Swimming against the stream of major centres across Canada, housing affordability in the Calgary-area continues to show encouraging levels of improvement nationwide in the second quarter of 2012, according to the latest Housing Trends and Affordability report by RBC Economics, released last month.

The report identifies the significant drop in utility bills in Alberta, as the chief reason behind the lower homeownership costs in the province. "The sudden reversal of earlier electricity rate increases led to a substantial 17% quarterly decline in utilities, which was more than enough to move the affordability needle," said the report. In addition, the stronger sales activity in Calgary area (both existing and new homes), coupled with a modest increase in property prices, have further enhanced the city's position as one of the most affordable housing markets in Canada in the second quarter of 2012.

RBC housing affordability measure, based on a 25% down payment, and a 25-year mortgage loan at a five-year fixed rate, was at its best in the condominium sector in Calgary area where it dropped 0.6 percentage points to 21.6%, followed by the two storey sector that moved down 0.4 percentage points to 37.2%. (The lower the measure the better, it means you need 37.2% of your monthly household income, including mortgage payments, utilities, and property taxes, to own a standard two storey home in Calgary). Detached bungalow measure remained the same at 36.7%.

Nationwide, homeownership costs continued to rise in the second quarter of 2012, "following back-to-back quarterly declines in the latter half of 2011," according to the report. The most effected categories were the bungalows and two storey homes that increased by 0.2 and 0.6 percentage points to 43.4% and 49.4% respectively. The condominium market managed to keep its affordability measure at 28.8%, unchanged from the first quarter.

Vancouver, to no body's surprise, is still as the least affordable city in Canada with " levels that stood very close to the worst on record," the measure indicated 91% in detached bungalows, 93.8% in two storey homes, and 45.2 % in standard condominiums. Toronto area market performance "saw some modest deterioration," but remained in line with the historical average, while Montreal joined Calgary and Edmonton in defying the national trend, and demonstrated a housing affordability that "reversed most of the significant deterioration that took place in the first quarter."

For people who like to walk to where they shop, there are definitely some Calgary neighbourhoods that are more pedestrian-friendly than others. Here is a guide to some of the popular shopping districts in the city, and the nearby communities:

Calgary Shopping Districts

Uptown 17th Avenue

Uptown 17th Avenue is a popular shopping district between 2nd and 14th Street SW that has gained national recognition as one of the top retail locations in Canada. This eclectic strip offers everything from funky boutiques, specialized food and retail shops, neighbourhood pubs to world-class dining venues. It's also very close to Stampede Park and the downtown core, so residents are close to the pulse of the city.

Nearby neighbourhoods include: Upper and Lower Mount Royal, Beltline, Bankview, Sunalta, Downtown, East Village, Eau Claire, Victoria Park, Connaught, Mission and Cliff Bungalow

Marda Loop

Grab a friend and spend the day strolling through over 130 great little shops, boutiques, and restaurants. Whether you're seeking a specialized cheese or food item, a unique gift, or maybe just a quiet outdoor cafe, you'll likely find it in Marda Loop. Nearby residents love this area and many have established their favourite haunts that they frequent, again and again. Marda Loop is located East of Crowchild Trail, along 33rd and 34th Avenues SW and along Garrison Gate.

Nearby neighbourhoods include: South Calgary, Upper Mount Royal, Glengarry, Altadore, Richmond, Knob Hill and Bankview.

Huskayne Mercantile Block

Located at Heritage Park Historical Village, Huskayne Mercatile Block is perfect for an afternoon wander through a handful of specialized shops including an antique portrait studio, Corner Emporium or the Plaza Mercantile.

Nearby neighbourhoods include: Eagle Ridge, Chinook Park, Kelvin Grove and Bayview.

Victoria Park

With a similar historic vibe as Inglewood, the Victoria Park shopping area encompasses restaurants and trendy retail along First Street, and the many services and conveniences found in the warehouse district. You'll find everything from the boutique-style Hotel Arts, the National Music Centre, to Bernard Callebaut Chocolaterie, and just about everything in between.

Nearby neighbourhoods include: Victoria Park, Downtown, East Village, Connaught, Beltline, Mission, Cliff Bungalow, and Lower Mount Royal.

