Decreases to Alberta's education budget causing further concern for Calgary parents

Candice Collins is no stranger to long commutes. Growing up in the northeast community of Rundle, she had to navigate the city's public transit system for hours each day to attend William Abrehart High School in city's northwest, her designated French-immersion school.

Now in her 30s, Collins is worried her five-year-old son may face the same fate in getting to school.
"[I'm concerned] he's going to wind up with a super long commute. Because in order to find the programs and the atmosphere that I want, we might have to move around," she said.

"I have quite a few people who have told me they have to take their kid great distances every day. Maybe their elementary school is close, but then their junior high isn't close and their high school might be even farther."

Slower economic activity influenced demand across the region in the first quarter of 2015. However, despite rising inventory levels, housing prices in Calgary's surrounding areas remained relatively stable, said CREB®'s latest Surrounding Area Quarterly report.

"A lack of recovery in oil has many concerned about their employment status and these concerns have been impacting consumer confidence in the first quarter," said CREB® chief economist Ann-Marie Lurie. "However, on aggregate, surrounding area prices have posted some quarterly growth as some of these areas have not recorded the same level of pull-back in sales relative to inventory levels."

Increased selection for attached, apartment homes in March

Proving that selection is sometimes the best sales pitch, attached and apartment listings increased year-over-year in March from a combined 1,272 to 1,360, according to CREB®.

The increase comes as combined sales decreased by 28 per cent during the month, from 975 last year to 700 units this year.

Coupled with the fact benchmark prices in the attached apartment sector have softened more than in other sectors – dropping by 1.46 per cent compared to a 0.4 per cent decline in the detached and attached sectors – the increased selection offers prospective buyers an attractive combination.

CREBNow offers some tips on staying out of your condo board's doghouse

With the many rules and regulations accompanying a condo purchase, it can be difficult to know just what is and isn't allowed. Add an animal to the mix and even the most devout pet lover will have second thoughts about their furry friends.

In addition to city bylaws that govern owning an animal, condo boards often have their own regulations that need to be taken into account. With that in mind, CREB®Now has compiled some helpful tips on making the transition process as friendly – and legal – as possible, both for you and your pet.

Alberta registration changes are another story*

Canada Mortgage and Housing Corp. (CMHC) recently announced it would be implementing  higher premiums for borrowers who have less than a 10 per cent down payment.

The move means Canadians seeking a mortgage with a loan-to-value ratio of up to 95 per cent will see their premiums jump about 15 per cent from 3.15 to 3.6 per cent. For those with a loan-to-value ratio from 90.01 to 95 per cent, their premiums will climb from 3.35 to 3.85 per cent.

The Crown corporation's move, which takes effect June 1, has since been matched by private-sector insurer Genworth Canada. Canada Guaranty, the country's third main mortgage insurer, had not made an announcement as of press time.

The Calgary Herald reported this morning the Calgary Flames have plans of a new arena project, which would not only house the Calgary Flames hockey team but include a football stadium and amateur sports fieldhouse as well.

On March 13, the CREBNow print edition reported some of the particulars that would be involved in the construction of a new arena in Calgary.

5 Things about Calgary's new arena:

Where will the Calgary Flames play?

While those in the know are still very hush-hush about the plans for Calgary's new hockey arena, including where it will be located, there are a few things we can say with some certainty about a potential new home for the Calgary Flames.

First quarter activity reflects economic uncertainty

Elevated inventory levels and low sales for three consecutive months caused unadjusted benchmark prices to ease by 0.44 per cent in March, relative to the previous month, for a total of $454,300. Based on first quarter statistics, conditions are consistent with buyers' market conditions.

Typical home prices have declined by 0.59 per cent in the first quarter of 2015, compared to the fourth quarter of 2014. The sales to new listings ratio also dropped to 41 per cent and months of supply averaged 4.03 for the quarter. This is a significant change from one year ago when the market was facing inventory shortages and price gains.

Real estate industry not concerned about long-term effects following provincial budget surprise

Buying a home in Alberta is about to get more expensive.

Beginning July 1, Albertans will be required to spend as much as $1,000 extra to purchase a home in the province as a result of increased real-estate-related fees in the new provincial budget.

Counted among the changes are increases to the transfer/title creation flat fee, which will go from $50 to $75 and the variable fee transfer fee will jump from $1 to $6 for every $5,000 in the home's value.

An information session is being held tonight for Providence, an area in the city's southwest where new communities are being planned.

Providence is located at the future intersection of the Southwest Ring Road and 146 Ave. S.W. The area encompasses 789-hectares of undeveloped agriculture land with plans for residential, retail and other employment uses.

Based in Calgary, Jeff James is vice-president and head of TD's Commercial Real Estate Group for the Prairies. A graduate of the University of Manitoba, James is also a black belt and instructor in Brazilian Jiu Jitsu. He is currently in the process of opening his own school, which will focus on teaching an anti-bullying program for kids aged nine to 15. CREBNow recently sat down with James to discuss everything from the current market to what he thinks is Calgary's best-kept secret.

CN: Could anyone have predicted the current market?

JJ: If you look back at the economic forecasts from the last 12 months, you can see that no one was predicting oil would drop from approximately $100 to $50 per barrel. In addition, the Bank of Canada's decision to drop interest rates in January took most economists by surprise. So I think it's safe to say people were caught off guard.