Calgary's real estate market, by the numbers

Calgary's resale residential housing market in February was virtually unchanged from previous months, highlighted by sales declines, inventory gains and, ultimately, price softness.

CREB®Now breaks down some of the key statistics to come out of CREB®'s monthly housing summary.

$445,000
The benchmark price for a home in Calgary last month was $445,000, a 0.6 per cent decline over January and 3.5 per cent lower than levels recorded last year.

Some areas of Calgary are reacting much differently to market conditions

Calgary residential resale housing prices continued to slide in February, yet new data shows not all areas of the city are being impacted in the same way.

According to CREB®, some districts east of Deerfoot Trail are exhibiting price resilience – and even some gains – despite the citywide bench-mark price slipping by 3.45 per cent from the same time last year to $445,000.

In northeast Calgary, for example, the benchmark price in February increased year-over-year by 1.7 per cent last month to $366,800, while east Calgary remained flat at $324,800, reported CREB®.

CREB®Now sits down with M.D. of Foothills Mayor Larry Spilak



Situated south of Calgary, the Municipal District of Foothills is changing. Communities such as Okotoks, High River, Black Diamond and Turner Valley are growing, while areas in-between are seeing its demographics evolve.

CREB®Now recently sat down with M.D. Mayor Larry Spilak to get his two cents on everything from the local housing market to his favourite thing to do on a day off.

CREB®Now: First off, you're title recently switched from reeve to mayor? Why?

Spilak: Many rural municipalities are making this change. The term "reeve" is not as familiar to many residents, while the term "mayor" is universal and does not require any explanation. Whether called a reeve or a mayor, the responsibilities and duties for the position are the same.

Inner-city homeowners look up, not out

Good things come in threes – or so goes the superstition.

Calgary's homebuilding industry seems to have taken this to heart, with three-storey infill homes emerging as a solution to what experts say is growing demand for "vertical" detached living options in inner-city communities.

"It is very cost effective to build up versus build out," said Ron Butler, president of New West Luxury Estate Homes, which builds about 10 infills per year. "And building out is not an option given the limits of the lot."

The City of Calgary currently limits the amount of land a home can occupy in a given lot, ranging from 40 to 50 per cent, depending on its zoning and size. Three-story homes provide a solution to providing additional living space where that ratio is already being tested, said Butler.

Highest in Canada, according to report

Vacancy rates in Calgary's rental housing market are the highest in Canada, with some categories skyrocketing into double-digit territory over the past year, says a new report.

According to real estate consultant Altus Group, the vacancy rate for two-bedroom units in newer buildings (constructed after 2005) has jumped from 1.9 per cent in 2014 to 23.4 per cent in 2015 – more than triple the next urban centre on the list (Regina, 7.6 per cent).

Overall, vacancy in Calgary's rental market increased from 1.4 per cent in 2014 to 5.3 per in 2015, leading Altus Group to place the city in the "soft" category.

Calgary Municipal Land Corp. and Calgary Stampede team up on Stampede Park

Already responsible for reshaping Calgary's blighted East Village into one of the city's most transformative neighbourhoods, Calgary Municipal Land Corp. (CMLC) is now teaming up with the Calgary Stampede to help energize plans for a "grander" Stampede Park.

Neighbours since CMLC began redeveloping the once-blighted east end, a newly signed memorandum of understanding will see the two companies collaborate on the advancement of Stampede Park's master plan, including the redevelopment the languishing Victoria Park neighbourhood.

"It is a natural partnership," said CMLC vice-president Susan Veres. "CMLC has a specialty in development and they have a specialty in operating a world-class venue and event, so why not help them (Stampede) with the realization of their master plan since [our] master plan is in full swing?"

Community cites lack of consultation

A bike lane proposed for northwest Calgary is meeting with some controversy from area residents who say the new lane could lead to increased traffic and parking woes.

While the new lane is intended to connect the city's growing cycle network from existing tracks along Northland Drive and Cambrian Drive/10th Street N.W., residents expressed concerns at a recent open house.

Toni Pilkey, president of the Triwood Community Association, said to those in attendance that the project has not undergone enough consultation with area residents and that the City is being "underhanded" in moving the project forward.

In October 2011, The City installed the bike lanes on 10th Street N.W., between Fifth Avenue N.W. and Cambrian Drive/Northmount Drive N.W., as part of a pilot project. The City monitored and evaluated the new roadway design for the next four seasons, and based on increased ridership, determined the bike lanes should be permanent.

La Vita Land to redevelop historic site

The Town of Cochrane announced Tuesday that it has sold its old town hall site to local developer La Vita Land Inc. for $2.75 million.

La Vita will redevelop the site to act as a "gateway and visual welcome to the heart of Cochrane, including the historic downtown area, from Highway 1A via Centre Avenue," said the Town in a release.

Council approved a framework for development, creating the Downtown Heritage District in 2015, that led to the call for proposals.

Behind-the-scene details of how communities in Calgary come to life

For casual observers, it might appear that new neighbourhoods just sprout from the ground overnight.

In fact, those first show homes only come after years of planning and negotiation.

"When people see the graders out there, people think that's the start of a community, but it starts long before," said Brookfield Residential senior manager of strategic initiatives Grace Lui.

In the case of Brookfield's up-and-coming Livingston development in north Calgary, for example, grading might have started this year, but land acquisition took place 15 years ago. The new community, which will be comprised of 10,000 homes on 514 hectares of land just north of Stoney Trail, will welcome its first show homes in 2017.

'Wholly inadequate' for some key segments

A new study is painting a frightening picture of the financial preparedness for those nearing retirement in Canada.

According to the Broadbent Institute, the value of retirement assets of those aged 55 to 64 without an employer pension – representing about half in this age cohort in Canada – is "wholly inadequate," with a median value of only $250 for those earning between $25,000 and $50,000 and $21,000 for those with incomes in the $50,000-$100,000 range.

"This new data on retirement savings and gaps in support makes one thing perfectly clear – we have a retirement income crisis on our hands that requires urgent government action now," said Rick Smith, executive director of the Broadbent Institute.