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.

 

City of Calgary, Oct. 1, 2021 – Residential sales totalled 2,162 in September, nearing the record high for the month recorded in 2005. Further gains in new listings likely supported some of the sales growth that occurred this month.


“While sales activity in the fall tends to be slower than in the spring months, the continued strong sales are likely being driven by consumers who were unable to transact earlier in the year when supply levels had not yet adjusted to demand,” said CREB® chief economist Ann-Marie Lurie. “The market continues to favour the seller, but conditions are not as tight as they were earlier this year.”


Inventory levels in September eased to 5,607 units, keeping the months of supply below three months. However, there is significant variation depending on property type and the tightest conditions continue to be in the detached market, with under two months of supply. At the same time, the apartment condominium sector is not facing...

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Happy Ask a Stupid Question Day!

Have you ever stood in the shower thinking, "I wonder what my dog has named me?" or "Does my stomach think all potatoes are mashed?" If you answered "yes" to these or similar questions, then you have asked yourself a "stupid" question -- as we all do. Today is Ask A Stupid Question Day.


This event was organized to remind people that there really is no such thing as a stupid question.


As licensed real estate professionals, we are firm believers in the value of education and we always try to stay up-to-date with all the new stuff happening in the real estate industry. That's why I think it would be relevant to bring up a Top-5 best questions that you can ask your real estate professional.

What licence do you currently hold?

The first question to ask real estate professional that you may be considering employing should be about their qualifications. This is a golden rule for getting any contractor for any job. ALL real estate professionals in Alberta must at...

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If you’re on the fence about whether or not you want to sell your house this year, there’s good news. Licensed real estate professionals are highly experienced in how to sell houses safely during the pandemic. Over the last year, agents have adopted new technologies and safety measures designed to keep you safe. And experts say these practices are here to stay. As Bob Goldberg, CEO of the National Association of Realtors (NAR) representing most licensed real estate professionals in the United States, puts it:


“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.”


Below is a closer look at some of the new tools real estate professionals are using to better serve sellers.

New and Existing Technology Are Impacting the Process

In the 2021 Realtor Technology Survey, NAR asked real estate professionals their opinions on the most valuable pieces of technology for their business over the past 12 months....

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August 2021: Market continues shift toward more balanced conditions after torrid start to the year

Citywide sales in August reached 2,151 units, 37% higher than last year and 25% higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.


“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® chief economist Ann-Marie Lurie.


Read the full report on the CREB website.




The following data is a comparison between August 2021 and August 2020 numbers, and is current as of September 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region...

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City of Calgary, Sept. 1, 2021 –


Citywide sales in August reached 2,151 units, 37 per cent higher than last year and 25 per cent higher than long-term trends. Sales have slowed from the record-setting pace seen earlier this year, but on a year-to-date basis, the eight-month total of 19,516 sales is higher than annual sales figures recorded over the past six years.


“Sales have far exceeded expectations throughout most of the pandemic, driven mostly by demand for detached homes. At the same time, supply could not keep pace and conditions shifted to favour the seller, something that has not happened in over six years,” said CREB® Chief Economist Ann-Marie Lurie. 


“With more buyers than sellers, prices rose, providing opportunity for many of the move-up buyers in the market. Over the past several months we have seen some adjustments in supply relative to sales, helping move us toward more balanced conditions.”


The months of supply in August was nearly...

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Sometimes you just have to laugh at the absurdity of our real estate business.


As a premier agent, we spend  over $1,000 marketing a home that we have listed for sale. Sometimes the market works in our favour and sometimes it doesn't. There always has to by a buyer willing to pay the price for a home in a specific location and in a specific condition. It isn't always that the home is overpriced – sometimes it is that there is little to no demand for that particular product (as we sometimes have to explain in detail.)


Sometimes, after 6 months, the seller says, "Thanks, we are going to try another agent." Okay, that's quite understandable and is not an issue. But PLEASE do not think that allowing them to copy the photos we paid dearly for or give them a price adjustment that you refused us is dealing fair. It is for these reasons that agents get bad reputations with other agents. And, one of the many reasons why many agents refuse to spend more than $100 to market a home that...

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July 2021: Price growth slows as supply to demand balance improves.

July sales totaled 2,319 units, which is well above long-term averages and the best July on record. The pace of sales growth has eased over the past few months, but so too has the pace of new listings growth. This has helped prevent any further monthly gains in inventory levels, and while overall supply remains slightly higher than last July, it’s mostly due to gains in apartment and row product.


With 6,678 units in inventory in July, the months of supply rose to just under three months. These gains are leading to far more balance between sellers and buyers. However, there is a significant variation between product type, as the months of supply ranged from two months in the detached sector to nearly six months in the apartment condominium sector.


Read the full report on the CREB website.




The following data is a comparison between July 2021 and July 2020 numbers, and is current as of August 2021.





Click here to view...

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Supply trends upwards but market still favours the seller while the market slows ever so slightly.

City of Calgary, July 2, 2021 –


Calgary’s housing market is showing few signs of letting up, as sales reached 2,915 units in June – a record high for the month. 


“It is taking time for supply to catch up with the demand in the market,” said CREB® chief economist Ann-Marie Lurie. 


“Through the early spring market, many buyers did not have a lot of choice, but the recent improvements in supply are providing more options for those purchasers and supporting the strong sales we continue to see in June. At the same time, gains in inventory are taking some pressure off the market as it starts to trend towards more balanced conditions.”


New listings in June totalled 4,135, the second-highest level ever recorded for the month. This caused inventories to trend up to 6,918 units. While this is higher than longer-term averages, it was balanced by...

