High-end housing market continues sluggish recovery, but slow sales bump up supply 

As a former long-time writer with the Calgary Herald focusing on the real estate beat, I knew how popular coverage of the real estate industry was to readers.

One aspect of the industry people always loved reading about was the city's luxury home market. So, I was curious how the high-end segment of the housing market has been faring lately.

Year-to-date sales – up to the end of April – of $1-million-plus properties totalled 204 transactions, which is down slightly from 211 during the same period a year ago, says Ann-Marie Lurie, chief economist with CREB®.

Calgary housing market prices hold, but sales fall

Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1,094 units in February, 18 per cent below last year's activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

Calgary housing market to see more of the same in 2018, as sales activity holds steady and listings ease

In 2018, the Calgary housing market will face a new reality of slower growth amidst higher interest rates and more restrictive mortgage lending rules.

While that new reality should be moderated by a modest uptick in the still-recovering local economy – assuming continuation of the job growth and net migration recorded last year – CREB® anticipates flat sales and prices for resale product compared to 2017.

November marks a rise in sales

The November housing market was spurred by a rise in sales, particularly in the lower price ranges.
Sales totaled 1,411 units in November, an increase of 15 per cent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000.

Prices remain similar to last year, but ease in October

October's housing market conditions closely echoed previous months' trends, with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

Affordability, community and amenities have drawn many to Calgary's northern neighbour

While most people take great care to choose the place they want to call home, one could say Airdrie chose Wendie and John Pilkington. More precisely, their son and his growing family chose Airdrie for them, when he relocated from England to a new job in the city of nearly 65,000.

Since 2014, the elder Pilkingtons have resided in Cooper's Crossing, which has been voted Airdrie's best community for five years in a row.

"Airdrie is where the kids are and that's where we are," said Wendie Pilkington, admitting that even when they first moved, they weren't sure they would remain. After nearly 30 years of living in England's comparatively grey climes, Airdrie's year-round sunshine was particularly attractive.

Habitat for Humanity celebrates completion of six new affordable homes in Bowness

Habitat for Humanity recently celebrated the completion of six new homes in Bowness that will provide affordable home ownership opportunities to six Calgary families.

"At Habitat, we know how difficult it is for families to break into the housing market," said Gerrad Oishi, president and CEO of Habitat for Humanity Southern Alberta. "That's why we're committed to working with our community to provide affordable home ownership opportunities for families. We're so thankful for every sponsor, donor, community partner and volunteer who has stepped up to make affordable home ownership opportunities possible for six families in Bowness."

Candidates spar at CREB® mayoral forum

Calgary's top three mayoral candidates discussed a variety of issues on Sept. 21 at CREB®'s Courageous Conversations, an exclusive forum focusing on housing-related issues critical to REALTORS® and the city.

Candidates Andre Chabot and Bill Smith joined incumbent Naheed Nenshi in CREB®'s W. Frank Johns Auditorium as the candidates took verbal jabs at each other over several issues.

The forum was hosted and moderated by CREB® CEO Alan Tennant.