Calgary Real Estate

The Bonus Room

Confession Time About This Blog

Blogging has not been my strength and so this is officially a work in progress.  I have some big plans for the blogging page in the foreseeable future so I ask for your patience as I venture into this side.

Market Updates

CREB Quarterly Stats - Q3 2023
Market Knowledge

CREB Quarterly Stats - Q3 2023

CREB® unveils Q3 housing market report with special 2024 forecast preview City of Calgary, Nov. 17, 2023 — The Calgary Real Estate ...

READ POST
OCTOBER 2023 HOUSING MARKET UPDATE
Market Knowledge

OCTOBER 2023 HOUSING MARKET UPDATE

November 1, 2023 Price gains continue in Calgary's real estate market as inventory remains low October sales activity slowed over the ...

READ POST
SEPTEMBER 2023 HOUSING MARKET UPDATE
Market Knowledge

SEPTEMBER 2023 HOUSING MARKET UPDATE

Calgary home sales at record highs in September, yet supply remains a challenge Sales reached another record high in September with ...

READ POST
AUGUST 2023 | August Housing Market Update
Market Knowledge

AUGUST 2023 | August Housing Market Update

August sees record-high sales amidst historic low inventory, pushing prices higher City of Calgary | September 1, 2023 Thanks to a ...

READ POST

Style & Design

10 Halloween Safety Tips For Your Home

Posted by Steven Hill on Oct 03, 2023

Home safety for trick or treaters As a responsible homeowner, making your property safe for young trick-or-treaters ...

Six Fall Tips To Prep Your Garden For Spring

Posted by Steven Hill on Oct 01, 2023

Pruning for winter without cutting corners As the shorter days signal the coming of winter, there is ...

RSS

CREB Quarterly Stats - Q3 2023

CREB® unveils Q3 housing market report with special 2024 forecast preview

City of Calgary, Nov. 17, 2023 — The Calgary Real Estate Board (CREB®) has released its Q3 2023 housing market report, providing a comprehensive overview of the real estate landscape in the City of Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.
 
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”
 
Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.
 
Supply challenges impacted both sales and prices in the Calgary market last year. As we move into 2024, a rise in new listings and an improved number of starts are projected to offer more supply choices; this, along with population gains and a stable employment market, is expected to support stronger sales this year. And as we shift toward more balanced conditions, the pace of price growth is expected to slow from the high levels reported in 2023.
 
While both sales and prices are expected to rise in 2024, there is considerable risk to the outlook. Shifts in global growth could impact commodity prices and, ultimately, our economic growth, employment, and migration. Migration and employment shifts will influence the path to housing market balance and the rate of price growth experienced in our city.
 
For the full report, please download CREB®’s Q3 2023 Calgary & Region Quarterly Update Report here.

Read

OCTOBER 2023 HOUSING MARKET UPDATE

November 1, 2023 

Price gains continue in Calgary's real estate market as inventory remains low

October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October.

Detached

Both sales and new listings improved over levels reported last October. However, with 1,302 new listings this month and 976 sales, inventory levels slowed over the last month. Inventory levels remain the lowest ever reported for October. Inventory levels have declined for all homes priced below $700,000, leaving conditions exceptionally tight for lower-priced homes. The only area where conditions are not as tight as last year is for homes priced above $1,00,000, where the months-of-supply has risen to 4.3 months.
 
Persistently tight conditions continue to cause further price gains in the detached market. As of October, the unadjusted benchmark price reached $697,600, a slight increase over last month and 12 per cent higher than last October. Prices trended up over the last month across every district except the South East. Year-to-date benchmark prices have increased the most in the North East and East districts.
 

Semi-Detached

New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales to new listings ratio remained relatively high at 76 per cent, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005.
 
Persistently tight conditions have continued to support price growth. In October, the unadjusted benchmark price increased over the last month, reaching $628,700, a year-over-year gain of 13 per cent. Prices trended up over September across most districts, with the most significant monthly gain occurring in the City Centre district. Like the detached sector year-to-date, the highest price growth has happened in the most affordable districts of the North East and East.
 

Row

The 420 new listings this month were met with 375 sales, keeping the sales-to-new listings ratio high at 89 per cent and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month.
 
