This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late '90s.

With the extra day this February, monthly sales totaled 1,197 units.  A combination of these two factors resulted in a 23 per cent improvement over last year, but sales remain well below longer-term trends and consistent with the lower levels reported over the past five years.

When it comes to homeownership these days, one of the biggest and most talked about issues is affordability. This issue is particularly relevant when it comes to a generation of young Canadians that many people say is struggling to enter the marketplace due to the high costs of owning a home.

However, like anything else in this country, affordability is relative and truly dependent on context. If you're a millennial or a potential first-time homebuyer of any stripe, you're much better off entering the market in Calgary than other major centres like Vancouver or Toronto.

Housing market conditions continue to follow similar trends to last year, with gains in sales.

At the same time, there have been further reductions in new listings and inventory, and more declines in prices.

Regulations that took effect Feb. 1 require Calgary property owners who provide short-term rental accommodation to obtain a business licence and follow new rules.

The changes to the City of Calgary's Business Licence Bylaw cover owners using popular host platforms like Airbnb or VRBO, as well as any other method of renting out space in a residential dwelling for 30 days or less.

This past year has been a challenging one for Calgary's economy and real estate market, but amid all that doom and gloom, some positivity might be warranted.

December sales improved to levels more consistent with activity recorded over the past five years. This follows weak sales activity last year.

A stronger second half in 2019 was enough to push annual sales up by one per cent.

Alan Tennant - CREB® CEO

There is nothing to indicate a major shift in the current
trajectory. I see cautious optimism among the development sector – they are not overbuilding in any sector – and that is a healthy sign. It comes down to consumer confidence. We have two elections behind us, which could have been destabilizing but weren't.

Dear Santa,

It's me again. You know, that real estate geek who wants to know everything there is to know about the industry.

Alan Tennant - CREB® CEO

The reality of our current market is it's the new normal and there is no reason to sit and wait for it to change. It is not a terrible market, it does have its good aspects.

CREB^®Now sat down with CREB® chief economist Ann-Marie Lurie to discuss takeaways and surprises from the 2019 housing market in Calgary and area.