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Stories Tagged - Residential

According to CMHC, the total number of home completions in the Calgary region for January and February combined was up, but absorption is down . CREB®Now file photo.
News

April 01, 2016 | Mario Toneguzzi

Trickle-down effect

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.

Cook Custom Homes presdient Brian Cook, pictured in his company's show home at the Point in Patterson Heights, said those who are working in economy-friendly industries are still building homes. Photo by Wil Andruschak/for CREB®Now.
News

April 01, 2016 | Andrea Cox

Above the curve

Small-volume builders say they've been largely unaffected by the economy

Alberta's economic downturn is not impacting all areas of the housing industry in the same way, according to small-volume builders who say their niche is, in fact, busier than ever.

"We are pretty much unaffected by the economy," said Brian Cook of Cook Custom Homes, a Calgary-based micro-builder that designs and builds five homes per year. "There is still money in Calgary and those who work in economy-friendly industries are building homes."

Cook noted one of the only differences he's seeing is in buying strategy, especially with spec homes. When the market was hot, buyers would tour a home once and put in an offer.

News

April 01, 2016 | CREBNow

Housing prices trend down in March: CREB®

Unemployment impacting housing activity

Home prices declined further in March as economic conditions weigh on Calgary's housing market, according to CREB®, which released its monthly housing summary today.

Calgary's benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year.

"With no improvement in the labour market, it's no surprise that we continue to face downward pressure on housing sales activity and prices," said CREB® chief economist Ann- Marie Lurie.

Calgary's northwest inner-city communities are becoming much more urban and desirable, says Richard White, author of the popular blog Everyday Tourist. Photo by Michelle Hofer/For CREB®Niow.
News

March 30, 2016 | Kathleen Renne

The next big thing

Where will Calgary's newest hot spot emerge?

People are always on the lookout for the next big thing, and that search extends to the world of real estate.

When it comes to reading the proverbial crystal ball as to which community will emerge as Calgary's next inner-city hot spot, the author of the blog The Everyday Tourist, Richard White, suggests one look north.

"The northwest inner-city communities are becoming much more urban and desirable," says White, explaining the growth of these communities has coincided with the relatively recent expansion of facilities like the Alberta Children's Hospital, the Foothills Medical Centre, SAIT and the University of Calgary campus.

Duanne Addy, creative director of project development at Jayman Built, at Carnaby Heights. Photo by Wil Andruschak/for CREB®Now
News

March 29, 2016 | Tyler Difley

It takes two

Dual-master homes occupy important niche in Calgary market

Dual-master homes aren't a new phenomenon in the Calgary market, but they have long been popular among a growing cross-section of homebuyers whose needs cannot be met by a standard three-bedroom layout.

According to Wendy Jabusch, president of the Canadian Home Builders' Association-Calgary region, Calgary homebuilders have been building dual-master suites for roughly a decade, primarily in smaller home offerings.

"They would typically be in the small single-family homes, townhomes and that kind of thing," Jabusch said. "Certainly, in the apartment product, we've seen dual-master bedrooms for many years."

Paul Engler of the Highland Park Community Association believes a proposed redevelopment of the former Highland Golf Course could bode well for the community. Photo by Cody Stuart/Managing Editor
News

March 18, 2016 | Cody Stuart

'A livelier neighbourhood'

Highland Park reimagining could invigorate northwest community 

The former Highland Golf Course in northwest Calgary could be host to a new kind of activity in the form of a major redevelopment.

Developer Maple Projects Inc. recently shared plans for its "reimagining" of the 21-hectare site – which would include up to 2,100 housing units as well as a commercial development along Centre Street N. – at an open house which drew, among others, members of the local community association, who believe the development could provide a boost to the area.

"Absolutely, it can be a huge benefit for the community,"

"Absolutely, it can be a huge benefit for the community," said Paul Engler, chair of the development committee for the Highland Park Community Association. "We are looking very much forward to it. We are working with the developer to come up with something that's awesome for them, for our future neighbours and for our existing neighbours."

News

March 05, 2016 | Jamie Zachary

5 things about February housing stats

Calgary's real estate market, by the numbers

Calgary's resale residential housing market in February was virtually unchanged from previous months, highlighted by sales declines, inventory gains and, ultimately, price softness.

CREB®Now breaks down some of the key statistics to come out of CREB®'s monthly housing summary.

$445,000
The benchmark price for a home in Calgary last month was $445,000, a 0.6 per cent decline over January and 3.5 per cent lower than levels recorded last year.

According to CREB®, some districts east of Deerfoot Trail are exhibiting price resilience – and even some 
gains – despite the citywide bench-mark price slipping by 3.45 per cent from the same time last year 
to $445,000. Photo by Cody Stuart/Managing Editor
News

March 04, 2016 | CREBNow

Differences among districts

Some areas of Calgary are reacting much differently to market conditions

Calgary residential resale housing prices continued to slide in February, yet new data shows not all areas of the city are being impacted in the same way.

According to CREB®, some districts east of Deerfoot Trail are exhibiting price resilience – and even some gains – despite the citywide bench-mark price slipping by 3.45 per cent from the same time last year to $445,000.

In northeast Calgary, for example, the benchmark price in February increased year-over-year by 1.7 per cent last month to $366,800, while east Calgary remained flat at $324,800, reported CREB®.

News

Feb. 26, 2016 | CREBNow

Alberta posts largest new housing spending decline

Construction falls by $135 million

Alberta homebuilders were a little more cautious in January, as new housing construction fell by $135 million in January compared to the same month last year, according to Statistics Canada.

By percentage, Alberta's 16 per cent decline placed it around the middle when compared to other provinces (spending in Saskatchewan fell by 31 per cent). Based on dollar figures, however, the provincial decline was tops in the country.

Nationally, spending on new residential building construction totalled $3.9 billion in December, up 4.8 per cent from the same month a year earlier.

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CREB® acknowledges that its office is located, and that its REALTOR® members serve, on the traditional territories of the peoples of the Treaty 7 region and Métis Nation of Alberta, Region 3. We honour and acknowledge the members of the Métis community and specifically, the Métis Nation Region 3. In the spirit of reconciliation and because we are all treaty people, we also acknowledge all Calgarians who make our homes in the traditional Treaty 7 territory of Southern Alberta.


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