Provincial decline led the country

Spending on new residential construction in Alberta totalled $738.3 million in April, down from the $1.025 billion seen the previous April, according to the latest numbers from Statistics Canada.

The 28 per cent decline was the largest fall of any of the provinces, with decreased investment occurring in all dwelling types – although the decline was mainly due to lower spending on single-family dwellings.

In total, spending on new housing construction decreased in five provinces in April. Alberta was followed by Saskatchewan and Manitoba.

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. Starting today, CREB®Now will weave together an incredible narrative of how the local housing industry has evolved through the unique perspectives of CREB®'s 30 remaining past presidents.

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Change can be hard.

It can be messy.

It can be painful.

But it can also be necessary.

And with perspective, it can be the best thing that ever happens.

Aging demographic continues to shape Calgary's housing market

As the largest segment of the population in North America, baby boomers have undoubtedly shaped our world more than any other age group. And their impact on housing is profound.

Now, while this generation, born between 1946 and 1964, is becoming increasingly gray, the real estate industry is responding to their needs for housing.

Many developers in Calgary are turning their attention to high-density high-rises in the Beltline and other centrally located neighbourhoods to reflect boomers' demand for stylish, worry-free living, said Parham Mahboubi, vice-president of planning and marketing at Qualex-Landmark—a Vancouver-based development firm which is the force behind Park Point in the Beltline along 12th Avenue S.W.

CREB®Now sits down with Amelia Martin, Centre for Public Legal Education Alberta

Apartment-style condos often represent an entry point for homeownership to many Calgarians. As such, many of these first-time buyers will have questions before making one of the most important buying decisions in their life.

CREB®Now recently sat down with Amelia Martin, executive director for the Centre for Public Legal Education Alberta, to get answers on everything from how to review a condo board's documents to knowing your rights as an investor.

CREB®Now: ?CPLEA recently unveiled a new resource (condolawalberta.ca) to help Albertans navigate through the buying and selling process. What are some of the common questions and concerns that this resource hopes to address?

Development standard finds its way back into the Calgary region

When is a detached home still a condo? When it's a bare land condo, an under-utilized development standard that is once again sprouting up in the Calgary region.

Developers in new areas such as Watermark in Bearspaw and Shawnee Park are designating some or all of their respective developments as bare land condos as part of a more collective approach to building and maintaining communities.

Bare land condos have previously popped up in other area communities such as Tanglewood Estates, The Lake at Heritage Pointe, Okotoks Air Ranch, Elmont Green and Lott Creek Grove.

In the midst of a correction, experts identify silver-lining investment opportunity

Buy low. Sell high. It's the quintessential mantra of successful investors.

And for those who have long sought to execute this philosophy in Calgary's real estate market, a window of opportunity may be opening thanks to weak oil prices – particularly in the apartment-style condominium sector, which has seen inventory levels skyrocket in 2015.

According to CREB®'s recent monthly housing forecast, months of supply in the apartment sector increased to 6.9 per cent in November, causing benchmark prices to slide
0.5 per cent from October to $287,000. Meanwhile, year-over-year prices were off by 4.6 per cent.

By comparison, months of supply in the detached and attached sector sat at 3.4 and 4.8, respectively.

Parking stalls becoming key bargaining chips in a buyers' market for apartment condos

Parking is at a premium in Calgary's inner city.

Granted, that's not new news. But its impact on the local resale residential housing market is now making waves, especially as a bargaining chip for sellers in the beleaguered apartment-style condominium sector.

Benchmark prices in Calgary fell overall by 0.7 per cent in October compared with the month before, and 1.2 per cent from October the previous year, according to CREB®'s most recent monthly housing summary.

The steepest decline, however, was in the apartment condo sector where the benchmark price fell 0.8 per cent to $288,300 and four per cent from October 2014. CREB® attributed the decline to a corresponding increase in months of supply, which approached six months. In other words, more supply created a downward pressure on prices.

Boomers see opportunities in growing city

Laura Routledge already had a lifetime of large-home living in her rear-view mirror when she first started thinking about moving to Airdrie

"I raised my two kids in Carstairs, so I (was) familiar with the area and watched it grow," said the 61-year-old. "I had a huge house in Chestermere and my husband passed away suddenly six years ago, so that was the incentive to downsize."

With a son and daughter-in-law already established in the growing city just north of Calgary, Routledge packed up her belongings, her two cats and hopes of a more tranquil life in Airdrie.

Province to end public consultation of first phase Oct. 30

Albertans still have time to provide input on amendments to the province's condo property act, which is seeking to provide condo owners with easier access to information and quicker dispute resolutions.

Leading up to Oct. 30, Albertans are being invited to review and weigh in on updates to the Condominium Property Act by clicking here.

To review a draft copy of the first phase of regulations, click here.

Cardel Lifestyles is enjoying a busy start to 2015. The multi-family builder has shovels in the ground at its new condo development in Auburn Bay, and recently opened new show suites in Sage Hill.

CREB®Now recently sat down with Brad Logel, sales and marketing manager for Cardel Lifestyles, to discuss everything from what's new with the company to how downsizers are shaping its business. Here's what he had to say:

CREB®Now:?What's new with Cardel Lifestyles?

Logel: We recently had the grand opening of five new condo show suites in northwest Calgary at Sage Place. We have started construction on our first condo building at Auburn Walk in southeast Calgary. We are about to release our townhomes at Cranston Ridge and our second building at Auburn Walk. Our company recently won the Homeowner Mark of Excellence for Alberta. This is awarded to the builder with the highest overall customer experience rating. This rating is based on customer surveys over a 13-month period. We also won the New Homebuyer's Choice Award earlier this year. Both of the awards are based on surveys done by Customer Insight and done for all Alberta New Home Warranty Builders and their new homeowners.