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Stories Tagged - Homebuyers

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.

Dec. 23, 2015 | CREBNow

A look back at 2015 with CREB®'s chief economist

The year according to CREB®'s Ann-Marie Lurie

With the calendar set to turn on what's been a turbulent year in the city's real estate industry, many will wondering what to expect in 2016 and beyond. To help provide a little clarity on just how we got here, as well as a hint as to where we're headed, CREB®Now enlisted CREB® chief economist Ann-Marie Lurie to provide some end-of-year insight.

CREB®Now: ?How would you sum up 2015 in Calgary real estate?

Lurie: It has been a year of weaker demand – definitely challenging economic times resulting in weaker demand. As a result there has been some more inventory than we are used to in the market and there has been some downward regression on pricing. It's completely consistent with what the economic situation has been.

Dec. 23, 2015 | Cody Stuart

2015: Year in review

A look back at Calgary's resale residential housing market

If nothing else, 2015 was an interesting year for Calgary's housing market.

While it remained resilient even while oil prices began to slide, the conditions that arose as 2014 drew to a close signaled a change was in the air.

And so as Christmas came and went, December 2014 saw the first year-year-year sales decline following 11 consecutive months of year-over-year growth. And with little expectation that things would change, once-lofty expectations gave way to a more realistic outlook.

Dec. 22, 2015 | CREBNow

Q&A with Attainable Homes' new boss

John Harrop talks about what's in store for 2016

Affordable housing emerged as a pressing topic in Calgary this year, as housing prices, rents and vacancy rates challenged people's access to shelter. In fact, wanting to find a solution to the city's growing housing affordability is what drove John Harrop to his new role as president and CEO of Attainable Homes Calgary Corp.

CREB®Now had a chance to sit down with Harrop to discuss everything from the economy's impact on affordable housing to what goes into creating the perfect community. Here's what he had to say:

Dec. 18, 2015 | Cody Stuart

Mortgage changes expected to slow housing demand

Local housing industry experts say a change that governs the amount buyers are required to put down when purchasing a home will significantly impact Calgary's already sluggish market.

Effective Feb. 15, 2016, the change announced by the federal government in early December will raise the minimum down payment for new insured mortgages from five to 10 per cent on the portion of the house price above $500,000.

"The intent of [the change] is to pull back demand, and they're slowing demand in a market where we're already seeing demand slow," said CREB® chief economist Ann-Marie Lurie, noting resale residential sales in Calgary have already dropped nearly 20 per cent from the 10-year average.

Dec. 11, 2015 | Cody Stuart

Foreign affair

Overseas condo ownership ramps up in Calgary

Foreign ownership is picking up in Calgary's housing market, according to a new report from Canada Mortgage and Housing Corp (CMHC).

Late last week, the federal housing agency noted foreign ownership in Calgary's condo apartment sector has increased from just 0.2 per cent of the total market in 2014 to 1.1 per cent in 2015.

While it's a far cry from the level of ownership seen in markets such as Vancouver and Toronto, the rise in Calgary still represents a five-fold increase.

Condo parking

Nov. 13, 2015 | Joel Schlesinger

A spot on investment

Parking stalls becoming key bargaining chips in a buyers' market for apartment condos

Parking is at a premium in Calgary's inner city.

Granted, that's not new news. But its impact on the local resale residential housing market is now making waves, especially as a bargaining chip for sellers in the beleaguered apartment-style condominium sector.

Benchmark prices in Calgary fell overall by 0.7 per cent in October compared with the month before, and 1.2 per cent from October the previous year, according to CREB®'s most recent monthly housing summary.

The steepest decline, however, was in the apartment condo sector where the benchmark price fell 0.8 per cent to $288,300 and four per cent from October 2014. CREB® attributed the decline to a corresponding increase in months of supply, which approached six months. In other words, more supply created a downward pressure on prices.

Aug. 01, 2015 | Nolan Matthias

A record year for Mortgage360

July 30, 2015 | CREBNow

A story of supply and demand

Dissecting the detached category

Sales activity declines in Calgary's detached resale housing segment over the first half of 2015 resembled that posted during the global economic crisis in 2009, according to CREB®'s mid-year forecast update.

Yet experts warn aggregate prices in Calgary's largest housing segment, which have started to fall, are being skewed by higher-priced markets, which experienced a more dramatic drop during the first half of the year.

"This year, we have seen sales decline in all price ranges. However, the decline in the luxury home market has been larger compared to lower-priced homes," said Richard Cho, principal of market analysis for Canada Mortgage and Housing Corp. (CMHC).

Detached sales totaled 6,203 units, a 25 per cent decline relative to the previous year, noted CREB®.

Aug. 07, 2014 | Cody Stuart

The stigma enigma

Dealing with real estate's S word

Calgary's real estate industry has come under the microscope recently, with some questioning the degree to which professionals are obliged to reveal perceived flaws in properties up for sale.

While CREB® President Bill Kirk acknowledges there is a "grey area" that exists with stigmatized properties — a point brought to light last week when a Brentwood home that was the scene of Calgary's worst mass killing went up for sale – he emphasized reactions to such homes are as varied as the circumstances surrounding them.

May 28, 2014 | Cody Stuart

Secondary income

Rental crunch, rising housing costs highlight value of secondary suites for first-time homebuyers

Like many buyers, Karen Coyle had a checklist when shopping for her first home.

Near the top of that list was the option to add a secondary suite.

"I wanted to make sure I bought a house I would be able to afford without the help of the income from the suite," said Coyle. "But I also wanted to buy a house that could easily be suited, so that I would have a buffer in case mortgage prices rose."

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