moving into Calgary also stimulated a higher interest in performance arts, making Calgary a real cultural destination.  

When was the pivotal moment for culture?  Some believe it in the spring of 2004, when the Calgary Flames defeated the Vancouver Canucks in the NHL playoffs.  The street fest that erupted that night showed Calgary that its people had an immense capacity for public celebration.  

The 2004 launch of the Calgary Arts Development Agency also pumped up awareness of the city’s arts scene.  Carl Abad of the Worth boutique located on 17th Avenue is a Calgary native who worked in London, England for a number of years. He worked for fashion stylists who performed shoots for prestigious publications like British Vogue.  After coming back to Canada in 2001, Abad began to notice that young Edmontonians are much more fashion-conscious, reflecting the general increases in cultural awareness.

Now dubbed one of the world’s Seven Musical Wonders, the Calgary Folk Festival has come a long way from its humble roots.  The Calgary Opera is a haven for promising young performers, and boasts a new home at the Arrata Opera Centre.  It also has the unusual distinction of commissioning new operas, such as the 2003 debut of Filumena and the 2007 performances of Frobisher.

Calgary Realtor® Blog - Monday, January 11, 2010 - Calgary Office Space in Demand

Real estate company CB Richard Ellis says the market is full of sings that point towards recovery, despite recent data that may just show stabilization.  They say that the increased leasing activity can be attributed to easier access to capital.  This uptick in lending has given the commercial real estate market some strength.

On the other hand, the company’s data says otherwise.  The vacancy rate rose to almost ten percent from just 6.7% a year ago.  The company says that businesses have been leasing more space, but real proof of these transactions will not be seen until the leases begin in 2010.

One reason that many analysts and industry insiders believe that the market will continue to improve is because there is wide-spread confidence in the Canadian economy.  The economic stability will improve demand for the commercial real estate.

Already, Calgary is seeing a high vacancy rate of over 15%.  After hitting a seven year low in 2009, natural gas prices are strengthening, which could be a catalyst for increased demand in office space during 2010.

Edmonton’s vacancy rate for office space is a only ten percent, compared to the 15% seen in Calgary.

Calgary Realtor® Blog - Friday, December 11, 2009 - RioCan to Purchase $166 Million in Property

The RioCan Real Estate Investment Trust just announced that is will enter into a joint venture with the Canada Pension Plan Investment board and Sun Life Financial to buy two commercial properties for approximately $280 million.  The will also buy two other properties as sole owner. 

Of the properties, located across British Columbia and Alberta, three are anchored by Wal-Mart.  The portfolio of property totals more than 1.2 million square feet, where Wal-Mart occupies 54% of the gross leasable area and accounts for 35% of the gross rental revenue.  98% of the space is occupied.

With the completion of this acquisition, Wal-Mart will become RioCan’s the third-largest tenant.  The CEO, Edward Sunshine, thinks that the four new shopping properties will be a lucrative part of its core portfolio.  The real estate investment trust also plans to use the opportunity to expand its relationships with the CPPIB and Sun Life.

The properties RioCan will buy are the Grandview Corners in B.C. and the Edmonton West Retail Centre.  The deals will be joint ventures with the CPPIB and Sun Life, and RioCan will act as the property and assets manager.

Calgary Realtor® Blog - Sunday, November 29, 2009 - Strong October Numbers in Calgary

Areas in Western Canada, such as Vancouver, Victoria and Calgary, are seeing solid buying demand in the residential real estate markets.  The regions saw enormous upticks in activity of sales.  Vancouver and Victoria saw 100% increases in home sale activity.  CREA chief economist, Gregory Klump, points out that this is a dramatic rebound from the activity at the beginning of 2009.

Klump gauges the strength of the market through the number of new sale listings in the market. The number of new sales listed is absolutely down from the extreme numbers at the beginning of 2009, and many times it was due to the fact that buyers swept up many of the good deals.

A great sign of the strength is the total dollar volume of transactions of the twelve-month period ending October 2009.  The total volume for sales was over $905 million, a 60.3% increase from the 2008 total.  Large demand is seen through these numbers, signifying better times to come.

