Market Stats- Jan. 2024

February 1st, 2024 by Brian Currey

January sees strong sales fueled by boost in new listings

City of Calgary, February 1, 2023 – January sales rose to 1,650 units, a significant gain over last year’s levels and long-term trends. The growth was possible thanks to a rise in new listings totalling 2,137 units in January. New listings rose for homes priced above $300,000, but the largest gains occurred for homes priced above $700,000.
The rise in new listings relative to sales did little to change the low inventory situation in the city. With 2,150 units in inventory, levels are near the January record lows set in 2006 and are nearly 49 per cent below the long-term average for the month.
“Supply challenges have been a persistent problem since last year. This month’s gain in new listings has helped provide options to potential purchasers, supporting sales growth. However, the growth in sales prevented any significant adjustments in supply, keeping conditions tight and supporting further price growth,” stated Ann-Marie Lurie, Chief Economist at CREB®.
The months of supply in January was 1.3 months, falling over last month’s and last year’s levels. The persistent tightness in the market contributed to further upward pressure on home prices. The unadjusted benchmark price in January reached $572,300, a gain over last month and ten per cent higher than levels reported last January.

Market Stats-Dec 2023

January 12th, 2024 by Brian Currey

Strong migration and low supply drive Calgary housing prices in 2023

Why Great Photography and Measurement are Important While Selling Your Home

January 12th, 2024 by Brian Currey

In the realm of real estate, the significance of impeccable photography and accurate measurements cannot be overstated. Your home’s first impression on potential buyers is through visuals, making good photography a crucial introduction. Striking images not only attract buyers but also serve as a powerful marketing tool. In Alberta, adhering to the Registered Measurement Standards (RMS) set by the Real Estate Council of Alberta (RECA) is mandatory. Correct measurements not only ensure accurate representations of home sizes but also fulfill agents’ legal obligations to RECA when representing sellers.

In essence, the synergy of great photography and proper measurements becomes the cornerstone of a successful home sale. This dynamic duo ensures that your property is showcased attractively, capturing the attention of the right potential buyers while fulfilling legal standards, thus optimizing your chances for a swift and successful transaction.

2021 Renovation Investment Report

April 14th, 2021 by Brian Currey
  • Canadians invest in home renovations to improve quality of life, not to add value in current Canadian real estate market.
  • Challenging Canadian housing market conditions put additional importance to home renovations since the start of COVID-19, both for those looking to stay or those selling.
  • More than half of Canadians renovated their home in 2020 with the intention of living in it, with 29% renovating to enhance their lifestyle for non-essential reasons (aesthetic and/or recreational purposes) and 29% doing so for essential reasons (safety and maintenance)
  • Only 16% of Canadians said they renovated to increase the market value of their home in order to sell within the next one to three years.

 

Housing Market Inventory on the Rise

April 3rd, 2018 by Brian Currey

PRICES REMAIN STABLE COMPARED TO LAST YEAR

City of Calgary, April 2, 2018

As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 per cent below last year’s levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

“Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB® chief economist Ann-Marie Lurie.

“We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts.”

While prices trended down on a quarterly basis, they remained relatively unchanged over last year’s levels due to modest gains in the detached sector offsetting declines in the apartment sector.

The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6 per cent below pre-recession highs, but one per cent above the lows recorded during the recession.

“The market today is better than what we experienced at the peak of the recession,” said CREB® president Tom Westcott.

“You can find good value if you’re looking to buy a home, and you can also get good value if you’re selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located.”

Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10 per cent below first quarter averages recorded during 2015 and 2016.

Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing supply by location and product type.

How To Buy The Right Home, Quickly

December 6th, 2017 by Brian Currey

You’re in a rush. You have just three weeks to find and buy the right home. Whoa! How are you going to make that happen?

