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Stories Tagged - RBC Economics

Cody Stuart / CREB®Now

April 17, 2020 | Mario Toneguzzi

Silver linings: increased emphasis on affordability could eventually buoy Calgary condo market

One of the key factors impacting the Calgary resale housing market in the last year or so has been affordability.

With economic uncertainty top of mind due to the collapse in oil prices and the COVID-19 crisis, prospective homebuyers are increasingly looking for more affordable options when making a purchase.

That will likely lead to more demand in the condominium apartment market in the future.

Getty Images

March 13, 2020 | Mario Toneguzzi

Head to head: Calgary housing affordability remains strong compared to other major centres

When it comes to homeownership these days, one of the biggest and most talked about issues is affordability. This issue is particularly relevant when it comes to a generation of young Canadians that many people say is struggling to enter the marketplace due to the high costs of owning a home.

However, like anything else in this country, affordability is relative and truly dependent on context. If you're a millennial or a potential first-time homebuyer of any stripe, you're much better off entering the market in Calgary than other major centres like Vancouver or Toronto.

Courtesy West Campus Development Trust

Jan. 10, 2020 | Mario Toneguzzi

Turning the corner: Calgary real estate industry offers reasons for optimism in 2020

This past year has been a challenging one for Calgary's economy and real estate market, but amid all that doom and gloom, some positivity might be warranted.

Sept. 02, 2016 | CREBNow

Housing affordability in Calgary contrasts with national picture

RBC releases new housing trends, affordability report

Despite signs of a modest recovery in home resale activity, Calgary's housing market continued to struggle amid plentiful supply of homes available for sale, declining prices and softening demographics fundamentals, according to RBC Economics' recent Housing Trends and Affordability report.

RBC said its cost-of-ownership measure for Calgary rose by 0.3 percentage points in the second quarter to 33 per cent of a typical family's pre-tax income, still well below the long-term average of 40.4 per cent for the area.

Both the single-detached and condo segments registered small improvements.

The scaling back of single-detached home starts has contributed to a decline in the number of units under construction, thus posing minimal risks of destabilizing the market, according to a new report. CREB®Now file photo.

June 06, 2016 | Jamie Zachary

5 things on housing market's health

New report paints mid-term picture

RBC Economics economist Craig Wright and Robert Hogue say the provincial recession continues to weigh on housing demand in Calgary, and such weakness is increasingly undermining prices.

In the bank's Canadian Housing Health Check released this week, the report's authors note the drop in property values has been generally modest to date; however, the pace of decline has accelerated and further downside remains.

Here are five things to know about contributors to Calgary's housing health so far this year:

Jan. 29, 2016 | Cody Stuart

Interest-ing times

Bank of Canada's overnight lending rate exposes disparities in Canada's housing markets

The Bank of Canada's decision to leave its overnight lending rate unchanged at 0.5 per cent is expected to have vastly different impacts on markets across the country, say experts.

The bank's decision to stand pat on the rate it established last July instead of downgrading it by 0.25 per cent will do little to help revive what's expected to be a sluggish economy in 2016, said BMO Financial Group chief economist Douglas Porter in an interview with CREB®Now.

"It's certainly not going to be enough to turn around Calgary," he said. "Is it enough to revive the Canadian economy? No, a quarter point is not going to do it. But there's only so much a central bank can do without risking other things, and I think we've seen those risks in the past year."

Morning News Rundown

April 10, 2014 | CREBNow

Morning News Rundown

CREB®Now Archive

April 02, 2014 | CREBNow

Condos Are Hot In Calgary

Condominiums are a hot commodity here in Calgary.

"I chose to buy a condo over a traditional house, because I like the idea of not having to mow the lawn or worry about shovelling the snow," said Calgary resident Sarah Gage. "I like the simplicity of living in a condo. There is no work I have to do which is perfect for my busy schedule, and because it is just me that lives in the condo, I didn't need a lot of space."

March 26, 2014 | Cody Stuart

Getting A Foot In The Door

With the options for some first-time homebuyers growing more restricted, buyers are waiting a little longer or spending a little more to find the home of their dreams.

According to a new report from BMO, first time homebuyers in Calgary were more willing to increase their budget than anywhere else in Canada with 54 per cent of Calgarians prepared to spend more. As a result, buyers are also expanding their search to include a greater range of properties.

March 05, 2014 | Cody Stuart

Taking Inventory

Calgary's housing market emerged from February's deep freeze to post some impressive numbers. While keeping active proved to be a difficult task for many Calgarians, with wind chills in the city dropping down to minus 40, activity amongst home buyers and sellers remained brisk.

According to CREB®, 1,854 homes changed owners in February, marking an 8.7 per cent increase over February 2013. While still representing a significant rise in sales, February's gain fell short of the impressive double-digit growth seen in January, when yearover- year sales grew by 17 per cent.

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