Excess supply keeps housing prices low in Calgary's apartment sector

It's a seasoned phrase that harkens back to childhood memories of excess, but it's hard to argue with the idea that too much of anything isn't good for us.

The sentiment certainly holds true when considering the buffet of housing options in Calgary's apartment sector. As most product types have started the slow churn toward more balanced conditions, apartment product is struggling to digest a smorgasbord of inventory.

"Overall conditions appear to be improving, but the market is still behaving a little differently on the apartment side," said CREB® chief economist Ann-Marie Lurie. "Inventories are still rising as the growth in sales is not enough to compensate for further gains in new listings."

Walk21 Conference to explore the city's walkable future

Experts hope an upcoming international conference will boost efforts to make Calgary more walkable.

Hosted by the University of Calgary, the Walk21 International Conference on Walking and Livable Communities will see 600 local, national and international experts gather to discuss what they're doing in their own communities, and how it could be applied to Calgary.

"(Calgary) is not the city that comes to mind when you say walking," said John Brown, a professor and associate dean with the faculty of environmental design at the university and co-chair of the committee bringing Walk21 to Calgary.

Not your traditional suburban community

The rapidly growing community of Chestermere exudes an intrinsic lightness of being and a twinkling joie de vivre. You can feel it crackling in the air as you stroll down the pathways, watching people run, blade and bike during the summer months or cross-country ski in the winter, whooshing, swishing, all the while laughing.

"It's the people that really make this an amazing place to live," said resident Ryan Armstrong.

He moved his young family from northwest Calgary to Kinniburgh Estates in East Chestermere four years ago and hasn't looked back.

Calgary retailers making the most of high vacancy rate

Calgary commercial experts say local retailers are becoming increasingly savvy in their fight for market share, challenging the traditional brick-and-mortar concept of doing business in favour of a pop-up model.

''I do think the trend is becoming more popular because of online shopping," said Barclay Street Real Estate retail associate Amy McGregor, who is working with Calgary Economic Development to research pop-up shops and facilitate a process for new business owners by connecting with landlords.

"Online retailers kind of want to dip their toe in the retail market and it's a low investment way to do that. There's more opportunity and more likelihood that landlords will give them the opportunity for the shorter-term leases."

Greenwich community in northwest Calgary to put live/work/play into practice

Calgary's "new" northwest will have a familiar face touting a popular concept starting
this year.

Industry veteran Melcor Development has announced pre-sales for its new community of Greenwich will start this March. The 16-hectare live/work/play development to be located just off Highway 1 toward Banff will see a mix of residential, retail and commercial offerings.

Calgary's industrial market shows signs of turning the corner

While Calgary's downtown office sector and its plunging vacancy rates overshadowed all commercial real estate activity in 2016, the city's industrial market has better weathered the storm and is poised to grow in 2017, say experts.

According to Barclay Street Real Estate, vacancy for the industrial real estate sector finished 2016 at 7.76 per cent. It had peaked at 7.8 per cent in the third quarter of the year. In 2015, it was 6.57 per cent.

"Absorption was a negative 127,373 square feet for Q3. This was the only quarter of negative absorption we have had since the '90s," said Jon Mook, executive vice-president of Barclay Street Real Estate's industrial division.

Homebuilders hope recommendations to lower duties will lead to lower cost for industry, consumers

Recent recommendations by a federal trade tribunal have the homebuilding industry hopeful that high duties on U.S. drywall imports will soon come to an end.

The Canadian International Trade Tribunal issued its Statement of Reasons Jan. 19 outlining why it found drywall duties on U.S. imports are negatively impacting Western Canada's housing industry. Yet it also found U.S. manufacturers were indeed dumping drywall into the Canadian market, an unfair advantage over domestic manufacturers.

Housing experts predict Calgary's rental market to see another year of high vacancies, low rents

Calgary's rental housing market this year will not change much from 2016 as historically high vacancy rates will continue to usher in incentives and lower rents, say experts.

"We expect the vacancy rate to remain close to 2016 levels" said Richard Cho, Calgary-based principal market analyst for Canada Mortgage and Housing Corp. (CMHC).

Surrounding housing market to follow Calgary's lead in 2017 after challenging conditions in 2016

Slow stabilization in Calgary's housing market in 2017 is expected to create similar momentum for satellite communities such as Okotoks, Cochrane, Airdrie and Chestermere, say local officials on the heels of CREB® releasing its 2017 Economic Outlook & Regional Housing Market Forecast.

According to the report, Chestermere in Rocky View region experienced a widening gap between sales and new listings during 2016, putting downward pressure on benchmark prices – notably detached homes, which dropped 2.5 per cent from 2015 to $490,808.

Economic conditions create ideal situation for renters, challenges for landlords

In the most volatile economy in the country, it is no big surprise Calgary landlords endured 2016 with the highest rental housing vacancy rate in a quarter of a century.

"It is a free market economy, with all the ups and downs, and in the middle of (this downturn), you just hope many will survive it," said Gerry Baxter, executive director of the Calgary Residential Rental Association (CRRA) of Calgary's current seven per cent vacancy rate.