Today, CREB® unveiled its 2015 mid-year forecast update that indicated the Calgary regional resale housing market is in for a turbulent ride over the second half of the year as some economic realities set in.

Here are five takeaways from the 24-page document:

Not just a drop in the bucket
CREB®, citing a number of economists, warns that the broader effects of oil price shocks have yet to be fully realized in both the energy and non-energy sectors. Oil prices are expected to average $55 US per barrel, which is nearly 13 per cent lower than expectations from the end of 2014. What that means is all sectors, including housing, will likely face more downward pressure heading into 2016.

Weaker resale demand
Despite more favourable lending rates, housing demand will be weaker than we've have become used to. CREB® attributes that to further job losses expected this fall, rising unemployment levels and weaker migration numbers to the city. Overall, sales activity in the city is forecasted to decline by 22 per cent to 19,798 units in 2015 and prices will contract by 0.2 per cent.

Prices expected to remain stable

Continued weakness in housing demand will limit downward pressure on supply levels and cause prices to ease in the second half of the year, CREB® said in its 2015 mid-year forecast. Despite this anticipated retraction, Calgary's benchmark prices are only expected to decline by less than one per cent on an annual basis.

"Further job losses are expected in the second half of the year," said CREB® chief economist Ann-Marie Lurie. "These employment changes combined with overall weakness and slower than anticipated recovery of oil prices is expected to keep housing demand relatively weak for the rest of 2015. However, with the initial shock of oil price declines having dissipated, the pullback in sales activity in the second quarter is not expected to be as dramatic as the first part of the year," said Lurie.

Overall sales activity in the city of Calgary is forecasted to total 19,780 in 2015, a 22 per cent decline relative to last year, but only six per cent lower than average activity over the past five years.

Renovations outpacing new home construction

Canadians spent more on improving homes in 2014 than they did on building new ones, according to a new report by real estate consultant Altus Group.

Spending in Canada reached an estimated $67.8 billion in 2014, reported Altus. In comparison, Canadians spent just $48 billion on new home construction during the same year.

While the number represents a 3.2 per cent increase over 2013, it pales in comparison to the 8.7 per cent annual averages that were seen from 2000 to 2007. Over the last seven years, renovation spending has levelled off to an average increase around three per cent.

Now that the southwest ring road is a go, the long-awaited community of Providence south of Tsuu T'ina Nation is finally beginning to take shape.

In May, the federal government approved a land-swap deal with the nation that transferred land designated for the roadway to the province.

And in July, both Tsuu T'ina and the Alberta government vowed to have the throughway completed within the next seven years.

All this means City of Calgary officials have had to dust off the area structure plan (ASP) for the adjacent land.

Historic community offers compelling combinations

The northeast community of Renfrew is steeped in history; built on the remnants of an Air Force training base and Calgary's first airport, Renfrew is experiencing a surge in interest from homebuilders and homebuyers, equally enticed by the neighbourhood's charm and potential.

Surrounded by an abundance of parks, trees and playgrounds, Renfrew is bordered by 16th avenue to the north, Centre Street to the west, and Deerfoot Trail to the west, allowing for quick access to many parts of the city.

"I work in the southeast and it takes me less than 10 minutes to get to work," said Renfrew resident Rosi Hey. Hey has lived in the community for 20 years and currently lives with her family in a house on Renfrew Drive. She appreciates the abundance of schools in the area.

"My youngest daughter went to Stanley Jones from K to 9, and she just graduated from Crescent Heights and never had to take buses," said Hey.

Not all inspections are created equal, say experts

Shortly after moving into the townhome his home inspector assured him was in mint condition, Faiyaz Sumar had to replace the washer, dryer and microwave.

"The microwave would stop after 20 seconds, and the washer and dryer weren't ventilating properly. The walls of the laundry room were dripping with condensation," said Sumar, who was fortunately able to get the sellers to replace them at their own cost.

"Then we discovered our master shower would run either extremely hot or extremely cold. I just assumed that if you claim to test an appliance, you would run it through a normal cycle. In our case, the inspector may have turned them on or off but didn't check for full functionality.

"If I had any words of wisdom, it would be that you can't just blindly trust what you're told. You need to ask what tests they run and scrutinize what being operational really means to them."

Calgary still the place to be for new developments

Despite a dip in the economy, Calgary is still a sought-after destination for developers, say industry experts.

"There's a western resiliency and an entrepreneurial spirit that [Calgary] rolls with it and looks for a brighter day in the future," said Christopher Wein, president of Toronto's Great Gulf Residential, which has submitted a development application to the City to develop a two-tower condo development in the East Village at 304 Macleod Trail S.E. across from the Harry Hayes Building.

Expert says Calgary home inspections should be mandatory

When first-time homeowner Mario DeMarco made the "largest purchase" of his life, he wanted to ensure there were no surprises – that there would not be any major issues with the property before he signed on the dotted line.

DeMarco quickly turned to a home inspector – a move he credits as key in contributing to what turned out to be a smooth buying process.

"[It was] one of the few times in the process that I had the ability to control the situation," he said of purchasing his condo in Lower Mount Royal. "It is no different than getting an inspection on a used car before purchasing it. I wanted to know if there was water damage, electrical issues, plumbing issues..."

Alberta is blessed with some obvious geographical advantages. To the west, the foothills and Rocky Mountains provide ample opportunity for recreation, and the prairies to the east offer plenty of lakes and rivers to enjoy. But when it comes to Calgary, suitable locations for aquatic activities can be tough to come by.

With Cranston bordering Fish Creek Park and the scenic Bow River; and Auburn Bay, it's neighbor to the east, containing its own 17-hectare freshwater lake, the two communities on Calgary's south side have essentially brought the best of Alberta into the backyards of area residents.

While May brought plenty of falling rain to Calgary, sales in the city's real estate industry were headed solidly in the other direction.

Driven in part by an increased demand in the condominium market, Calgary residential monthly sales improved over the previous year in May, exceeding expectations, although slowing from 2012's double digits.