Today, CREB® unveiled its 2015 mid-year forecast update that indicated the Calgary regional resale housing market is in for a turbulent ride over the second half of the year as some economic realities set in.

Here are five takeaways from the 24-page document:

Not just a drop in the bucket
CREB®, citing a number of economists, warns that the broader effects of oil price shocks have yet to be fully realized in both the energy and non-energy sectors. Oil prices are expected to average $55 US per barrel, which is nearly 13 per cent lower than expectations from the end of 2014. What that means is all sectors, including housing, will likely face more downward pressure heading into 2016.

Weaker resale demand
Despite more favourable lending rates, housing demand will be weaker than we've have become used to. CREB® attributes that to further job losses expected this fall, rising unemployment levels and weaker migration numbers to the city. Overall, sales activity in the city is forecasted to decline by 22 per cent to 19,798 units in 2015 and prices will contract by 0.2 per cent.

Summer sun shines spotlight on Alberta's energy supply

With temperatures in Calgary and across the province soaring for much of July, Alberta's power industry is beginning to kick into high gear.

Earlier this month, Alberta set a new record for energy consumption in the province. According to the Alberta Electric System Operator (AESO), usage on July 9 hit 10,520 megawatts, topping the previous record of 10,419 MW set last July.

While summer demands for energy are less than those seen in winter — when demand can top 11,000 MW — the numbers are still enough to provoke some caution from the province's energy operator.

"Due to the significant generation added to the grid, we haven't had an issue meeting the demand," said Angela Anderson, spokesperson for AESO.

Increased energy efficiency can increase your home's resale

Whether it is through appliances, heating or cooling, homes use a lot of energy.

In Canada, space heating accounts for more than 60 per cent of residential energy use and makes up a good proportion of a home's overall energy bill.

While the environmental reasons for reducing the energy use of a home are many, there are also financial reasons to add a little green to your home.