McKenzie Lake Real Estate

Just a some quick notes of interest from the Calgary Real Estate Board 2009 Forecast conference that I attended this week. 

- Inventory for Calgary is expected to match the high inventory of 2008 however sales are expected to increase by 10% for single family homes

- The condo market has a more glum picture with inventory on the rise from 2008 and an expected 5% decrease in sales from 2008.  Please keep in mind that the target market of condos that is likely to be hit the hardest will be high rise and low rise condos due to the surplus of inventory from projects nearing completion in the downtown core. 

- Population growth of Calgary is to decrease from 2008’s increase of almost 23,000 to around 19,000 - 21,000.  Of those approximately 13,500 will be from migration to Calgary.

- Calgary’s unemployment rate ended in December at 3.8% and economists estimate it will rise to 4.5% in 2009 which translates to approximately 3,000 - 5,000 jobs lost in a workforce of approximately 700,000.  However, in contrast the number of people working in Calgary is expected to grow.  This is because when you combine migration to Calgary, jobs created, jobs lost the number of jobs in Calgary is actually expected to increase slightly.

- Another interesting note is that there is still expected to be a labour crunch in some industries.  Calgary has a very high labour participation rate meaning that there is a high percentage of the population that wants to or is part of the workforce.  When you combine a high participation rate with a low unemployment rate (Calgary still maintains one of the lowest in North America) then job growth becomes limited by population growth.

Now for your McKenzie Lake update . . .

The past week for McKenzie Lake has been a slow one with only one property that now has a pending sale, no sales and 8 new listings.  McKenzie Lake’s inventory has risen a total of 6 listings.

Total Active Listings for McKenzie Lake is 64 including both single family houses and condos. 

Here is a breakdown of activity for January 15 - January 23

**There were no sold listings between January 15 - January 23**

McKenzie Lake Listings December 16 - January 6

For more information on McKenzie Lake or the Calgary Real Estate market please contact your McKenzie Lake Realtor, Lina Horner anytime at (403) 923-7237 or at homes@linahorner.com

Well the number of listings has come up to 6009 in the past week for both condos and single family houses in Calgary.  This was expected as houses came off the market in December and people waited until the holiday season was over to re-list or list their properties.

The number of listings in McKenzie Lake has risen by 4 listings total and we have had a total of 3 sales in the past week.  2 Condos and 1 house sold and interestingly enough the house that did sell sold over list price!

Total Active Listings for McKenzie Lake is 58 including both single family houses and condos. 

Here is a breakdown of activity for January 6 - January 15

A Summary of Sold Listings McKenzie Lake January 6 - January 15

Single Family Sales Stats

Condo Sales Stats

McKenzie Lake Listings December 16 - January 6

For more information on McKenzie Lake or the Calgary Real Estate market please contact your McKenzie Lake Realtor, Lina Horner anytime at (403) 923-7237 or at homes@linahorner.com

Happy New Year and welcome to 2009!  I am lumping together all of the statistics over the holidays from December 16 - January 6.

As I mentioned in my previous post listing numbers were starting to come down the end of December and we are now at a total of 5,791 listings for both condo’s and houses for all of Calgary.  To put it in perspective in June of 2008 we were sitting around 10,800 listings and in November we were at 7,500 so we are slowly beginning to see inventory in Calgary come to more reasonable levels.  It will be interesting to see what happens over the next few weeks as the new year kicks in and people start moving in the real estate market so stay tuned on where listings start heading.

Now for McKenzie Lake in the past 3 weeks we have come down a total of 10 listings when taking into account sales, pending sales, expired listings and new listings.  There was some strong activity over the past 3 weeks with a total of 11% of all listings selling which when compared to 4% a month ago is a good gain and also it is above the Calgary total of 6% of listings to sell in the same time period.

Total Active Listings for McKenzie Lake is 54 including both single family houses and condos. 

Here is a breakdown of activity for December 16 - January 6

A Summary of Sold Listings McKenzie Lake December  16 - January 6

1 condo sold for $250,000 which was 96% of list price in 73 days. 

McKenzie Lake Listings December 16 - January 6

For more information on McKenzie Lake or the Calgary Real Estate market please contact your McKenzie Lake Realtor, Lina Horner anytime at (403) 923-7237 or at homes@linahorner.com