Housing affordability is top issue for BILD-Calgary Region

Graeme Melton, the new chair of the Building Industry and Land Development Association-Calgary Region, is tackling the housing affordability crisis with the goal of making the market more accessible. Factors such as supply, high levels of immigration and migration from other provinces are driving up housing prices in Calgary. Melton believes that having an affordable home is necessary and is actively working to meet the needs of in-migration, supply concerns and skilled labour.

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Happy Halloween

Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day.
In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints.
Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known as All Hallows Eve, and later Halloween.
Over time, Halloween evolved into a day of activities like trick-or-treating, carving jack-o-lanterns, festive gatherings, donning costumes and eating treats.
Today’s the day to eat candies and sweets to your heart’s content! Happy Halloween!

Calgary home sales jump 29% in September, condominium sales reach new highs

The Calgary Real Estate Board reported record home sales in September with 2,441 sales, a 29% increase from the same month last year. This figure was accompanied by an unadjusted residential benchmark price of $570,300, which was nearly 9% higher than September 2022. Inventory levels in September were 24% lower than the same time last year, which has not changed enough to shift the supply and demand balance. Despite this, interprovincial migration has boosted housing demand in the region. The price of row housing saw the highest year-over-year price increase at 17% to $419,400, and detached home prices rose

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What the heck are ‘restrictive covenants’ and how do they affect Calgary’s housing situation?

Dave Robertson experienced an unfortunate lesson when he attempted to build a secondary suite on his Calgary property. Despite approval from city council, a restrictive covenant on his land title prevented him from going ahead with the project. Restrictive covenants are binding agreements attached to property titles which restrict what owners can do with the land and may also place obligations on them. Even if the city permits higher-density housing, restrictive covenants can still stand in the way.

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Row house construction up 37% in Calgary as builders and buyers seek more affordable options

In the CMHC's latest report on housing starts, it was revealed that construction of single-family homes in Calgary and the surrounding area was down 13% in the first half of 2023, while construction of row houses was up 37%. This shift in demand is due to the triple whammy of construction costs, interest rates and purchase prices all rising. The CMHC noted that more than half of the units being built are purpose-built rental apartments, which is the first time Calgary has seen a majority of apartment-style units being built for rent rather than for purchase. The report also noted that increased construction costs remain a major challenge

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Calgary home sales hit record as buyers flee pricier markets: CREB economist

In September, Calgary's real estate market hit a record high, with the Calgary Real Estate Board reporting 2,441 homes sold. The increase in sales is largely attributed to interprovincial migration, as buyers search for relief from higher priced housing markets. The benchmark price for a Calgary home rose nine per cent annually to $570,300, however year-to-date sales are still 12 per cent lower than the previous year. City officials are working to reduce red tape and zoning rules to get more units of housing built, however the challenge is when this will come to fruition.

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