A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

Are you ready for the second quarter of 2019? Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


According to CREB’s latest market report, March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors.


Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is 9% below last year and 28% below typical levels of activity.


Price declines and relatively slow sales activity are impacting the number of new listings. For the second consecutive month, new listings eased compared to last year’s levels and long-term trends, but it was not enough to prevent inventory growth.


As noted by CREB chief economist Ann-Marie Lurie,

“If new listings continue to slow compared to sales, it could start to help with the persistent oversupply...

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Every once in a while I get a call from a past client or a potential client asking about this Guaranteed Sales Program that we see on billboards and on local television advertisements or hear it on radio. Have you ever seen somthing like this and wondered what the heck it was about?:


"Guaranteed Sold Program

Your Home Sold in 29 Days... or WE WILL BUY IT.

Trapped in real estate limbo? Are you anxiously trying to sell your present home before taking possession of your new residence? With the Guaranteed Home Sale Program, you can list your home today, knowing for certain, that it will be sold and off your hands within a 29 day period... period. Our real estate company is able to offer you a 29 Day Guarantee because we have a proven sales system that works. The guarantee is just how we turn our faith in ourselves into a better offer for you.

Think that sounds too good to be true? We can do even better.

In order to doubly protect you, if after we mutually agree on the guaranteed price, I am...

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Showings are one of the biggest aspects of the home-selling process. After all, it's extremely rare that people make such a large purchase without first seeing the home in person.


But what happens after a real estate showing?


If the prospective buyer loves the house and wants to make an offer, it's a joyous time for all involved. If they decide the house they just viewed isn't their dream home, however, the showing process continues – for the seller, listing agent, buyer's agent and the prospective buyer.


The next step, and most important thing to do after a real estate showing, is to give, gather and share feedback. Here’s how each person involved in a real estate showing should handle the feedback process.

Listing/Seller's Agents

Let's get to it right away: Getting feedback can be a real challenge.


Buyer's agents are busy, they see a lot of different homes and, quite frankly, they're typically more worried about pleasing their client than acting as a conduit for another agent's...

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Secondary suites have been a source of endless hours of debate for members of Calgary City Council – but that all changed in March of 2018.


Council members no longer spending hours debating the merits of individual applications for residential secondary suites. On March 12, 2018, Calgary City Council approved amendments to the Land Use Bylaw that allow secondary suites as a discretionary use within ALL R-1, R-C1, and R-C1L land use districts. In these land use districts, homeowners can go straight to the development permit or building permit stage. [In R-C1s and R-C1Ls land use districts, suites are a permitted use, so homeowners can often go straight to the building permit stage.]


This is a huge step forward for people who believe Calgary needs more safe – but affordable – rental options. Another advantage for people who want a secondary suite in their dwelling is that the development permit fee for all new secondary suite applications is being waived until June 1, 2020....

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Calgary is a sophisticated and changing marketplace, so you need a really good REALTOR on your side to help ensure your home is sold for the best price and terms, in the shortest time, and as stress-free as possible. From the initial home evaluation and market analysis to preparing and staging, photos & marketing and, most importantly, the negotiations and sale — we’ll help ensure you and your property are represented professionally.


We are always happy to chat in person with you about the entire process.

So you’ve decided to sell your home… now what?

This is always a big deal and will, undoubtedly, affect your life in a significant way.


It’s important to know that for a few weeks while your property is being prepared to sell, you’ll need to possibly arrange for minor repairs of anything that needs it and to do a bit of editing and staging. We want to see your home through the eyes of the potential buyer. You’ll also need to keep the home clean...

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Curious to know how the markets fared at the start of the year? Well here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


As found in our most recent media release, 2019 kicked off with slow sales, and the market remains at a sluggish pace.


The number of new listings entering the market remained comparable to last year, but those levels far surpassed sales activity. This is resulted in further gains in inventory levels. Elevated inventories relative to sales caused months of supply to rise to nearly seven months.


