Luxury buyers want it all including the (second) kitchen sink

Today's homebuyers want more for less – a pattern that is also starting to manifest in the luxury market, say local industry experts.

"There's no question that, like everybody, we've felt the pinch," said Danny Raposo, general manager of Astoria Custom Homes, which is building in Watermark at Bearspaw, just outside the city limits.

Still, Raposo describes 2016 as "a decent year," noting an increased interest in Astoria's Watermark product during the eight weeks prior to mid-September.

CREB® president was just one of many roles Don Dickson looks back on fondly

Don Dickson has held a variety of roles during his lengthy real estate career: Salesman, broker, business practices manager, and, in 2004, president of CREB®.

Through it all, his focus has remained the same.

"It's about helping members. That's been my number-one priority," Dickson said. "It's been a fabulous experience. You couldn't have a more fulfilling career. And I'm not done yet."

Fewer newcomers will mean weaker housing demand, lower prices, say experts

Fewer newcomers to our city will translate into weaker housing demand and lower housing prices for the foreseeable future, say housing experts.

According to the City of Calgary's 2016 census released last month, more than 6,500 people left the city between April 2016 and April 2015. The 4,256 population jump to 1.235 million was primarily attributed to an increase of births versus deaths.

"Not surprisingly, the overall impact of lower population growth in Calgary will weigh on its real estate market," said ATB Financial economist Nick Ford. "Housing prices may continue to slide lower in all areas of the city as a result of declining demand.

Over-supply, fewer newcomers behind increasing vacancy rates

Vacancy rates in Calgary have spiked so far this year and are expected to rise for the foreseeable future, say industry insiders.

And with few signs of significant changes in the economy on the horizon, renters will enjoy plenty of choice and price flexibility, while landlords will need to get aggressive.

"Vacancy started rising pretty rapidly after the spring of last year and it's still been rising," said Gerry Baxter, executive director of the Calgary Residential Rental Association, which has about 850 members, representing between 65,000 and 70,000 rental units. There are more than 700 landlords in the association.

Breaking it down by the numbers

Earlier this year, CREB®Now published a feature on five things you needed to know about CREB®'s 2016 Economic Outlook & Regional Housing Market Forecast. With the REALTOR® organization recently updating the document, we revisit those insights on what's to come:

17,321

After originally forecasting 18,416 sales in 2016, CREB® is now predicting Calgary's activity to fall to 17,321, a 3.8 per cent drop from last year. By sector, revised estimated peg detached to decline by five per cent, while attached and apartment will be down by eight and 19 per cent, respectively. Meanwhile, CREB® chief economist Ann-Marie Lurie said the year began by favouring buyers, but is exhibiting more balanced conditions in areas such as the detached sector.

The changing face of the first home purchase

A starter home has long been understood to mean a dwelling that represents someone's first foray into home ownership.

Mattamy Homes' vice-president of sales and marketing in Calgary, Warren Saunders, says, at its core, "It's a home that offers the best price and the best value for a new family starting out."

Donna Moore, the outgoing co-CEO of the Canadian Home Builders' Association (CHBA) – Urban Development Institute (UDI) Calgary Region Association, qualifies, however, that what constitutes a starter home today is very different from one of 30 years ago.

Former CREB® president Marilyn Jones revelled in changing Calgary market

For much of her career, former CREB® president Marilyn Jones focused on helping clients from across Canada relocate to Calgary and find a house.

She liked the pressure – often times people had just a few days to look at houses in a new city, make a major decision and submit an offer – and was comfortable managing the many demands that needed to be juggled.

Those same skills came in handy when Jones became CREB® president in 2005.

Alberta's out-of-province playground still drawing buyers

Kelowna's healthy economy and population growth are driving resale home transactions up and fuelling higher levels of new home construction, suggesting a sellers' market, according to housing industry figures.

And the lure of the valley continues to draw buyers from Alberta despite the province's economic downturn.

The largest city in the Okanagan Valley of British Columbia, Kelowna has recorded nearly 3,600 sales for the first half of this year compared with slightly more than 2,700 a year ago, according to figures from Canada Mortgage and Housing Corp. (CMHC).

Weak net migration expected to impact Calgary's housing market

Population growth in Calgary will moderate moving forward and contribute to a decline in housing demand, according to a market brief issued earlier this month by Canada Mortgage and Housing Corp. (CMHC).

In the release, the national housing agency noted net migration is expected to remain relatively weak over the next two years, which will have a trickle-down effect on the local real estate market.

CREB®Now breaks down five things you need to know about how population will impact housing demand in Calgary this year and next.

YYC's expansion could help city's real estate market soar

Foreign investment in the city's real estate market is poised to take flight.

And it's in no small part thanks to the ambitious expansion of the Calgary International Airport. From the recent opening of its new runway—the longest commercial airstrip in Canada—to its $1.4-billion new international terminal opening this fall, Calgary's bigger, better international airport dramatically increases the number of travellers from overseas.

While it's undoubtedly a shot in the arm to the city's struggling economy, it's not a leap in logic to assume more foreign business and pleasure travellers could provide a boost to its real estate sector, says Eric Horvath, vice president of investment sales at Colliers International.