The CREB^® REALTOR^® Community Foundation has announced that non-profit real estate developer and property manager HomeSpace Society is the recipient of its 2021 Legacy Grant in support of local housing and shelter initiatives.

The COVID-19 vaccine rollout, a rosier economy and the opening of post-secondary institutions to in-person classes could all improve Calgary's residential rental vacancy rate by as early as this fall.

That's the prediction of industry watchers for a rental market that currently sits at a vacancy high of 6.6 per cent, although steady average monthly rents continue to be made even more attractive for renters by incentive offerings.

Recent changes to the mortgage stress test designed to cool down hot housing markets across the country may make it more difficult for some Albertans to purchase a home.

Calgary's new-home construction market has been challenged this year due to the COVID-19 pandemic. Year-to-date, up until the end of August, there were 5,400 total housing starts in the Calgary census metropolitan region compared with 6,400 for the same period in 2019.

Homebuilders across the city have adopted new health and safety protocols for potential homebuyers when they are searching for a home. They've also upped their game when it comes to their digital presence.

Canada Mortgage and Housing Corporation (CMHC) is changing its underwriting policies for insured mortgages.

Starting July 1, new applicants for CMHC's mortgage default insurance will have to meet the following criteria:

Everyone's heard the term "house poor," referring to anyone who spends a large portion of their income on homeownership, leaving little money left for other expenses or small luxuries. It's a classic case of one's eyes being bigger than their stomach.

That's why getting a mortgage pre-approval can be a double-edged sword – it's nice to know what you can afford, but it's awful tempting to go ahead and spend to the maximum you're approved for. However, this decision can leave buyers vulnerable to fluctuations in the housing market or the overall economy.

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.

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.

For the past couple years, the Calgary condo market has been plagued by elevated inventory, but there has been some improvement in that area over the past year.

Let's look at some key stats that have defined the condo market so far this year in Calgary.