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Stories Tagged - employment

Aug. 05, 2020 | CREBNow

June 2020: sales decline by two per cent from last year amidst COVID-19 pandemic

With higher sales for both detached and semi-detached product, July sales totals rose above last year's levels. Despite the improvements in July, year-to-date sales remain 15 per cent lower than last year's levels.

Richard Cho, pricipal market analysis for Calgary with CMHC, expects rental vacancy rates to hover around seven per cent in 2017. Photo by Wil Andruschak/for CREB®Now

Jan. 10, 2017 | Barb Livingstone

Rinse and repeat

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).

Jan. 10, 2017 | CREBNow

5 things about CREB® 2017 forecast

What you should know about the year ahead for Calgary's housing market

CREB® has released its annual economic outlook and regional housing forecast. But what does it all mean? CREB®Now takes readers through the numbers.

18,335
After posting successive sales declines in 2014 (25,552), 2015 (18,839) and 2016 (17,809), CREB® is forecasting MLS® activity in Calgary to rebound slightly in 2017. Citywide sales are expected to total 18,335 units, a three per cent gain over 2016, but 12 per cent below long-term averages. By category, detached sales are predicted to hit 11,550 in 2016, while attached and apartment sales will reach 4,002 and 2,783, respectively.

At a time when employment uncertainty had waned for years, 1995 CREB® president Wayne McAlister recalled there being hope on the horizon that year in the form of jobs. Photo by Michelle Hofer/For CREB®Now

Aug. 23, 2016 | Cailynn Klingbeil

55 years of Calgary Real Estate: 1995 CREB® President Wayne McAlister

Despite a challenging year, 1995 CREB® president Wayne McAlister chose to focus on the silver linings

A self-described "eternal optimist," Wayne McAlister still couldn't be blamed for looking back at 1995 with some degree of pessimism.

After all, as CREB®'s president that year, he oversaw Calgary's housing industry at a time when employment uncertainty had waned for years, resulting in weak consumer confidence and a painfully slow market.

"There was a downturn in the early '90s, with oil down – dramatically low – and the whole economy was feeling the pinch," he said. "(By 1995), we were still experiencing an economic downturn. There was some good, some bad that year."

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."

July 25, 2016 | Jamie Zachary

Five things about population impact on housing

Weak net migration expected to impact Calgary's housing market

Population growth in Calgary will moderate moving forward and contribute to a decline in housing demand, according to a market brief issued earlier this month by Canada Mortgage and Housing Corp. (CMHC).

In the release, the national housing agency noted net migration is expected to remain relatively weak over the next two years, which will have a trickle-down effect on the local real estate market.

CREB®Now breaks down five things you need to know about how population will impact housing demand in Calgary this year and next.

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.

CMHC's Richard Cho says everything from employment levels to household income and migration to spending levels signal to tough times ahead for the local housing market. CREB®Now file photo.

March 05, 2016 | Mario Toneguzzi

Long haul for local housing market

Analysts say indicators point to prolonged downturn

The health of Calgary's residential housing market is only as good as the foundation it's built upon, say analysts, who reference several key indicators that point to a prolonged downturn in the city.

Richard Cho, principal market analysis in Calgary for Canada Mortgage and Housing Corp. (CMHC), noted everything from employment levels to household income and migration to spending levels signal to tough times ahead for the local housing market.

Altus Group expects Calgary's apartment sector to be hit the hardest this year. CREB®Now file photo.

March 05, 2016 | Cody Stuart

Housing starts to fall in 2016-17: Altus Group

Apartment to be most affected, says forecast

Calgary construction is expected to slow down this year and next, according to a new forecast from real estate consultant Altus Group.

Detailed in the group's winter forecast, starts in Calgary are predicted to drop from 13,000 in 2015 to 9,200 in 2016 and 9,000 the following year as a result of the province's struggling energy sector.

ATB Financial chief economist Todd Hirsch. CREB®Now file photo

Dec. 23, 2015 | Joel Schlesinger

Rental rollercoaster

White-knuckle ride likely isn't over yet

Only a short while ago it was hard to find a place to rent in Calgary. How things have changed.

Calgary's rental market has been a rollercoaster ride since oil prices began to fall in late 2014. The vacancy rate for purpose-built rentals was 5.3 per cent this past October, based on numbers released by Canada Mortgage and Housing Corp. (CMHC) in mid-December. That's almost a 400 per cent increase from October the previous year, when the vacancy rate was 1.4 per cent.

"Obviously, a big part of that is due to a change in the economy," said Richard Cho, principal market analyst for Calgary with CMHC.

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