Calgary Realtor® Blog - Saturday, November 21, 2009 - Media’s Hype of H1N1 Questionable

A recent poll showed that Canadians feel that the three levels of government have done a fair job of preparation for the H1N1 flu.  The poll showed that 24% of people believe that the government has done a good job dealing with the outbreak, while another 35% believe that the preparations and plans by the government are up to standards.

The funny part of the survey is that the other 35% of participants believe that all three levels of government - municipal, provincial, and federal - have done a horrible job preparing for the epidemic of H1N1.

The survey was conducted by the Canadian Press Harris-Decima.  The survey showed wide-spread dissatisfaction with the governments response throughout Alberta, where over 60% of the participants believed that the government has preformed poorly in the wake of such an unprecedented event.  The Premier, Ed Stalmach, even admits his government could have done a better job implementing the province’s H1N1 plan, although the program is the largest vaccination program the country has ever seen.

Younger Canadians seem to be more impressed with the government’s response than the older generation, but that could be due to the fact that as people age, they become more critical of the government. 

On the media side of the coin, over 65% of the Canadian population believes that the media has absolutely overreacted and covered the outbreak in a dismal way.

Calgary Realtor® Blog - Tuesday, November 4, 2009 - Estate Investment Trust Switches Gears and Market

In a shocking move that surprised many, Estate Investment Trust announced that it had completed two multi-million-dollar deals Thursday that would in effect reduce its presence in the Calgary office market while at the same time growing its current property holdings that it has in Winnipeg.

The Winnipeg-based company Artis announced that it had completed the sale of the Willowglen Business Park located in Calgary for a price of $28.3 million and had agreed to acquire 13 light-and flex-industrial properties located in Winnipeg from ING Canada for $42.7 million. The sale would take effect immediately upon approval.
Artis announced that it will pay for the newly acquired Winnipeg properties with the cash on hand that it has, augmented by $27.5-million in new mortgage financing that it took out.

The mortgage financing will carry an annual interest rate of 280 basis points over the 10-year government of Canada bond yield on the date the rate is locked in.  Armin Martens, who is the chief executive of Artis, said when asked why the move now, that the Winnipeg industrial market has performed well through the recent economic downturn. “We feel that this is the best move to make, now is the best time to implement this move and venture into territory” Martens said.

Artis is a local growth oriented real estate investment trust focused exclusively on commercial properties in western Canada. At midday trading on Thursday the company’s stock was trading at a price of $9.22 which is up three cents since the announcement was made.

Calgary Realtor® Blog - Tuesday, October 20, 2009 - Calgary Leads Canada in Office Vacancies

In comparison to 2007, when energy firms were grasping for every available bit of downtown commercial real estate, 2009 sees Calgary leading a nationwide oversupply in vacant office space. Combined with five million square feet of new commercial space, downturns in the natural gas arena and the still-uncertain economy, Calgary is swamped with unused office real estate. Up 4.7 percent since a year ago, 13.1 percent of Calgary’s office space is unoccupied.

Commercial real estate vacancies throughout Canada have increased by nearly 50 percent in the past 12 months, and industry mavens predict a continued overstock. This is good news for prospective tenants considering a relocation or rent renegotiation. Companies have more opportunities than ever to move to Class A buildings. However, the inventory oversupply does not bode well for owners of older buildings, as they face the possibility of tenant departures and lower rents.

Toronto is also experiencing an excess of office space, with 9.1 percent of its offices vacant compared to 4.7 percent last year. Construction of new office towers continues in this city. However, since the Toronto market is more than twice the size of Calgary, its average rental rate per square foot remains more stable.

Calgary Realtor® Blog - Monday, October 5, 2009 - National Real Estate Sales Summary

The Canadian Real Estate Association’s home sales statistics revealed that after a healthy spring and summer, sales eased up a bit in the month of August. Even so, August of 2009 was up 18.5% from the same time period in 2008.