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Inventory rises, but sellers' market conditions persist

City of Calgary, June 1, 2021 —


With 2,989 sales, housing market activity hit a new May record for the number of sales.


Despite strong levels of sales, they did trend down relative to last month. Additionally, there were 4,562 new listings, causing seasonally adjusted inventory levels to increase over last month.


"The recent gains in prices have encouraged more homeowners to list their homes and take advantage of the current market situation," said CREB® chief economist Ann-Marie Lurie.


"However, the inventory gains are still not enough to offset the demand growth and the market continues to favour the seller. Prices are rising [slighly], but they are still recovering in our market from previous highs in 2014. Only detached and semi-detached home prices in certain districts and communities have recovered to the level of previous monthly highs."


The months of supply did trend up slightly this month to just over two months [an...

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On June 1st, The Bank of Canada will be changing the rules on the mortgage stress test for homebuyers. 

What does this mean for you?

It may change how much you can afford when buying a home. The mortgage stress test is what the Bank of Canada looks at to determine if homebuyers will be able to continue making their mortgage payments, should the rates go up. Although you will receive a lower rate from your lender, the Bank of Canada will ensure that you qualify at their higher posted rate. 

Upcoming changes to stress test qualifications will effect both insured (less than 20% down payment) and uninsured (more than 20% down payment) mortgages.

For Insured Mortgages (less than 20% down payment):

  • Must qualify using either the Bank of Canada five-year benchmark rate, or the rate offered by your lender (without adding the extra 2%) – whichever is higher
  • Minimum qualifying rate will be the greater of the contracted rate plus 2% or 5.25%

For Uninsured Mortgages (down payment of 20%...

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Many Canadians are under the assumption their mortgage is as good as done once they have a mortgage pre-approval.


But the truth is a buyer cannot expect a mortgage pre-approval will automatically translate into a mortgage. The lender now needs to consider the property itself, approve all the terms and review the documentation before you transition from pre-approved to approved.


Buyers often do not appreciate there is still some uncertainty when it comes to their mortgage. Unfortunately, once in a while this uncertainty bites back – with calamitous consequences.

Going in Without Conditions in a Hot Market

Not that long ago, when housing supply equalled or exceeded demand, the buyer would insert a clause requesting five business days (usually) to arrange mortgage financing – this is called a “condition of financing.” Even one or two days can make a world of difference.


These days across much of Canada, residential real estate is such a hot commodity it’s more...

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February 2021: Sellers’ market leads to rising prices.

With gains in every price range, residential sales activity in February totalled 1,836 units. This reflects the best February since 2014.


Sales activity improved across all product types and across all price ranges.


“Despite continued COVID-19 restrictions, housing activity continues to improve. Much of the strong sales activity is expected to be driven by exceptionally low mortgage rates,” said CREB® chief economist Ann-Marie Lurie.


“Confidence is also likely improving as vaccine rollouts are underway. Additionally, some of the worst fears concerning the energy sector are easing with recent gains in energy prices.”


New listings also improved in February, but the gap between new listings and sales narrowed. This is causing the sales-to-new-listings ratio to rise to 65 per cent, keeping the months of supply well below three months.


Read the full report on the CREB Now website.




The following data is a...

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January 2021: sales activity signals strong start to the year

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


Read the full report on the CREB Now website.




The following data is a comparison between January 2021 and January 2020 numbers, and is current as of February 2021.





Click here to view the full City of Calgary monthly stats package.


Click here to view the full Calgary region monthly stats package.

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Located in the most highly sought after building adjacent to the University of Calgary!

LARGE Studio condo + titled, underground parking + titled storage unit:

  • ~600 square feet (approximate RMS interior measurement)
  • 1-bedroom apartment condo (studio)
  • 4-piece bathroom
  • large closet space in bedroom
  • in-suite, full-sized, stacked washer + dryer
  • 2nd floor on the quiet side of the building
  • covered balcony space with gas BBQ hookup
  • titled, underground parking
  • titled, underground storage unit
  • located in a quiet, exceptionally well-maintained, 150-unit building — "3111 Varsity"
  • across the street from the University of Calgary
  • close to TWO C-Train stations
  • close to shopping
  • easy access to downtown Calgary
  • ideal for an student, grad student, researcher or urban worker

Scheduled to hit the Alberta MLS® market February 10th, 2021.


Call, text or email for photos, floor plan and list price!

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Located in the most highly sought after building adjacent to the University of Calgary!

LARGE 1-bedroom + DEN condo + titled, underground parking + titled storage unit:

  • 760 square feet (approximate RMS interior measurement)
  • 1-bedroom apartment condo
  • 4-piece, ensuite bathroom with cheater door
  • large closets
  • in-suite, full-sized, stacked washer + dryer
  • spacious den (or small second bedroom)
  • 3rd floor with southern exposure
  • large, covered balcony space with gas BBQ hookup
  • titled, underground parking
  • titled, underground storage unit
  • located in a quiet, exceptionally well-maintained, 150-unit building — "3111 Varsity"
  • across the street from the University of Calgary
  • close to TWO C-Train stations
  • close to shopping
  • easy access to downtown Calgary
  • ideal for an out-of-town student, grad student, researcher, urban worker or couple

Scheduled to hit the Alberta MLS® market February 4th, 2021.


Call, text or email for photos, floor plan and list price!

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City of Calgary, February 1, 2021

The number of January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.


Sales activity improved across all product types and across all price ranges.


“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB® chief economist Ann-Marie Lurie.


“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”


January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.


Benchmark prices remained at levels relatively consistent with prices recorded at the end...

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.