Commercial vacancy rates near all-time highs, according to reports

A new report is summarizing Calgary's downtown office market in one word: scary.

CBRE Ltd. first-quarter results released earlier this month show that the vacancy rate in Calgary's core ballooned to 20.2 per cent during the first quarter of 2016. That's up from 11.8 per cent the same time last year, and 17.6 per cent from the fourth quarter of 2015.

Greg Kwong, who heads up the commercial real estate firm CBRE Ltd's office in the heart of the oilpatch, expects the worse is still to come for Calgary's office market as the local economy sputters in response to depressed oil prices.

Calgary to look at popular alternative to street parking

Nobody likes paying for street parking, but imagine if the money collected went directly into improvements for the community where you parked.

That's the idea behind Parking Benefit Districts (PBD), a concept gaining traction in a number of U.S. cities and may be on its way to Calgary.

"Parking Benefit Districts provide a solution to that political problem (of charging for street parking) as it creates a mechanism where the revenue generated stays in that local area," explains Greg Morrow, who sits on the CalgaryPlanning Commission and holds the Parker Professorship in Metropolitan Growth and Change with the faculty of environmental design and Haskayne School of Business at the University of Calgary. "You can direct parking revenue into local improvements like sidewalks, or installing new themed street lights."

Sellers continue to adjust pricing expectations

Market imbalance in Calgary's residential resale housing market continued to weigh on citywide prices in April, according to CREB®.

In its monthly housing summary released today, the board reported that, much like the previous month, year-over-year sales fell while new listings increased, resulting in inventory gains across all sectors of the market.

As a result, benchmark prices in the city declined by 0.4 per cent from last month, and 3.4 per cent from last year, to $441,000.

For the full release, click here.

City's new pedestrian strategy heads for city council

With Calgary's push to increase the number of cyclists on city pathways and roadways garnering media attention, City Hall has now turned its attention toward those that get around on two feet rather than two wheels.

Set to go before council on May 2, the City's new pedestrian strategy is aimed at making Calgary a "safer, more enjoyable, and easier" for pedestrians, and could see major changes to the way all Calgarians get around the city.

"We have a very strong program around transit (and) vehicles. Then we had a cycling strategy. So a similar approach is now being levelled toward pedestrians," said project manager Andrew King. "So now we have a pedestrian strategy which really is going to focus on bringing improvements to make walking better and making conditions better for pedestrians."

BMO study says generation is still willing to wait

Canadian housing prices continue to rise, but prospective millennial first-time homebuyers are in no rush to enter the market.

According to a report released by the Bank of Montreal, while 60 per cent of millennials surveyed are tired of paying rent, 70 per cent would rather delay homeownership until they can get what they really want in a home.

This comes at a time when millennials are expecting to pay more for their first homes than previous years, exceeding $350,000 on average nationally. That figure rises to more than $465,000 and $525,000 for Toronto and Vancouver respectively.

Seeking to standardize, increase allowances and simplify applications

City council on May 2 is set to debate amendments to the land use bylaw that would alter the requirements for secondary suites and backyard suites in low-density residential districts.

The amendments aim to standardize parcel width, depth and area requirements, and increase the maximum floor area for both secondary and backyard suites. These changes would simplify the application process for applicants in districts where secondary suites can be legally developed.

The proposed amendments would delete the minimum parcel depth and minimum parcel area requirements for accessory suites. The area and depth of a parcel would otherwise regulate for single detached dwellings in all the districts where these deletions are proposed.

Facebook, Twitter and Instagram helping real estate businesses build their brands

When Sarah Johnston began using social media, she didn't do it to promote her real estate business.

"My entire life is dedicated to this 'job,' and I needed an outlet," she said.

Instead, Johnston took a relaxed approach, using Facebook, Twitter and Instagram to share about her life and interests — including her real estate adventures — and just be herself.

But she quickly discovered the power of the medium as she began amassing followers and having conversations online. Johnston connected easily with her target market (young professionals) on Facebook, Twitter and Instagram as well as other real estate professionals on LinkedIn.

How social media is bringing Calgarians together

When the Green Line is complete, it will add 40 kilometres of track to the city's 59-kilometre LRT system and link North Pointe and Seton to downtown. Eventually, it will serve 41 million passengers annually and link Calgary's neighbourhoods like never before.

As with any large development project, the City of Calgary has been consulting with the community during the design process. And to that end, they've been relying heavily on social media to get the word out.

"We've been using a number of social media channels, primarily Facebook and Twitter," said Julie Yepishina-Geller, Green Line communications co-ordinator for the City.

Colourful wood can add character to any home

It goes by many names: denim pine, blue-stain pine and "beetlewood," to name a few.

No matter what you call it, this little-known wood could be the centrepiece of Calgary's next big interior design trend.

Denim pine comes from trees that have been infected by mountain pine beetles. The name stems from its distinctive blue streaks, which are caused by a fungus the beetles introduce while attacking the tree.

Solar energy making strides in Calgary area

Long considered a darling of the green energy industry, solar technology is evolving at such a rapid pace that many experts predict it will soon become commonplace in our everyday lives.

David Silburn, a researcher at SAIT who specializes in green building technologies, said the popularity of solar systems, especially photovoltaic, in residential and commercial applications has skyrocketed in the past seven years as prices have plummeted.

"In 2009, I was paying $10 to $12 a watt installed, whereas now you're spending $2.50 to $3 a watt installed on the same scale of system," he said.