Rinse and repeat

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).

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Core issues

Downtown office commercial market to see higher vacancy rates in 2017

Despite setting a third-quarter record with a reported $11.2 billion in sales, Calgary’s commercial real estate sector will likely see vacancy rates continue to soar this year and next, predicts real estate firm CBRE Ltd.

CBRE Calgary-based managing director Greg Kwong said the downtown market will feel it the hardest, with vacancy rates that are expected to close in on 30 per cent.

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‘People need to plan to weather storms:’ Minhas

CREB®Now sits down with 2017 CREB® Forecast and Tradeshow keynote speaker Manjit Minhas

Manjit Minhas is a name brand – literally. She’s CEO and co-founder of Minhas Breweries & Distillery, makers of Boxer Lager, Lazy Mutt Ale and Huber Bock. And for the past two years, she’s gained national fame as a Dragon on CBC’s Dragon’s Den. In January, Minhas will be the keynote speaker at the 2017 CREB® Forecast and Tradeshow.

CREB®Now recently had the opportunity to sit down with her to get a sneak peek at what she plans to talk about.

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Alta. housing sales to finish strong, face challenges: report

CREA expects sales to struggle to maintain traction in 20016-17

MLS® sales in Alberta are expected to increase for the balance of the year due to better-than-expected activity during the second quarter and health levels heading into the third quarter, according to the Canadian Real Estate Association (CREA) in its revised 2016 forecast.

The national REALTOR® agency added, however, that the current economic climate suggests Alberta sales may struggle to maintain traction over the remainder of 2016 and into 2017.

Alberta sales activity is expected to finish the year down 8.8 per cent to 51,500 transactions – the largest decline in the country as the province’s economy struggles with a sluggish energy industry.

Nationally, sales activity is forecast to rise by six per cent to 535,900 units in 2016, which is little changed from CREA’s previously predicted sales increase of 6.1 per cent to 536,400 units this year. This represents a new record for annual sales.

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55 years of Calgary Real Estate: 1974 CREB® president Clair J. Cote Jr.

Clair J. Cote Jr. follows in father’s historic footsteps by leading CREB® through 1974

When Clair J. Cote Jr. became CREB®’s president in 1974, Calgary was partway through a decade marked by unprecedented growth, both in business and real estate development.

The year prior, the Arab oil embargo set off the first global energy crisis, leading to efforts in Alberta to lessen the dependence on foreign oil. Calgary, where oil companies were headquartered, prospered.

For Cote, the 1970s stand out as a time in which his brokerage, which started in 1964, grew.

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