A long-time renter transitions into home ownership and begins building tax-free capital gains

Nathan Magee knows a thing or two about renting. Since moving to Calgary in 1999, he has rented apartments, duplexes, houses and rooms in neighbourhoods as disparate as Bridlewood, Marda Loop, Forest Lawn and downtown.

Magee rented for 14 years in Calgary before deciding it was time to buy in 2013.

"What really pushed my wife and I over the edge was a combination of things. We were renting a house in Marda Loop at the time and the place got broken into four times. Plus, the rent was going up to $2,000 a month. That's when we thought, 'Let's get out of here and look at buying,'" recalled Magee.

The suburban commercial real estate market has mostly avoided the high vacancy rates seen downtown, but levels are creeping upwards in suburban malls

The economic downturn of the past two years has had a widespread impact on Calgary's retail sector with businesses in the core particularly hard hit.

Two years of a recession in 2015 and 2016 have taken their toll as thousands of people in the city's central business district were victims of layoffs in the oil patch, which takes up the vast majority of space in the downtown office market.

With thousands of potential customers gone, retail stores and restaurants have felt the pinch.

The housing market is set for a favourable spring as detached prices stabilize and city-wide inventory trends downward

Ask economists about the highs and lows of the housing market and they'll say it won't last –there's a natural equilibrium that will eventually push things back into balanced territory.

It's a theory that was certainly tested over recent years, but as time will attest, its best to trust economists in these matters.

As spring gets underway amid a strengthening regional economy, the housing market pendulum is slowly swinging back toward the middle.

Calgary's housing market showing signs of stability, but the road to a full recovery will take time.

If Calgary's housing market was a hospital patient, it would have been in intensive care for the last year. Today, though, the patient is showing signs of serious recovery.

First quarter data for 2017 from the CREB®, released earlier this month, reveals the market could be entering a period of stability in which supply and demand are essentially balancing out in the detached sector of the market.

"When we talk about recovery, we have to differentiate the marketplace conditions because there are two segments facing different prospects," said Ann-Marie Lurie, chief economist with CREB®.

La Vita Land receives nominations for Fireside and The Willows communities

While Calgary's economic downturn has provided its share of challenges to builders, it did not stop the best of the industry from competing for the 2016 SAM Awards.

After receiving 800 entries, BILD Calgary Region has announced their 2016 SAM Awards finalists featuring 78 companies spread across 10 categories, competing for some 60 different awards.

"The awards are proof that BILD Calgary Region members have the drive and ability to create outstanding communities, homes, renovations, marketing collateral and so much more, even in the face of economic adversity," said Shane Wenzel, the chair of the SAM Awards Committee and president of Shane Homes Ltd. "This perseverance shows the dedication and determination of our industry, which makes winning a SAM Award that much more of an accomplishment."

Whether you are buying, selling, financing or re-financing, there is a good chance your home will be subject to an appraisal to assess its value.

As an important aspect of almost all residential real estate transactions, CREB®Now spoke with Kira Penner (Canadian Residential Appraiser) to discuss the appraisal process and clarify some key points when contemplating the value of your home. Penner has been with Avison Young Valuation and Advisory Services (formerly Linnell Taylor Lipman and Associates) since 2005.

Residential dwellings are generally appraised using the direct comparison approach. This means that your home is compared with similar homes in your community and surrounding neighborhoods using current sales data. The appraised value reflects the age, condition and size of your home in relation to those properties that have recently sold in your area. If there has been a fair amount of sales activity, appraisers try to use data that is no older than 90 days. Similarly, your home's value is in part based on being able to successfully market and obtain a sale in approximately a 90-day period.

Buying directly from a builder has many advantages and a few potential drawbacks

Myron Hildebrand is no stranger to working with builders. His current home is proof of that experience, having hired Sunset Homes to execute the build on his semi detached space, which he intends to turn into two investment properties.

"Buying from a builder, you have so much more control over the final product," said Hildebrand. "It's a fun process to go through."

These are exciting times for James Robertson as he watches the massive University District mixed-use development rise from the ground in northwest Calgary.

As president and chief executive officer of West Campus Development Trust, which is spearheading the impressive project, Robertson proudly points to some recent accomplishments as a clear indication that this proposal is now well on its way and not just a grandiose plan.

A roadway off of Shaganappi Trail N.W., leading directly to the site, opened at the beginning of December, providing easier access. A Discovery Centre opens March 11, which will include a 3,000-square-foot information area about the project as well as two areas that are 1,000-square-feet to serve as sales centres and show suites for builders Truman and Brookfield Residential.

As Calgary considers a bid for the 2026 Olympics, it will likely find no stronger booster than the city's real estate industry

The prospect of hosting another Olympics is undoubtedly creating a lot of a buzz in Calgary and the city has no bigger booster of the cause than its real estate industry.

The City officially announced last month that an exploratory committee (www.shouldcalgarybid.com) is investigating whether Calgary should bid to host the 2026 Winter Olympic and Paralympic Games.

While there's no guarantee the City will actually go through with it, hosting the Winter Games for a second time could be a boon for Calgary's real estate market.

Vancouver-based developer encouraged by uptick in luxury home sales

Vancouver-based developer Concord Pacific says it is encouraged by the Calgary market. Sales of its Eau Claire luxury condo tower, The Concord, have hit 67 per cent.

"It's coming out of the ground. We're pouring the P1 (parking) level and you have to understand that this parkade has never been done in North America by anybody. Nobody has ever done nine-to-13-foot ceilings on four levels of parkade. This is a unique situation," said Grant Murray, senior vice-president of sales for Concord Pacific.

Murray says that coupled with the flood mitigation work that took an extra year to design into the base of the building, it was pivotal to do it right. By Easter, he says, they should be at podium level and the completion is expected to be December 2018.