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Stories Tagged - benchmark prices

Jyoti Gondek, director of Westman Centre for Real Estate Studies at Haskayne School of Business at the University of Calgary said the city's housing market will face a number of risk factor in 2017, including aging baby boomers. Photo courtesy University of Calgary

Jan. 09, 2017 | Joel Schlesinger

Bottoms up

After a tough year for the 'other half' of Calgary's real estate market, the city's apartment/attached segments are expected to see gradual turnaround in 2017

Lower prices and added choices created buyers' conditions in Calgary's attached and apartment sectors in 2016. But a slow recovery is expected in 2017, bringing both sectors into better balance, says CREB®'s 2017 Economic Outlook & Regional Housing Market Forecast.

The degree to which they'll the "other half" will get there will differ, however. While the attached sector is set to post positive overall numbers, apartment sales and prices will be moderated by persistently high inventory levels.

CREB® chief economist Ann-Marie Lurie expects the market to turn around in 2017, but doesn’t expect conditions to return to long-term trends. Photo by Adrian Shellard/For CREB®Now

Jan. 09, 2017 | Jamie Zachary

Transition talk

Calgary housing market to see increased stability, signs of change in 2017: CREB®

The worst might be over for Calgary's housing market, according to CREB®, which is forecasting transitional conditions throughout this year on the back of renewed optimism in the oil patch.

The forecast, captured in the real estate organization's 2017 Economic Outlook and Regional Housing Market Forecast report, comes after more than two years of recessionary conditions that have been manifested by sales and price declines in virtually every corner of the local market.

New listing decreases, while not matching sales declines, are helping to dampen significant price drops, says CREB®.

Aug. 26, 2016 | Joel Schlesinger

Listing leverage

Price declines being moderated by lack of listing activity, say experts

The numbers don't lie, but they can be misleading.

Calgary's real estate market so far this year has continued a pattern of year-over-year declines that was first set early in 2015.

According to CREB®, sales decreased by more than 10 per cent up to the end of July from the same time last year.

Yet, perhaps surprising, is the benchmark price is down just 3.7 per cent.

Richard Cho of CMHC said slower population growth as the result of Alberta's weak economy will place downward pressure on housing demand in Calgary. Photo by Wil Andruschak/For CREB®Now

Aug. 12, 2016 | Mario Toneguzzi

Prices and population

Fewer newcomers will mean weaker housing demand, lower prices, say experts

Fewer newcomers to our city will translate into weaker housing demand and lower housing prices for the foreseeable future, say housing experts.

According to the City of Calgary's 2016 census released last month, more than 6,500 people left the city between April 2016 and April 2015. The 4,256 population jump to 1.235 million was primarily attributed to an increase of births versus deaths.

"Not surprisingly, the overall impact of lower population growth in Calgary will weigh on its real estate market," said ATB Financial economist Nick Ford. "Housing prices may continue to slide lower in all areas of the city as a result of declining demand.

Bill Kirk said despite signs of change on the horizon, Calgary’s real estate industry enjoyed a robust year in 2014, with sales increasing by double digits. Photo by Michelle Hofer/For CREB®Now

Aug. 08, 2016 | Cailynn Klingbeil

55 Years of Real Estate: 2014 CREB® president Bill Kirk

Signs of economic hardship started to reveal themselves by the end of 2014, recalled then-CREB® president Bill Kirk 

While the true severity of the economic slump currently dominating headlines had yet to been felt in 2014, Bill Kirk said the writing was already on the wall by the end of his tenure as CREB® president.

Oil production in the Middle East had just started to ramp up, prices for a barrel had started to fall and jobs in Calgary were suddenly in question, he recalled.

"By the end of 2014, there was talk of an oil glut," said Kirk. "We knew there would be fallout ... (but) no one knew what would happen.

"We were all surprised at how slowly through 2015 the bad news hit."


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.

City of Airdrie senior planner Stephen Utz said land-use bylaw changes could allow secondary suites in most residential districts. Photo by Carl Patzel, for CREB®Now

March 11, 2016 | Cody Stuart

'A viable option'

Airdrie looks to improve acceptance of secondary suites with bylaw review

Calgary is not the only Alberta city tackling the controversial issue of secondary suites.

Airdrie is putting its current land-use bylaw under the microscope, meaning residents in that city could soon see changes to the way the suites are regulated.

Suites are currently allowed in just three neighbourhoods: Bayview, The Canals and Silver Creek. Under the proposed bylaws, the City would allow at least one secondary housing option (a basement suite, a garden suite separate lot unit, or a garage suite) in most residential districts, with the development authority having final say on appropriate usage of a secondary suite.


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.

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

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®.

CREB®Now Archive

Feb. 16, 2016 | CREBNow

Calgary's housing market takes brunt of downturn

City leads country in sales, price declines: report

Canada's resale residential housing markets illustrated further signs of regional disparities in January, with sales and prices up in hot markets such as Toronto and B.C.'s Lower Mainland yet down in others such as Calgary and Edmonton, according to a new report from the Canadian Real Estate Association (CREA).

Sales in Calgary last month fell by 14 per cent to 1,049 units, representing the sharpest year-over-year decline among all major urban centres in Canada. Edmonton also saw a sharp 9.7 per cent decrease in the number of sales to 777 units.

In contrast, Greater Vancouver saw sales pick up by 30.3 per cent to 2,626 units and Greater Toronto Area (GTA) by 7.3 per cent to 4,672.

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