A CREB® 2018 Calgary Economic & Housing Outlook Mid-Year Update Summary
Stricter lending conditions, a rise in interest rates, persistently high unemployment and slow economic recovery have weighed on housing demand so far this year.
Eight tips to prepare your home for listing photos
There are many dramatic changes you can make when preparing a home for photos. Renovating a bathroom or kitchen can reap big resale rewards, while a fresh coat of paint or new siding can add serious curb appeal. But for those working with a limited budget or on a shorter timeline, there are more subtle changes that can have your house looking its best prior to an open house or having photos taken. (more…)
Few surprises, but still highlights for Calgary’s housing market this past year, say experts
In a year of sales declines, price adjustments and mortgage rule changes, the one constant for Calgary’s housing market in 2016 was the number of challenges it faced as the result of soft economic conditions, say industry observers.
Yet officials also maintain challenges for some created opportunities for others. And, perhaps more importantly, there is renewed optimism heading into 2017 thanks to improving numbers during the second half of this year and a series of large energy infrastructure announcements.
Detached prices dip below $500,000 for first time since 2014
Coming off a month of stronger sales activity, November’s resale residential housing market returned to previous trends, according to CREB®.
In its November housing summary released Dec. 1, year-over-year monthly sales totaled 1,227 units, which is nearly three per cent lower than last year and 17 per cent below long-term averages.
“November was the first full month with CMHC’s new lending rules in effect,” said CREB® chief economist Ann-Marie Lurie. “As suspected, the gains in last month’s sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand.”
Former CREB® president Nick Medwid said all eyes were on Calgary in 1991
Nick Medwid recalls Calgary’s housing market in 1991 as a bit of a blur.
In the midst of a national downturn that year, all eyes turned to the city as several major companies uprooted their Canadian headquarters from out east and relocated to the heart of the new west.