Persistently tight market conditions have supported further gains in prices this month. In October, the unadjusted benchmark price reached $425,200, a monthly gain of over one per cent and nearly 19 per cent higher than last October. Prices have risen across most districts, but this month, the largest monthly gain occurred in the City Centre, which has also seen the lowest year-to-date price growth compared to the other districts.
 

Apartment Condominium

Record high sales in October were possible thanks to the steep gain in new listings.   However, with 727 new listings and 641 sales, the sales to new listings ratio remained high at 88 per cent, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38 per cent of all inventory, a significant decline compared to the 53 per cent reported last year.
 
Persistent seller market conditions have driven much of the recent gains in prices. The unadjusted October benchmark price reached $316,600 in October, a monthly gain of over one per cent and a year-over-year increase of 16 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS

Airdrie

Sales in the city eased in October, contributing to the year-to-date decline of 29 per cent. Much of the decline has been driven by detached home sales. Limited supply choice in the lower price ranges has contributed to some steep drop in home sales priced below $500,000. While Inventory levels have improved over last year's low levels, the growth was driven by homes priced above $500,000.
 
While adjustments in both sales and inventory levels did cause the months of supply to trend up over the last month, with less than two months of supply, conditions remain tight, supporting further price gains. In October, the benchmark price rose over the last month, reaching $521,400, a year-over-year gain of nearly 10 per cent.
 

Cochrane

New listings improved over last month's and last year’s levels, likely supporting some of the monthly gains in sales. Nonetheless, year-to-date sales have eased by nearly 22 per cent as sales have eased across all property types. While sales have slowed, levels remain far higher than long-term trends for the town. Despite the monthly improvement in new listings, inventory levels were lower than last year and remain well below long-term trends.
 
Persistently tight market conditions supported further price growth this month. In October, the unadjusted benchmark price reached $539,900, a monthly gain of over one per cent and a year-over-year increase of seven per cent. Price growth has occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector. 


Okotoks

The 48 new listings in October were met with 41 sales, keeping the sales-to-new listings ratio high at 85 per cent and preventing any adjustments to the exceptionally low inventory levels. Low inventory levels have likely prevented stronger sales activity, as year-to-date sales have declined by 26 per cent, primarily due to pullbacks in detached activity.
 
Despite some price adjustments over the last few months, the unadjusted benchmark price rose slightly over September and was over nine per cent higher than last October. Prices have increased across all property types, but the year-over-year gains have been highest for detached and semi-detached homes.
 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Read

10 Halloween Safety Tips For Your Home

Home safety for trick or treaters

As a responsible homeowner, making your property safe for young trick-or-treaters is essential. 

Everyone wants an accident-free Halloween in the neighborhood, so these few tips will ensure the local kids have a scary and super-fun night.

Clear paths

Little trick-or-treaters are excited and ususally run from house to house.  Tidy up the front yard, removing any garden tools or toys that might be left out to avoid tripping hazards.

Light it up

Turn on your exterior lights, especially if you have illuminated the edges of your garden path.

Flame-free

If you plan to decorate your home, it's a cool idea not to use anything flammable.

Animal Friendly Decor

Avoid using the faux spider web decor. These cobwebs are hard to remove after Halloween and birds often try to use it in nesting material come spring.  Although it's cozy, it's actually dangerous as it often tangles around the beaks and feet of both parents and babies in the nest.

Cable danger

If your Halloween installation needs electricity, please tape down extension cords and cables from where trick-or-treaters will walk.

Sweet treat 

If you're in the “treat brigade”, consider giving kids candy in reflective bags. Or offer gifts that are reflective, as these will help drivers see them as they move down your street.

Allergies

Don't include nuts or chocolate with nut content in your stash of treats. 

Check the candy

Sometimes treat wrappers aren't properly sealed when coming out of the box. It's a great idea to go through your candy stash to ensure everything is edible. Where wrappers are even slightly opened, discard the candy.

Be blunt

Many folks will use items like swords and wands to help dress the house so it's super-spooky. Please ensure these items are soft, and there's no possible way kids could come to any harm from them.

Brief neighbours

If you're planning a big Halloween party, it's a great idea to let the neighbors know.


