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 housing market continues to favour sellers as we move into the summer months and have firmly left the spring market behind us. If you’re thinking of selling, this is a great time to do so! Not only will your home likely be listed on the market for a shorter period of time, but a few sellers are currently receiving multiple offers on their home. This is due to the unusually high demand for housing this year along with what has been a somewhat limited supply of homes available on the market.
However, even in a seller’s market, there are some things you can do to help improve your chances of selling your home and getting the best offer! Here are some tips for selling your home in a seller’s market:
List Your Home on a Tuesday: Depending on the location, Tuesday is typically the very best day of the week to put your home up for sale. Most individuals have weekends free or can take a few hours off work during the week should they be interested in a home for sale! They browse...
City of Calgary, May 2, 2022 – Following an all-time record high month of sales in March, activity slowed down in April. However, with 3,401 sales, it was still a gain of six per cent over last year and a record high for the month of April.
“Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB® Chief Economist Ann-Marie Lurie. “While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains."
New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.
With 4,850 units in inventory, we are nowhere near record low inventory levels, however, levels are far...
City of Calgary, April 1, 2022 – For the second month in a row, sales activity not only reached a monthly high but also hit new record highs for any given month. Gains occurred across every property type as they all hit new record highs.
An increase in new listings this month helped support the growth in sales activity. However, inventories have remained relatively low, ensuring the market continues to favour the seller.
“While supply levels have improved from levels seen over the past four months, inventory levels are still well below what we traditionally see in March, thanks to stronger than expected sales activity,” said CREB® Chief Economist Ann-Marie Lurie. “With just over one month of supply in the market, the persistently tight market conditions continue to place significant upward pressure on prices.”
With an unadjusted benchmark price of $518,600 this month, the monthly gain increased by another four per cent. After three consecutive gains, prices...
The Corporation’s Insurer is responsible for making certain that the requirements of Section 47 of the Condominium Property Act, RSA 2020 of Alberta, and Section 61 of the Regulation to the Condominium Property Act and the Corporation’s registered bylaws are being met (N.B. The Bylaws cannot conflict with the Act).
For many Condominium Corporations, the Bylaws outline the insurance coverage requirements and public liability for both owners and the Condominium Corporation. It is important to note that an owner must ensure they obtain "CONDO OWNER INSURANCE" for their personal property (including appliances) and may wish to obtain coverage for betterments & improvements, as well as include liability insurance of their own.
NOTE: If damage for a condominium corporation’s insurance claim originates in or from an owner’s unit (or owner’s exclusive possession area), then the condominium corporation can claim back an insurance deductible from the owner, up to a...
Have you ever thought of living in my community of Hawkwood?
Here is a video of a great bonus that recently opened: Phase 1 of an upgrade on what was an under utilized park and was deemed as no longer required for a school reserve. I'm sure this new addition to our park is going to be even more of a wonderful draw for all Hawkwood residents.
Contact us today for LOCAL EXPERTISE. I live here. I work here.
Take a look at what other real estate agents are saying about CALGARY real estate!
While this guy's video is from last fall, it is still quite relevant. Take a look and feel free to contact me as your local Calgary real estate agent. This Toronto real estate agent does a fantastic job of selling our city. Kyle is licensed to broker real estate properties in Ontario and is only recently licensed with an entry level license in Alberta! If you want an experienced, local agent that will be with you throughout the buying process, contact me and we'll get started on your next home or investment property!
I can also tell you which resale condo properties (apartments, semi-detached, townhomes and detached condos!) are more affordable than new condo developments. And why there are few risks in buying a resale property.
Contact us today for LOCAL EXPERTISE.
Source: Used under standard YouTube licence terms.
City of Calgary, March 1, 2022 – Thanks to a surge in new listings, sales activity reached a record high for the month of February with 3,305 sales. The rise in new listings caused adjusted inventories to rise above last months levels. However, with only one month of supply, the market continues to favour the seller.
“Sales have been somewhat restricted by the lack of supply choice in the market. While sellers did respond with a record level of new listings this month, the demand has been so strong that the housing market continues to remain undersupplied causing further price gains,” said CREB® Chief Economist Ann-Marie Lurie.
The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years.
City of Calgary, Feb. 1, 2022 – Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.
The tight market conditions contributed to further upward pressure on prices. The unadjusted benchmark price in January reached $472,300, a monthly gain of nearly two per cent and a year-over-year gain of 12 per cent.
“Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases,” said CREB® Chief Economist Ann-Marie Lurie.
“We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.”
There were 2,009 sales in January, well below record levels, but over 98 per cent higher than long-term...
Overall, home selling prices (within Calgary) are expected to rise just 4 per cent this year -- overall.
Just so you know, home measurement and photography are always included in the basic marketing packaging offered by Calgary REALTORS® -- it isn't extra as the last part of the clip would suggest (although you would be expected to reimburse the agent in the rare case that your home does not sell).
This insanity in the market seems to be currently limited to detached homes and has started to spread to semi-detached homes and townhomes. By summer, I expect the apartment market to also be impacted by this trend.
