Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary’s recovery in the housing market in August. (more…)
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).
What you should know about the year ahead for Calgary’s housing market
CREB® has released its annual economic outlook and regional housing forecast. But what does it all mean? CREB®Now takes readers through the numbers.
After posting successive sales declines in 2014 (25,552), 2015 (18,839) and 2016 (17,809), CREB® is forecasting MLS® activity in Calgary to rebound slightly in 2017. Citywide sales are expected to total 18,335 units, a three per cent gain over 2016, but 12 per cent below long-term averages. By category, detached sales are predicted to hit 11,550 in 2016, while attached and apartment sales will reach 4,002 and 2,783, respectively.
Despite a challenging year, 1995 CREB® president Wayne McAlister chose to focus on the silver linings
A self-described “eternal optimist,” Wayne McAlister still couldn’t be blamed for looking back at 1995 with some degree of pessimism.
After all, as CREB®’s president that year, he oversaw Calgary’s housing industry at a time when employment uncertainty had waned for years, resulting in weak consumer confidence and a painfully slow market.
“There was a downturn in the early ’90s, with oil down – dramatically low – and the whole economy was feeling the pinch,” he said. “(By 1995), we were still experiencing an economic downturn. There was some good, some bad that year.”
Signs of economic hardship started to reveal themselves by the end of 2014, recalled then-CREB® president Bill Kirk
While the true severity of the economic slump currently dominating headlines had yet to been felt in 2014, Bill Kirk said the writing was already on the wall by the end of his tenure as CREB® president.
Oil production in the Middle East had just started to ramp up, prices for a barrel had started to fall and jobs in Calgary were suddenly in question, he recalled.
“By the end of 2014, there was talk of an oil glut,” said Kirk. “We knew there would be fallout … (but) no one knew what would happen.
“We were all surprised at how slowly through 2015 the bad news hit.”