Read

Calgary home sales at record highs in September, yet supply remains a challenge


Sales reached another record high in September with 2,441 sales. Despite the year-over-year gains reported over the past four months, year-to-date sales are still nearly 12 per cent lower than last year's levels.

New listings also improved this month compared to last year and relative to sales. This caused the sales-to-new listings ratio to fall to 76 per cent, preventing further monthly declines in inventory levels.

Nonetheless, inventory levels in September remained over 24 per cent lower than levels seen last year and, when measured relative to sales activity, has not changed enough to cause any significant shift in supply and demand balances. As of September, the months of supply has remained relatively low at less than two months.

“Supply has been a challenge in our market as strong inter-provincial migration has elevated housing demand despite higher lending rates,” said CREB® Chief Economist Ann-Marie Lurie. “While new listings are improving, it has not been enough to take us out of sellers’ market conditions.”

In September, the unadjusted residential benchmark price was $570,300, similar to last month and nearly nine per cent higher than last year. 

Detached

Inventory levels remained at record lows for the month as the sales-to-new listings ratio remained relatively high at 76 per cent. The decline in inventory levels has been driven by homes priced below $700,000, as supply levels show some improvement for homes priced above this level. While detached sales improved over levels reported last year, much of the gains were driven by the higher-priced properties with some supply options. Overall, homes priced below $700,000 continue to struggle with less than one month of supply.
 
Despite persistently tight market conditions, the unadjusted benchmark price remained relatively stable this month compared to last month, as a monthly price adjustment in the West end of the city offset monthly gains in all other districts. Overall, at a benchmark price of $696,100, prices are still over 11 per cent higher than levels reported last year at this time, with year-over-year gains ranging from a high of 20 per cent in the East district to a low of nine per cent in the City Centre.
 

Semi-Detached

September reported a boost in new listings compared to sales activity as the sales-to-new listings ratio dropped below 70 per cent, the first time it has done that since September of last year. The one-month shift supported a monthly increase in inventory levels, but with 295 units available, inventories have not been this low since September 2005.
 
Following ten consecutive monthly price gains, benchmark prices in September did ease slightly over the last month. However, at a benchmark price of $621,300, prices are still 11 per cent higher than last year’s levels. The monthly pause in price was primarily driven by adjustments in the West and North West districts, which saw the months of supply rise above levels reported last year and last month.
 

Row

The pullback in monthly sales outpaced the pullback in new listings, causing the sales-to-new listings ratio to fall to 84 per cent. While conditions are still exceptionally tight, it is an improvement over the 90 per cent average reported since April. The shift also prevented any further monthly declines in inventory levels. However, with less than one month of supply, the persistently tight conditions continue to place upward pressure on prices.
 
The benchmark price in September reached $419,400, a 1.5 per cent monthly gain and 17 per cent higher than levels reported last year. Price gains have occurred across all districts, with the most significant gains occurring in the most affordable districts in the city.
 

Apartment Condominium

New listings in September were at the highest levels reported for September, contributing to the record-high sales this month. Year-to-date apartment condominium sales reached 6,286 sales, a 25 per cent gain over last year and a record high for the city. Higher lending rates and tight rental market conditions have kept demand for apartment-style products strong. While inventory levels did see a modest gain compared to last month, thanks to a lower sales-to-new-listings ratio, conditions remain exceptionally tight with 1.5 months of supply.
 
The persistently tight market conditions have continued to drive further price gains. In September, the unadjusted benchmark price reached $312,800, a 1.2 per cent increase over last month and nearly 15 per cent higher than last year.

REGIONAL MARKET FACTS


Airdrie

With 204 new listings and 144 sales, the sales-to-new-listings ratio dropped to 70 per cent, the first time that has happened since 2020. Improved new listings compared to sales helped support a modest monthly gain in inventory levels. However, September inventory levels are still amongst the lowest levels reported since 2005, keeping the months of supply exceptionally low with just over one month.
 
The persistently tight market conditions have continued to drive further price gains in the city. In September, the unadjusted benchmark price reached $518,000, reflecting a year-over-year increase of over eight per cent. Price gains have occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.
 

