Calgary's industrial sector showing signs of strain

Calgary's industrial market continues to hiccup along in a weakened economy as vacancy rates have risen over each of the last four quarters and are likely heading toward the bottom of the cycle, said a second-quarter market report by Cushman & Wakefield.

"One positive is that the amount of space under construction has been cut substantially; helping to prevent future jumps in the vacancy rate," read the report.

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.

Move-up homes driving construction activity, community development, say local housing officials

The head of Calgary's new home industry believes move-up products have become the go-to sector within Calgary's residential construction industry, and will be the backbone of new communities moving forward.

Allan Klassen, who is the newly minted chair of the Canadian Home Builders' Association - Urban Development Institute Calgary Region, said buyers' focus over the last several years has been increasingly focused on detached product priced over $500,000.

"It is the prominent driver in terms of overall growth of new construction," said Klassen, who is also senior vice-president of Calgary housing for Brookfield Residential, which is behind the mixed-use Seton development in the southeast and the recently announced Livingston community in the city's north.

New national standards for home inspections will benefit consumers, industry says

Calgary home inspector Alan Fisher has heard his share of horror stories from homeowners who received less-than-optimal inspections prior to buying their homes.

Sadly, he said these tales of domestic woe are largely preventable given most stem from the unfortunate reality that not all home inspectors are equal when it comes to ferreting out potential issues.

"There are people out there offering a seven-day course where you write the test and you're certified," said Fisher, who owns Calgary-based Integra Home Inspection Services.

CREB® chief economist walks through often-overlooked housing statistics

Months of supply is a statistic that often gets lost in today's housing market, yet it is an important indicator of the relationship between supply and demand, says CREB® chief economist Ann-Marie Lurie.

"It gives us one indication of balance in the market," she said of months of supply, which is the amount of time it would take to sell current inventory.

"If the number is really high – so you have a higher level of months-of-supply – that essentially just means that there's more supply than demand in the market and it generally correlates with declining prices in the market.

RECA emphasizes top priority is consumer protection

The Real Estate Council of Alberta (RECA) is reminding real estate professionals in the province to always discuss deposit arrangements with their clients in response to one Calgary brokerage recently closing and another one winding down operations.

The provincial regulatory body also advised professionals in the province to continue showing sellers' listings, even if they are listed by a brokerage that is shutting down, and to let buyers into their listings.

RECA communications manager Natalie Scollard said the organization's primary role when a brokerage shuts down is consumer protection.

Lake communities making a splash with homeowners

When Alex Capicio and his wife Arlen started house hunting for their family of five, it was all about location.

Arlen worked at the South Health Campus, but the family also wanted to be close to neighbourhood niceties such as a lake.

The couple settled on Mahogany in the city's southeast in January 2014 and haven't looked back since.

Annual ROAR awards handed out to Calgary real estate profession

Five members of Calgary's real estate community walked away with top honours earlier this month as CREB® hosted its third annual ROAR (Recognizing our Accomplished REALTORS®) Awards at Telus Spark.

Hosted this year by Canadian comedian Gerry Dee, the coveted event was designed to celebrate the talent and accomplishments of Calgary and area real estate professionals in the areas of professionalism, excellence, dedication, mentorship and community involvement.

Julie-Ann Nasiri of CIR Realty walked away with People's REALTOR® honours. Of the five awards handed out during the evening, the People's REALTOR® is the only one where nominations originated from the public.

BMO study says generation is still willing to wait

Canadian housing prices continue to rise, but prospective millennial first-time homebuyers are in no rush to enter the market.

According to a report released by the Bank of Montreal, while 60 per cent of millennials surveyed are tired of paying rent, 70 per cent would rather delay homeownership until they can get what they really want in a home.

This comes at a time when millennials are expecting to pay more for their first homes than previous years, exceeding $350,000 on average nationally. That figure rises to more than $465,000 and $525,000 for Toronto and Vancouver respectively.

Facebook, Twitter and Instagram helping real estate businesses build their brands

When Sarah Johnston began using social media, she didn't do it to promote her real estate business.

"My entire life is dedicated to this 'job,' and I needed an outlet," she said.

Instead, Johnston took a relaxed approach, using Facebook, Twitter and Instagram to share about her life and interests — including her real estate adventures — and just be herself.

But she quickly discovered the power of the medium as she began amassing followers and having conversations online. Johnston connected easily with her target market (young professionals) on Facebook, Twitter and Instagram as well as other real estate professionals on LinkedIn.