Lending conditions weigh on housing demand

May sales activity continued to ease, with the largest declines occurring in the detached sector. Additional gains in new listings continued to increase inventory levels.

Citywide sales activity in May totalled 1,726 units, 19 per cent below last year’s levels and 24 per cent below longer-term averages. Sales activity in the detached sector declined to levels not seen in over a decade.

“The impact of rising lending rates and stricter qualification levels is causing demand to ease across all product types,” said CREB® chief economist Ann-Marie Lurie.

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Lacklustre luxury

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®.

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My first home

Featuring CREB® CEO Alan Tennant

I remember being 23 years old. The year was 1981. I was a Medicine Hat banker with my new wife, Rona, and a new job in Calgary, staring down a brand-new, three-bedroom, one-bathroom bungalow. Oh, and a mortgage to pay.

We had two cars (with no garage to put them in) and no way of knowing that four years later, mortgage rates would hit a whopping 18 per cent.

We asked the question many people do now when they contemplate their first home purchase: can we afford it?

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A bumpy road to recovery

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.

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Music Mile

Tyrell Dasilva found the perfect condo on Inglewood’s eclectic main street

When it came time to purchase his first home, finding a neighbourhood with a pulse was at the top of the list for 31-year-old entrepreneur Tyrell Dasilva. Dasilva, who owns several businesses, leads a busy life and wanted to find a home in a walkable community with access to great music venues and quaint mom-and-pop stores. He found it at i.D. Inglewood, a 19-unit, four-storey condominium project located on Ninth Avenue S.E.

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