Calgary market is hot, hot, hot

Unlike Calgary's weather for most of this year, the city's condo market is scorching hot, said Matthew Boukall, director of residential advisory services with industry analyst Altus Group.

"We're coming off the best year we've had last year and demand remains strong," he said. "There's a lot of pent-up demand for new housing. So from an inventory perspective we're basically absorbing product as it's coming to market. We don't have an oversupply situation whatsoever."

CREB's PAC (Political Action Committee) Day includes delegates from the province and real estate stakeholders. The day allows for the opportunity for networking and discussing policy issues facing members of the Calgary Real Estate Board as well as consumers.

Here's some quotes from a collection of the day's featured speakers:

MLS System offers option to post and search rental listings

A new feature to the MLS® System allowing REALTORS® the option to post rental listings is earning positive
reviews.

Justin Warthe, a REALTOR® with CIR Realty has posted two rental listings on the MLS® System and has experienced success with the new service.

"I've found the success to be quite good, it has been a good way to get in front of people and offer an extension of services," he said. "I like the idea, because someone who is renting their house now will be selling their house later, so it is a good way to build relationships."

New listings up; Calgarians making the choice to buy in tight rental market

Not even a snowy spring kept sales and listings this April from increasing over last years' numbers.

CREB®'s monthly stats reported new residential listings for April at 3,754 units, an eight per cent increase compared to the same time last year.

"[Buying] made the most sense," said Sarah Hammond, a previous homeowner who purchased a home in the
southeast with her boyfriend, a firsttime buyer. "I already owned a condo so was not interested in trying to fight
the rental market to pay. Basically mortgage payments are the same or less than rental fees right now."

Calgary has enough serviced and zoned land to accommodate an expected 114,000 people in the next five years.

In a new growth forecast and according to land supply numbers released by the City, there is enough serviced land with approved zoning for 18,846 single-family homes and 26,793 multi-family units.

New listings improve for all product types in the city

Following a slow start to the year, improved weather and price gains supported new listings growth.

New residential listings in April totaled 3,754 units, an eight per cent increase over the previous year. Meanwhile sales activity totaled 2,545 units for the month, a seven per cent increase over April 2013.

CREB's first female board director discusses her life and her craft

Grace Turley was never one for barriers.

As a small child she would escape her family yard in order to explore the surrounding town of Ochre River, Manitoba. That sense of curiosity would lead her to the world of real estate years later when she settled with a family of her own in Calgary.

Upon seeing an ad seeking an "experienced real estate man", Turley applied anyways — and got the job.

Office vacancy in Calgary's downtown is up compared to last year.

A report from Colliers said vacancy in the downtown was at 8.13 per cent in the first quarter of this year, an increase over the 4.35 per cent recorded in the first quarter of last year.

Scotiabank report shows renovation spending fast growing

A report from Scotiabank shows more and more Canadians are taking the renovations route when it comes to their homes.

The report, Canada's Housing Market — Transitioning to Slower Growth shows renovation spending is a fast growing segment, which is impacted by rising home prices, tight resale market conditions, attractive financing and g o v e r n m e n t
tax credits.

In their Spring Market Trends Report, RE/MAX found Calgary's harsh winter didn't keep people from entering the home market.

"Calgary experienced a red-hot seller's market in the first two months of the year with listings 30 per cent lower than where they would be in a balanced market," said the report.