According to CREB chief economist Ann-Marie Lurie,

“The slow start to the year does not come as a surprise, as concerns about job losses and the state of the energy sector weigh on consumers. We anticipate that the slow market conditions will persist throughout much of the first quarter.”

2019 Outlook

It should also be noted that CREB has released their 2019 Real Estate Forecast. According to the forecast summary, the...

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It may come as a surprise to you, but there are over 100 real estate boards in Canada and they all have their own MLS Systems.


What won't surprise you is that the vast majority of home sales are completed with 2 agents involved through our local MLS Systems – somewhere near 98%. So how do real estate agents see listings for sale? They look at their own MLS System. As a Calgary real esate broker, I only have access to see the listing details of the homes listed for sale on the CALGARY MLS System. I don't have access to see the details on the listings from the other 10 MLS Systems in Alberta (let alone other systems from other provinces). Yes, I can sell homes and represent buyers and sellers of homes anywhere within Alberta, but at the moment we only see local listings.

So, how does that affect you?

Well – here is an example: I used my website to look for listings in Calgary and there are over 7,000 listings for sale (yep, no surprise there). Then, I looked for listings in Edmonton,...

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Hello there, 2019! Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In their latest media release, CREB has highlighted that job market weakness and lending restrictions was a common thread in 2018’s housing market.


As of December 2018, an oversupply continues in Calgary’s housing market. Prices for the month were lower compared to both the previous month, as well as the previous year.


According to CREB Chief Economist Ann-Marie Lurie,

“Persistent weakness in the job market and changes in the lending market impacted sales activity in the resale market this year. This contributed to elevated supply in the resale market, resulting in price declines.”


Regarding sales, a total of 794 units were recorded for the month, which shows a decline of 21% compared to December 2017. Overall year-to-date sales in the city totaled 16,144 units, which is 14% lower than the total in 2017, and is also almost 20% below long-term averages....

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It's now the new year and yesterday morning I pulled off the stats for the month of December 2018 from the Calgary MLS® System.


While December is normally a slow month for sales and listings, it's VERY CLEAR  2018 was an incredibly slow year for real estate sales and deals were available at every turn (if you knew where to find them). January is expected to slowly be populated with new listings. If you were waiting for the good selection of homes to choose from, don't wait any longer than the third week in January to start your hunt!


So, how is the market?


Here is the breakdown as of yesterday morning:


Total Calgary MLS® System within Calgary for residential properties for sale:

  • 4,976 properties available in inventory
  • 779 properties marked sold in the last 30 days
  • That makes 6.39 MONTHS of inventory  a strong BUYERS' market


DETACHED homes:

  • 2,634 properties available in inventory
  • 484 properties marked sold in the last 30 days
  • That makes 5.44 MONTHS...
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We’ve made it to December, and here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In their most recent market update and official press release, it appears that challenging economic conditions continue to impact the resale market within CREB.


Sales activity has shown a 14% decline for the year so far, and is nearly 20% below long-term averages.


According to CREB Chief Economist Ann-Marie Lurie,

“Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in lending rates, this is impacting ownership demand. Higher inventories and weaker sales are resulting in buyer’s market conditions and price declines.”


CREB President Tom Westcott also stresses the importance of being aware of the latest market trends, as he adds,

“In any market, affordable product is always desirable. For buyers, it may mean being able...

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As a mid-fall update — with just one week left in the month of November! I pulled the current Calgary MLS® System statistics a few moments ago.


It's VERY CLEAR  the annual decrease in listings for the December holiday season has already begun. If you were waiting for the best selection of homes to choose from, don't wait any longer!


So, how is the market?


