FUN AND FUNKY
SERIES A8
Local wreaths made from nature’s bounty
Old neighbourhoods, new Calgary
DONNA BALZER A11
A look at some of Calgary’s earliest communities and how they’re evolving with the times FREE nov 21 to nov 27 2014 issue 04-46
real estate news from industry experts
editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca
POWER OF THE PUMP How the future of oil and gas in Alberta will affect Calgary’s housing market
82.5 80.0 77.5 75.0 Source: oil-price.net
WTI CRUDE OIL OCT 17 - NOV 1
KELSEY HIPKIN
reporter/photographer
T
he plummeting price of oil is unlikely to affect Calgary’s housing market in the immediate future, but a prolonged slump could eventually leave its mark on the local landscape, say Canadian economists. “If the recent slide in oil prices turns down the migration taps, construction activity could begin to soften again in Calgary,” said BMO senior economist Robert Kavcic, noting that, in
the interim, Calgary’s housing market remains red hot. Canada Mortgage and Housing Corp. predicted this week that total housing starts in the area will peak at 17,200 units this year, a 37 per cent increase from 2013. Yet the federal agency also anticipates a decrease to 14,400 units in 2015 and 12,800 in 2016. In the resale housing market, CMHC expects total MLS sales in the region to total 33,500, an 11.8 per cent increase from the year prior. It forecasts a more modest 2.1 per cent gain to 34,200 units in 2015 and 1.8 per cent
SINGLE FAMILY
increase to 34,800 in 2016. “We’re coming off two record years of net migration. The combined 2012 and 2013 together it’s almost 80,000 people, so it’s no wonder that we’re seeing record levels of production and sales transactions,” Felicia Mutherady, CMHC senior market analyst for Calgary, said at the 2014 Calgary Housing Conference. “Moving forward, we’re expecting employment growth to moderate and along with that net migration.” West Texas Intermediate, a U.S. grade of oil used as a benchmark for oil
OCT12 3114 NOV12 2586 DEC12 1859 JAN13 2075 FEB13 2048 MAR13 2727 APR13 2977 MAY13 3311 JUN13 3199 2917 JUL13 2791 AUG13 SEP13 2789 OCT13 2705 NOV13 2171 DEC13 1515 JAN14 1671 FEB14 1894 MAR14 2052 2445 APR14 2919 MAY14 3128 JUN14 3056 JUL14 3021 AUG14 2961 SEP14 2780 OCT14
MLS® MONTH END INVENTORY* OCT ‘12 – OCT ‘14
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Tired of paying rent? Hate your commute? Call Doug McKay (403)975-1776 Text city to 587-333-0281 for photos & more details.
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Real Estate Advocates
prices in North America, and Brent Oil, a benchmark grade of oil from 15 North Sea fields against which almost half of the world’s petroleum is priced, both reported four-year lows this week, with prices approaching $70 a barrel after hovering around the $100 mark dating back to 2010. The price for Western Canada Select, a high-sulphur blend of Alberta oils and bitumen, meanwhile, has similarly dipped below $80 per barrel. Ongoing pipeline delays such as Northern Gateway, Energy East, Line 9B reversal and Keystone XL continue
to landlock Alberta crude desperate to enter new markets. “Calgary’s been here before, and once again oil prices have people worried about a downturn,” said ATB senior economist Todd Hirsch. “But the city is more prepared than ever to withstand a possible slowdown in 2015.”
OIL AND GAS A3
WATERFRONT CONTENTS CONDOS MORE NEWS BRIEFS THAN THREE- EVENT LISTING QUARTERS SOLD WEEKLY FEED
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A3
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SECONDARY SUITES . . . . . . . . . . . . . . . . . . . . . . A6
CREB® STAFF
MORTGAGE COLUMN . . . . . . . . . . . . . . . . . . . . . A10
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MORTGAGE RATES. . . . . . . . . . . . . . . . . . . . . . . . . A10
ust days after launching the third phase of its Waterfront condominium development in Eau Claire, Anthem Properties Group reports it is already nearly 85 per cent sold out. As of Nov. 15, the builder had sold 252 units of the 302-unit Parkside phase.
CONDOS A3
COMMERCIAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A11 MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B1 OPEN HOUSES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B18 @crebnow
/crebnow
crebnow.com
This unique property in Millican Ogden is zoned for commercial use & is centered on two 25 x 130’ lots. One lot is zoned residential and the other is zoned commercial. It has been updated to accommodate a small business with a new roof, kitchen and baths. The 3 bedrooms upstairs are currently being used as private offices with more work stations on the main level & in the basement. The main floor could also easily be used as a family home with a business downstairs. There is a direct entrance to the basement from the rear door. The wiring & internet are upgraded to accommodate a business & there is central air. There is lots of parking in the rear, and a single car garage for storage. The basement is wide open with lots of room to custom-ize to suit your needs & includes a 2 pc bath This home is in a great location & would be an ideal space for your business or as an investment property. $550,000 MLS®C3642874