Welcome To My Calgary Properties Report!

In this part of my website I like to keep my clients up-to-date on local market statistics.  This can be a critical portion of the process that many overlook.  I feel it’s important for me to inform my clients about statistical information so they can make an overall informed decision. Please check back as I update as often as possible, I’m happy to provide you with my Calgary Properties Report.
 

Tuesday March 9th, 2010 - Market Conditions In Calgary

According to recently released statistics from the Calgary Real Estate Board, the Calgary housing market is balancing out, and concerns about a housing bubble are mitigating. Expectations are for supply and demand to remain balanced, with increased sales over last year because of the positive change in optimism.

Housing sales for February show balanced numbers of listings and sales. Sales of single-family dwellings have increased by over 25 percent from February of 2009, and prices have increased by just over 10 percent, to an average single-family home selling for $415,568. Condominium sales in the Calgary market increased over 50 percent from February of 2009, with a modest price increase of about five percent.

An average condominium in the Calgary marketplace sold in February for $268,971. As for the residential markets surrounding Calgary, sales have increased over 55 percent, though the prices have decreased by roughly five percent to an average of $353,912. The largest gain in sales shows in the rural market, including acreage parcels, as sales increased over 85 percent.

Although the number of sales increased, prices relative to last year in that category are nearly equal. For February, the average country residential sale was $748,506. The President of the Calgary Real Estate Board, Diane Scott, believes that low interest rates and increased consumer confidence are key factors in the increased sales.

Monday March 1st, 2010 - Investment Returns on Calgary Commercial Real Estate Show a Decline

Commercial real estate holdings in Calgary are still showing the effects of the recent economic downturn.  The annual investment returns on commercial properties fell 7.4 percent in 2009.  This is almost the exact opposite of the figures in 2008, which showed a 7.2 percent gain. Last year’s results took into account the $90.9 billion in commercial properties in the ICREIM-IPD Canada Annual Property Index.

Locally, comparing the 2009 figures with years past gives an indication of how the commercial real estate market is faring.  In 2005, Calgary showed a 26.9 percent gain in profit returns.  2006 did even better, with 29.9 percent profit.

Losses have been most noticeable in the office sector, primarily in downtown locations.  Office leasing has shown an 11.2 percent decline, followed by industrial leases at 6.5 percent. Rentals in the residential market decreased by 1.2 percent, and the retail sector, the healthiest of the lot, lost 0.1 percent.

CB Richard Ellis, Ltd. issued a report stating that the vacancy rate in downtown Calgary increased to 15.5 percent by the end of 2009.  The last quarter of 2008 showed a 4 percent vacancy rate.

Currently there are 35.7 million square feet of rental space in Calgary’s downtown and an additional 2.5 million square feet is under construction. Worst case scenarios see the vacancy rate rising to over 21 percent by year end.

Saturday February 20th, 2010 - Calgary’s Resale Real Estate Market Helped By First Time Home Buyers

First time home buyers are giving a welcome boost to metro Calgary’s real estate market. Activity in the housing resale market increased by 39 percent in January 2010 compared to the same month last year. The low mortgage rates are helping in a big way.  Perhaps the possibility of an increase in those rates later in the year is encouraging potential buyers to take the leap now, rather than later.  Either way, the increase is appreciated.

Resale condo numbers managed to increase by 67 percent during that same January time period.  Last month 376 condos swapped owners as compared to 225 in January of 2009.  In the single family home category, this past January saw 762 units change hands, compared to the January 2009 total of 550.  Average prices are also up, with condos working out to $283,000 per unit sold and single family homes bringing in a $441,000 average per sale.

Listings are also up, keeping prices at a reasonable level and the playing field fairly even for buyers and sellers. Last year inventory was sitting on the market for more than 10 months.  This year the sales have been keeping up with the listings. Condo listings for this past January are considerably higher than those in January of 2009, numbering 951 to 225 respectively.  On the single family home front, 1,822 were listed this past January, compared to 2,068 put on the market a year ago.  Listings in the single family home category should increase once the spring selling season begins.

Wednesday February 10th, 2010 - Brookfield Asset Management Earnings Report

Brookfield Properties Corp. recently reported earnings, and their net revenue has fallen by nearly 60% after booking a one-time tax gain just a year ago.  Brookfield Properties Corp. is a spin-off of the large conglomerate Brookfield Asset Management, which reported that they booked revenue of over US$181 million.