Cochrane

Both sales and new listings eased in September, leaving inventory levels relatively stable this month. While inventories are nearly 40 per cent lower than long-term trends for the month, they are not at the record lows seen. The pullback in sales compared to inventory levels also caused the months of supply to push up above two months, the first time we have seen that since February.
 
While conditions remain relatively tight, the shift likely prevented further upward pressure on monthly home prices. The unadjusted benchmark price in September was $532,700, slightly lower than last month due to pullbacks in the detached, semi-detached and row sectors. Despite the monthly pause, total residential prices are still over five per cent higher than September 2022 levels. 


Okotoks

With 69 new listings and 52 sales, the sales-to-new listings ratio dropped to 75 per cent in September, the lowest ratio seen since August 2022. The gain in new listings relative to sales prevented any further monthly declines in inventory levels. However, with only 70 units available in September, inventory levels are still amongst the lowest reported monthly levels in over 20 years.
 
The modest adjustment in both inventory and sales did cause the months of supply to rise over last month’s levels. Still, conditions remain relatively tight, especially for semi-detached, row and apartment-style properties. As of September, the unadjusted benchmark price was $580,200, nearly nine per cent higher than last year.
 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.


Read

Six Fall Tips To Prep Your Garden For Spring

Pruning for winter without cutting corners

As the shorter days signal the coming of winter, there is one essential task to complete in your garden: pruning back your shrubs and trees so they survive the coming cooler days.

Maintaining a garden makes a substantial difference to the value and desirability of your home when the time comes to sell.

Gardens can sway buyers, especially when reducing their short list of desirable properties.

These six tips will prime your garden for next spring and summer. 

Trees and shrubs

Only prune after they've dropped their leaves. It will be an excellent opportunity to reshape the plant if it has become a little unruly. Avoid heavy pruning as this may encourage growth just when it should be falling into dormancy for winter.

Fruit Trees

All pip trees, including apples and pears, should be pruned right now. Try to cut into the trees to open up the centers to improve the amount of air and sunlight that can penetrate. Remove dead and diseased branches. 

Lavender

A wonderful shrub that's everyone's favorite. But it's so easy to kill it when pruning. Only cut the new growth. Never cut it back to the wood. If you're too brutal with lavender, it will not survive.

Roses

A light prune is ideal at this time of year for hybrid tea roses. Again, look for dead or diseased canes. Remove canes that have grown in the wrong direction and will limit sunlight penetrating the plant.

Perennials

Wait until these have died back before getting out your secateurs. Resist the temptation to cut them back too hard, but it is an excellent opportunity to reshape the appearance of many of your flowerbeds.

Evergreens

A light pruning will be ideal for evergreens, and you should remove dead and damaged branches. If you want to cut hard, wait until spring so they have a chance to bounce back in the warmer weather.


Remember that the City Of Calgary encourages composting your yard waste:

Put all yard waste into your green cart for composting, including:

  • Leaves
  • Cones (all conifers - pine, spruce, etc.)
  • Plants and flowers
  • Branches, twigs, hedge prunings - must be less than 15 centimetres in diameter and 1.25 metres in length to fit in the green cart
  • Grass clippings, sod
  • Untreated mulch (including coloured/dyed)
  • Hay
  • Pine needles
  • Tree fruits like crab apples
  • Rhubarb leaves
  • Tree trimmings
  • Moss
  • Special instructions

    Fill your green cart first. If your green cart is full:

    • Place yard waste in paper yard waste bags. Make sure bags are rolled up and can be easily lifted.
    • Set bags at least 0.5 m (2 ft) to the side of your green cart. Do not lean bags on the cart or on top of the cart lid.
    • For larger quantities of yard waste, take to a City landfill for composting. Charges may apply - learn more at calgary.ca/yardwaste​. Note: sod is not accepted for composting at City landfills.​

How to compost yard and garden waste (calgary.ca)

Read

Do good schools increase property values?

Do good schools increase property values?

In many real estate advertisements you see the claim “close to good schools”, but does the proximity to education centers really affect a property's value?

The adage “location, location, location” is well known and refers to how a property's value benefits or suffers from the surrounding neighborhood.

Families looking to buy often prioritize the proximity to schools and the ease of access to transport systems. 

Naturally, sellers want to put a premium on such benefits.

