Sales dip in Airdrie and Okotoks while Cochrane activity on the rise

Calgary's regional resale residential housing market didn't fare much better than its larger urban counterpart in April, posting sales declines almost across the board, according to CREB®.

Year-to-date sales in Airdrie eased by nearly eight per cent over last year's levels to 405 transactions, but remained higher than long-term averages, the board recently reported in its monthly regional roundup.

Benchmark prices in Calgary's neighbour to the north decreased by three per cent from last year to $363,400, and overall remained more than two per cent below the highs recorded in 2015.

Urban developments are playing nice with rural areas, say experts

Responsible urban development currently taking place outside of Calgary proves that growth doesn't have to come at a cost, say local agriculture and planning officials.

As subdivisions push evermore into rural areas — with neighbourhoods bordering on fields of wheat and other crops — their impact on agricultural land has recently become a hot-button topic, said Tim Dietzler, an agricultural expert with Rocky View County.

"This is not a new issue in this area or any area in Alberta with development new agricultural land," he said. "But many municipalities now pay much more attention to the potential problems that can arise."

April housing sales tell different stories for districts 

While the sun might be shining in Calgary this spring, this city's resale residential housing market was overshadowed by another month of declining sales and prices in April, according to CREB®.

However, despite inclement conditions, some areas of the city and segments of the market emerged as bright spots, with several posting double-digit sales increases, the board reported in its recent monthly housing summary.
Calgary's West district recorded 128 detached sales in April, a nearly 31 per cent increase when compared to last year. It was followed by the North West, which posted a 20 per cent increase in detached sales with 187 units, the North at more than 11 per cent to 166 detached sales and City Centre at nearly four per cent to 111 detached units.

"Our market is incredibly diverse, and these numbers verify that. Different areas and price points have and will continue to react divergently to economic conditions," said CREB® president Cliff Stevenson.

By the numbers

Calgary's housing market has remained relatively unchanged this spring. With reoccurring year-over-year sales declines and benchmark price reductions receiving most of the attention, CREB®Now takes a closer look at some of the overlooked numbers to come out of the city's real estate market.

46
According to CREB®'s latest housing numbers, the average time a listing spent on the market before finding a new owner stood at 46 days in April. That's up from 43 days in March and 40 days in April 2015. With 3,127 homes in Calgary's inventory, the city currently has 2.76 months of supply, with a sales-to-new-listings ratio of 62 per cent.

Real estate industry has undergone monumental shift, says CREB®'s longest-tenured past president

When Roy Wilson describes the early days in the 1950s in which he got his start in real estate, it quickly becomes clear just how much Calgary and the real estate industry has changed in one lifetime.

"I've seen lots of ups and downs," said Wilson, who headed up CREB®'s board of directors in 1961, officially making him the organization's longest-tenured past president.

In fact, he describes today's market as "taking a kick in the teeth" but, adds confidently, "it's going to turn around."

Open to the public this weekend

The folks behind the Harmony development in Springbank lifted the veil Thursday to its new 3,700-square-foot Discovery Centre, providing new details on the much-anticipated lake community just west of Calgary, including a first look at the Phil-Mickelson designed 18-hole golf course.

The centre is intended to introduce curious homebuyers and Springbank neighbours with new details of Harmony, which will eventually be home to approximately 10,000 people. Included are interactive exhibits that provide visitors with a massive projection model of the community, detailed displays and videos on the community vision and a tribe to the Copithorne family, which originally ranched the area.

"Given current market conditions, buyers are more cautious about making a purchasing decision and want to be more informed," says Maribeth Janikowski, communications manager for Qualico Communities, with is developing the community with Bordeaux Developments.

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."

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.