After record setting few years, migrants to Calgary expected to decrease in 2015

After consecutive years of record setting net migration, the number of Canadians making their way to Calgary is expected to ease over the next while.

CREB® chief economist Ann-Marie Lurie said a pullback in in-migration is expected in part due to record setting numbers set in the past few years.

"[2012 and 2013] were extremely strong; we had over 40,000 migrants into the Calgary CMA, so not just the city of Calgary, but surrounding areas. That's a very strong number, that is more than double typical levels," she said.

Tight market should create more buyers in 2015

The city's tight rental market is expected to spur even more Calgarians into becoming homebuyers in 2015.

Impacted by the same market forces that resulted in record home sales and rising prices in 2014, Calgary's rental housing market saw its own banner of sorts last year. With the vacancy rate amongst the lowest in Canada - between one and 1.4 per cent throughout the year – Calgary rents conversely ranked as the highest in all of Canada. According to Canada Mortgage and Housing Corp. (CMHC), monthly rents for a two-bedroom unit increased by 5.9 per cent over the $1,224 seen in October of 2013 to $1,322 in 2014.

With Calgary's Cycling Strategy Annual Report on the table, some council members expressed concern over a new bike lane on Northland Drive.

Ward 4 Coun. Sean Chu said he's recieved phone calls and emails - though hasn't seen for himself - that because of the layout of the new bike lanes, buses sometimes have to reverse in order to make a turn.

"If we have a specific bicycle engineer, I think this shouldn't happen," he said.

It's a snowy start to the New Year in Calgary.

As the snowflakes fall today, we at CREBNow thought we'd share a few images from summer in the city to warm you up on this chilly day.

It's a busy mail day for the City of Calgary as they're mailing more than half a million property and business assessment notices.

Today also marks the start of a 60-day customer review period.

"We are committed to delivering fair and equitable assessments and encourage all property and business owners to carefully review their assessment and contact us during the customer review period if you have any questions of concerns," said Nelson Karpa, director and assessor with the City.

28.7%: In February, condo apartment sales increased 28.7 per cent over January

10: The Provincial government promises 10 new schools for Calgary suburbs

28,017: Net migration to Calgary in 2014, according to the 2014 Civic Census, was 28,017 additional residents

2,242: Auburn Bay saw the most additional residents with 2,242 according to the Civic Census

A 'fantastic' year for Calgary businesses despite dropping energy prices

Despite plummeting oil prices, commercial activity in Calgary remained robust throughout 2014, creating what many industry analysts are calling one of the most competitive markets in Canada heading into the new year.

"I think it's been a fantastic year despite the last quarter of the challenging energy prices. We had some great revenue streams that were available for the first three quarters of the year," said Calgary Chamber president and CEO Adam Legge.

"Building projects are strong. You see some of the new towers going up in the downtown. You've got a lot of major infrastructure projects.

Low vacancy rates, high absorption rates in the resale condo sectors and dwindling supply in the single-family market vaulted secondary suites into the spotlight in 2014.

The issue culminated in mid-December with an 8-7 vote by city council against approval reforms – which prompted Mayor Naheed Nenshi to declare he'd leave the room during future secondary suites debates until it came time to vote. Ward 7 Coun. Druh Farrell likened the entire process to "giving birth to a chair."

The latest framework would have established a discretionary development permit process for suites where they were currently not allowed, as well as furthered public consultation with Calgarians to fully develop regulations moving forward.

Calgary's tight rental market, combined with low mortgage rates and relative affordability, supported record growth in the city's resale condominium sector in 2014.

Combined condo (apartment and townhome) sales up to the end of November increased 19 per cent to 8,105 units, compared with 6,782 units during the same period the year prior, according to CREB®.

The all-time sales record for condo sales was set in 2006, when 8,390 homes changed hands.

"In addition to lifestyle preferences, condominiums appeal to those looking for more affordable ownership options," said CREB® chief economist Ann-Marie Lurie, who originally forecasted 7,641 combined condo sales in 2014.

Calgary's luxury resale residential housing market continued to fire on all cylinders in 2014, according to new numbers from CREB®.

Year-to-date home sales priced over $1 million increased 18 per cent to 812 from 688 as of the end of November compared to the same period in 2013. Of those, six were sales in excess of $4 million.

With one month to go, the total already surpasses the record for the most million-dollar-plus sales in a year, consecutively set over the previous two years with 732 and 544 homes sold in 2013 and 2012, respectively.