Research from the National Bureau of Economic Research has recently linked property value to schools in a study: Using Market Valuation to Assess Public School Spending.

It claims that for every dollar spent on a local public school, the value of a home goes up $20. 

If you assume that funding is the determining factor of a good school, then property prices benefit from having well-financed education facilities nearby.

A 2016 study by property site realtor.com claimed property values were on average higher in top-performing school districts than the median real estate price. It used Duke University as an example, noting homes achieved an average of 52c per square foot more than homes outside the area. 

While there is no dispute about the impact of location on value, quantifying that benefit is not a perfect science. Each buyer will see different benefits to the location of a home.

These are some of the essential local amenities that today's buyers want nearby. When you decide to sell, ensure you maximize every location benefit you offer.

Essentials

Folks want to be near some of the most fundamental public services such as schools, universities, hospitals, transport systems and shopping centers.

Lifestyle

Sellers can place a premium on their property for amenities that make life fun, such as parks, cafes, restaurants, cinemas and theaters. 

Safety

Low crime rates, well-maintained neighborhoods and a strong community are seen as highly desirable by buyers, especially families and senior buyers. 

Nature

If you have great views, either of surf crashing onto the beach or rolling hills, you'll be able to demand a premium.

Jobs

Being close to centers of employment, or a CBD, is a significant tick-in-the-box for buyers who dread wasting hours every day on a long commute. Areas with strong employment growth play well, too.

History

Many folks love living in areas of cultural significance because these areas are so unique. Where you can, emphasize this benefit of “unique living”.

Future

Savvy sellers will also investigate the future plans for their neighborhood and emphasize these benefits. Additional infrastructure, such as a new hospital or train station, will bolster local prices.

Read

 
August sees record-high sales amidst historic low inventory, pushing prices higher
 
City of Calgary | September 1, 2023

Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15 per cent compared to last year.

While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87 per cent, preventing any significant shift from the low inventory situation. Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.

Higher lending rates have caused many buyers to either hold off on purchase decisions or shift toward more affordable products on the market,” said CREB® Chief Economist Ann-Marie Lurie. “The challenge has been the availability of supply, especially in the detached market. Inventory levels hit record lows in August, and while new listings are higher than last year, conditions continue to favour the seller, driving further price gains.

The unadjusted benchmark price reached $570,700 in August, representing the eighth consecutive monthly gain. Prices have trended up across all property types, with row-style properties reporting the largest increase.

HOUSING MARKET FACTS

Detached
Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. August sales did improve over last year’s levels. However, limited supply in the lower price ranges has likely prevented stronger detached home sales.

Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year's levels. The highest year-over-year price gains occurred in the most affordable regions of the city's North East and East districts.

Semi-Detached
The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage.

With months of supply remaining exceptionally low throughout 2023, we continue to see upward pressure on home prices. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year. Price growth did range across each of the Calgary districts, but the strongest year-over-year gains were reported in the most affordable districts of the North East and East.
 
 
Read

CREB Quarterly Stats - Q2 2023
CREB's Q2 2023 Housing Market Report
 
City of Calgary | August 16, 2023 –

The Calgary Real Estate Board (CREB®) has released its Q2 2023 Housing Market Report. The report highlights a dynamic real estate landscape in the City of Calgary, showcasing strong trends in sales, demand and pricing.

As expected, sales activity has slowed from last year’s record-breaking pace while staying stronger than long-term trends. What was not expected was the robust demand in the higher price segments of the market despite higher lending rates.

“An influx of migrants coming from Ontario and British Columbia are likely contributing to some of the strength for higher priced properties, as the relative affordability could make migrants less sensitive to the recent gains in lending rates, said CREB® Chief Economist Ann-Marie Lurie. At the same time, continued strength in our labour market is supporting demand across all property types.”

However, the robust demand is met with a shortage in supply. Housing inventory levels have remained notably low across various segments, encompassing the resale, new home, and rental markets. Despite relatively strong new home starts, these have not been sufficient to alleviate inventory constraints, primarily due to the influx of migrants. Resale supply has also encountered unexpected challenges, as higher lending rates and limited choices in supply have deterred existing homeowners from making changes.

