CREB®Now connected with some of Calgary's housing industry experts and leaders for their opinions on 2018. Here's what they had to say. . .

A closer look at the numbers behind Calgary's apartment-style housing market

Statistics Canada recently released an interesting piece of information regarding Calgary's residential real estate market that went relatively unnoticed.

According to the government agency, the share of households in the Calgary census metropolitan area living in condominiums was 21.8 per cent in 2016. That represented the second highest percentage in the country, behind only Vancouver at 30.6 per cent, and was much higher than the national average of 13.3 per cent.

Challenges continue for Calgary's rental market

"Very cautious optimism" is how Gerry Baxter, executive director of the Calgary Residential Rental Association, describes the industry's view of Calgary's current rental landscape.

While Canada Mortgage and Housing Corp. (CMHC) pegged Calgary's rental vacancy rate at seven per cent last fall – the highest it's been in more than 25 years – Baxter says he thinks residential vacancies in the city are actually closer to the eight-to-10-per-cent range.

"There's been some slight improvement in the rental market over the last few weeks, but it's still a challenge to rent," said Baxter, attributing the slack rental market to the economic downturn that started in late 2014 and early 2015.

How economic indicators actually drive the housing market

What do unemployment, migration and oil prices have in common? Apart from being touchy subjects at a party, they all influence the Calgary housing market to some extent. Understanding how and why that happens could provide an advantage when planning a home sale or purchase.

"In many cases the impact is indirect," said Ann-Marie Lurie, chief economist for CREB®.

One part of that impact relates to demand.

New mortgage rules plus cost factors equal big decisions for today's home buyer

Brad Ridler sounds like many first-time homebuyers, anxious to move into his just purchased condo and start putting "a lot of good things in motion."

But when the 32-year-old Ridler and his fiancée Courtney Boyce started their home search more than a year ago, the marketing professional was acutely aware of all the obstacles, including certain financial requirements associated with new mortgage rules.

After a tough year for the 'other half' of Calgary's real estate market, the city's apartment/attached segments are expected to see gradual turnaround in 2017

Lower prices and added choices created buyers' conditions in Calgary's attached and apartment sectors in 2016. But a slow recovery is expected in 2017, bringing both sectors into better balance, says CREB®'s 2017 Economic Outlook & Regional Housing Market Forecast.

The degree to which they'll the "other half" will get there will differ, however. While the attached sector is set to post positive overall numbers, apartment sales and prices will be moderated by persistently high inventory levels.

Housing experts predict Calgary's rental market to see another year of high vacancies, low rents

Calgary's rental housing market this year will not change much from 2016 as historically high vacancy rates will continue to usher in incentives and lower rents, say experts.

"We expect the vacancy rate to remain close to 2016 levels" said Richard Cho, Calgary-based principal market analyst for Canada Mortgage and Housing Corp. (CMHC).

Housing officials expect new builds to post slight rebound in late 2017

"Turbulent." That's how the head of Calgary's homebuilders and developers group describes the new housing market in 2016.

And 2017?

"Recovery," said Allan Klassen, chair of the recently merged Canadian Home Builders' Association—Urban Development Institute Calgary (CHBA-UDI Calgary).

Economic conditions create ideal situation for renters, challenges for landlords

In the most volatile economy in the country, it is no big surprise Calgary landlords endured 2016 with the highest rental housing vacancy rate in a quarter of a century.

"It is a free market economy, with all the ups and downs, and in the middle of (this downturn), you just hope many will survive it," said Gerry Baxter, executive director of the Calgary Residential Rental Association (CRRA) of Calgary's current seven per cent vacancy rate.

CMHC assessment unchanged from April

Calgary's housing market continues to exhibit signs of over-valuation as economic and demographic fundamentals have altered demand, says a new report.

In its housing market assessment released this week, Canada Mortgage and Housing Corp. (CMHC) noted moderate signs of over-valuation tag due to labour market conditions that have been weak and the seasonally adjusted unemployment rate averaged 8.3 per cent, up considerably from the preceding 10-year monthly average of five per cent.

It's the second time this year that CMHC has noted problematic conditions in Calgary's housing market, the last time being in April.