National sales held steady, with sales in Alberta and Quebec declining, offsetting the increase in sales in British Columbia. Some economists have predicted the slight decline between July and August following the healthy increase of 61% in the prior six months. Optimism still reigns, as the market remains healthy, lead by an increase of 117% over last year in Vancouver.

Low interest rates as well as affordability and a rising consumer confidence have attracted home buyers. Canada’s more expensive housing markets are also on the upswing, bringing the average price of a home in Canada to $324,779 or 11% over the average price last year.

While some economists see the August fall back as a normal pattern of healthy sales, certain members of the CREA feel this might signify an impending decrease. Province by province, the real estate market tells a different story. British Columbia had sales of 4.7% over August of last year. Ontario’s sales were up 0.5%. Sales in Alberta, Quebec, Saskatchewan and Manitoba were lower.

Calgary Realtor® Blog - Saturday, September 19, 2009 - Hospital Bed Politics

Nursing professor Donna Wilson’s two-year analysis of hospital admissions in Alberta has resulted in a suggestion that a number of outlying hospitals in sparsely populated areas could be better used as long-term, assisted living centers rather than maintaining them as acute care hospitals. Previous initiatives to control costs by Alberta’s main health boards have focused on reducing the number of available hospital beds in larger metropolitan areas such as Edmonton and Calgary.

Some see this focus as politically motivated rather than indicative of prudent government health care budget management. One example cited was of a hospital in a low-population area that usually had more staff than patients in residence at any time. This hospital was spared any significant budget cuts – unlike a hospital in Edmonton that typically logged 84 admissions daily. Many of these patients had indeed traveled in from those very same outlying areas with the nearly empty hospitals.

Not all medical professionals agree with the study’s data and conclusions. Dr. Noel Grisdale points out that the beds in outlying hospitals routinely serve extended care elderly patients moved from the larger-city hospitals. Reducing bed availability in those hospitals will only increase the need for assistance from smaller facilities.

Calgary Realtor® Blog - Friday, September 4, 2009 - Calgary real estate market back from the brink and recovering nicely

Flashback to January, most were thinking the Calgary market was dead and buried.  Another year of decreasing property values and low sales were on the horizon.  And who can blame the naysayers, in January the market was down 50% in volume of sales from the previous year.  Wow, what a difference a few months can make. 

MLS® data released by the board this week portrays quite the market change.  For the 4th straight month, volume has increased when compared with 2008.  Also, the average price of a single family home went up!  This hasn’t happened in almost a year and a half, way back in February of 2008.

With even multiple examples of luxury homes attracting attention, realtors® in Calgary are all reporting an increase in activity and amount of interest in their properties for sale.  With the rate of interest so low on mortgages and the continued perception that this is a "buyers" market, activity is fierce even though we just went through the historically slow summer months.

Consumers are starting to understand that prices aren’t going to go down any further, which combined with low interest rates is lighting a fire underneath some to get in the market while the going is good.  Combined with positive economic news coming out everywhere in Canada, the market fundamentals are strong.

Calgary Realtor® Blog - Thursday, August 19, 2009 - Housing Sales in Canada Soar

With 50,270 preexisting home sales in July, there has been a record recovery of the housing market in Canada. This over all resurgence in the amount of homes being sold may be attributed to the fact that the recessionary economic conditions that have plagued the markets have begun to exhibit a turnaround.

This year’s July sales are up 18.2% over last July’s pre-owned home sales. The market is undergoing an economic encouragement that is caused by the way in which signs that the worst of the trade and industry slump are over. Low mortgage rates have also stimulated the housing market. Many buyers now feel safer than they had previously when placing their hard earned money into a long-term investment, like a house.

The Western provinces have seen the greatest recoveries. Dwellings most often changed owners in this area of Canada, it would seem. In Vancouver, British Columbia, housing sales soared 90% over the previous year, while 28% increases were experienced in Edmonton, Alberta. Likewise, Calgary exhibited a 22% sales increase over the previous year. Out of twenty-five of Canada’s largest cities, eighteen had a report of higher prices. Eight provinces also reported that there were higher prices overall.