A guide to distinguishing average, median and benchmark prices

Sellers and potential buyers in today's residential real estate market can be understandably excused if they are confused about what's happening with housing prices.
After all, for both, price changes in the market are supremely important. Plus, CREB® gathers price information that, to the untrained eye, can tell different stories.
For example, in February, CREB® reported the benchmark price in the city for all MLS® properties that were sold was $445,000, or down 3.45 per cent from February 2015. However, the average MLS® sale price increased by 2.72 per cent to $472,529 while the median price was unchanged at $420,000.
From top to bottom, that's a difference of close to $30,000.

"It's looking at values based on criteria such as square footage, total bedrooms and bathrooms, location, property type."

So what should one look at if they are either selling a home in this tough market or hoping to buy one?
A good start would be by looking at what each price category entails, said CREB® chief economist Ann-Marie Lurie. For example, the median price looks at every sale that has occurred in the market, ranking them from lowest to highest. The median price is the midpoint of all the sales.
Lurie said the average sale price is adding up the total dollar sum of the purchases divided by the number of total sales.

Highland Park reimagining could invigorate northwest community 

The former Highland Golf Course in northwest Calgary could be host to a new kind of activity in the form of a major redevelopment.

Developer Maple Projects Inc. recently shared plans for its "reimagining" of the 21-hectare site – which would include up to 2,100 housing units as well as a commercial development along Centre Street N. – at an open house which drew, among others, members of the local community association, who believe the development could provide a boost to the area.

"Absolutely, it can be a huge benefit for the community,"

"Absolutely, it can be a huge benefit for the community," said Paul Engler, chair of the development committee for the Highland Park Community Association. "We are looking very much forward to it. We are working with the developer to come up with something that's awesome for them, for our future neighbours and for our existing neighbours."

Five ways to decorate your home for spring

There's a reason we get a little spring in our step come March. After a long, dreary, cold winter, the days are getting longer and sunnier, giving us a glimpse of warm days to come.

Not only does this make us shed the heavy layers of our wardrobe, but it also inspires us to lighten up our decor at home.

"I think a lot of us get an itch toward the end of a long dark winter to see some colour and life," said Tracy Wharton, owner and principal designer of Dovecote Design Studio in Calgary.

Chestermere's growth reflects growing interest in satellite communities, say officials

The first permanent homes in Chestermere were built he same year the first Star Wars film came out: 1977

Seven movies later, the city's population is approaching 19,500 – with proposed development expected to double that number in the years to come.

"Fantastic cities attract fantastic people," said Mayor Patricia Matthews. "We have this huge body of water that's a great attractor for a lot of people. You get that feel of being out in the country – that retreat moment when you come home."

West Downtown redevelopment pushes forward, aims to get out of West Village's shadow

While debate continues on West Village and its controversial CalgaryNEXT sports facility proposal, just next door the Downtown West neighbourhood is continuing its path toward future redevelopment.

After public input into community needs — through online surveys, an open house and ballot boxes and displays in 10 neighbourhood buildings — conducted at the end of 2015, a new draft area redevelopment plan (ARP) is now going through technical and other internal review processes, said City of Calgary planner Julie McGuire, who is managing the Downtown West project.

The document will outline a proposed vision for the area, including refined rules for development types and incentives such as allowing developers increased density if they provide arts spaces, use green building features, fund improved streetscapes and parks, or contribute to an affordable housing fund.

Beltline assisted-living building first for campaign

Calgarians at risk of homeless will soon have added housing options, with the news that Stepping Stone Manor, a 30-unit assisted-living apartment building in Calgary's Beltine, is near completion.

Representing the first new construction project to be completed through the RESOLVE campaign, the building has funded by donors, provincial grants and built by Cedarglen Living Inc.

CMHC paints sobering picture of in-need housing

Canada Mortgage and Housing Corp. (CMHC) recently released a report on "core housing need" in Canada that paints a sobering picture for those in need in this country.

CREB®Now takes a closer look at the report, which focuses on households that spend in excess of 50 per cent of their income on shelter.

5.3%
From 2006-11, the incidence of Canadian households in severe housing need increased, reaching 5.3 per cent, or 655,380 households – consistent with 2001 levels. Shelter costs for all Canadian households during this period increased more rapidly than household income before tax, which could partially explain the increase in the number and percentage of households in severe housing need during this period, said CMHC.

Local researchers applaud study that links urban design to obesity rates

Are you overweight and out of shape? It could be because of where you live.

Local researchers are pointing to a new international study that has found a connection between obesity and urban geography – in particular as it relates to living in high-rise apartments.

"The literature out there is pretty clear — there's a strong relationship between the walkability of your environment and your health," said Calgary architect John Brown, a professor in the Faculty of Environmental Design at the University of Calgary.