One of the key factors impacting the Calgary resale housing market in the last year or so has been affordability.

With economic uncertainty top of mind due to the collapse in oil prices and the COVID-19 crisis, prospective homebuyers are increasingly looking for more affordable options when making a purchase.

That will likely lead to more demand in the condominium apartment market in the future.

Many Canadian energy-related municipalities within Alberta and Saskatchewan have seen housing markets struggle over the past few years, resulting in price declines.

The recent mortgage rule changes and higher lending rates are factors weighing on demand and prices across some of those areas.

May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.

Citywide sales activity in May totalled 1,726 units, 19 per cent below last year's levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

"The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types," said CREB® chief economist Ann-Marie Lurie.

November marks a rise in sales

The November housing market was spurred by a rise in sales, particularly in the lower price ranges.
Sales totaled 1,411 units in November, an increase of 15 per cent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000.

Prices remain similar to last year, but ease in October

October's housing market conditions closely echoed previous months' trends, with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

CMHC assessment unchanged from April

Calgary's housing market continues to exhibit signs of over-valuation as economic and demographic fundamentals have altered demand, says a new report.

In its housing market assessment released this week, Canada Mortgage and Housing Corp. (CMHC) noted moderate signs of over-valuation tag due to labour market conditions that have been weak and the seasonally adjusted unemployment rate averaged 8.3 per cent, up considerably from the preceding 10-year monthly average of five per cent.

It's the second time this year that CMHC has noted problematic conditions in Calgary's housing market, the last time being in April.

Former CREB® president Patti Beaudry recalls city's fast pace in 1997

Former CREB® president Patti Beaudry recalls 1997 as a bright spot in Calgary's real estate history, in which resale housing activity and prices hit then peak levels and the city's population experienced a newfound surge.

The economy was vibrant, with new jobs bringing newcomers to the city by planes, trains and automobiles, recalled the 35-year real estate veteran, who guided the organization's board of directors through its boom year. By year's end, the city's population gained 3.3 per cent to 934,300 compared to 2.4 per cent growth the year prior. Three years later, it hit the once-mythical one-million mark.

Calgary's housing market at the time illustrated the impact of this new wave of new residents. Sales in the resale residential sector jumped more than 20 per cent to 18,423, while prices surged by more than six per cent to $146,788, according to CREB®.

Laneway homes could soon turn Calgary's back alleys into thriving mini-communities

Paul and Jill Robert have big plans for the little home they're building on their back lane.

Only the dwelling isn't for them. The Roberts already live in the wartime house in the northwest neighbourhood of West Hillhurst on the same lot where Paul, a professor at the Alberta College of Art and Design, grew up.

Instead, the diminutive back-lane house is for Jill's parents who are selling their home in Edmonton and moving to Calgary to be closer to family.

Warm weather brings indications of spring market to city

Following the second warmest February on record, the warm, sunny snow-free conditions emblematic of a spring housing market are already on display in our city. And while Calgary's housing market hasn't yet fully emerged from the doldrums, there are at least some signs of life.

With double-digit declines being the norm in 2015 for year-over-year sales, including several months of declines in excess of 25 per cent, the first two months of 2016 have seen the decline lessen.

Since October 2015, when year-over-year sales in the city fell by 33.2 per cent according to CREB®, Calgary's housing market has seen those declines lessen to 28.7 per cent in November, 18.1 per cent in December, 12.6 percent in January 2016 with February seeing the first single-digit decline in the city since December of 2014.

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®.