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.

 


Not a lot of change this month -- Still in a weak Sellers' Market overall

The Calgary city market still has low inventory and sales continue to keep prices up even with the higher mortgage interest rates now approaching historically normal rates. There are only 10 days left for foreign buyers to complete deals before the 2-year prohibition.

Single-family home inventory on our Calgary MLS® System broken down:

• detached homes:

1,104 Active + 183 Pending Sales = 1,287 Available Inventory
718 Sold in last 30 Days = 1.79 months of supply

• apartment condo homes:

679 Active + 113 Pending Sales = 792 Available Inventory
373 Sold in last 30 Days = 2.12 months of supply

• town homes:

256 Active + 71 Pending Sales = 327 Available Inventory
217 Sold in last 30 Days = 1.51 months of supply

• semi-detached homes (½ duplexes):

222 Active + 32 Pending Sales = 254 Available Inventory
98 Sold in last 30 Days = 2.59 months of supply

• Total Market:

2,254 Active + 399 Pending...
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Can you say Market Shift?

The Calgary city market is heating up due to less inventory being available in October. Condominium property sales are now accounting for 40% of the whole single family market.

Single-family home inventory on our Calgary MLS® System broken down:

• detached homes:

1,739 Active + 318 Pending Sales = 2,057 Available Inventory
961 Sold in last 30 Days = 2.14 months of supply

• apartment condo homes:

1,034 Active + 169 Pending Sales = 1,203 Available Inventory
438 Sold in last 30 Days = 2.75 months of supply

• town homes:

377 Active + 120 Pending Sales = 497 Available Inventory
322 Sold in last 30 Days = 1.54 months of supply

• semi-detached homes (½ duplexes):

290 Active + 59 Pending Sales = 349 Available Inventory
167 Sold in last 30 Days = 2.09 months of supply

• Total Market:

3,447 Active + 670 Pending Sales = 4,117 Available Inventory
1,888 Sold in last 30 Days = 2.18 months of supply

• Condominium properties (only):

1,394...
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Can you say Market Shift?

Single-family home inventory on our Calgary MLS® System broken down:

• detached homes:

1,967 Active + 338 Pending Sales = 2,305 Available Inventory
985 Sold in last 30 Days = 2.34 months of supply

• apartment condo homes:

1,160 Active + 156 Pending Sales = 1,316 Available Inventory
468 Sold in last 30 Days = 2.81 months of supply

• town homes:

487 Active + 118 Pending Sales = 605 Available Inventory
339 Sold in last 30 Days = 1.78 months of supply

• semi-detached homes (½ duplexes):

336 Active + 54 Pending Sales = 390 Available Inventory
158 Sold in last 30 Days = 2.47 months of supply

• Total Market:

3,957 Active + 668 Pending Sales = 4,625 Available Inventory
1,953 Sold in last 30 Days = 2.37 months of supply

[source: creb, Pillar-9, 2022-09-30]
A normal, and highly desirable, “balanced” market has between 2 and 4 months of inventory supply.
___________________________
Tom Bushey,
Associate Broker & REALTOR®...
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Detached home sales decline as apartment condominium sales rise

City of Calgary, Aug. 2, 2022 – Significant slowdowns in the detached and semi-detached market were nearly offset by sales growth in the apartment and row sectors. This left July sales three per cent lower than levels recorded last year. While this is the second month where sales activity has slowed, total residential sales this month are still amongst the strongest levels recorded in our market.


“Rising lending rates are causing shifts within the market and, as a result, new listings for higher-priced product are on the rise relative to sales activity,” said CREB® Chief Economist Ann-Marie Lurie.


“Meanwhile, there continues to be a lack of supply for lower-priced detached and semi-detached product. This is driving consumers who are looking for affordable homes to purchase apartment- and row-style properties.”


Residential new listings in the city declined compared to what was seen in 2021, but...

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This past weekend, I dealt with a newly minted agent on Facebook who started questioning whether or not Poly-B plumbing was a serious concern on a property that his buyer client was buying. He indicated that his concern started when it was noted on a home inspection, (not when he noticed it in the home prior to writing the Offer to Purchase, if he noticed it at all). FYI – home inspectors detail the type/s of plumbing in any home and don't voice concern over any particular type unless there is concern visible to them.

MY concern was not that the agent asked questions about this plumbing type, but that he asked them AFTER writing an Offer to Purchase for his buyer, the Offer to Purchase was accepted in good faith by the seller, and it was only a concern after it was mentioned in a home inspection. This isn't right. He clearly isn't alone in not getting any mentoring for practical knowledge before being allowed to trade in real estate. Experience really does count. But, that is an area...

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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...

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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...

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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...

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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.




Source: Used under standard Vimeo licence terms.

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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.

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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.


This is the fourth consecutive month that the...

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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...

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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:

  1. 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.
  2. 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.
  3. 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.
  4. Pending listings...
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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.

Legislative landscape

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.

Condominium clarity

One of the biggest misconceptions about condominiums is what exactly a ...

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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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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.