Former CREB® president Corinne Lyall focused on different drivers behind housing market in 2015

Corinne Lyall is all too familiar with many of the challenges currently facing homebuyers and sellers in Calgary. She served as CREB®'s president just last year when the economic downturn was arguably at its strongest, is currently past president on the board of directors for the real estate member organization and is broker at her own firm Royal Lepage Benchmark.

Yet her message today is the same as it was when she had the gavel in hand: real estate is personal.

Workshops give show attendees opportunities to get hands-on

Under a cloud of ongoing economic uncertainty, more Calgarians are bringing projects around the home ... well, in house.

"There seems to be a resurgence of making. More and more people want to learn how to make things for their homes or as gifts," said Calgary style-and-DIY-expert Lacey Haskell who will be among a handful of local experts on hand for a series of workshops at the 2016 edition of the Calgary Home + Design Show Sept. 22 to 25.

Opponents decry Rocky View County as CAVE men: 'Citizens Against Virtually Everything'

A far-reaching increase in off-site transportation levy could be a road to nowhere for business, according to a collection of Rocky View County developers and land owners.

Used to fund improvements in the transportation network, generally in subdivisions and new developments, County engineering services have offered a preliminary proposal of a 440 per cent increase in off-site levy over the next four years.

Construction to start in September

The City of Calgary has unveiled the final design for a new $13-million pedestrian bridge over Macloed Trail by 61st Avenue S.W.

The new bridge will include accessibility features such as elevators and escalators, have a covered four-metre walkway and a connection directly into the second level of Chinook Centre.

According to the City, the overpass will create a safe, accessible and convenient crossing for the more than 2,000 pedestrians that cross over Macleod Trail every day.

Despite a challenging year, 1995 CREB® president Wayne McAlister chose to focus on the silver linings

A self-described "eternal optimist," Wayne McAlister still couldn't be blamed for looking back at 1995 with some degree of pessimism.

After all, as CREB®'s president that year, he oversaw Calgary's housing industry at a time when employment uncertainty had waned for years, resulting in weak consumer confidence and a painfully slow market.

"There was a downturn in the early '90s, with oil down – dramatically low – and the whole economy was feeling the pinch," he said. "(By 1995), we were still experiencing an economic downturn. There was some good, some bad that year."

President's tenure marked by arrival of MLXchange, rise in Internet usage 

When Rosalee Krygier took on the president's role at CREB® in 2003, the industry had just finished a record-breaking year.

Though the 2003 market didn't quite reach the frenetic pace of the year before, it was still a strong year.

"It was really balanced," Krygier said. "It was good, steady, not a controversial market."

Prices exhibit resilience, record biggest gain since 2006

National home sales declined for a third consecutive month in July, according to statistics released today by the Canadian Real Estate Association (CREA).

The number of homes trading hands via Canadian MLS® Systems fell by 1.3 per cent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 per cent below the record set in April 2016. (Chart A)

Sales activity was down from the previous month in slightly more than half of all markets in July, led by Greater Vancouver and B.C.'s Fraser Valley. Transactions in these two markets peaked in February of this year, and have since then dropped by 21.5 and 28.8 percent respectively.

Satellite communities showing similar signs of strain; officials still optimistic

Feeling the pinch of a slowing economy, smaller satellite community housing markets have mirrored a downward drift in prices compared with Calgary but continue to be an attractive draw for buyers.

Depending on the region, CREB®'s mid-year forecast update has shown only a slight reduction in sales compared to long-term trends and actual growth in other outlaying districts.

Still buzzing with plenty of activity in new-home construction, Airdrie sales activity slowed in 2016 but hasn't dropped compared to five-year averages. A continual inventory build-up has kept new listings on pace with the past three years for Airdrie, which experienced a 5.37 per cent population growth since last summer and has recently surpassed 60,000 residents.

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.