TALE OF TWO CITIES

How Calgary, Edmonton fare

BREAKING GROUND

When it came to breaking ground on single-family homes this year, the Edmonton census metropolitan area led the way. Shovels turned for 4,043 singlefamily homes in the Edmonton area between Jan. 1 and the end of August, says Canada Mortgage and Housing Corp. Meanwhile, the Calgary census metropolitan area had 2,801 starts. Both areas have seen new construction pull back this year compared to the same time in 2014 when Calgary notched 4,586 starts and Edmonton had 4,308. The census metropolitan area includes work in surrounding cities and towns. In Calgary’s case, that means Airdrie, Cochrane and Chestermere.

IN PROGRESS

For homes that are well underway, Edmonton again had the edge. The inventory of singlefamily homes under construction in the Edmonton area reached 4,030 between Jan. 1 and the end of August, says CMHC. Calgary’s figures fell 31.5 per cent short with 2,759 single-family homes under construction. Southeast Calgary topped the city in singlefamily homes under construction with 505 underway.

FINISHED PRODUCT

The Edmonton area had the edge in the number of homes that were polished off and ready for owners to bring in boxes and unpack. Between Jan. 1 and the end of August, the Edmonton area completed construction on 4,706 single-family homes, says CMHC. In Calgary, there were 3,701 completed single-family homes. Calgary’s southeast paced all areas of the city with 952 of these completions.

HOMES CHANGING HANDS

The resale market in both Calgary and Edmonton has cooled off over the first eight months of 2015 compared to the same time in 2014. Calgary topped Edmonton in the number of singlefamily home sales on the resale market but also saw the sharper decline from last year. There were 8,419 single-family homes sold in Calgary between Jan. 1 and the end of August, down 23 per cent from 10,942 deals a year ago. Edmonton had 7,623 singlefamily homes sold on the resale market, dipping nine per cent from 8,380 sales last year.

DOLLARS AND CENTS

House hunters have spent more money on both the resale and new home market in Calgary than in Edmonton this year. The average price on absorbed singlefamily homes in the Calgary area during the second quarter of 2015, which is the most recent data available, was $752,930, says CMHC. In Edmonton the average was $570,518. On the resale side, Edmonton’s single-family average over the first eight months of 2015 was $439,929, which is up from $432,071 during the same time a year ago, says the Edmonton Real Estate Board. Calgary’s average resale price on singlefamily homes was $541,809, easing from $554,786 during the same time in 2014.