Second career was a natural transition for 2001 CREB® president Marlene Swinton

After years of managing her late husband's architecture practice, Marlene Swinton was looking for a change.

"I wanted to do something different and my cousin said, 'why not real estate? You know buildings.' I thought it might be really interesting, so I took a course and I loved it," said Swinton, who went on to fulfill a 27-year-long career in the industry that included a term as CREB®'s president in 2001.

Housing market offers some surprises, different perceptions, say local experts

A quick look at today's real estate market might not exactly fill first-time homebuyers with optimistic anticipation. Yet dig deeper and there's plenty of reason to get excited, say housing experts.

Even though home sales are down by double-digit percentages in terms of units sold and money spent compared to a year ago, the average selling price is up slightly — about two per cent, to $474,605 in August, according to CREB®.

Clair J. Cote Jr. follows in father's historic footsteps by leading CREB® through 1974

When Clair J. Cote Jr. became CREB®'s president in 1974, Calgary was partway through a decade marked by unprecedented growth, both in business and real estate development.

The year prior, the Arab oil embargo set off the first global energy crisis, leading to efforts in Alberta to lessen the dependence on foreign oil. Calgary, where oil companies were headquartered, prospered.

For Cote, the 1970s stand out as a time in which his brokerage, which started in 1964, grew.

Former CREB® president Corinne Lyall focused on different drivers behind housing market in 2015

Corinne Lyall is all too familiar with many of the challenges currently facing homebuyers and sellers in Calgary. She served as CREB®'s president just last year when the economic downturn was arguably at its strongest, is currently past president on the board of directors for the real estate member organization and is broker at her own firm Royal Lepage Benchmark.

Yet her message today is the same as it was when she had the gavel in hand: real estate is personal.

Districts, housing types tell different stories about Calgary's housing market in August

Fewer new listings within Calgary's resale residential housing market continued to moderate price declines last month, according to new statistics.

Yet experts note what's arguably more interesting is how the interplay between new listing levels and prices within the city's districts, and even housing types, are providing consumers with some much-needed intel on their next purchasing decision.

Experts provide feedback on Calgary's real estate market so far

It has been an interesting year for the Calgary real estate market considering the city's economy is still struggling due to ongoing uncertainty in the energy sector.

According to CREB®, year-to-date, until the end of July, MLS® sales of 10,952 were down 10.1 per cent compared with the same period a year ago. New listings of 21,191 were off by 2.23 per cent, but active listings of 5,847 were up by 9.64 per cent.

The average MLS sales price of $479,597 increased by 1.2 per cent. However, the benchmark price was down 3.68 per cent to $443,386.

Some housing and business experts were asked what has been the most surprising thing this year about the Calgary real estate market. Here are their responses:

Price declines being moderated by lack of listing activity, say experts

The numbers don't lie, but they can be misleading.

Calgary's real estate market so far this year has continued a pattern of year-over-year declines that was first set early in 2015.

According to CREB®, sales decreased by more than 10 per cent up to the end of July from the same time last year.

Yet, perhaps surprising, is the benchmark price is down just 3.7 per cent.

Despite a challenging year, 1995 CREB® president Wayne McAlister chose to focus on the silver linings

A self-described "eternal optimist," Wayne McAlister still couldn't be blamed for looking back at 1995 with some degree of pessimism.

After all, as CREB®'s president that year, he oversaw Calgary's housing industry at a time when employment uncertainty had waned for years, resulting in weak consumer confidence and a painfully slow market.

"There was a downturn in the early '90s, with oil down – dramatically low – and the whole economy was feeling the pinch," he said. "(By 1995), we were still experiencing an economic downturn. There was some good, some bad that year."

Satellite communities showing similar signs of strain; officials still optimistic

Feeling the pinch of a slowing economy, smaller satellite community housing markets have mirrored a downward drift in prices compared with Calgary but continue to be an attractive draw for buyers.

Depending on the region, CREB®'s mid-year forecast update has shown only a slight reduction in sales compared to long-term trends and actual growth in other outlaying districts.

Still buzzing with plenty of activity in new-home construction, Airdrie sales activity slowed in 2016 but hasn't dropped compared to five-year averages. A continual inventory build-up has kept new listings on pace with the past three years for Airdrie, which experienced a 5.37 per cent population growth since last summer and has recently surpassed 60,000 residents.

Breaking it down by the numbers

Earlier this year, CREB®Now published a feature on five things you needed to know about CREB®'s 2016 Economic Outlook & Regional Housing Market Forecast. With the REALTOR® organization recently updating the document, we revisit those insights on what's to come:

17,321

After originally forecasting 18,416 sales in 2016, CREB® is now predicting Calgary's activity to fall to 17,321, a 3.8 per cent drop from last year. By sector, revised estimated peg detached to decline by five per cent, while attached and apartment will be down by eight and 19 per cent, respectively. Meanwhile, CREB® chief economist Ann-Marie Lurie said the year began by favouring buyers, but is exhibiting more balanced conditions in areas such as the detached sector.