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.

 

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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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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If you have your home for sale, are you getting effective marketing as part of your agent's offering? I have been including floor plans and multiple 360° virtual tours as part of the included marketing services for all listings for sale for the last several years. I have always found them to be really effective in communicating the home and its wonderful features. However, like many leading Realtors®, I am in constant search of ways to improve the effectiveness of my property listing marketing.


Earlier this year, I came across a system that combines both and results in MUCH greater viewership from potential home buyers. Take a look at this as an example of how this system looks:



From the iGuide website:



iGUIDE is the Ultimate Solution that helps sell your home faster, for top dollar with less disruptions.


Every iGUIDE includes property photos, floor plans, room measurements, area calculations, neighbourhood information and a 3D immersive tour.


We use ALL the tools that today's p...

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If you have your home for sale, are you getting effective marketing as part of your agent's offering? Here's an example of what you can ask your agent to include in the marketing of your home!



For a current property listing, we've been on the market for 30 days and have already had 100x the exposure to LOCAL Calgary people whom have demonstrated an interest in real estate than with the Calgary MLS System alone.


Here is today's daily performance summary that we see with each of our listings:

 

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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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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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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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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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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.