Interest rates, economic uncertainty impacting Calgary market

For Calgarians Matt and Vanessa Haug, the stars aligned when they decided to purchase a new home in southeast Calgary.

The couple cited low interest rates and competitive house prices behind their decision to act now rather than wait – a sentiment slowly emerging since energy-sector uncertainty took hold in Calgary's housing market late last year.

"We got 2.69 [per cent] on a five-year fixed rate. It definitely impacted our decision," said Matt, who also cited house prices behind their decision to buy and noted the lower rate did not impact how much they ultimately spent on their new home.

Surrounding communities hold their value

The appeal to small-town living just a stone's throw from the "big" city is nothing new. Yet recent housing market intelligence suggests it's more than just lifestyle preferences driving homeowners beyond Calgary's borders.

While slower economic activity has influenced housing markets across the province, CREB®'s latest Surrounding Area Quarterly report found prices in areas surrounding Calgary have remained fairly stable.

Calgary demographics influence housing

Calgarians, characterized in a recent report as among the youngest in Canada, are altering the city's housing landscape through a unique set of needs and wants, including a more diverse rental market, work/live spaces, home offices and multi-generational housing.

In its recently released The Changing Face of Calgary report, Urban Development Institute – Calgary and the Canadian Home Builders' Association – Calgary note the median age in Alberta (major urban centres) is a nation-low 36.5 years, and as the "population bulge trends toward youth, housing needs shift."

First reading on suite reform passes after marathon debate

In a more than 10 hour debate, Calgary city council made a small step towards secondary suite reform last night.

First reading was passed on a motion allowing secondary and backyard suites in Wards 7, 8, 9 and 11. If passed, those wishing to apply for a suite in those wards, which are comprised of 83 communities, could begin with a development permit instead of appearing before council.

Two young professionals living in the inner city versus suburbia

Calgarian Crystal Scriven went five years without a car until purchasing one last September.

Her deference to driving came down to her needs at the time, but also personal preference – a sentiment shared by a growing number of young adults, suggests Zipcar's annual Millennial Survey.

The survey, released last month, found 45 per cent of millennials – the most popular definition of which is someone born between the early 1980s and early 2000s – are making a conscious effort to reduce how much they drive.

Calgary still the place to be for new developments

Despite a dip in the economy, Calgary is still a sought-after destination for developers, say industry experts.

"There's a western resiliency and an entrepreneurial spirit that [Calgary] rolls with it and looks for a brighter day in the future," said Christopher Wein, president of Toronto's Great Gulf Residential, which has submitted a development application to the City to develop a two-tower condo development in the East Village at 304 Macleod Trail S.E. across from the Harry Hayes Building.

Improved sales to new listings ratio reduces inventory gains

After the fifth consecutive monthly benchmark price decline in Calgary, the number of new home listings eased to 3,064 units in April, an 18 per cent decrease over the previous year.

"With fewer buyers making purchase decisions and improved selection for resale, new home and rental property, sellers have been either adjusting their expectations on price or delaying their plans about when to list their home," said CREB® president Corinne Lyall.

RBC makes donation to Calgary RESOLVE campaign

A 160-unit building will be constructed under Calgary's RESOLVE Campaign thanks to a $1-million donation from RBC.

The gift, presented April 17, was designated to Horizon Housing Society, which provides homes for people with mental health challenges and disabilities as well as families and seniors working below the poverty line, and the working poor.

Calgary distinctive in offering both metropolitan and acreage luxury

Calgary's housing market has evolved to include a luxury segment offering buyers just about anything their hearts desire, suggested a local industry expert.

"We have those individuals who want to experience the city life, so that's the downtown metropolitan living," said Mary-Ann Mears, managing broker with Sotheby's International Realty Canada.

First-time homebuyers turning to mom, dad for financial assistance

More young Canadians are turning to their parents to help find financing when purchasing their first home.

According to BMO's 2015 Home Buying Report, 42 per cent of first-time buyers are expecting their parents or relatives to help pay for their first home. Up 12 per cent from
last year, the number shows Canadians needing a helping hand to enter the market is on the rise.