Former CREB® president Ron Stanners recalls local housing industry slows down slightly in 2007 after break-neck speed years prior

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

Following two "absolutely crazy" years in Calgary's real estate market, Ron Stanners almost looked forward to the slightly slower pace when he became CREB® president in 2007.

"It was a good year, but it was not the boom of the years before," he said.

"The first half of the year had good, solid sales. Then, sales did slowdown in the latter half. That's normal, but they slowed more than normal."

Housing professionals say upscale communities such as Heritage Pointe showing staying power

The lure of the luxury lifestyle is still drawing homebuyers to exclusive communities in and around Calgary despite some challenges in the local economy, say industry professionals.

Albi Homes community manager Amy Koehn notes Artesia in Heritage Point south of the city, for example, "is one of our busiest communities. It's very consistent and there's a lot of traction with the product here."

Koehn cites the community's lower density and larger lot sizes as motivators to buy in upscale communities such as Heritage Pointe.

Former CREB® president Patti Beaudry recalls city's fast pace in 1997

Former CREB® president Patti Beaudry recalls 1997 as a bright spot in Calgary's real estate history, in which resale housing activity and prices hit then peak levels and the city's population experienced a newfound surge.

The economy was vibrant, with new jobs bringing newcomers to the city by planes, trains and automobiles, recalled the 35-year real estate veteran, who guided the organization's board of directors through its boom year. By year's end, the city's population gained 3.3 per cent to 934,300 compared to 2.4 per cent growth the year prior. Three years later, it hit the once-mythical one-million mark.

Calgary's housing market at the time illustrated the impact of this new wave of new residents. Sales in the resale residential sector jumped more than 20 per cent to 18,423, while prices surged by more than six per cent to $146,788, according to CREB®.

Reality starting to sink in, says board president

Calgarians looking to sell their homes are slowly coming to the realization that it's a buyers' market and are beginning to manage their price expectations, says CREB® president Cliff Stevenson.

"I think there's still something to the fact that sellers are still adjusting to this – to the fact the pendulum has definitely swung in the buyers' favour. I think you've got some sellers that are obviously taking a bit longer to figure this out than others," said Stevenson, noting CREB® officially labelled it a buyers' market in November 2015 after three consecutive months of inventory increases.

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.

Ellyn Mendham credits teaching background to industry leadership

Ellyn Mendham describes her entry into real estate as a "fluke."

Originally an elementary school teacher in Philadelphia, then Nova Scotia, Mendham's credentials did not immediately transfer when she moved to Alberta.

"I needed to work and produce an income, and at the time I thought I would go back to teaching later," said Mendham. "By fluke, I got into real estate."

But after making her first sale – a home that went for $42,000 in 1975 – she quickly realized she loved the industry.

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. Continuing until the end of 2016, 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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Diane Scott's recalls her year as CREB® president in 2010 as one of contention, highlighted by a very public battle between the federal competition watchdog and the country's national real estate association.

Dubbed the "Competition Bureau years," Scott said the debate around what the bureau deemed "anti-competitive real estate rules," which it said limited consumer choice and prevented innovation, shook up the industry then, and its results have reverberated even to today.

"It had everyone pretty riled up," she remembered. "It was a very, very tough year for REALTORS® to understand the models were to be accepted, regardless of what model it was."

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.

Sales dip in Airdrie and Okotoks while Cochrane activity on the rise

Calgary's regional resale residential housing market didn't fare much better than its larger urban counterpart in April, posting sales declines almost across the board, according to CREB®.

Year-to-date sales in Airdrie eased by nearly eight per cent over last year's levels to 405 transactions, but remained higher than long-term averages, the board recently reported in its monthly regional roundup.

Benchmark prices in Calgary's neighbour to the north decreased by three per cent from last year to $363,400, and overall remained more than two per cent below the highs recorded in 2015.

Real estate industry has undergone monumental shift, says CREB®'s longest-tenured past president

When Roy Wilson describes the early days in the 1950s in which he got his start in real estate, it quickly becomes clear just how much Calgary and the real estate industry has changed in one lifetime.

"I've seen lots of ups and downs," said Wilson, who headed up CREB®'s board of directors in 1961, officially making him the organization's longest-tenured past president.

In fact, he describes today's market as "taking a kick in the teeth" but, adds confidently, "it's going to turn around."