CREB® chief economist walks through often-overlooked housing statistics

Months of supply is a statistic that often gets lost in today's housing market, yet it is an important indicator of the relationship between supply and demand, says CREB® chief economist Ann-Marie Lurie.

"It gives us one indication of balance in the market," she said of months of supply, which is the amount of time it would take to sell current inventory.

"If the number is really high – so you have a higher level of months-of-supply – that essentially just means that there's more supply than demand in the market and it generally correlates with declining prices in the market.

Ellyn Mendham credits teaching background to industry leadership

Ellyn Mendham describes her entry into real estate as a "fluke."

Originally an elementary school teacher in Philadelphia, then Nova Scotia, Mendham's credentials did not immediately transfer when she moved to Alberta.

"I needed to work and produce an income, and at the time I thought I would go back to teaching later," said Mendham. "By fluke, I got into real estate."

But after making her first sale – a home that went for $42,000 in 1975 – she quickly realized she loved the industry.

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. Continuing until the end of 2016, CREB®Now will weave together an incredible narrative of how the local housing industry has evolved through the unique perspectives of CREB®'s 30 remaining past presidents.

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Diane Scott's recalls her year as CREB® president in 2010 as one of contention, highlighted by a very public battle between the federal competition watchdog and the country's national real estate association.

Dubbed the "Competition Bureau years," Scott said the debate around what the bureau deemed "anti-competitive real estate rules," which it said limited consumer choice and prevented innovation, shook up the industry then, and its results have reverberated even to today.

"It had everyone pretty riled up," she remembered. "It was a very, very tough year for REALTORS® to understand the models were to be accepted, regardless of what model it was."

Annual ROAR awards handed out to Calgary real estate profession

Five members of Calgary's real estate community walked away with top honours earlier this month as CREB® hosted its third annual ROAR (Recognizing our Accomplished REALTORS®) Awards at Telus Spark.

Hosted this year by Canadian comedian Gerry Dee, the coveted event was designed to celebrate the talent and accomplishments of Calgary and area real estate professionals in the areas of professionalism, excellence, dedication, mentorship and community involvement.

Julie-Ann Nasiri of CIR Realty walked away with People's REALTOR® honours. Of the five awards handed out during the evening, the People's REALTOR® is the only one where nominations originated from the public.

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.

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."

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.

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Real estate profession sees little fluctuations during market volatility

Fluctuations in Calgary's housing market over the last several years have not yet significantly impacted the number of real estate professionals practicing in the industry, say officials.

"It's interesting because in down economies we actually see some additions. Professionals in other industries who have lost their jobs often choose to come into our industry instead," said CREB® president Cliff Stevenson. "It keeps everything pretty well balanced. We don't see tremendous fluctuations year over year."

Last year, CREB® reported 5,253 members who record 18,830 sales. That's in comparison with 5,188 members and 25,543 MLS® sales in 2014.

This year, CREB® is reporting 5,277 members so far, and forecasting 18,416 sales by year's end.

New home industry to impact inventory, prices

Homebuyers could be in for more good news over the next several months as industry experts predict oversupply from the new home industry will create more selection and overall price softness.

"With the number of units still under construction, we do expect inventories to continue moving higher in the next couple of months," said Richard Cho, market analyst in Calgary for Canada Mortgage and Housing Corp. (CMHC). "I think the impact that would have on the overall housing market and the resale market is more choice for buyers."

Cho added the number of units still under construction remains elevated, which will lead to the rise in inventory levels.