Real estate profession sees little fluctuations during market volatility

Fluctuations in Calgary's housing market over the last several years have not yet significantly impacted the number of real estate professionals practicing in the industry, say officials.

"It's interesting because in down economies we actually see some additions. Professionals in other industries who have lost their jobs often choose to come into our industry instead," said CREB® president Cliff Stevenson. "It keeps everything pretty well balanced. We don't see tremendous fluctuations year over year."

Last year, CREB® reported 5,253 members who record 18,830 sales. That's in comparison with 5,188 members and 25,543 MLS® sales in 2014.

This year, CREB® is reporting 5,277 members so far, and forecasting 18,416 sales by year's end.

Contentious topic back in the news

Secondary suites are back in the news thanks to a marathon council meeting at City Hall recently that saw 26 suite applications up for approval.

Sure to provoke those on both sides of the debate, CREB®Now takes a look at some of the latest developments in what is quickly becoming Calgary's very own version of The Song That Never Ends.

$10,000
With 26 individual secondary suite applications up for approval at council, the process dominated the day at City Hall, taking roughly 10 hours to hear from all involved. While council members are not paid overtime, City staffers are, meaning the cost of the review could cost taxpayers in excess of $10,000.

Province examines low-interest home loans as part of Bill 5

The Alberta government is proposing legislation that could assist seniors looking to age in place.

The proposed Seniors' Home Adaptation and Repair Act would enable a new low-interest home equity loan program to help seniors improve the safety and sustainability of their homes.

Bill 5, the Seniors' Home Adaptation and Repair program, would allow senior homeowners who qualify to finance essential home repairs and adaptations, including widening doorways or hallways, installing walk-in tubs, roof replacements and electrical repairs.

Soil contamination a major hurdle for any West Village development

The Calgary Flames' season may be over, but that doesn't mean hockey talk in the city has come to a close.

In addition to fans' usual examination of how things could have gone differently, the question of where the team is going to play its home games in the not-too-distant future remains.

Part of that answer will come to light April 25 when Calgary Municipal Land Corp. (CMLC) reports findings to city council from its six-month environmental assessment of land in West Village where Calgary Sports and Entertainment Corp. (owner of the Flames, Calgary Stampeders and Calgary Roughnecks) is proposing to build the much-debated CalgaryNEXT project.

CMHC survey paints picture of Canadians' financial health

The financial health of Canadians has received widespread attention in the media with the debt-to-income ratio reaching record levels in recent years. Despite rising indebtedness, low interest rates in recent years have kept the cost of servicing debt manageable.

To help get a handle on where Canadians debt lies, CREB®Now digs into CMHC's debt survey.

$1.9 trillion
Over the past decade, Canadian households have become increasingly indebted, with total household credit edging higher again in the third quarter of 2015 to $1.9 trillion. Mortgage credit, at over 70 per cent of total debt, was the principal driver of this increase. Between 2001 and 2011, average inflation-adjusted MLS® residential housing prices appreciated by 72 per cent.

Bearspaw, Springbank appealing to a more diverse sect of buyers

Long admired for its opulence, the communities of Bearspaw and Springbank just outside of Calgary's northwest border are now attracting a wider range of buyers who are looking for a bit of everything, say industry professionals.

"Years ago, the area was big into horse culture – everyone wanted to buy a pony for their teenaged daughter. Now, it is more about organized sports, family vacations," said Jeff Neustaedter, a real estate professional whose office last year saw 35 transactions above the $1.1-million mark in Bearspaw alone, ranging from 40-hectare sites to secluded parcels.

While the area between Calgary and Cochrane has always been known for its stately homes, McKinley Masters Custom Homes owner Mark Kwasnicki noted homeowners want more these days – they want space to stretch their legs, but also to get away from the hustle and bustle of city life.

Unemployment impacting housing activity

Home prices declined further in March as economic conditions weigh on Calgary's housing market, according to CREB®, which released its monthly housing summary today.

Calgary's benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year.

"With no improvement in the labour market, it's no surprise that we continue to face downward pressure on housing sales activity and prices," said CREB® chief economist Ann- Marie Lurie.

Tips heading into patio season

Spring has sprung, meaning the handyman in your family is likely itching to tackle that outdoor project that's been nagging at him or her for months.

With patio season in sight, here are five tips from the City of Calgary's Planning and Development department before tackling your spring reno project:

Backyard decks
Before you start, the City suggests determining whether you're building a pergola or roof structure that is attached to your house. If it's an extension to the house, it's considered an addition, in which case you will need to apply for a building permit. For uncovered decks that are not located on the same facade as a basement walkout entry, the maximum height is 1.5 metres in a developed area. In both the developed and developing areas, the height of a deck cannot exceed 0.3 metres above the main floor level of a house.

Stability fears have no support, says Fortress

According to a new report from Fortress Real Developments, some "hot button" threats to housing market stability in Canada — including foreign investors, mortgage fraud and over leveraged buyers — have "no comprehensive statistical support."

"No government agency or private entity publishes data on international homebuyers or their source of funds," said Ben Myers, senior vice-president of market research and analytics at Fortress, and author of the report.

"It is impossible to fully assess the impact of foreign buyers, inappropriate mortgage activity or the extent to which Canadians are responsible borrowers based on the currently available data. With the limited information out there, and our own survey research, we feel the fears of a major house price correction are overblown."

Laneway homes could soon turn Calgary's back alleys into thriving mini-communities

Paul and Jill Robert have big plans for the little home they're building on their back lane.

Only the dwelling isn't for them. The Roberts already live in the wartime house in the northwest neighbourhood of West Hillhurst on the same lot where Paul, a professor at the Alberta College of Art and Design, grew up.

Instead, the diminutive back-lane house is for Jill's parents who are selling their home in Edmonton and moving to Calgary to be closer to family.