Inglewood

Located right in the historical community of Inglewood, this popular shopping district is brimming with over 100 shops and dining establishments, and is home to the Calgary Zoo, and Inglewood Bird Sanctuary. Annual events in the neighbourhood include the renowned Sunfest and Calgary Fringe Festivals.

Nearby neighbourhoods include: Inglewood and Ramsay.

Downtown office space in Calgary is in fairly high demand, and although most tenants would say their rent is too high, based on an article in efinancialnews.com, Calgary is a bargain compared to these international cities:

#10:Zurich, Switzerland - Average occupancy costs: $98 per sq. ft/ per year

#9: Paris, France: Average occupancy costs: $106 per sq. ft/ per year

#8: Rio de Janeiro, Brazil: Average occupancy costs: $109 per sq. ft/ per year (after an 8% drop in 2011)

#7: Sydney, Australia: Average occupancy costs: $119 per sq. ft/ per year

#6: New York, New York: Average occupancy costs: $120 per sq. ft/ per year

#5: Beijing, China: Average occupancy costs: $130 per sq. ft/ per year - costs jumped 75% from 2011

#4: Moscow, Russia: Average occupancy costs: $148 per sq. ft/ per year - 41% jump from 2011

#3: Tokyo, Japan: Average occupancy costs: $197 per sq. ft/ per year

#2: London's West End, England: Average occupancy costs: $239 per sq. ft/ per year

#1: Hong Kong, China: Average occupancy costs: $244 per sq. ft/ per year (although a decrease is expected over the next year)

The headline in the Calgary Herald read, "Luxury Home Sales Booming in Calgary - Sales over $1 million highest since 2007." For me, this cast a needed glimmer of hope on our economy. When the big ticket houses start to sell, you know people are feeling more confident about the market and overall economic picture.

Other good news that came out of this article - a high percentage of the luxury sales were the result of current Calgary residents, who previously may have been fence sitting, are now taking advantage of the low interest rates and upsizing to larger homes; or buyers transferring in for better jobs. Low interest rates, better job security - those are all good signs of a healthy economy.

This isn't just happening in Calgary. Over 80% of the top Canadian cities have all posted record sales in their high end market. In Naples, Florida, a primarily luxury market, I read about a small boutique firm that closed over $150 million in sales for April. That area had been sluggish for awhile, but in the last few months they've started to see an upswing in sales. This is especially good news when you consider that many of their customers are Canadian.

Just when you think there is a light at the end of the tunnel, another article has quoted governor Mark Carney advising homebuyers "use prudence and caution because borrowing costs can only go up"... Thanks Bank of Canada.

Not to be overly optimistic, but the latest Calgary Economic Analysis for March 2012 reports nothing but increases for many of our key housing indicators.

Looking at March 2012:

Residential sales in Calgary reported 2,647 in unit sales. This was a 16.5% increase compared to 2,273 in March 2011.

Calgary Sales to New Listings at 58.45 was slightly elevated by 12.5% from 51.95 in March 2011.

The Average Price for Calgary Residential was just under $409,000, up 2.7% from $398,000 in March 2011. This may not have been a huge increase, but supports a steady upward trend since 2009.

Leaving the best for last -

Housing Starts in the CMA (Calgary Metropolitan Area) reported 1,069, a whopping 165.2% increase from 403 in March of 2011. This number not only indicates growth in the new construction market, but retail as well. All those new homeowners are going to be shopping for furniture, lawn and garden supplies, appliances, etc.

It feels great to start off the busy spring season with some positive news about the Calgary market!

• Out-patient and clinic areas in Spring 2012
• Inpatient, emergency and critical care will follow.
• Women's health services and a special care nursery.

By 2013, the hospital should be fully operational with 298 beds, 11 operating rooms and 183 physicians.

This Campus will be a "different type of health facility" as Alberta Health Services describes, "it will connect hospital care with community services, promote health as much as treat illness and help teach health professionals innovate ways to care for patients".

The campus will serve South Calgary and surrounding areas as well as the referred patients from southern Alberta who need specialized care. A C-Train extension is planned to run along the eastern boundary of Auburn Bay to serve the community and the campus.