Just a year earlier, Brookfield Asset Management made nearly US$458 million in profit, so the earnings numbers are not great.  Although, with out a tax gain from converting some of its property into a real estate income trust, the company says it would have lost money in that period a year ago.

In quarter-over-quarter numbers revenue increased about US$100 million, from $715 million to $816 million.  The company's full year net income was $317 million.  The company's stock price hit a new 52-week high and finished the trading day up about three percent.

The stock has moved over 150% in the past year after lifting away from its 52-week low of $5.31.  The stock pushed ahead over $0.35 on the earnings report.

Brookfield Asset Management says it is optimistic because its domestic occupancy rate is over 98.5% for its office properties.  The company says they have endured some turbulence from the weak natural gas prices, which plays a role in the demand for office space in Calgary.  Officials at the company says they plan to place pressure on occupancy fundamentals if commodity prices do not improve soon.

Thursday February 4th, 2010 - Calgary Sporting Affordable Real Estate Market

As predicted, sales in the first month of 2010 were slower than in December of 2009, but the real estate market in Calgary is still very much on track. It is expected that sales will increase at least over the next few months while interest rates are still low.  Rumours of rising interest costs later in the year have been circulating and many people are expected to come to the conclusion that the time to purchase is now.

Despite 5 percent decrease in sales from this past December, January 2010 single family home sales were 39 percent higher than sales in January 2009. Condos fared even better, with a 67 percent increase over January 2010.  

At present average home prices are well matched to the average income, making the market a fertile field for first time buyers eager to own their own properties.  Single family homes averaged $441,217 per unit in January 2010, down about 2 percent from December.   But, that figure is 7 percent higher than in January 2009.  That market has recovered, and then some.   

The average price for a condo in January 2010 was $282,639, also down 2 percent from December of 2009, was 4 percent higher than January last year.   Prices do vary greatly within the city of Calgary.

Things are definitely improving, but the real celebration for Calgary will be when the energy industry fully recovers.  The city’s financial picture is still considered fragile and likely will remain so until investments and employment opportunities in energy rich locales such as Fort McMurray improve.

Friday January 29th, 2010 - Calgary Attractive Choice for New Home Buyers

Calgary’s real estate market in 2010 may not be as hot as in 2009, but it still is predicted to be pleasantly warm. The Calgary Real Estate Board held its annual forecasting meeting and most attendees agreed with the board’s prediction.

Diane Scott, the board’s new president addressed the roughly 1,000 real estate agents present and advised that Calgary’s real estate market recovery will be closely tied to oil and gas prices.  Not surprising in a province so dependent on the energy industry.

It is estimated that 17,000 single family homes and 7,000 condominiums will be sold by 2010 year end. That compares with 14,400 and 6,328 respectively from last year. Average prices for a single family home in Calgary are expected to be in area of $470,000 per unit with condos averaging $296,000 per sale.  Surrounding towns are expected to fare even better in the single family home market and be on an even par with Calgary as far as condominium prices.

The increase in young buyers getting into their first homes is what fuelled the meteoric market towards the end of 2009 and it is this same sector that is expected to keep sales steady in 2010. The number of listings is on the low side at the moment, but this is also expected to improve as the year progresses. As long as home prices and interest rates remain reasonable, Calgary will be an appealing choice to those wishing to relocate.

Monday January 18th, 2010 - Many Families Take Advantage of Optimal Buying Conditions

Families are trying to take advantage of depressed home prices because the prices are currently the lowest they have been in many years (though rising for the last six months or so).  One family, the Ross family, has been able to find the deal of a lifetime recently, upgrading their home from a 2,700 square foot residence to a 4,000 square feet house for less money.  The family says the deal was actually a financial downsize.
 
Recent, year-end data published by the Calgary Real Estate Board stated that the 2009 year was definitely a recovery year compared to the dismal market conditions seen in 2008, but mainly, the housing market is still far from being as strong as it was during 2006 and 2007. The president of the CREB, Bonnie Wegerich, explained in the report that she doest expect to see the same level of strength that was seen in housing prices during 2007, when average home prices peaked out near $505,920 in July. 