The prevailing shortage in supply has contributed to the continuation of tight market conditions, which has led to stronger-than-expected price growth across all property types in the city. This steady appreciation in prices throughout the year has effectively offset declines observed in the latter half of 2022, ultimately resulting in new record-high prices.

“Home prices have exceeded our expectations as supply challenges have persisted throughout the spring market, added Lurie. “While the pace of monthly gains is expected to slow in the second half of the year, limited supply choice is expected to keep prices elevated throughout the second half of the year.”
Read

Finding your dream home in today's market

Finding your dream home in today's market

Home-hunting can be a deeply frustrating experience if you approach the challenge without a plan.

As America confronts a shortage of homes for sale with sellers waiting out the recent spate of mortgage cost rises, you've got to be on your game as a buyer.

Finding the right property, negotiating successfully or being able to pick yourself back up when you miss out has never been more important.

These tried-and-tested methods have enabled buyers to find their dream homes in the toughest markets.

Be efficient

The first rule is to conserve your energy. Be selective about the properties you wish to view. You'll exhaust yourself if you try to walk through every house, apartment, duplex or condo that catches your eye.

Drive-by viewing

Before committing yourself to spending time inspecting an apartment or house, do a quick drive-by. Check out the exterior and get a first impression of the general maintenance of the property. 

Quick spin

Then, take a spin around the neighborhood to see if this is the type of area for you. Avoid wasting time making an inspection to then decide you don't like the area. Do it the other way around.

Limit inspections

Admittedly, this is a tough goal to set, especially as we're seeing fewer properties on the market than usual, a situation that's bound to change in the next few months. However, try to limit yourself to eight to 10 properties. So, choose carefully. 

Prioritize preferences

Selecting the homes to walk through will be easier if you have a clear idea of what you want. The attitude, “I'll know it when I see it”, is fine but it will take up your time. Only inspect a property if you like the price, location, condition and floorplan.

Read

Tips for furnishing your first home

Tips for furnishing your first home

With all the excitement of purchasing your first property, you can be excused for feeling a little intimidated by the prospect of furnishing it to complete your dream of home ownership.

Naturally, you want everything to be perfect. 

Whether an apartment or house, this is your sanctuary. It's where you'll find respite from the pressures of daily life and invite friends and families over for social occasions. 

So, choosing the right furniture is not a small deal.

It's easy to be overwhelmed by the array of styles, such as Scandinavian, rustic, coastal or even minimalist. Or you just want to choose furniture you love, and ignore the principles of a particular style. These tips will help.

Find inspiration 

Go online and devour the wide range of home-styling magazines to find your perfect approach. Creating a mood board to capture furniture and layouts you love works a treat.

Color question 

Choosing furniture isn't just about size and comfort. Color is a significant factor. Decide on your color scheme before hitting the furniture shops. Consider the color of the walls and your flooring before deciding how to proceed.

Measure up

You should measure each of your rooms. One of the biggest mistakes to make is purchasing furniture that is too large for the intended room or living area. Mapping out your home will ensure you don't make this error.

Stay focused 

Pick your preferred styles and then research the approaches you can take within each style. If you adopt a scatter-gun approach, you'll likely end up with a mess of options.

Energy flow 

Your furniture will create a kind of “energy”. It's a great idea to use your mapping approach to decide the size of the furnishings and where they should be positioned. You want to ensure each room has a simple but efficient traffic flow. 

Eastern promise

Feng shui is the Chinese art of creating positive energy in your home. Its principles make a lot of sense. You may find it worthwhile checking out Feng shui and how it might help you.

The bottom line

It's common to gravitate towards furniture that we “absolutely must have” but is probably beyond our spending limit. It's fun to dream, but you need to keep your feet on the ground. Make a budget for each room to help pay attention to the dollars.

Read

Latest Blog Posts

CREB Quarterly Stats - Q3 2023

Posted by Steven Hill on Nov 17, 2023

CREB® unveils Q3 housing market report with special 2024 forecast preview City of Calgary, Nov. 17, 2023 ...

OCTOBER 2023 HOUSING MARKET UPDATE

Posted by Steven Hill on Nov 01, 2023

November 1, 2023 Price gains continue in Calgary's real estate market as inventory remains low October ...

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.