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.

 


After only 60 days on the market, our beautiful 1-bedroom condo apartment is now Sold. Welcome to our new neighbours! #BuildingSpecialist
___________________________

Tom Bushey,
Associate Broker & REALTOR®
RE/MAX iREALTY INNOVATIONS
403-860-8291
Tom@TomBushey.ca
https://TomBushey.ca
www.YourCalgaryAgent.ca
www.3111Varsity.com
.
.
#TomBusheyRealEstatePro#CalgaryRealtor
#CalgaryRealEstate#CertifiedCondoSpecialist
#SellerRepresentationSpecialist#ePRO
#AccreditedBuyerRepresentative#ACRE
#YourChoiceOfAgentTrulyMatters
#YourUnfairRealEstateAdvantage
#LoveWhereYouLive
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Another truly beautiful day in Calgary! Lots of snow and even more snow shoveling.
 
At least my fellow Calgary area Realtor® will be able to catch up on all that unread email and iMessages that he has piled up there. Maybe he'll even get a chance to process a few of those critical system updates. Or maybe he'll update his MacOS to one of the two newer major releases!

Even his dog seems to be offering to help!
 
Can you imagine being so overwhelmed by work?

#HeNeedsHelp #InBoxZero
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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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After only 60 days on the market, our beautiful 1-bedroom condo apartment is now Conditionally Sold. #BuildingSpecialist
___________________________

Tom Bushey,
Associate Broker & REALTOR®
RE/MAX iREALTY INNOVATIONS
403-860-8291
Tom@TomBushey.ca
https://TomBushey.ca
www.YourCalgaryAgent.ca
www.3111Varsity.com
.
.
#TomBusheyRealEstatePro#CalgaryRealtor
#CalgaryRealEstate#CertifiedCondoSpecialist
#SellerRepresentationSpecialist#ePRO
#AccreditedBuyerRepresentative#ACRE
#YourChoiceOfAgentTrulyMatters
#YourUnfairRealEstateAdvantage
#LoveWhereYouLive
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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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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...
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2 bedrooms, 2 full bathrooms, 2 titled, underground parking stalls, 1 titled storage unit.
Extensive upgrades!
Largest floor plan in the building at over 1,040 sq. ft.
___________________________
Tom Bushey,
Associate Broker & REALTOR®
RE/MAX iREALTY INNOVATIONS
403-860-8291
Tom@TomBushey.ca
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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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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.
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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

Tier 2:...

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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.