The president says that analysts expect a long, solid, sustained recovery in relation to housing prices over the next few years.  It will be promising for buyers to believe that their property or home they purchase will hold its value over the next five years.  The year-end data showed that the number of single-family home sales increased by nearly seven percent throughout 2009 compared to 2008 year, with 14,440 home sales in 2009.

Tuesday January 12th, 2010 - Expected to Follow 2009’s Moderate Growth in Real Estate Markets

The economy is in better shape, sales are improving and price points on houses are inching upward. What started as a slow but steady recovery in 2009 is expected to continue through most of 2010. Calgary Real Estate released its year end figures that give credence to that prediction.

Royal LePage Foothills owner and real estate broker Ted Zaharko explained that after a dismal January of 2009 the market experienced a better than expected moderate growth and it would be unrealistic to expect anything other than like increases for 2010. He, like others, is of the opinion that the recession is not quite over.

Royal LePage released its 2009 numbers. For standard two storey homes, they showed an increase of 2.3 percent in average prices which translates into $427,067 per unit. Detached bungalows showed a more modest increase of 0.5 percent or $412, 478 and condominiums showed a slight loss. Condo prices averaged $256,056 per unit, a decrease of 0.4 percent.

Inventory of available homes is also down. Usually about 10,000 homes are listed but currently there are roughly 3,000 homes being offered. This makes it harder for buyers to find what they are looking for but does increase prices, benefiting sellers. It is expected that those holding back their properties will eventually put them up for sale once they feel more confident in the market and the economy.

Friday December 18th, 2009 - Cost of Housing on the Rise

Home ownership prices are on the rise on Canada for the first time in over a year. A recent study predicts that home ownership prices will continue to rise.

The RBC’s quarterly housing affordability report states that the cost to own property are higher across all housing segments. The report attributes the rising costs to rising home prices and a slight increase in mortgage rates. They say prices have jumped over twelve percent.

The report summed up the fact that home affordability across all provinces and all major markets has deteriorated.

The RBC’s affordability report tracks the proportion of pretax income needed to own the house. All forms of housing has become more expensive. Most costly are two-story homes. It also reflects on the fact that demand for housing has outgrown the supply over the past three quarters.

The report also concludes by saying that it is unlikely that affordability will improve any time soon.

Tuesday December 15th, 2009 - Building in Calgary Hits High Note

Calgary is building again. After a dismal end to 2008 and an uneventful beginning to 2009, housing starts in Calgary are once again picking up the pace. Consumers have been taking advantage of the low mortgage rates and snapping up single family properties. This has reduced housing inventories to a level that warranted, and welcomed, new home construction.

November was the third consecutive month that housing starts in Calgary bested the figures from 2008. In October, there was almost a 90 percent increase in the number of issued building permits. Even with these encouraging figures, the building market is still roughly 50 percent down from starts in 2008.

November 2009 has shown the most improvement with 604 recorded starts, which is a 79 percent increase from the same month in 2008. Comparing one year to another, single family home starts have increased 3 percent. Condominium starts have decreased slightly, down about 4 percent.

Builders and investors are cautiously optimistic about the Canadian economy and the rebound in the housing and labour markets. As the market gains traction and demand for housing inventory increases, it is expected that some of the more creative buying incentive promotions may be eliminated or modified as needed.

Tuesday December 8th, 2009 - Calgary’s Housing Market Sees Solid Demand

Royal LePage reported that resale housing prices are rising.  Compared to second quarter of 2009 prices, then marginal increases in detached homes seen through July to September suggest that people are willing to buy homes.

Two-story bungalow increased by almost $15,000, from $400,000 to $414,555.  Once again, everyone attributes the strength of home buyers to low interest rates.  Condominiums saw prices fall, but the condo market is usually the seasonal laggard. The average sale price for all detached resale homes in Calgary saw a modest, $15,000 rise, from $436,600 to about $450,000.

The president of the CREB, Bonnie Wegerich, claims the worst of the real estate crash is in the past, but Wegerich admits that year-over-year prices are lower due to the recession.  Standard homes saw a decrease of almost five percent over the past year.

They say the housing market is on the way to recovery but just because the activity has really picked up, it does not mean the market is in great shape.  The sales for the third quarter of 2009 are looked upon as normal, with seasonal patterns and trends exactly as expected.

The recession definitely interrupted the real estate cycle and drove demand down, along with home prices.  CREB warns that what some people see as a boom in the housing market is merely a normal, short term correction.  They believe economic growth in 2010 will help support rising home prices.
 

