Housing records are expected to be broken in the Calgary area for 2014. Both resale housing sales and new housing starts records will be broken this year if the market trend continues according to Canada Mortgage and Housing Corporation's "Fall 2014 Calgary Housing Market Outlook".
If the pace continues, new home starts will reach 17,200 by the end of the year, which will break the previous record of 17,046 that was set back in 2006. During that year, there were 13,039 new starts recorded by the end of September. In 2014, 13,038 new home starts were recorded by September 30.
Presently, multi-family housing starts are high whereas in the past, single-family units were taking the lead. It's expected that 10,500 multi-family starts will be recorded this year. If this turns out to be the case, it will be close to breaking the record of 10,602 multi-family housing starts that were on the books in 1978.
It's expected that the number of residential sales will also reach a record high this year. The CMHC predicts that 33,500 housing units will be sold, which will beat the record set back in 2006 when 33,027 total units changed hands.
It's not expected that resale housing sales will slow down anytime soon. It's forecasted that housing sales will increase over the course of the next 2 years. Although sales will continue to go up, it will be at a more gradual pace. The Canada Mortgage and Housing Corporation says that the gradual pace will be due to slightly elevated mortgage rates and rising home prices.