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.
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.”
It should also be noted that CREB has released their 2019 Real Estate Forecast. According to the forecast summary, the...
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,...
Hello, 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....
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
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...
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...
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
There are loads of flooring options available today for the home. But if you’re looking for an inexpensive flooring, especially suited for potentially wet areas such as kitchen or bathrooms, you’re probably going to consider either linoleum or vinyl. Although the terms are often used somewhat interchangeably, the materials are not the same. Historically, the mention of either conjures up images of second-rate products, but both have their applications and a place in many homes. Both linoleum (lino) and vinyl flooring are referred to as “resilient flooring.” Resilient flooring means that if a heavy object were to fall on it, the material wouldn’t necessarily be permanently damaged with a crack or dent. Its shape would be restored somewhat or in full.
Linoleum is mostly limited to commercial applications, but not exclusively. Vinyl is found in numerous residential and commercial applications. Both materials are available in sheets and in tiles.
This is an issue I have been discussing for at least 10 years since discovering it was a leading cause of cancer in many areas of North America. Research had been completed in the U.S. several decades ago with regards to electromagnetic radiation around electricity corridors and towers. It turns out that the cause of the higher than normal incidence of cancer were not from EMR, but rather Radon gas which was, coincidentally, naturally occuring in all of the areas of the corridors. Unfortunately, electricity corridors have remained with a stigma eventhough there is no longer the correlation there was once thought.
Source: Used under standard YouTube licence terms.
Radon is a colourless, odourless gas that is produced naturally from the radioactive decay of underground uranium minerals and is often drawn up and concentrated inside our homes.
Radon gas is the leading cause of lung cancer in non smokers, and the second leading cause in smokers. Because Radon is an...
Prices remain similar to last year, but ease in October
October's housing market conditions closely echoed previous month's trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.
October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 percent below last month, but comparable to last year.
"While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income," said CREB® chief economist Ann-Marie Lurie.
"We also continue to face weak migration, higher lending rates and changes...
No matter if you’re in a buyer’s or seller’s market, there are a few critical steps you can take to make a smarter purchase. Since buying a home is likely the biggest single investment you will ever make, being prepared will help you make a better purchase. Here are our best tips to buying a home.
Know your buying power
What is your buying power? It is the combination of your credit-worthiness and how much you can realistically pay for a home.
First, you need to understand the hidden costs of buying a home. You will need to save not only for the down payment of your home -- which is typically between 5% - 20% of the offer price -- but also for any additional transaction fees, such as land transfer fee, inspection charges, title insurance, and legal fees.
Then you need to know what you can realistically afford each month to understand how much house you can buy. Your mortgage rate will depend on your creditworthiness -- if you have a high credit...
Backup offers are becoming more common and are ofter successful. In the last downturn of the market, buyers were having a difficult time in qualifying for mortgage loans. While not a huge number of deals fall apart, in difficult times they seem to double in quantity. In a short 3-month period that year, we completed 3 successful deals for our clients by making backup offers on homes that were conditionally sold.
In October of 2016, lending criteria for high-ratio mortgages substantially changed. As a result, consumers who would previously had no problem in qualifying for a mortgage loans are more frequently being turned down by lenders. As a result of this, their conditional purchases are collapsing. In March 2017, the mortgage insurance premium increased – again! The qualification rules will probably only get more difficult.
If you had an accepted offer that was a backup to the first offer and the first offer collapses for any reason,...
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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.