Tuesday November 10th, 2009 - The Real Estate Market Recovery Still Continues

According to the real estate board, the market is still rebounding from it’s lows earlier in the year.  It’s expected there could be a few more speed bumps along the way, but overall the market is quite healthy.  Coming up to Christmas, there is generally a lull in activity but there have been no signs of the market slowing down before or after the holiday season.

Average cost of a detached home in Calgary is now sitting at $462,465, which is a percentage point higher than it was the previous month.  This is also up 3% from last year at the same time, which is a phenomenal improvement.  Condo stayed pretty much the same as last month, averaging at a cost of $289,155.  Considering home values have been moving up, it’s not surprising to hear that activity has been quite brisk as well.

Listing inventory has been going down, but this is more than likely a seasonal issue as not many people want to enter the market to sell in the fall months.  Only 1819 homes came on the market last month, which represented a substantial drop from the previous year.  Signs of a sellers market to come next year perhaps?  Only time will tell.

Monday October 26th, 2009 - Calgary Facing Large Spike In Commercial Real Estate Vacancies

Calgary faces a huge surge in commercial real estate vacancies as the economy wanes. Just a year ago, business in the energy sector was booming, and local energy companies jumped at the chance to lease every office they could find, but times have changed. With five million new square feet of office space hitting the market and natural gas prices in the gutter, there is no hope in sight for the commercial real estate market in Calgary.

Experts say that the oversupply of office space is likely to continue for the next few years, and with vacancies already up 50%, building owners are worried about the future. For businesses in the region, the weak market helps them find the right space for their company while saving money on monthly rent costs.

The market is especially hard for owners of the older buildings because tenants are looking to upgrade to newer spaces. With prices so weak, it gives tenants great options. The Calgary market is extremely weak. 13.1% of all office space in Calgary is vacant. This number is huge in contrast to the 1% vacancy rate the city was accustomed to just a few years ago,

Although these high vacancy rates seem like a grim sign for the economy, they are not necessarily a bad omen. Lower costs for rent will translate to better earnings for companies.
 

Friday October 15th, 2009 - Average Home Prices Rise in Calgary throughout Q3

Average home prices throughout the Calgary market have shown slight increases in value compared to prices from the second quarter of 2009. According to the Royal LePage House Price Survey, which released October 7, the average home prices throughout the region are higher than they were just a few months ago.

The price increases are being attributed to first-time home buyers who are taking advantage of the record low interest rates, not to mention the low prices that are available on many homes for sale. Standard two-story homes saw almost a 5% increase in prices where the average price rose from $400,000 to approximately $415,000. Bungalows also saw modest price increases while condominiums saw most price decreases.

Year-over-year prices decreased because of the economic downturn, but month-over-month prices saw the increases. The market is still weak, and many homes are priced lower than they were a year about, but modest recovery efforts are helping lift housing prices as the months go by.

Although the home prices are rising, Royal LePage was quick to caution that even though the recent strength in the market gives the appearance that real estate activity has picked up, the sales of homes are actually a bit behind normal seasonal patterns.
 

Thursday October 8th, 2009 - The Real Estate Market In Calgary Is Still Showing Positive Signs Of Recovery

The market has proven to be very resilient this year.  The real estate board recently released it’s statistics for September, and they were better than expected.  The average home price in the Calgary area was $459,085, which represents a one percent increase from the previous month and a three percent increase from the previous year.  Condo prices also gathered momentum, up two percent from August and one percent better than the same time last year. 

It’s important to note that there will always be differences throughout the city, but this is a view of Calgary as a whole.  Sales have also increased throughout the year, driven by positive economic factors throughout the city.  1257 homes were bought and sold this September which is up around nine percent from the same month last year.  Condo sales went through the roof in September, 580 condo titles exchanged hands which was a twenty five percent increase from 2008.

House listings available for sale were down slightly, with 1857 new listings hitting the market in September.  940 condos were listed throughout the month as well, which was a thirteen percent jump from the previous month. 

It looks like the third quarter brought another shift towards a level market in the Calgary area.  Even though we are still in the midst of a recession, there are many factors that are prompting buyers to get into the market.  Included are the record low mortgage lending rates and tax credits that the federal government has brought to the table throughout the year.

Thursday October 1st, 2009 - How’s The Calgary Commercial Real Estate Market Doing?

It appears that Calgary may have more real estate than it knows what to do with, particularly in the commercial leasing market. Vacancies are on the increase, possibly due to the slump in the energy market and related industries. While the commercial real estate markets in Vancouver and Ottawa remain healthy, some, such as the firm of Colliers International are concerned about the situation in the Calgary market.

This last Thursday, Colliers International released the results of a nationwide survey of some thirty institutional investors. The two primary concerns of real estate investors were financial stability of tenants or possible tenants and the ever increasing vacancy rates. With more lease space available, not only do investors loose profits from lack of tenants, but there is the possibility of having to significantly lower rental rates in order to attract tenants.

In this time of financial uncertainty, the concern of a tenant’s financial credit rating is of far more importance that just a few years ago. Over 92 percent of responders to the survey stated this was one of the top two factors considered in a tentative leasing situation. In 2007, only 33 percent of property investors considered it a prime factor.

Thursday September 24th, 2009 - Solar Power with SolaBode, Canada in Competition

Solar power is the wave of a very green future. A team of creative builder/scientists from four Calgary post secondary schools are taking their innovative solar home to the Solar Decathlon in Washington DC. After that, the home, named “SolaBode” will make its Canadian début in Vancouver during the 2010 Olympics.

The Alberta College of Art and Design, Mount Royal University, SAIT Polytechnic and the University of Calgary collectively contributed more than 100 faculty and staff team members. The team is one of twenty from around the globe competing in Washington D. C. They are judged on a number of factors from energy efficiency, to architecture to website presentation and general marketability.

At the games SolaBode will sit near the Rocky Mountaineer site in Vancouver. This is in a high profile location, one in which the traditionally styled Western Canadian post and beam wooden structure will garner plenty of attention. After the house returns to Calgary, the next team will explore such ideas as incorporating geothermal technology into the design.

The home, measuring 800 square feet, was built in modules. It is being shipped to both locations on four flatbed trailers. ENMAX is the team’s main sponsor. Other contributors include Western Economic Diversification Canada, Encan and ConocoPhillips.
 

Tuesday September 15th, 2009 - Amazing Canadian Home Sells for Record Amount

The Falkridge Centre in Priddis, Alberta recently sold for $13.1 million, making it the most expensive private home sold in Canada this year. In a testament to the reviving Canadian real estate market, the house was originally listed at $12.9 million, but rival bids drove the price up to $13.1 million.

The modern home—built between 1993-1997 by the Smed family—is considered one of Alberta’s best examples of modern residential architecture. It is beautifully situated on 5.26 hectares of land, with large glass windows overlooking the Rocky Mountains, Elbow River and the nearby Priddis Golf and Country Club.

The main house itself is 15,000 square feet and contains seven individual suites. A 12,000 square foot guest house has an additional six suites. It was never intended to be a single-family home, however, but rather it functions as a private retreat for business executives, politicians and even celebrities. It features modern conference facilities, making it easy to combine work with pleasure.

The seller was Haworth, Inc., a manufacturing company in the United State; the buyer’s name has not been released.

Monday September 7th, 2009 - Calgary housing activity predicted to continue it’s upward climb

The CMHC is predicting a good year for Alberta and in particular Calgary for the coming year.  It has predicted that all aspects of the real estate market will rise in 2010, new home building, resales of properties, and the average price of a listing will all increase in 2010, according to the report.

Most were inclined to think that 2009 was the year of the buyer.  And they would be more than likely right.  Low borrowing costs, pent up inventory, and declining costs all made this a banner year for buyers.  But over the course of the year we have seen steps towards a more balanced market, which overall is good for the industry.

Last week, a prominent bank predicted the overall economy to grow at 2.5%.  This year is expected to end with a decrease in economic activity of 3.1%.  Some are even saying the economy will grow up to 3% next year, which would represent a staggering recovery from the current recession.

All looking good for the Calgary properties market, make sure you get in touch if you have any questions.
 

Friday August 28th, 2009 - New Mall in Alberta Has High Hopes

Ivanhoe Cambridge, the developer of the new ’CrossIron Mills’ megamall which opened in Balzac on Wednesday, has high hopes for their new investment. The Mills, which is the first completely closed-in shopping centre in the Alberta area for a fifth of a century, cost almost 500 million dollars to build.

Cambridge, however, is confident they can make that back, and more. They point to data from Statistics Canada which proves the high spending habits of Albertans compared to people in the rest of the country. The May spending figure was over $1200 per person, well above the average nationwide. That’s still $300 below what people in Alberta were spending in 2007, though.

CrossIron Mills, which sprawls over 1.4 million square feet north of Calgary proper, will hold at least 200 retail stores, with 17 being huge ’anchor’ type stores. Several of the retailers will be making their first opening in the entire province at the mall, and others will have their largest stores there.

A senior economist from ATB Financial, also located in the city, pointed out that the timing of the megamall’s opening could have been better. Projects of such size take years of planning, and its developers probably are not thrilled with the current economic situation, but in the long-term, the mall is expected to do quite well.

Friday August 21st, 2009 - Former Goaltender’s Home Breaks Calgary Sales Record at $10.3 Million

How much would you expect to pay for a 12,700 square foot home with marble floors and a sculpted lawn in Calgary’s Elbow Park?

That question was answered in June of 2008 when an undisclosed buyer bought such a house for a record-breaking $10.3 million. The house, once owned by retired Calgary Flames goaltender Mike Vernon exceeded the previous record for Calgary by almost three million dollars.

Rooney Cronin Valentine, the realtors who sold the house, claimed that despite the steep price, there were several interested buyers. Senior Economist for the ATB Financial Todd Hirsch notes that the local real estate market is partly protected by Calgary’s high average income and general affluence.

The Calgary Real Estate Board reports that 165 homes over one million dollars have been sold between January and July of 2008, compared to 256 in the same period the previous year. Condominiums sales went from twenty to fifteen in the same time period.
 

Friday August 14th, 2009 - The Market Continues To Improve

According to Canada Mortgage and Housing Corporation, (CMHC), contractors in Calgary have been building fewer multi-family properties recently, and the new construction numbers went down in the month of July. Contractors began 877 houses in July of last year, while only beginning 755 homes in the same month this year. By this time last year, there was over 66 percent more building going on than so far in 2009.

Much of the construction slump has been in the decrease of new housing for more than one family, such as apartment buildings, semi-detached homes and row housing, with only 254 units built in July. Last year in the same month, there were 43% more multi-family dwelling units being built. However, this July there was an increase of 16% over last year of one family, detached houses started, with 501 homes begun.

Throughout Canada, there was a surprising drop in houses begun in July, with an annualized rate of 132,100. The rate in June was 137,800. The estimate of analysts had been for 145,000 new home constructions for that month. However, CMHC reported that Edmonton, Lethbridge and Red Deer had gains over last year in new homes started in July.
 

Tuesday August 4th, 2009 - Calgary’s Real Estate Market Improves

Calgary’s housing market is looking up, as they received a small sales boost this past month- fitting right in with real estate’s upturn currently sweeping the nation. Note that this is not a significantly huge rebound for the market, however it does seem to be a turn around from previous figures.

In June, an increasing volume of homes were sold that registered higher than the previous months’ figures. This suggests that both people selling homes and those who are in the market for a new house are growing confident. The Canadian Real Estate Association has reported that Calgary has sold well over 3,000 homes in the month of June, an increase of 28% since last June. Edmonton is also showing a positive growth, as their rates for June went up 15.8%. Greater Vancouver is also showing a large increase, with growth of 75.6%

Springtime is when the housing and real estate market picks up, as the home selling and buying season draws to a close before the decline of sales in July. The sales numbers usually go back up to normal rates once August has ended. Despite the fact that figures are rising slowly but surely, it is still to early to claim that the housing market is rising out of its slump. The real estate market is, however, regaining its health.

Prices continue to remain the same, despite this rise in sales, a fact sure to change when the economy improves. If these activity levels continue to grow, the law of supply and demand will kick in, raising prices for resale and new homes.
Calgary’s oil and gas industry is effecting our housing market, as the amount of people employed by gas and oil companies tend to dictate the sales and purchase of homes.

As prices rise, and property sales figures start an upswing all across Canada, people are starting to decide that the economy is back on the rise- thus, boosting consumers’ confidence in real estate. The market’s best year was 2006-2007, as many houses were sold, several with fairly large price tags attached. Apparently, the economy is starting to level out as opposed to continuously declining- bringing the housing market in Calgary along with it.