Former CREB® president Marilyn Jones revelled in changing Calgary market

For much of her career, former CREB® president Marilyn Jones focused on helping clients from across Canada relocate to Calgary and find a house.

She liked the pressure – often times people had just a few days to look at houses in a new city, make a major decision and submit an offer – and was comfortable managing the many demands that needed to be juggled.

Those same skills came in handy when Jones became CREB® president in 2005.

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."

Prices similar to last month, down more than four per cent from last year

In step with City of Calgary census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines, according to CREB®'s monthly housing release for July.

"Continued pullback of sales activity is a sign of economic conditions," said CREB® chief economist Ann-Marie Lurie.

"The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand."

Rooftop Plaza located at Fire Station 1

The City of Calgary officially reopened the Rooftop Plaza on Fire Station 1, located at 450 First St. S.E., providing a rejuvenated green space for Calgarians who live and work in the downtown core, and for visitors to the city.

The Rooftop Plaza renovation was undertaken to make much needed repairs to the Fire Station 1 roof and to breathe new life into the Plaza that had fallen into disrepair.

Former CREB® president John Fraser recalled new sense of hope in 1990 after decade of challenges

A fresh start: that's how many viewed 1990, recalled then-CREB® president John Fraser.

"We had just come out of an extremely difficult period," he said, referencing a decade defined by the National Energy Program, soaring interest rates and growing unemployment in the province.

"In about the mid '80s, things started to improve. And by about 1990, if you can believe it, almost 10 years later, we were almost back to where we were in 1981 in terms of house prices."

Seniors officials praise program designed to promote aging in place

Local seniors' housing officials are praising a new provincial government program designed to assist seniors who want to "age in place" in their homes rather than having to move.

The Seniors Home Adaptation and Repair Program (SHARP), approved earlier this month, offers low-interest, home-equity-based loans to seniors, which can be used for renovations or repairs to make a home more suitable for their needs.

Your chance to get involved in new local book

Calgary real estate professional Lori Olijnyk remembers a particular home home in Calgary's hot inner city: "It had a large 50-foot lot with a dilapidated picket fence that might have been white at one time. Rolls of chicken wire actually had a bird in it. [The] grass was overgrown and the walkway was crumbling."

In other words, it was a mess, and it failed the curb appeal test. The curb appeal was so bad it was hard to get prospective buyers out of the car and into the home.

"A bad first impression is difficult to overcome," said Olijnyk.

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.

Apartment sector creating dream scenario for renters, say experts

Calgary's buyers' market for an increasing inventory of apartment-style condos is also translating into one of the best renters' market in recent history, according to new statistics from Canada's housing agency.

And an already-rising supply of apartments for rent, due to the city's economic slump, is expected to jump even further this year.

The 30 per cent of apartment condos traditionally bought by investors to offer for rent will combine with new rental-only units being built to push Calgary's rental vacancy rate to seven per cent by this October, according to Canada Mortgage and Housing Corp. (CMHC).

Former CREB® president Kevin Clark recalls robust activity in 2006 created new set of challenges

To an outsider today, 2006 was an enviable year for real estate in Calgary. Nine to 10 offers on a house was commonplace, sales activity hit an all-time high with 26,975 transactions and prices skyrocketed year over year by more than 40 per cent to $336,408.

But for Kevin Clark, who was CREB® president that year, he doesn't long for those days.

Clark describes the market in 2006 as volatile. He recalls Calgary's housing industry that year as one overrun with inventory fluctuations that came with their own set of challenges.