Improving inventories help ease price growth pressure

Calgary's residential resale housing market posted relatively strong November activity reaching 1,782 units, a three per cent increase over the previous year, and nearly 13 per cent above long term averages.

"Relative to other major centres, economic growth in Calgary remains one of the strongest in the country," said CREB® chief economist Ann-Marie Lurie. "Employment opportunities and relatively higher wages have encouraged people to move here, supporting the demand growth in our housing sector."

Meanwhile, new listings growth continues to outpace the gains in sales, supporting a 22 per cent year-over-year rise in November inventories to 3,849 units. While inventories have recorded significant gains, they remain below long-term averages for the month.

Demographics helping to distinguish Calgary market as Canada's leader

Calgarians need not be defensive about their hometown's place amongst Canada's preeminent cities, at least not when it comes to the world of real estate.

Having seen a rise in sales and prices, Calgary's housing market has been experiencing the same prosperity seen in Vancouver and Toronto – a trio billed as the "hot three" in a recent report from BMO Capital Markets.

There are, however, conditions that separate our city from the housing hot spots to the east and west.

How the future of oil and gas in Alberta will affect Calgary's housing market

The plummeting price of oil is unlikely to affect Calgary's housing market in the immediate future, but a prolonged slump could eventually leave its mark on the local landscape, say Canadian economists.

"If the recent slide in oil prices turns down the migration taps, construction activity could begin to soften again in Calgary," said BMO senior economist Robert Kavcic, noting that, in the interim, Calgary's housing market remains red hot.

Cedarglen Homes purchases Harvest Hills Golf Course

Despite being purchased by Calgary developer Cedarglen Homes, there are no immediate plans to develop Harvest Hills Golf Course in the city's northeast, officials said.

"Cedarglen purposely didn't draw a plan in advance," said Chris Ollenberger, managing principal for QuantamPlace Developments Ltd., hired by Cedarglen to act as development manager on the project.

"They went with a blank sheet of paper. They knew it would have some questions from the neighbours in the very least, so they wanted to involve them from the start, which I think was the right thing to do."

City approves building permits for six-storey wood frame homes

The City of Calgary has announced it will be accepting building permit applications for six-storey wood-frame buildings for already approved land use zones.

"We are looking at innovative ways to make housing more affordable for Calgarians," said Mayor Naheed Nenshi. "Six storey wood buildings are easier and cheaper to build than using other materials, which makes for more affordable homes."

Price growth eases as supply improves

Calgary's hot condominium market helped fuel a 10 per cent increase in Calgary's residential resale housing market in October.

Overall sales for the month totaled 2,147 units, compared with 1,948 during the same period last year, according to the latest statistics from CREB®.

"Two consecutive years of relatively strong employment and population growth, combined with rising wages and low lending rates, have supported demand growth in our housing sector," said CREB® chief economist Ann-Marie Lurie.

Shopping communities within communities popping up all over Calgary

All over Calgary, a trend has begun.

Communities that once would've used a simple strip mall to provide residents with amenities are increasingly turning retail offerings into miniature town centres, plazas and High Streets, creating communities within communities.

Brookfield Residential recently announced its southeast community of Seton would be throwing their hat in the power strip pile, with plans for more than 800,000 square feet of retail space.

The City is seeking public input Oct. 28, on a proposal from Canada Lands Company to change the type of development allowed on the east side of Currie Barracks.

If approved by council, the proposal would allow for a medium-density mix of retail, office and residential developments including a network of open spaces and pathways while preserving key aspects of the areas military history.

A handful of early communities in the area helped Calgary grow to the city it is today

More than 130 years ago, Calgary consisted of a fort surrounded by prairie grasses, First Nations tribes and settlers making a fresh start in the new west.

Today, the city is home to more than one million people and represents the industry engine of Canada's thriving economy.

Still, many of the communities founded yesterday remain today. Here's a snapshot of just a few: