Sellers' conditions in B.C., buyers' in Saskatchewan

A new report from the Conference Board of Canada says balanced conditions in Calgary's resale housing market are expected to create price gains in the coming months.

In its June Metro Resale Snapshot, the organization anticipates the city's MLS® price will increase between zero and 2.9 per cent over the short term. In May, the house price in Calgary was $465,840, up 1.1 per cent from April and 2.3 per cent from a year ago.

Study author Robin Wiebe classified Calgary's housing market as balanced, noting sales volumes in May increased by 1.6 per cent on a month-over-month basis, while listings declined by 1.9 per cent.

Livingston to eventually house 30,000 people

Calgary's newest community came online this week as Brookfield Residential lifted the veil on its new Livingston development in the city's north that, when completed, will house as many as 30,000 people.

Covering more than 500 hectares straddling Centre Street north of Stoney Trail, Livingston is the first master-planned community in north Calgary within the past 20 years. It will include an estimated 10,000 homes, and will be anchored by a major activity centre that will include an estimated one million square feet of retail and institutional space,

Ward 3 Coun. Jim Stevenson, who attended the official construction launch June 28, calls Livingston "a new city north of the ring road."

Tips on how to see if you're bank account is ready for your first home

So you're ready to be a homeowner. But is your bank account?

Canada Mortgage and Housing Corp. (CMHC) offers the following tips to help first-time homebuyers determine if their financially ready to take that first step:

Buyers, sellers encouraged to do their research before picking a real estate professional

Purchasing a home will be one of the biggest financial decisions most of us will ever make in our lifetimes. Getting it right can mean the difference between moving into your dream home and living in a house of horrors.

Whether a first-time buyer/seller or not, the first step is to find the right real estate professional or service to help you on your journey to homeownership, said CREB® president Cliff Stevenson. A good place to start is through referral.

"If there was an analysis done on the largest referral source, it's probably from people you know and come across. It's word-of-mouth referral," said Stevenson, adding online searches are also important tools for buyers and sellers when looking for a real estate professional or service. "But they're looking for some type of social proof and social validation out there as well."

The car-less lifestyle is trending, but Calgary's housing market still driven by the automobile, say experts

Cars aren't going anywhere soon, and neither is Calgary homebuyers' desire for neighbourhoods – or condominiums for that matter – that support their automobile-driven lifestyles, say housing experts.

While much is being made about efforts to create a more pedestrian-friendly city that focuses on "vertical growth," Calgarians still very much enjoy the freedom that comes with driving an automobile. And they
want their residence — whether it's a condo, townhome or single-detached house — to support their yen for putting the pedal to the metal, said Canada Mortgage and Housing Corp. (CMHC) regional economist Lai Sing Louie.

"Most people still want parking," he said. "They want the freedom to come and go with a car at their disposal, and they're willing to pay a lot of money to afford that."

Urban planning experts offer tips on how to shop for your next neighbourhood

Is it a neighbourhood with a lake so you don't need a vacation cottage?

Or an upgraded, older neighbourhood with lots of housing choices?

Perhaps a community with a main street so "you don't have to jump in your car to get a quart of milk?"

When urban commentators weigh in on what homebuyers, first-time or otherwise, should be looking for when they chose a place to live the emphasis is on community amenities – or as Greg Morrow puts it, looking "outside the four walls" of the home, to the DNA of the neighbourhood.

Understanding different mortgage options

Fixed versus variable; closed versus open; payment frequency: When it comes to picking a mortgage, do you know what's best for you?

BMO mortgage specialist Laura Parsons offers her insights.

Fixed versus variable interest rate

A variable rate will fluctuate with prime – meaning you could end up paying more interest if prime changes. A fixed rate will not fluctuate.

BMO specialist Laura Parsons highlights often-overlooked programs for first-time buyers

Price is the deciding factor for many young adults who are purchasing their first home.

This isn't necessarily a bad thing; but you actually risk taking a financial hit when you fixate solely on what you think you can afford, said BMO mortgage specialist Laura Parsons.

"Millennials tend to migrate to affordability instead of understanding their options," said Parsons, who has more than 30 years of mortgage experience.

Calgary couple's research, timing pays off during first home purchase

Booker and Lisa Zaytsoff didn't take the plunge into homeownership lightly.

About a year ago, the young couple started to investigate the marketplace, getting a read on what was happening – all the while putting away money for a down payment.

"Finally, we had enough saved up so decided to buy — something that, for us, had always been in the cards," said Booker. "What was important for us was location and price. The fact mortgage rates were low was a bonus."

Former CREB® president Ron Stanners recalls local housing industry slows down slightly in 2007 after break-neck speed years prior

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. As part of an ongoing series, CREB®Now continues to weave together an incredible narrative of how the local housing industry has evolved through the unique perspectives of CREB®'s 30 remaining past presidents.

Following two "absolutely crazy" years in Calgary's real estate market, Ron Stanners almost looked forward to the slightly slower pace when he became CREB® president in 2007.

"It was a good year, but it was not the boom of the years before," he said.

"The first half of the year had good, solid sales. Then, sales did slowdown in the latter half. That's normal, but they slowed more than normal."