With discussions continuing to swirl around Calgary being an attractive location for foreign homebuyers, CREB®Now contributor Alex Frazer-Harrison sat down with three local experts to get their opinions on what the future holds for the city's housing market.

Here's what they had to say:

With discussions continuing to swirl around Calgary being an attractive location for foreign homebuyers, CREB®Now contributor Alex Frazer-Harrison sat down with three local experts to get their opinions on what the future holds for the city's housing market.

Here's what they had to say:

Homebuilders, developers cite international interest in region

Over the past four months, one-third of the 11 sales at the luxury Creekstone condo project in Canmore's Spring Creek development have been to foreign buyers.

And while there have been no purchasers from China — yet — developer Frank Kernick said it is "just a matter of time" before they come.

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.

Alberta's out-of-province playground still drawing buyers

Kelowna's healthy economy and population growth are driving resale home transactions up and fuelling higher levels of new home construction, suggesting a sellers' market, according to housing industry figures.

And the lure of the valley continues to draw buyers from Alberta despite the province's economic downturn.

The largest city in the Okanagan Valley of British Columbia, Kelowna has recorded nearly 3,600 sales for the first half of this year compared with slightly more than 2,700 a year ago, according to figures from Canada Mortgage and Housing Corp. (CMHC).

Stability fears have no support, says Fortress

According to a new report from Fortress Real Developments, some "hot button" threats to housing market stability in Canada — including foreign investors, mortgage fraud and over leveraged buyers — have "no comprehensive statistical support."

"No government agency or private entity publishes data on international homebuyers or their source of funds," said Ben Myers, senior vice-president of market research and analytics at Fortress, and author of the report.

"It is impossible to fully assess the impact of foreign buyers, inappropriate mortgage activity or the extent to which Canadians are responsible borrowers based on the currently available data. With the limited information out there, and our own survey research, we feel the fears of a major house price correction are overblown."

Several factors contributing to more favourable conditions

Calgary's rental market is emerging as an early winner this year as the result of improved vacancy rates, added inventory and a more conservative appetite among buyers in the resale housing sector.

CREB®'s mid-year forecast update, released earlier this week, notes more choice and less upward pressure on rents has, and will continue to, impact the resale market as more consumers choose to keep renting.

An April report from the Canadian Mortgage and Housing Corp. (CMHC) showed two-bedroom apartment and row vacancy rates rose to 3.6 per cent in 2015 – the highest level since 2010 – from 1.5 per cent the year prior.