Apartment sector prompts optimism for buyers

After living in southwest communities of Midnapore and Evergreen for 27 years, transitioning to an apartment in Mission was an easy decision for Michelle Norman.

"Condo living was a very easy adjustment," she said. "I like the idea of being surrounded by a good mix of young and older residents as well as not having to worry about such things as yard work and snow removal."

Southeast district facing increased competition from new home industry

Calgary's resale residential housing market continues to reveal its many layers, with experts singling out the southeast district as an area of the city struggling in the face of intense competition from the homebuilding industry.

This comes on the heels of CREB®'s recently released housing summary for September that indicated prices in other instances are exhibiting increased stability.

CREB® chief economist Ann-Marie Lurie noted home prices in the southeast have struggled more acutely than other districts in Calgary despite indicators that would initially suggest otherwise.

New listing levels starting to match sales

A new report indicates the segment of Calgary's resale residential housing market with the greatest influence on the overall market is showing signs of pricing stability.

The detached benchmark price totaled $503,400 in September, which is 3.3 per cent below last year, but the second consecutive month at this price level, reported CREB® today.

While overall economic conditions remain soft, for now the detached sector is demonstrating some steadiness in terms of pricing, the member-based organization said.

Housing market offers some surprises, different perceptions, say local experts

A quick look at today's real estate market might not exactly fill first-time homebuyers with optimistic anticipation. Yet dig deeper and there's plenty of reason to get excited, say housing experts.

Even though home sales are down by double-digit percentages in terms of units sold and money spent compared to a year ago, the average selling price is up slightly — about two per cent, to $474,605 in August, according to CREB®.

Detached versus higher-density segments paint different pictures of health

Overall resale residential housing sales activity in Calgary was down again in August, totalling 1,567, reported CREB® in its monthly housing summary.

However, the organization noted this figure does not reflect the big differences in activity between the detached sector, versus the high density apartment and attached segments of the market.

Former CREB® president Corinne Lyall focused on different drivers behind housing market in 2015

Corinne Lyall is all too familiar with many of the challenges currently facing homebuyers and sellers in Calgary. She served as CREB®'s president just last year when the economic downturn was arguably at its strongest, is currently past president on the board of directors for the real estate member organization and is broker at her own firm Royal Lepage Benchmark.

Yet her message today is the same as it was when she had the gavel in hand: real estate is personal.

Districts, housing types tell different stories about Calgary's housing market in August

Fewer new listings within Calgary's resale residential housing market continued to moderate price declines last month, according to new statistics.

Yet experts note what's arguably more interesting is how the interplay between new listing levels and prices within the city's districts, and even housing types, are providing consumers with some much-needed intel on their next purchasing decision.

Prices exhibit resilience, record biggest gain since 2006

National home sales declined for a third consecutive month in July, according to statistics released today by the Canadian Real Estate Association (CREA).

The number of homes trading hands via Canadian MLS® Systems fell by 1.3 per cent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 per cent below the record set in April 2016. (Chart A)

Sales activity was down from the previous month in slightly more than half of all markets in July, led by Greater Vancouver and B.C.'s Fraser Valley. Transactions in these two markets peaked in February of this year, and have since then dropped by 21.5 and 28.8 percent respectively.

Satellite communities showing similar signs of strain; officials still optimistic

Feeling the pinch of a slowing economy, smaller satellite community housing markets have mirrored a downward drift in prices compared with Calgary but continue to be an attractive draw for buyers.

Depending on the region, CREB®'s mid-year forecast update has shown only a slight reduction in sales compared to long-term trends and actual growth in other outlaying districts.

Still buzzing with plenty of activity in new-home construction, Airdrie sales activity slowed in 2016 but hasn't dropped compared to five-year averages. A continual inventory build-up has kept new listings on pace with the past three years for Airdrie, which experienced a 5.37 per cent population growth since last summer and has recently surpassed 60,000 residents.

Breaking it down by the numbers

Earlier this year, CREB®Now published a feature on five things you needed to know about CREB®'s 2016 Economic Outlook & Regional Housing Market Forecast. With the REALTOR® organization recently updating the document, we revisit those insights on what's to come:

17,321

After originally forecasting 18,416 sales in 2016, CREB® is now predicting Calgary's activity to fall to 17,321, a 3.8 per cent drop from last year. By sector, revised estimated peg detached to decline by five per cent, while attached and apartment will be down by eight and 19 per cent, respectively. Meanwhile, CREB® chief economist Ann-Marie Lurie said the year began by favouring buyers, but is exhibiting more balanced conditions in areas such as the detached sector.