Don’t stress. Here are some tips that will help:

1. Get a pre-approved mortgage. With this document you’ll know exactly what you can afford. A seller will take your offer-to-purchase more seriously, too.
2. Make a wish list. Be clear about what you want in a home. Two bedrooms or three? A finished basement? A large kitchen? A spacious backyard? If you know what you want, you’ll be able to quickly zero in on the right homes.
3. Be flexible. You may have a wish list, but to find a home quickly you’ll also need to be flexible. Think about what you absolutely must have in a new home.
4. Neighborhood matters. Generally, buying a less than ideal home in a great neighborhood is better than purchasing the perfect home in a bad area. So, create a list of neighborhoods you’ll consider.
5. Work with a REALTOR®. I can help you view the best opportunities on the market and quickly select the right home for you.

EXTENSION CORDS CAN BE HAZARDOUS

October 12th, 2017 by Brian Currey

Every year, house fires are caused by the use of outdated extension cords, or the improper use of extension cords certified for specific home applications. To avoid potential danger, be sure to adhere to the following guidelines:

1. Do not use old extension cords that have a thin cord and two prongs of equal size. They lack standard safety features such as a neutral “ground” that can prevent a short circuit.

2. Check the maximum amperage load of your extension cord to ensure it can handle the electrical demands of the appliance or device you intend to power.

3. Do not plug several items into a single extension cord.

4. Do not connect one extension ford into another.

5. Do not remove the third prong of a plug in order to fit the cord into a two-prong wall plug.

6. Whenever possible, use a power bar with surge protection to connect an item to your wall plug.

Housing Recovery Remains A Work-In-Progress

August 11th, 2017 by Brian Currey

Market sees modest inventory gains, but overall prices inch up!

Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year.

City-wide sales totaled 1,637 units, six per cent below July 2016 levels. Year-to-date sales activity totaled 11,957 units, nine per cent above last year.

“Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement,” said CREB® president David P. Brown.

“However, this recovery will require patience. There continues to be many new and resale ownership options available. This reduces the sense of the urgency for many consumers.”

Easing sales were met with higher new listings, causing further gains in inventory levels. City-wide months of supply rose to four months, as inventory levels reached 6,675 units this month. This is 17 per cent higher than last year, but still below July highs recorded in 2008.

“Modest improvements in the labour market and net migration were necessary to support the turnaround in the housing market,” said CREB® chief economist Ann-Marie Lurie.

“However, current inventory levels and changes in the lending market continue to weigh on housing demand. Easing demand growth combined with elevated levels of supply will slow the pace of price recovery in our market.”

Driven by detached and attached housing sales, city-wide prices in July improved over the previous month and the previous year. However, it is nearly four per cent below previous monthly highs. Year-to-date benchmark averages remain 0.44 per cent below last year’s levels.

Despite the current month activity, the detached sector continues to demonstrate conditions that are more balanced compared to last year.

Apartment condominium product continues to face oversupply in the resale and new home sector, causing further price declines. In July, the apartment benchmark price was $266,200. This is a three per cent decline over last year and nearly 12 per cent below peak prices.

Household Security During Vacations

July 19th, 2017 by Brian Currey

To fully enjoy your summer vacation, take appropriate precautions to ensure that home security features are in place in advance of your departure. Consider the following suggestions:

A) Ensure that doors and windows cannot be easily compromised using basic burglary tools by installing secondary locks such as deadbolts and bars, as well as a reliable monitoring system that will alert your smartphone, a neighbour, or your local enforcement agency should a compromise occur.

B) Check that your lighting systems are intact, by verifying that your interior and exterior timers and motion detectors are fully operational and ensuring older bulbs are replaced.

C) Trim bushes back to prevent concealing exterior access points, lock up or store ladders, and make sure mail and parcel deliveries are suspended (but don’t cancel your scheduled pool or landscape maintenance program).

D) Have a neighbour park a car in your driveway, and have someone look in on your property including inside your garage on a regular basis.

WHY IS IT SO IMPORTANT TO KNOW HOW MUCH YOU CAN AFFORD TO SPEND ON A HOME?

June 9th, 2017 by Brian Currey

Two reasons.

First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions.

Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the “dream home” you’ve always wanted.

So how do you figure out how much you can afford to pay for your next home?

The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment.

The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify.

Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home.

Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property.

It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses.

Of course, you don’t need to spend as much as you qualify for on a new home. A home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less.

One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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