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.

Airdrie looks to improve acceptance of secondary suites with bylaw review

Calgary is not the only Alberta city tackling the controversial issue of secondary suites.

Airdrie is putting its current land-use bylaw under the microscope, meaning residents in that city could soon see changes to the way the suites are regulated.

Suites are currently allowed in just three neighbourhoods: Bayview, The Canals and Silver Creek. Under the proposed bylaws, the City would allow at least one secondary housing option (a basement suite, a garden suite separate lot unit, or a garage suite) in most residential districts, with the development authority having final say on appropriate usage of a secondary suite.

Homeowners don't have to sacrifice with new townhome development in southeast Calgary

The elusive trifecta of location, luxury and livability has long eluded downsizers in Calgary – until now.

Brookfield Residential has developed the Holy Grail of compact living with Mosaic Riverstone in Cranston's Riverstone, a 64-unit stacked luxury townhome development in southeast Calgary with two- and three-bedroom floor plans ranging in size from 1,400 to 1,600 square feet and priced from the mid-$400,000s.

"Cranston's Riverstone is an absolutely amazing and beautiful community," said Kelly Halliday, Brookfield Residential's business development manager for Calgary Homes.

Beauty is in the eye of the beholder, say housing experts

The term "luxury" defies a single definition – especially when it comes to housing in Calgary, say experts.

"Luxury is specific to each individual, driven by their particular needs," said Kevin Mullen, president of the Empire Group of Companies, which has constructed dwellings in most of Calgary's upscale communities.

"If someone values the weekend lifestyle, then you might live in Springbank. If being proximate to the Glencoe Club is important, then you might choose Elbow Park. Those lifestyle decisions reflect into defining a luxury community."

Analysts say indicators point to prolonged downturn

The health of Calgary's residential housing market is only as good as the foundation it's built upon, say analysts, who reference several key indicators that point to a prolonged downturn in the city.

Richard Cho, principal market analysis in Calgary for Canada Mortgage and Housing Corp. (CMHC), noted everything from employment levels to household income and migration to spending levels signal to tough times ahead for the local housing market.

Apartment to be most affected, says forecast

Calgary construction is expected to slow down this year and next, according to a new forecast from real estate consultant Altus Group.

Detailed in the group's winter forecast, starts in Calgary are predicted to drop from 13,000 in 2015 to 9,200 in 2016 and 9,000 the following year as a result of the province's struggling energy sector.

Calgary's real estate market, by the numbers

Calgary's resale residential housing market in February was virtually unchanged from previous months, highlighted by sales declines, inventory gains and, ultimately, price softness.

CREB®Now breaks down some of the key statistics to come out of CREB®'s monthly housing summary.

$445,000
The benchmark price for a home in Calgary last month was $445,000, a 0.6 per cent decline over January and 3.5 per cent lower than levels recorded last year.

Some areas of Calgary are reacting much differently to market conditions

Calgary residential resale housing prices continued to slide in February, yet new data shows not all areas of the city are being impacted in the same way.

According to CREB®, some districts east of Deerfoot Trail are exhibiting price resilience – and even some gains – despite the citywide bench-mark price slipping by 3.45 per cent from the same time last year to $445,000.

In northeast Calgary, for example, the benchmark price in February increased year-over-year by 1.7 per cent last month to $366,800, while east Calgary remained flat at $324,800, reported CREB®.

Monthly prices decline for fifth consecutive month: CREB

February sales totaled 1,127 units in Calgary, a 6.63 per cent drop over last year and 37 per cent lower than long-term averages for the month, according to CREB®.

In its monthly housing summary, CREB® reported citywide unadjusted benchmark prices totaled $445,000 last month, a 0.63 per cent decline over January and 3.45 per cent lower than levels recorded last year.

"Slow sales and elevated housing inventory has resulted in further price declines," said CREB® chief economist Ann-Marie Lurie. "Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted."