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Stories Tagged - Corinne Lyall

News

Sept. 01, 2015 | CREBNow

Inventory levels rise

August sales activity falls below long-term averages

Calgary's residential resale housing market recorded further easing in absorption rates in August due to weaker sales activity.

Sales in the city declined by 27 per cent to 1,643 units last month relative to the same time last year and 12 per cent below 10-year averages.

"Persistent weakness in the energy sector weighed on sales activity this month, which once again retracted to levels well below the norm for the city," said CREB® chief economist Ann-Marie Lurie.

News

Aug. 04, 2015 | CREBNow

Market remains balanced despite easing in absorption rates

Supply gain in apartment sector threatens to impact price

Declines in residential housing sales activity eased in July, creating, when combined with stable inventory levels, no change to the month-over-month price.

Year-over-year sales fell by 14 per cent to 1,995 units in July, compared to a 17.8 per cent decrease the previous month. Despite the decline, sales activity during the month was consistent with the 10-year average.

While sales decline eased, so too did the decline in new listings, causing the unadjusted sales-to-new listings ratio to edge down to 67 per cent in July and months of supply to increase to 2.53 months.

Often-overlooked statistics such as months of supply and sales-to-new-listings can be key indicators of what's really going on in the housing market, says CREB® chief economist Ann-Marie Lurie. CREB®Now file photo.
News

July 31, 2015 | Cody Stuart

Where we're going . . .

Outside factors will impact housing market through 2016

With the sun in Calgary rising and falling relative to the price of a barrel, it should be no surprise that the city's real estate market will continue to be impacted by economic realities beyond its control, say housing analysts.

Following a first half that can best be described as turbulent, the remainder of 2015 looks to bring more of the same for the city's housing market, with CREB®'s mid-year forecast update suggesting decreases across the board, including moderate price contraction.

"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, are expected to keep housing demand relatively weak for the rest of 2015.

News

July 31, 2015 | Cody Stuart

Where we've been . . .

Roller-coaster ride to start 2015 ended with more balanced conditions

The arrival of 2015 was bound to signal a change of pace for Calgary's resale real estate industry, which had just wrapped a bow around a banner 2014.

In fact, with oil prices showing signs of deteriorating toward the end of 2014, December's four per cent sales decline – following 11 consecutive months of sales increases –was really a sign of things to come.

"Changes in the economic climate are expected to cool housing market conditions in 2015, and December activity may be the first indication of this shift," said CREB® chief economist Ann-Marie Lurie at the time.

That change came early and it came swift, with sales falling by more than 30 per cent in January to five-year lows even though new listings maintained their upward momentum by increasing by 37 per cent compared to the same period last year.

CREB 2015 Economic outlook and regional housing forecast
News

July 29, 2015 | CREBNow

Housing prices to ease in second half, CREB® forecasts

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.

News

July 17, 2015 | Cody Stuart

Power up

Summer sun shines spotlight on Alberta's energy supply

With temperatures in Calgary and across the province soaring for much of July, Alberta's power industry is beginning to kick into high gear.

Earlier this month, Alberta set a new record for energy consumption in the province. According to the Alberta Electric System Operator (AESO), usage on July 9 hit 10,520 megawatts, topping the previous record of 10,419 MW set last July.

While summer demands for energy are less than those seen in winter — when demand can top 11,000 MW — the numbers are still enough to provoke some caution from the province's energy operator.

"Due to the significant generation added to the grid, we haven't had an issue meeting the demand," said Angela Anderson, spokesperson for AESO.

News

July 02, 2015 | CREBNow

June sales consistent with typical levels

Calgary inventory levels ease

Despite the 18 per cent year-over-year decline in June home sales, for a total of 2,183 units, transaction levels remain only five per cent below the 10 year average for June and three per cent above levels over the past five years.

"We've seen less concern from consumers lately," said CREB® president Corinne Lyall. "One of the main reasons is that we haven't seen the worst case scenarios play out in the energy and housing sectors.

"Consumers who were waiting for wide-spread price declines have been surprised to see that it just hasn't happened yet, and so they've decided to take advantage of the improved selection and lower lending rates.

News

May 01, 2015 | CREBNow

New listings decline as home prices ease

Improved sales to new listings ratio reduces inventory gains

After the fifth consecutive monthly benchmark price decline in Calgary, the number of new home listings eased to 3,064 units in April, an 18 per cent decrease over the previous year.

"With fewer buyers making purchase decisions and improved selection for resale, new home and rental property, sellers have been either adjusting their expectations on price or delaying their plans about when to list their home," said CREB® president Corinne Lyall.
News

April 01, 2015 | CREBNow

No fallout over fees

Real estate industry not concerned about long-term effects following provincial budget surprise

Buying a home in Alberta is about to get more expensive.

Beginning July 1, Albertans will be required to spend as much as $1,000 extra to purchase a home in the province as a result of increased real-estate-related fees in the new provincial budget.

Counted among the changes are increases to the transfer/title creation flat fee, which will go from $50 to $75 and the variable fee transfer fee will jump from $1 to $6 for every $5,000 in the home's value.
News

March 03, 2015 | CREBNow

"In it together" with CREB president Corinne Lyall

CREB president Corinne Lyall has joined a litany of other Calgary names in the new campaign In It Together.

"With all the negative talk in the media and the community about the price of oil and the economy, we believe that it's time to turn the tables on the situation and focus on solutions," reads the website.

In It Together is the "brainchild" of Jeff Bradshaw, owner of video agency V Strategies, with the co-operation of his staff as well as Calgary Economic Development.

Joining Lyall in making comments on the site are names such as Mayor Naheed Nenshi, Phil Robertson of Phil & Sebastian Coffee Roasters and Steve Allan, chairman of Calgary Economic Development.

See Lyall's video below:

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