Here is the breakdown as of this morning:


Total Calgary MLS® System within Calgary for residential properties for sale:

  • 7,098 properties available in inventory
  • 1,153 properties marked sold in the last 30 days
  • That makes 6.2 MONTHS of inventory  a strong BUYERS' market


DETACHED homes:

  • 3,838 properties available in inventory
  • 663 properties marked sold in the last 30 days
  • That makes 5.79 MONTHS of inventory  a BUYERS' market


ATTACHED homes (townhouses and 1/2 duplexes):

  • 1,836 properties available in inventory
  • 264 properties marked sold in the last 30 days
  • That makes 6.95 MONTHS of inventory...
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As a mid-summer update — with just one week left in the month of August! I pulled the current Calgary MLS® System statistics a few moments ago.


So, how is the market?


Here is the breakdown as of this morning:


Total Calgary MLS® System within Calgary for residential properties for sale:

  • 8,705 properties available in inventory
  • 1,500 properties marked sold in the last 30 days
  • That makes 5.8 MONTHS of inventory  a BUYERS' market


DETACHED homes:

  • 4,748 properties available in inventory
  • 945 properties marked sold in the last 30 days
  • That makes 5.02 MONTHS of inventory  a BUYERS' market


ATTACHED homes (townhouses and 1/2 duplexes):

  • 2,152 properties available in inventory
  • 314 properties marked sold in the last 30 days
  • That makes 6.85 MONTHS of inventory  a strong BUYERS' market 


APARTMENT homes:

  • 1,805 properties available in inventory
  • 241 properties marked sold in the last 30 days
  • That makes 7.49 MONTHS of inventory  a strong BUYERS'...
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CREB 75 media release


Mid-year market update: economic conditions continue to weigh on housing


City of Calgary, Aug. 15, 2018 – Stricter lending criteria, higher rates and a slow economic recovery weighed on housing demand over the first half of 2018.


This is causing sales to ease more than originally anticipated. 


"Easing sales combined with rising inventories has pushed the market into an oversupply situation for all products, affecting pricing for all products, which include detached, semi-detached and row, and apartment," said CREB® chief economist Ann-Marie Lurie.


Overall, prices are expected to ease by over one percent across the city, with expected declines ranging from 2.5 percent in the apartment sector to nearly one percent in the detached sector.


"Prices were not expected to improve this year. However, supply has not adjusted fast enough to weaker than expected demand. This is causing us to make a downward revision from earlier estimates."


Economic recovery is expected to gain further traction in the latter half of 2018. This is expected to help limit the pullback in demand, but it is unlikely it will be enough to offset declines that occurred in the first portion of the year. 


Sales activity within the city is expected to decline by 9.7 percent to 17,047 units, a downward revision from previous forecasted levels.


Easing sales continue to be met with a rising number of new listings on the market, keeping inventories elevated. Slight improvements in conditions for the second half of the year are expected to reduce some of the upward pressure on inventories. However, it is also unlikely the issues of oversupply will correct this year, causing modest price easing across most product types.


"Patience is required during periods of recovery," said CREB® president Tom Westcott.


"This is a market where a solid pricing strategy will make a sellers' home more attractive," said Westcott. "The same kind of strategic thinking is true for buyers who need to consider local market trends against long-term property value to make an informed purchase decision."


Why is the housing market struggling to recover?   

  • Higher lending rates and stricter qualifications are preventing some first-time buyers from transitioning to the ownership market. This is also impacting the ability of some existing homeowners to consider moving up to a higher price point. 
  • While the economy is improving, this remains a story of recovery, as the economy has not yet reached the levels of pre-recession activity.
  • The type of job growth has shifted, as employment gains have not occurred in our traditional sectors. 
  • Consumer confidence continues to be impacted by concerns about Alberta's prospects and how much more this could impact housing prices, particularly now with elevated inventories.
...
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City of Calgary, August 1, 2018 – Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.


The month of July saw 1,547 units sold in Calgary, nearly five percent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 percent and year-over-year decline of 1.89 percent.


"Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates," said CREB® chief economist Ann-Marie Lurie.


"Also, the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale...

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And now an update — just one week later and for the last day of June! I pulled the current Calgary MLS® System statistics a few moments ago.

 

So, how is the market?