Sorry about the advertising clip at the beginning, but that is what you get when you use copyrighted material. Source: GlobalTV Calgary.
Did you know that Calgary City Council approved changes to the Business Licence Bylaw to require a business licence and regulations for short term rental hosts in Calgary, which come into effect on February 1, 2020?
Definition of a Short Term Rental
A short term rental is defined as the business of providing temporary accommodation for compensation, in a dwelling unit or portion of a dwelling unit for periods of up to 30 consecutive days. Businesses that have been issued a permit for a bed and breakfast are not classified as short term rentals.
Short Term Rental business licence costs
As of February 1, 2020, the Business Licence Bylaw includes a two-tiered business licence category for short term rental hosts. All hosts must have a separate short term business licence for each property they rent out. Tier 2 licensees must obtain a fire inspection for the short term rental property before the business licence will be issued.
Tier 1: 1 to 4 rooms offered for rent = $100 per property
As of January 3rd, 2022, the Alberta MLS® System rules will be reverting back to the way it was sometime pre-2014, prior to in individual Alberta real estate boards merging the MLS System rules. MLS® Systems are owned by REALTOR Members.
Here are the changes:
Listings in pending status on the MLS® System will continue to be marketed to REALTOR.ca and third-party websites. This is back in line with term 4.2 of the Seller Representation Agreement that property listings will continue to be marketed until sold.
When a seller accepts a conditional offer, the listing must be reported pending in the MLS® System (within two business days). Sellers cannot opt out of reporting their conditionally sold listing as pending.
Sellers get to choose if they show their properties while they are in pending status. If a seller does not want to show their property, they should provide written instruction to the brokerage through their REALTOR® to decline showing requests.
Condominium properties represent a large number of sales in all Alberta markets every year [about 30%], and the issues that surround the purchase and sale of condominium properties are specific and intrinsically linked to the condominium documents. It is widely understood that condominium ownership provides a carefree lifestyle option, but confusion over condominiums can be expensive. Let's take a few minutes to think through some of the high points.
As you would expect, the Real Estate Act of Alberta as well as the Real Estate Act Rules, govern the transaction of condominium properties, because condominium is a form of owning real property. As an additional complexity, condominiums are also governed by the Condominium Properties Act of Alberta which relates to the running of the condominium corporation itself, as well as specifics about how condominiums are bought and sold.
One of the biggest misconceptions about condominiums is what exactly a ...
October 2021: Market continues to favour the Seller
Residential sales totalled 2,186 in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® chief economist Ann-Marie Lurie.
In the last year there has been a pent-up demand in buyers looking to buy a home in the Calgary market. With some sellers still hesitant to let prospective homebuyers in their homes, there remains an undersupply of homes. You’ve probably seen homes which are selling within hours, or within a day or two of being on the market. Or you hear of an agent bragging that a home they listed for sale for "over asking price." This brings us to the first mistake to avoid in selling your home: Don’t undervalue your home! A home that sells immediately has almost always been underpriced. A good rule of thumb is that homes should sell in 1 month. Don’t fall for the current artificially created sellers' market that we appear to be in.
The second mistake to avoid is not getting your Real Property Report (RPR) updated BEFORE you list your home for sale. The number one issue that lawyers have in real estate transactions are issues with real property reports not being current. As a realtor,...
City of Calgary, Nov. 1, 2021 – There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages.
“Moving into the fourth quarter, the pace of housing demand continues to exceed expectations in the city,” said CREB® Chief Economist Ann-Marie Lurie.
“Much of the persistent strength is likely related to improving confidence in future economic prospects, as well as a sense of urgency among consumers to take advantage of the low-lending-rate environment.”
New listings have improved relative to last year, but stronger sales caused further easing in inventory levels, which remain 16 per cent lower than last year and longer-term averages for the month. Supply levels have struggled to keep pace with demand, but...
I was reading an online report this week and was stumped by one of the quoted figures in the report published... The quoted condo sales figure for Calgary looked like half of what it has been for all the time that I have been in the real estate business at about 30 per cent of total sales.
So, I calculated the actual statistics from January 1 to October 30th of this year.
Total Recorded Sales: 23,806
Total Condominium Sales: 6,941 = 29.2%
Condominium Sales breakdown:
Detached homes: 61
Row/Town homes: 3,115
As almost everyone realizes that this year has been anything but usual for real estate in Calgary. The share of condo sales at 29 per cent is particularly low, and I expect that number to return to at least a third of the market share in this coming year.
Another set of happy clients took possession of their new home today!
I am so happy to have helped them and having assisted a brand new agent learn the ropes in the real estate purchase transaction (condo are especially tough). While mentoring isn't a requirement in real estate, it is a pleasure to have been doing so for over 15 years.
I'd be happy to help you purchase a home, too. Just reach out and ask! You'll get FULL representation and advocacy and I'm proud to have always been able to have the seller fully pay the buyer representation fees: EVERY - SINGLE - TIME.
1301 8 Street SW, Suite 100, Calgary, AB, T2R 1B7Direct: 403-860-8291 | info@TomBushey.ca
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