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Stories Tagged - employment
News
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.
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.
News
July 29, 2015 | CREBNow
5 things to know about CREB® mid-year forecast update
Today, CREB® unveiled its 2015 mid-year forecast update that indicated the Calgary regional resale housing market is in for a turbulent ride over the second half of the year as some economic realities set in.
Here are five takeaways from the 24-page document:
Not just a drop in the bucket
CREB®, citing a number of economists, warns that the broader effects of oil price shocks have yet to be fully realized in both the energy and non-energy sectors. Oil prices are expected to average $55 US per barrel, which is nearly 13 per cent lower than expectations from the end of 2014. What that means is all sectors, including housing, will likely face more downward pressure heading into 2016.
Weaker resale demand
Despite more favourable lending rates, housing demand will be weaker than we've have become used to. CREB® attributes that to further job losses expected this fall, rising unemployment levels and weaker migration numbers to the city. Overall, sales activity in the city is forecasted to decline by 22 per cent to 19,798 units in 2015 and prices will contract by 0.2 per cent.
Here are five takeaways from the 24-page document:
Not just a drop in the bucket
CREB®, citing a number of economists, warns that the broader effects of oil price shocks have yet to be fully realized in both the energy and non-energy sectors. Oil prices are expected to average $55 US per barrel, which is nearly 13 per cent lower than expectations from the end of 2014. What that means is all sectors, including housing, will likely face more downward pressure heading into 2016.
Weaker resale demand
Despite more favourable lending rates, housing demand will be weaker than we've have become used to. CREB® attributes that to further job losses expected this fall, rising unemployment levels and weaker migration numbers to the city. Overall, sales activity in the city is forecasted to decline by 22 per cent to 19,798 units in 2015 and prices will contract by 0.2 per cent.
News
June 25, 2015 | Nolan Matthias
Calgary market remains great investment
Five reasons to buy rentals in the city
It appears as though Calgary real estate will continue to be a great investment for investors looking to become landlords.
This week the Alberta government quelled fears of impending rent controls, signaling the market will continue to support investment real estate as a method of wealth accumulation.
It appears as though Calgary real estate will continue to be a great investment for investors looking to become landlords.This week the Alberta government quelled fears of impending rent controls, signaling the market will continue to support investment real estate as a method of wealth accumulation.
