Elevated supply levels placed downward pressure on prices in December  

With the focus shifting toward the holiday season, December sales activity slowed to 878 units in the city, 18 per cent below last year at this time and well below the five- and 10-year averages, according to CREB®'s final monthly housing summary of 2015.

As a result, the unadjusted benchmark price dipped to $448,800, a 0.42 per cent decline over the previous month and 2.33 year over year.

CREB® chief economist Ann-Marie Lurie noted December followed a pattern established early on in 2015, which was characterized by slower housing demand.

John Harrop talks about what's in store for 2016

Affordable housing emerged as a pressing topic in Calgary this year, as housing prices, rents and vacancy rates challenged people's access to shelter. In fact, wanting to find a solution to the city's growing housing affordability is what drove John Harrop to his new role as president and CEO of Attainable Homes Calgary Corp.

CREB®Now had a chance to sit down with Harrop to discuss everything from the economy's impact on affordable housing to what goes into creating the perfect community. Here's what he had to say:

Canadians are choosing to invest in home renovations over new home purchases

Canadian renovation activity is on the rise as the economic lull in the real estate market has left some homeowners reluctant to move, instead opting to update.

In a recent report, Scotiabank senior economist Adrienne Warren found spending on home additions, new installations and replacement of equipment rose six per cent year-over-year through the first half of 2015, with renovation spending up in most provinces and outlays on track to total $53 billion this year.

Warren said current homeowners looking to upgrade are seeing renovations as an attractive option, as industrial price inflation for many renovation-related construction materials, equipment and household goods – such as kitchen cabinets, appliances and furniture – remain consistent.

As city plans next phase, new study reveals light-rail transit has positive effect on property prices

Light-rail transit could boost the value of your home. At least that's the general finding of a new study from the University of Calgary.

According to new research obtained exclusively by CREB®Now and completed by Economics master's degree student Laura Dick, LRT line development has had a modestly positive effect on the price of housing located close to stations along new lines in Calgary.

"Properties within zero to 500 metres of a station saw, on average, an increase in sales price of about 1.5 per cent compared to properties that are 2,000 metres or more away from a station," said Dick, whose recently completed work is still to be published in an academic journal.

Yearly update on the local and national housing markets

Canada Mortgage and Housing Corp. (CMHC) has issued its outlook on the local and national housing markets. Detailing several factors impacting Canada's housing market -- both new and resale - CMHC's numbers provide a basis for what to expect heading into the remainder of 2015 into 2016 and beyond.

To help provide a little more understanding, CREB®Now digs a little deeper into CMHC's Outlook.

Higher inventory levels consistent throughout surrounding area

Alberta's economic downturn caught up with the residential housing industry outside of Calgary in the third quarter as price declined for the first time in 2015, says a new report from CREB®.

Despite the slight scale back, prices remained relatively resilient when compared to double-digit declines in sales that sparked a rise in inventory levels.

In its latest surrounding area quarterly summary, CREB® reported benchmark prices from July to September fell by 0.41 per cent from the previous quarter to $433,033. That compares to gains realized in the two previous quarters.

Analysis shows inner-city real estate prices uneffected by LRT

Since 1981, the CTrain has transformed how Calgarians get around town.

Yet what impact has the city's light-rail transit system had on property values?

And do they truly become selling features when buying or selling homes?

An analysis of inner-city communities along the West LRT line, which opened in December 2012, show average benchmark home prices reported by CREB® in neighbourhoods such as Spruce Cliff and Killarney saw increases on par with communities not immediately adjacent to the line such as Altadore and South Calgary.