Down but not out

Downtown office market begins bounce back

People who have lived and worked in Calgary for a long time know that the downtown office market is a great barometer of what’s happening in the city’s overall economy.

For the past couple of years, record vacancy rates in the heart of the city have made headline news, not only in Calgary, but nationally.

However, a recent report by commercial real estate firm Avison Young suggests we’ve hit the bottom and there’s nowhere to go but up.

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5 things about CREB® 2017 forecast

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.

18,335
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.

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In the pipeline

Energy project approvals spark good news for real estate; just unclear as to when, say experts

In the closing days of 2016, Calgary’s oil-driven housing market has received a welcome jolt of excitement from the federal government.

Ottawa approved not one, but two multi-billion-dollar oil pipeline projects, promising to move nearly one million barrels per day (bpd) of additional oil to United States and global markets upon completion. The two new pipeline projects would increase Canadian oil shipping capacity by 24.9 per cent.

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