Former CREB® president Ron Stanners recalls local housing industry slows down slightly in 2007 after break-neck speed years prior

Over the past five decades, Calgary's real estate industry has been bare to it all – from double-digit interest rates to densification. As part of an ongoing series, CREB®Now continues to weave together an incredible narrative of how the local housing industry has evolved through the unique perspectives of CREB®'s 30 remaining past presidents.

Following two "absolutely crazy" years in Calgary's real estate market, Ron Stanners almost looked forward to the slightly slower pace when he became CREB® president in 2007.

"It was a good year, but it was not the boom of the years before," he said.

"The first half of the year had good, solid sales. Then, sales did slowdown in the latter half. That's normal, but they slowed more than normal."

Housing professionals say upscale communities such as Heritage Pointe showing staying power

The lure of the luxury lifestyle is still drawing homebuyers to exclusive communities in and around Calgary despite some challenges in the local economy, say industry professionals.

Albi Homes community manager Amy Koehn notes Artesia in Heritage Point south of the city, for example, "is one of our busiest communities. It's very consistent and there's a lot of traction with the product here."

Koehn cites the community's lower density and larger lot sizes as motivators to buy in upscale communities such as Heritage Pointe.

Reality starting to sink in, says board president

Calgarians looking to sell their homes are slowly coming to the realization that it's a buyers' market and are beginning to manage their price expectations, says CREB® president Cliff Stevenson.

"I think there's still something to the fact that sellers are still adjusting to this – to the fact the pendulum has definitely swung in the buyers' favour. I think you've got some sellers that are obviously taking a bit longer to figure this out than others," said Stevenson, noting CREB® officially labelled it a buyers' market in November 2015 after three consecutive months of inventory increases.

New national standards for home inspections will benefit consumers, industry says

Calgary home inspector Alan Fisher has heard his share of horror stories from homeowners who received less-than-optimal inspections prior to buying their homes.

Sadly, he said these tales of domestic woe are largely preventable given most stem from the unfortunate reality that not all home inspectors are equal when it comes to ferreting out potential issues.

"There are people out there offering a seven-day course where you write the test and you're certified," said Fisher, who owns Calgary-based Integra Home Inspection Services.

CREB® chief economist walks through often-overlooked housing statistics

Months of supply is a statistic that often gets lost in today's housing market, yet it is an important indicator of the relationship between supply and demand, says CREB® chief economist Ann-Marie Lurie.

"It gives us one indication of balance in the market," she said of months of supply, which is the amount of time it would take to sell current inventory.

"If the number is really high – so you have a higher level of months-of-supply – that essentially just means that there's more supply than demand in the market and it generally correlates with declining prices in the market.

RECA emphasizes top priority is consumer protection

The Real Estate Council of Alberta (RECA) is reminding real estate professionals in the province to always discuss deposit arrangements with their clients in response to one Calgary brokerage recently closing and another one winding down operations.

The provincial regulatory body also advised professionals in the province to continue showing sellers' listings, even if they are listed by a brokerage that is shutting down, and to let buyers into their listings.

RECA communications manager Natalie Scollard said the organization's primary role when a brokerage shuts down is consumer protection.

Sellers continue to adjust pricing expectations

Market imbalance in Calgary's residential resale housing market continued to weigh on citywide prices in April, according to CREB®.

In its monthly housing summary released today, the board reported that, much like the previous month, year-over-year sales fell while new listings increased, resulting in inventory gains across all sectors of the market.

As a result, benchmark prices in the city declined by 0.4 per cent from last month, and 3.4 per cent from last year, to $441,000.

For the full release, click here.

BMO study says generation is still willing to wait

Canadian housing prices continue to rise, but prospective millennial first-time homebuyers are in no rush to enter the market.

According to a report released by the Bank of Montreal, while 60 per cent of millennials surveyed are tired of paying rent, 70 per cent would rather delay homeownership until they can get what they really want in a home.

This comes at a time when millennials are expecting to pay more for their first homes than previous years, exceeding $350,000 on average nationally. That figure rises to more than $465,000 and $525,000 for Toronto and Vancouver respectively.

Facebook, Twitter and Instagram helping real estate businesses build their brands

When Sarah Johnston began using social media, she didn't do it to promote her real estate business.

"My entire life is dedicated to this 'job,' and I needed an outlet," she said.

Instead, Johnston took a relaxed approach, using Facebook, Twitter and Instagram to share about her life and interests — including her real estate adventures — and just be herself.

But she quickly discovered the power of the medium as she began amassing followers and having conversations online. Johnston connected easily with her target market (young professionals) on Facebook, Twitter and Instagram as well as other real estate professionals on LinkedIn.

Net-zero homes teetering between niche and mainstream, say experts

A net-zero home may soon become the Tesla of modern homebuilding.

Avalon Master Builder president Ryan Scott – whose company, in 2008, built its first of three net-zero houses in partnership with SAIT – said while consumer demand for green housing technologies is growing, there is still a ways to go before they become mainstream, given the added price tag.

"A certain number of people will put their money where their mouth is and buy a net-zero home (homes that produce as much energy as they use), just as they do for a Tesla (electric car that used to start at about $75,000 US)."