Smaller stature doesn't have to mean lower expectations

Whether it's empty nesters no longer in need of a family-sized home or homeowners discovering they no longer need so much space, downsizing has become a popular trend in the real estate industry.

The opportunity to shed excess space – usually for a profit – and purchase something smaller has proved too alluring to resist for many Calgarians.

"Making a move to a more affordable house and renovating it to make it more efficient and organized will ensure I enjoy living in it even if it's not a mini mansion," said Angela Hendry, who recently downsized to a smaller home due to a change in her marital situation. "So the upside is I will have a very reasonable mortgage right now, and when the interest rates go up I will still have a beautiful home to live in that I can still afford."

Calgary takes steps to addressing housing and infrastructure challenges

A new development in the northwest community of Varsity will provide affordable housing for Calgarians looking for a home of their own.

Attainable Homes Calgary Corp. (AHCC) and Lexington Development Management have joined forces to create the 26-unit project, made up of both attainable and market-priced units on the corner of Shaganappi Trail and Varsity Drive N.W.

"It's a great spot. It's near the university. It's near shopping centres. It's a great location," said Ward 1 Coun. Ward Sutherland. "It's very rare that we actually get to have these types of land even available, so the community's been very supportive. They voted on it, they support the project and so do I."

As CEO of the Urban Development Institute in Calgary, Guy Huntingford knows a lot about what makes a city, and thereby that city's development, tick. Huntingford took some time to chat with CREBNow about everything from urban sprawl to low density development to migration numbers in the city.

Ground was broken today on a new 26-unit Attainable Homes development.

Working with Lexington Development Management and Nyhoff Architecture, the building, on the corner of Shaganappi Trail and Varsity Drive will provide a combination of attainable homes and market-priced units.

Attainable Homes Calgary Corp. (AHCC) is a non-profit, social enterprise - wholly owned by the City of Calgary - delivering entry-level homes for Calgarians caught in the city's affordability gap.

Here's some of what was said at the groundbreaking:

Having received the thumb's up from city planners, an East Village condo to be constructed sans parking stalls is headed to the Calgary Planning Commission tomorrow.

The Calgary Municipal Land Corporation announced in June, the sale of two parcels of land adjacent to the old St. Louis Hotel.

Dubbed N3 to reflect New Attitude, New Living and New Vision the development will have parking for bicycles and "microcars" only. The space will also include social open spaces for entertaining and WiFi throughout. With a marketing platform of "No car, No parking, No problem", each N3 buyer will receive a $500 credit for Car2Go and an urban bicycle.

Levy renewal raises questions about community development

Calgary is familiar with new developments – so much so that the construction crane synonymous with the downtown skyline and beyond has affectionately been referred to as the city's official bird.

Yet, following a closed-door meeting earlier this year where city council agreed to freeze developers' special requests for more suburban land until a new levy agreement can be negotiated later this year, many are questioning how a new project goes from an idea to reality, and who is ultimately paying for it.

The City and suburban developers are currently in the final year of a five-year levy agreement. In 2010, the city increased its development levy to about $315,000 per hectare, doubling the number from the previous agreement.

Drop masks diverging local conditions in fourth quarter of 2014

Home price increases in Ontario were key to a slight decrease in housing affordability across Canada, said a report from RBC.

The bank said although owning a home at current market value in Canada was less affordable for the second straight quarter as of the end of 2014, affordability trends have stayed relatively flat since 2010.

Recreation properties still a hot commodity

Ask any Calgarian what they love most about the city they call home, and invariably you'll hear about the mountains, lakes and other attractions sitting well outside of city limits.

For those with the means, living life to the fullest often involves purchasing a second home situated closer to such locales and allowing owners the ability to ski, swim, golf or simply bask in the sunshine moments from their front door.

February sales activity remains low

Read the monthly stats package in full here.

Year-over-year new listings growth eased from 37 per cent last month to nine per cent in February. However, as sales activity remained below long term averages for the month, Calgary inventory levels rose to 5,474 units in February.

"While housing supply levels continue to be higher than we have seen in this market for some time, they remain below February 2008 record highs of nearly 7,000 units," said CREB® chief economist Ann-Marie Lurie. "If the pace of growth in new listings continues to ease, this could place some downward pressure on the supply growth in the resale market."

Increased listings allow for more variety when buying in the luxury market

Gizella Davis has been through this all before.

The 38-year real estate veteran with Royal Lepage Foothills has lived through the peaks and valleys of Calgary's inherently cyclical housing market – including the most recent, which has felt the full force of a downturn in oil prices.

Yet from experience, she's "not concerned one bit" about how the industry – in particular the luxury housing segment – will react long term.