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.

 

When viewing home listings, have you ever thought, "How many days has this home been on the market?" Sure, almost everyone does.


Why do people wonder and always inquire about this number?


Well, it probably has to do with the thought that if a property has been on the market for, say 90 days, then there must be something wrong with the home/property, the home is priced too high, there mustn't be enough commission being offered to buyer's agents (and therefore the buyer would most likely have to top up any shortfall), or the seller must be getting desperate to sell and therefore will be more willing to take a "much lower offer." All great reasons.


All of these are the same reasons why some agents play a little sales gimmick with that DOM number (under the direction of the seller, of course).


Here is what agents know: If a property listing expires or is terminated early, then the DOM (Days On Market) indicator is reset back to ZERO. So, if they relist the property for sale the same day, or...

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I was asked recently, just what is a "Clause Sale"?


Wow, that is a term I haven't heard in quite some time, but it makes sense that we, as Realtors, would start seeing it again with the Calgary real estate market being as slow as it is. (i.e. Both the new and resale markets).


So, what is a "clause sale"?


Let's start off with the fact that both terms and conditions in an "Agreement of Purchase and Sale" are collectively called "clauses." Okay, got that? But the term "clause sale" refers specifically to one very specific condition. That condition is that the buyer and the seller agree that the buyer has a type of first-right of refusal on the purchase of a home while they are actively trying to sell their own home.


Generally, we see these types of agreements when the market is slow, and the buyer wants to buy a particular home, but they need to get their own home sold first. So, the buyer and seller come to an agreement in an Agreement of Purchase and Sale with the terms set out in an Addendum...

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The second half of the year is here, and here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


As we have recently stated in our latest market report, oversupply is slowing down within the CREB trading area, but a buyers’ market remains.


New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.


Year-over-year, new listings saw a decrease of nearly 19%. Sales activity slowed this month compared to last year by 6%, but the pullback in new listings was enough to cause inventories to fall by 13% compared to last year’s elevated levels.


While the market still favours the buyer – with 4.3 months of supply – the amount of oversupply has eased and is slowing the decline in prices. As of June, the benchmark price in the city was $425,700, nearly 4% below last year’s levels and comparable to unadjusted prices recorded last month.


As noted by CREB®...

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Oversupply is slowing, but a buyers’ market remains

City of Calgary, July 2, 2019 – New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.


Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels.


“So far, the housing market has generally behaved as expected this year. Sales activity remains just below last year’s levels, prices have eased and supply is starting to adjust to the lower level of sales,” said CREB® chief economist Ann-Marie Lurie.


“However, it is mostly product priced under $500,000 that is trending towards more balanced conditions.”


While the market still favours the buyer – with 4.3 months of supply – the amount of oversupply has...

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Things are looking better in June! Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In CREB’s latest market report, it appears that sales activity has improved for second consecutive month.


Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12% compared to last year.


Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.


According to CREB® chief economist Ann-Marie Lurie,

“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes. This has started to push the market towards more balanced conditions. If this trend continues,...

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Sales activity improves for second consecutive month

City of Calgary, June 3, 2019 – Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.


Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.


Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.


“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.

“This has started...

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Regarding your property insurance, did you know that there are different rules for how long a house can be unoccupied?


Your home is considered unoccupied if you leave it unattended, but the property appears as if you will return any time. Every time a house is left empty, the residence has a greater chance of damage whether it is from plumbing, weather, theft or vandalism.


Reduce your risk with these helpful hints:

  • Have a trusted individual stay at or watch over your residence*
  • Turn off your main water supply to avoid flooding
  • Unplug electronics to prevent surge damage or an electrical fire

Consider contacting your property insurance advisor to inform them of any travel as coverages and notice requirements differ.


Did you know that the items you take with you on vacation could be covered by your homeowners or renters policy?


*For extended absences, check with your property insurance advisor for your policy requirements.

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Yesterday, I was reviewing a new Calgary MLS System listing of a condo apartment property and it reminded me of something that should be of importance to buyers and sellers.


When you are looking for a licensed real estate agent to market and sell your condominium property, PLEASE find one that is certified on Condominium sales or at least has significant experience in condominiums.


As it is, a basic real estate license is all that is needed to market, sell, and assist buyers with condominium purchases. However, it really is a specialty with some significant nuances. The entry-level real estate license program covers only the basics, provides a good summary as to why they are different, and provides a direction that the purchase and listing agreements needs to include key items and wording. It is expected that someone licensed in residential sales who is looking at completing in sales of condomiums (or acreages) will get additional training – but it isn't specifically mandated. It is...

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Ready for month number five for this year? Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In CREB’s latest press release, they have mentioned that April 2019 has brought a slight inventory decline along with it, while there have been “no significant changes occurring in sales activity.”


The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year.


According to CREB chief economist Ann-Marie Lurie,

“Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability. Sales have been improving mostly in the lower price ranges, causing tighter supply conditions...

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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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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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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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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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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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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.
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