Airdrie housing market looks strong

Continued population growth has brought a housing boom to Airdrie.

New home construction and resales have continued the upswing started last year, say builders and city officials.

“The housing market in Airdrie is hot,” said Curt Woodhall, vicepresident of sales and marketing for Vesta Properties, the developer behind the Williamstown project in northwest Airdrie.

The company has started 107 homes there this year, selling 60.

The development, built over 66 hectares, will eventually comprise 1,013 homes — 600 multi-family and 413 single-family.

“With low interest rates and good value for your dollar, we are seeing demand on every housing type from starter condominiums to luxury homes,” said Woodhall.

Airdrie’s population was 43,155, up 8.37 per cent from the year before, according to the 2011 census. The city’s population has doubled since 2001.

Kent Rupert, Airdrie’s economic development team leader, said building permit numbers for Airdrie have been strong.

“We had a bit of a blip in 2009 and 2010 but last year we did over 1,000 doors,” he said. “This year we’re ahead of where we were last year.”

Rupert said it’s estimated that half of Airdrie’s adult population work outside the community.

And while people once came to Airdrie for a more rural lifestyle outside Calgary, “Now we’re growing up into a young, dynamic city and there’s lots of excitement going on with new restaurants, new retail and big, larger industrial projects,” said Rupert.

“There’s a real excitement throughout the city.”

Year-to-date residential building permits (through March) were 342, up from 268 in 2011, and more than four times the number in 2009.

A similar trend is taking place in the resale housing market.

Sales activity during the first quarter of 2012 was up 44 per cent over the same period last year; the best first quarter performance since 2007, according to the Calgary Real Estate Board.

CREB said the MLS Home Price Index for single-family homes was up three per cent over the previous year with the benchmark price at $354,933 in the first quarter.