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Stories Tagged - affordability

May 16, 2016 | Mario Toneguzzi

Calgary is still among most affordable: experts

Household income strong when compared to housing prices, other cities

Calgary homebuyers will continue to fare well as the city's affordability index will likely outpace other major urban centres in the country for the rest of this year, say experts.

RBC Economics senior economist Robert Hogue attributes Calgary's affordability moving forward to continued high household incomes in the city – especially when compared to cities such as Vancouver, Toronto and Montreal

"It's not because house prices are so cheap. It's because it's the market in Canada where the income is the highest," he said. "We measure affordability as a percentage of household income."

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.

Oct. 20, 2015 | CREBNow

Densification, affordability to reshape homebuilding industry: SAIT

Q&A with SAIT Polytechnic School of Construction dean Scott MacPherson

The homebuilding industry is undergoing unprecedented change – from new technologies to a new-look workforce. Calgary, in particular, has witnessed, and even ushered, much of this change first-hand, thanks in part to SAIT Polytechnic's School of Construction.

CREB®Now recent sat down with the school's dean Scott MacPherson to talk about everything from densification to East Coast dinner parties.

Oct. 14, 2015 | Cody Stuart

5 things about Calgary's Vital Signs survey

The Calgary Foundation has released its annual Vital Signs report. The yearly check-up measures Calgarians' quality of life across six categories, with this year's report revealing the 1,819 Calgarians polled for the report were on average less happy than they were in 2014.

Along with Calgarians being a tad more melancholy, CREB®Now explores some of the other findings in this year's report.

Living Standards: Receiving an overall grade of C+ in this year's report, the top housing concern listed by Calgarians was improving the affordability of rental housing, with 26 per cent of respondents citing it as their primary worry.

June 25, 2015 | CREBNow

Making it easier

New report shows energy uncertainty creating options for buyers

For Calgarians looking for a new home, the financial cloud hovering over the province's oil patch may have a silver lining.

According to RBC's latest Housing Trends and Affordability Report, homes in the city became more affordable during the first quarter of 2015.

The bank's index, which measures the percentage of household income required to service the price of owning a home, showed costs in Calgary fell across all housing types in 2015.
CREB®Now Archive

March 18, 2015 | CREBNow

The upside of downsizing

Smaller stature doesn't have to mean lower expectations

Whether it's empty nesters no longer in need of a family-sized home or homeowners discovering they no longer need so much space, downsizing has become a popular trend in the real estate industry.

The opportunity to shed excess space – usually for a profit – and purchase something smaller has proved too alluring to resist for many Calgarians.

"Making a move to a more affordable house and renovating it to make it more efficient and organized will ensure I enjoy living in it even if it's not a mini mansion," said Angela Hendry, who recently downsized to a smaller home due to a change in her marital situation. "So the upside is I will have a very reasonable mortgage right now, and when the interest rates go up I will still have a beautiful home to live in that I can still afford."

March 04, 2015 | CREBNow

RBC: Canada's housing affordability slips overall

Drop masks diverging local conditions in fourth quarter of 2014

Home price increases in Ontario were key to a slight decrease in housing affordability across Canada, said a report from RBC.

The bank said although owning a home at current market value in Canada was less affordable for the second straight quarter as of the end of 2014, affordability trends have stayed relatively flat since 2010.

Sept. 12, 2014 | CREBNow

Calgary's secondary suite saga continues

When it comes to Calgary City Council, a tie on a specific vote equals defeat.

At a Sept. 10 Standing Policy Committee meeting, a proposal by city planners looking to streamline Calgary's secondary suite approval process was voted down 4-4.

"First thing, I want to make a point of is enforcement is not a housing policy," said the City's General Manager Rollin Stanley. "If a person remains homeless, we fail as a city. If a suite is made safe, we succeed."

April 30, 2014 | CREBNow

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