Here is the breakdown as of this morning:

 

Total Calgary MLS® System within Calgary for residential properties for sale:

  • 9,239 properties available in inventory
  • 1,929 properties marked sold in the last 30 days
  • That makes 4.8 MONTHS of inventory - a really soft BALANCED market

 

DETACHED homes:

  • 5,026 properties available in inventory
  • 1,233 properties marked sold in the last 30 days
  • That makes 4.1 MONTHS of inventory - a really soft BALANCED market

 

ATTACHED homes (townhouses and 1/2 duplexes):

  • 2,235 properties available in inventory
  • 396 properties marked sold in the last 30 days
  • That makes 5.6 MONTHS of inventory - a BUYERS' market 

 

APARTMENT homes:

  • 1,979 properties available in inventory
  • 300 properties marked sold in the last 30 days
  • That makes 6.6 MONTHS of inventory - a strong...
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I pulled the current Calgary MLS® System statistics a few moments ago.

 

So, how is the market?


Well, for having just officially starting summer (whereas the "summer market" for Calgary real estate started in May), the market remains quite a bit slower than "normal" — if there is still a "normal" for the Calgary market. The last 10 years have been exceptionally slow with the occasional blip up or down along the way.

 

Here is the breakdown as of this morning:

 

Total Calgary MLS® System within Calgary for residential properties for sale:

  • 9,282 properties available in inventory
  • 1,895 properties marked sold in the last 30 days
  • That makes 4.9 MONTHS of inventory - a really soft BALANCED market

 

DETACHED homes:

  • 5,039 properties available in inventory
  • 1,211 properties marked sold in the last 30 days
  • That makes 4.2 MONTHS of inventory - a really soft BALANCED market

 

ATTACHED homes (townhouses and 1/2 duplexes):

  • 2,248 properties available in inventory
  • ...
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Last night, we completed another sale (acting for the buyers in this case). So now that makes 7 sales in this little complex known as "3111 Varsity" in the last few years. And, we've done two others in the "sister building" next door: "Little Varsity."

 

This is all thanks to my clients for their support and referrals to other great clients.

 

I'm always working towards being someone you would recommend to your family, friends, neighbours and business associates. It is this type of response that provides me with true joy in beling able to help people with their real estate needs.

 

If I can be of assistance to you, or someone you know, please get in contact with me.

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Is your real estate agent showing you ALL the available properties?

—  feeling annoyed.

In having dealt with hundreds of potential homebuyers, I have only ever had ONE that said they did not wish to see conditionally sold homes that met their home search criteria in addition to home listings that were clearly Active on the market. Only one!

What's the issue? Agents not showing conditionally sold homes hurts both my clients AND their clients.

I clearly understand that as a showing agent under a representation agreement that I need to (should) know going in to the showing with my clients whether or not there is an accepted offer on a home  and I do. However, all my clients value seeing the home to better gauge home value in that neighbourhood. Agents do ask on every single showing request whether or not the property listing is marked Active or Under Contract.

BUT, it is really frustrating to home sellers trying to sell their home when an agent books a home...
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I pulled the current Calgary MLS® System statistics a few moments ago. (Yes, today instead of waiting until tomorrow. Why? Quite a number of listings will expire tonight with it being the end of the month, while many agents typically wait until Monday before entering their new listings into the MLS®.)

 

So, how is the market? Well, for having ended the winter market and coming into the spring market tomorrow, it is quite a bit slower than "normal" — if there is still a "normal" for the Calgary market. The last 10 years have been exceptionally sold with the occasional blip up or down along the way.

 

Here is the breakdown as of 13:00 today:

 

Total Calgary MLS® System within Calgary for residential properties for sale:

  • 5,510 properties available in inventory
  • 1,194 properties marked sold in the last 30 days
  • That makes 4.6 MONTHS of inventory - a really soft BALANCED market

 

DETACHED homes:

  • 2,626 properties available in inventory
  • 714 properties marked...
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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.