Increased listings allow for more variety when buying in the luxury market

Gizella Davis has been through this all before.

The 38-year real estate veteran with Royal Lepage Foothills has lived through the peaks and valleys of Calgary's inherently cyclical housing market – including the most recent, which has felt the full force of a downturn in oil prices.

Yet from experience, she's "not concerned one bit" about how the industry – in particular the luxury housing segment – will react long term.

Longevity key to housing market during oil price recovery: CREB

It's still too early to tell how Calgary's resale housing market will respond to recent gains in the price of oil, said CREB® chief economist Ann-Marie Lurie.

"We have to see how long – if [oil prices] continue to move up, how much it moves up, when it stops ... That's what we're looking for. So it is still too early," she said.

After significant declines starting in October, oil prices started to see some improvements recently before another slight drop this week. West Texas Intermediate, a U.S. grade of oil used a benchmark for North American oil prices was just over $53 US a barrel this week after dropping to near $40 earlier this year and is off 43.32 per cent compared to the same time last year.

Calgary's neighbouring towns look ahead to 2015

Riding right along with their larger sibling, the towns around Calgary enjoyed a banner year for real estate in 2014. Topping the 4,439 sales seen in 2013, 2014 saw sales rise to 5,513, an increase of 24.2 per cent.

Airdrie was one market that posted particularly good sales activity in 2014, increasing annually by nearly 28 per cent to a new all-time record high of 1,695 units. Okotoks recorded 770 sales, narrowly beating out the 748 sales seen in Cochrane.

When looking for a reason so many communities outside of Calgary are seeing such a pronounced increase in sales, the relative affordability available in centres like Airdrie, Okotoks and Cochrane could be pointed out as a key factor.

Equilibrium coming to Calgary's housing market in 2015 says annual forecast

The New Year is set to bring some balance to Calgary's housing market, meaning more choice for buyers.

"With more supply in the market expected this year, buyers will likely have more alternatives in all price ranges," said 2015 CREB® president Corinne Lyall. "It's a nice scenario for buyers, but it also means sellers will likely have to adjust their price expectations and be realistic about the amount of time their home will be on the market.

"A REALTOR® can help navigate market conditions and real estate options, which are always unique to each customer," she added. "While challenges in the market can raise concerns for purchasers and sellers, it really comes down to their personal situation and knowing what's right for them. Real estate truly is local."

Calgary Mayor Naheed Nenshi made his annual address at the Calgary Chamber's The State of Business in Calgary event today.

Here's some of what the mayor had to say:

On the drop in oil prices

"Yes, we're a little bit nervous about what's going forward, about what will happen but I'll remind all of you, we were also nervous at the end of 2008 and this city and this region, although we certainly had some pain, got through that better than just about everybody else in the world. And I think that that has a lot to do with the confidence and optimism of the people that live here."

While the recent drop in oil prices has caused speculation about implications for the housing sector, stable conditions are expected given current forecasts for employment and migration.

"While employment and migration are expected to support housing demand, estimates could change depending on the extent and duration of oil price declines," said Ann-Marie Lurie, CREB®'s chief economist. "However, concerns over the potential impact will influence consumer confidence. This is expected to cause supply and demand to ease in 2015, maintaining resale market balance and keeping prices relatively stable."

Provincial-Federal funding to support senior housing in rural communities

A joint federal-provincial initiative will provide $160 million over four years to support renovations or replacements of seniors' lodge properties outside of Alberta's major centres.

"Nearly 70 per cent of all seniors' lodge units are in communities outside of Alberta's major centres," said Seniors Minister Jeff Johnson. "Multi-year investments like this are critical to ensuring aging properties are appropriately maintained or replaced."

The province announced it will work with housing management bodies to complete a full evaluation of seniors' lodges to determine priority projects.

When it comes to Calgary City Council, a tie on a specific vote equals defeat.

At a Sept. 10 Standing Policy Committee meeting, a proposal by city planners looking to streamline Calgary's secondary suite approval process was voted down 4-4.

"First thing, I want to make a point of is enforcement is not a housing policy," said the City's General Manager Rollin Stanley. "If a person remains homeless, we fail as a city. If a suite is made safe, we succeed."

The City released the 2014 Civic Census results yesterday. Mayor Naheed Nenshi announced Calgary had its biggest year of growth ever increasing by 38,508 residents to 1,195,194 total.

Here's a few of the things the mayor had to say about the census:

"Calgary experienced this year, its greatest single year of growth in population, as a matter of fact in my time in this job we have experienced three of our four largest years of population growth."