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.

 


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.


Read the full report on the CREB website.




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

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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:

Apartments: 3,501

Detached homes: 61

Row/Town homes: 3,115

Semi-detached: 264


[source: CREB/Pillar-9]


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.

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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.
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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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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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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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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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We had a rather lively discussion on a private Facebook group this week regarding the number of active monitoring devices Realtors are seeing in homes when we are showing homes these days. It used to be that we would see the occasional baby monitor in odd locations in a home. Then, we saw laptop computers left open or desktop computers with their "camera on" lights covered up (but not the cameras).


Now, it seems that monitoring devices are probably more common than not. They come in all forms: security systems, smoke detectors, light switches, audio and television systems. These are all great appliances to monitor your home and for convenience. However, when you have your home on the market and you have thereby asked that a Realtor and their clients visit your home wit you not present, it is actually quite illegal for you to be monitoring their discussions!


In one example, one Realtor had stated that after a weekend of showings, the seller and Realtor had agreed to have a price reduction...

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With individual agents, homebuyers and sellers have a direct connection with a highly-skilled expert

[reposted WITH permission of the original Calgary author]


I saw a social media post recently by our local ‘mega-agent’ entitled: “Breaking News: Individual Real Estate agents added to Endangered Professions List!”


This post compares the individual real estate agent to “a tennis player using a wooden racket” or “a football player with a leather helmet.” The individual agent is on life support, it exclaims.


Total nonsense. Here’s an entirely different perspective.


The individual agent


‘Indy Bob’ is classified as an individual real estate agent only because he doesn’t have other licensed agents on his team. And yet, Bob has surrounded himself with a top-notch team of highly-skilled professional photographers, staging experts, graphic designers and other specialists.


Bob takes a huge amount of pride in the presentation and...

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INFOGRAPHICS: December 2020 CREB City And Region Market Reports

December 2020: Amidst economic challenges, housing market ends 2020 on a high note

With December SALES of 1,199, this is the highest December total since 2007.


“Housing demand over the second half of 2020 was far stronger than anticipated and nearly offset the initial impact caused by the shutdowns in spring,” said CREB® chief economist Ann-Marie Lurie.


“Even with the further restrictions imposed in December, it did not have the same negative impact on housing activity like we saw in the earlier part of the year.”


Attractive interest rates, along with prices that remain lower than several years ago, have likely supported some of the recovery in the second half of the year. However, it is important to note that annual sales activity declined by one per cent compared to last year and remains well below long-term averages.


Read the full report on the CREB Now website!




The following data is a comparison between December 2019 and December 2020 numbers, and is current...

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Updated 2021-01-15


A Condominum Document Review is one of the many standard conditions that can be entered on an offer to purchase for Alberta real estate. This condition is inserted to protect the buyer's interests when buying property with condominium ownership. In many cases reviewing the condominium documents is far more important than even doing a home inspection with a licensed property inspector. There are dozens of documents to review: audited and unaudited financial statements, operating budgets, board meetings, engineer reports, a survey(s), 25-year cash-flow projections, owner's obligations, restrictions, by-laws, rules and policies. There are just so many important and costly things that can be hidden in those documents relating to the condominium corporation that you're getting involved in and how well it is being run. In buying a unit in a condominium corporation, you become an partial owner of that corporation. The condominium corporation is a not-for-profit corporation which...

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Housing market conditions continue to follow similar trends to last year, with gains in sales.

At the same time, there have been further reductions in new listings, inventory and more declines in prices.


January sales activity was 863 units, nearly eight per cent higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.


“A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market,” said CREB® chief economist Ann-Marie Lurie.


“We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability.”


Citywide unadjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels.


Benchmark prices eased, but there...

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Time flies and by next fall your child will be a college or university student. Most likely, you don't live conveniently close to the school where they will be attending for the next 3-5 years, so they will leave the family home. You are probably thinking about all the money that will be spent in the next few years on rental housing or student residence fees.


Here are some of the benefits of investing in housing for your student child:

  • Buy a condo for resale with added value in mind. In the student cities, like Calgary, you'll find neighbourhoods in which condos hold a lot of value and, oftentimes, rise in value. If your child is handy enough, you might want to consider buying a duplex or detached home so that rented extra rooms can help you pay off the mortgage while still saving money compared to paying residence fees.
  • If you have several children who will be students in the next few years, the student housing budget of all will probably be far higher than your mortgage payments and carrying...
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Are you as excited as we are for the coming new year? Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


As noted in CREB’s latest media release, year-to-date residential sales in the city remain just above last year’s levels due to improvements in the attached sector so far this year.


However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector.


Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels.


According to CREB® chief economist Ann-Marie Lurie,

“Achieving more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing on our market. While the amount of supply in the market continues to ease, the persistent oversupply continues to...

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With the winter season just on the horizon, here are the latest housing market updates for areas covered by the Calgary Real Estate Board Co-Operative.

In our latest market update, CREB reports that homes under $500,000 have been moving to more balanced conditions, and that resale sales activity in October improved by nearly 10% compared to last year, driven mostly by improvements for apartment and attached product.

New listings also eased, which helped reduce inventory levels and the oversupply in the market. Despite the move to more balanced conditions, the market remains oversupplied and prices continue to remain below last year’s levels.

According to CREB® chief economist Ann-Marie Lurie,
“Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product. However, at the higher end of the market the amount of oversupply is rising, as supply...
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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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