While resale for single-family homes has been busier in Calgary, Edmonton has had more new construction in the segment this year.

Driven by similar economic factors, the respective housing markets in Alberta’s two largest cities have performed differently nine months into 2016.

Here are four comparisons for the single-family home segments in Calgary and Edmonton between Jan. 1 and the end of September.

There were 3,077 construction starts in the Edmonton census metropolitan area, dipping from 4,495 a year earlier, says Canada Mortgage and Housing Corp. Meanwhile, for the Calgary census area, new construction in the segment eased to 2,515 from 3,110.

The census metropolitan area includes activity in nearby cities and towns. For Calgary, that includes Airdrie, Cochrane and Chestermere.
While Edmonton had the higher count on starts, it’s year-over-year decline was steeper at 31 per cent, compared to 19 per cent in Calgary.

The number of single-family homes, both under construction and completed, favoured the Edmonton area, as well. There were 3,865 single-family homes completed in the Edmonton area compared to 2,719 in the Calgary area, says CMHC. For single-family homes under construction, the Edmonton area had 2,562 and there were 2,154 underway in the Calgary area

House hunters looking for an immediate possession single-family had more to pick from in both the Calgary area and Edmonton area between Jan. 1 and the end of September compared to the same months in 2015, says CMHC.

There were 646 completed but unabsorbed single-family homes in the Edmonton area, climbing from 625 a year ago. At the same time, totals in the Calgary area rose to 353 from 326.

In both cases, the average value on these homes increased year over year. The average price on completed but unabsorbed single-family homes in the Calgary area last month was $780,783, increasing from $705,985 in September 2015. In the Edmonton area, the average price jumped to $583,135 from $560,355.

Resale of single-family homes has cooled off in both Calgary and Edmonton this year. There were 8,835 single-family homes sold in Calgary over the first nine month of 2016, says the Calgary Real Estate Board. This is down five per cent from 9,316 a year ago.

Meanwhile, Edmonton’s resale eased six per cent to 8,034 sales from  8,589 year over year, says the Edmonton Real Estate Board.

Both resale prices and new listings have pulled back in Calgary and Edmonton, respectively, this year.

In both cases, Calgary’s numbers have been more comparable to what was seen in 2015. The median price on single-family homes was $480,000, slipping from $482,000 during the same moths a year earlier. Meanwhile, its new listings contracted to 15,012 from 15,898.

In Edmonton, the median priced dropped to $405,00 from $409,500, says EREB. Its listings slipped to 14,685 from 15,623.

Source: Calgary Herald