February sales activity remains low

Read the monthly stats package in full here.

Year-over-year new listings growth eased from 37 per cent last month to nine per cent in February. However, as sales activity remained below long term averages for the month, Calgary inventory levels rose to 5,474 units in February.

"While housing supply levels continue to be higher than we have seen in this market for some time, they remain below February 2008 record highs of nearly 7,000 units," said CREB® chief economist Ann-Marie Lurie. "If the pace of growth in new listings continues to ease, this could place some downward pressure on the supply growth in the resale market."

Increased listings allow for more variety when buying in the luxury market

Gizella Davis has been through this all before.

The 38-year real estate veteran with Royal Lepage Foothills has lived through the peaks and valleys of Calgary's inherently cyclical housing market – including the most recent, which has felt the full force of a downturn in oil prices.

Yet from experience, she's "not concerned one bit" about how the industry – in particular the luxury housing segment – will react long term.

Not only is Wayne Copeland the president of the Canadian Home Builders' Association - Calgary Region, he's also a hockey coach and die-hard Flames fan. Copeland took some time out of his busy schedule to chat with CREBNow about oil prices affecting the city, a potential merger between CHBA and the Urban Development Institute (UDI) and what Calgary's best-kept secret has to do with Edmonton.

CN: How has the price of oil affected Calgary's new home industry?

WC: Certainly, it has affected us. When consumers hear anything negative, they curtail their confidence in spending rather quickly. Sales in January were off from recent years, but we remain optimistic as we are also hearing that showhome traffic has maintained a decent pace.

We understand that consumers will be a little slower in making large purchases but that does not mean that they have stopped buying altogether. I do believe that it is still too early to make any assumptions of what our economy will look like for this year, but we are definitely keeping our eyes on the energy market.

On Feb. 25, the City of Calgary is reporting back to residents on changes to the proposed Currie Barracks redevelopment following public engagement sessions held last year.

"We heard what citizens had to say about the proposal, now we want to let the public know how its feedback was used, what has changed in the application and what will be included in the recommendation to Calgary Planning Commission," said Craig Sklenar, senior planner with the City's Planning Department.

Longevity key to housing market during oil price recovery: CREB

It's still too early to tell how Calgary's resale housing market will respond to recent gains in the price of oil, said CREB® chief economist Ann-Marie Lurie.

"We have to see how long – if [oil prices] continue to move up, how much it moves up, when it stops ... That's what we're looking for. So it is still too early," she said.

After significant declines starting in October, oil prices started to see some improvements recently before another slight drop this week. West Texas Intermediate, a U.S. grade of oil used a benchmark for North American oil prices was just over $53 US a barrel this week after dropping to near $40 earlier this year and is off 43.32 per cent compared to the same time last year.

City looking into laneway housing as a residential option for Calgarians

While Calgary council's stance on secondary suites remains at a stalemate, laneway housing is being touted as a potential solution to ongoing housing shortages in the city.

Laneway houses are self-contained living spaces consisting of a bedroom, bathroom and kitchen located within or on the same property as a detached home.

Suites could be detached secondary suites located in the backyard or adjacent to the alley of a home.
Calgarian Lesley McLaughlin lived in an above-garage suite in the southwest community of Rosscarrock for two years.

Energy prices influencing choices in Calgary housing market

Jordan Meloches and his fiancée Ashley Hopkins didn't hesitate when they recently purchased a condominium in the northeast community of SkyView Ranch.

In fact, while many Calgarians were dissuaded from entering the resale housing market in January by lingering low oil prices, the couple said the current economic climate was the farthest thing from their minds.

"The market to us now really wasn't a concern. We bought in SkyView, which is still developing, so I think our value will only increase as the land out there develops," said Meloches, who cited the condo's proximity to their work and future potential as a rental property as factors when settling on a decision.

The Bank of Canada surprised many Canadians last week when it reduced the overnight interest rate from one to 0.75 per cent.

Bank of Canada governor Stephen Poloz cited plummeting oil prices as motivation behind the drop, which represents the first time the bank has changed the rate since September 2010.

"The drop in oil prices is unambiguously negative for the Canadian economy," he said.

"Canada's income from oil exports will be reduced, and investment and employment in the energy sector are already being cut."

Attainable Homes Calgary Corp. president David Watson talks new developments and more

Buying a home just got a lot easier for some Calgarians.

Local builder Partners Development Group has committed 10 per cent of its upcoming multi-family homes developments to Attainable Homes Calgary Corp. (AHCC). AHCC is a non-profit organization delivering entry-level homes for Calgarians caught in the affordability gap. Those who qualify can get into the market with a mortgage pre-approval and only $2,000 down.

"We work with AHCC as a way to give back to Calgary, helping more middle-income Calgarians get into home ownership through this socially responsible program," said Greg Gutek, Partners Development Group president and founder. "We're looking at our future Calgary developments to see how we can adjust the design and density to include more attainably-priced homes."

The Qualex-Landmark Group of Companies has announced it's building a seventh condo development in the Beltline.

The group has acquired the 0.3 hectare site at the corner of 11th Avenue and 12th Street S.W. In the last 10 years, Qualex-Landmark has $370 million in real estate sales and 1,000 units built or under construction in the Beltline community.

"The urban lifestyle is becoming increasingly attractive, with walkability and the convenience of access to amenities," said Mohammed Esfahani, president of Qualex-Landmark. "We are achieving success by tapping into the growing trend of new urbanism as an increasing number of Albertans opt for downtown living.