I Have a Confession to Make

AND I NEED YOU TO KNOW

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.

WORLD'S BEST CITIES

A new report published in 2021 by Resonance Consultancy shows our beautiful city of Calgary in the Top 50 out of 100 best cities in the world.

Is anyone not surprised by this????

Calgary is a fabulous city to live and thrive in and one of the many reason that I have never left!  

Back to the report that was featured in this Calgary Herald news article in September, our Calgary placed 49th out of 100 for best cities, beating out Edmonton, Lisbon, Osaka, and Denver.   

The Consulting organization looks at 6 categories when making the list:  including prosperity where Calgary placed 31st and people where Calgary placed 13th (no surprise there as we Calgarians are a diverse and educated bunch).

It clearly shows how resilient we are, despite a struggling economy and an increase in unemployment rates, there is still plenty or reasons to love and enjoy living in this wonderful city. 

My favorite part of the article was this quote:

"People here walk with the velocity of New Yorkers and cut to the chase like Texans."

If that doesn't perfectly describe this diverse community, filled with entrepreneurialism then my guess is, you aren't from around here.  

READ HERE for the report  

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CREB®’s Q3 2021 Housing Report released

City of Calgary, Oct. 19, 2021 –

For the full report, please download CREB®'s Q3 2021 Calgary & Region Quarterly Update Report here.

The pace of growth and level of sales have eased from the record highs seen in the second quarter, but with 6,628 sales, this was the best third quarter since 2014.

Much of the strength in demand was likely driven by the low-lending-rate environment and increased savings among those whose incomes were not impacted by COVID-19 shutdowns.

"Sales have slowed from the record pace seen earlier this year, but some of this slowdown was likely related to limited improvements on the supply side of the market," said CREB® Chief Economist Ann-Marie Lurie.

"Supply-demand balances improved for buyers compared to what we saw in the spring, but the market continued to favour the seller in the third quarter". 

The number of new listings coming onto the market has increased compared to last year. However, the quarterly decline in new listings outpaced the pullback in sales, causing supply levels to trend down in the quarter and remain lower than last year's levels.

"Persistently tight conditions have supported price gains in the market, with new record highs set in both the detached and semi-detached sectors," said Lurie.

"However, with fewer supply challenges facing the apartment sector of the market, price gains there have not been enough to erase the declines recorded over the past six years."

In Calgary, the residential benchmark price rose by one per cent compared with the previous quarter and sits over nine per cent higher than prices recorded in the third quarter of last year.

Meanwhile, many of the areas outside of Calgary city limits have seen exceptionally strong sales and supply that has not kept pace with demand. For many of these areas, lack of supply has contributed to steeper price gains than what has been seen in the city, narrowing the price gap between the two. 


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City of Calgary, October 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 the same level of supply challenges, with nearly five months of inventory available based on current demand levels.

Supply adjustments have helped ease the upward pressure on home prices. Prices have eased slightly relative to a few months ago, but they remain well above levels recorded earlier in the year. As of September, the total residential benchmark price in Calgary was $457,900, over eight per cent higher than levels recorded last year.


HOUSING MARKET FACTS

Detached
Calgary recorded 1,268 sales this month, a significant gain relative to last year and 30 per cent higher than longer-term trends. Sales this month improved across all price ranges except homes priced under $400,000. However, the decline in sales in the lower price range is likely related to limited supply choice.

On a year-to-date basis, prices have improved across all districts, with gains that range from a low of five per cent in the City Centre to nearly twelve per cent in the South East. The City Centre is the only district where prices remain below previous highs. The September detached benchmark price of $537,500 has trended down slightly from the record high set in July, but this has not erased earlier gains, as it remains nearly 10 per cent higher than last year.

Semi-Detached
With less supply choice in the lower price ranges of the detached market, many consumers have turned to the semi-detached sector. With 2,005 sales so far this year, year-to-date sales are over 45 per cent higher than long-term trends and have reached new record highs. The improvement in sales was, in part, related to the improvements in new listings. The sales-to-new-listings ratio in this sector has averaged below 70 per cent over the past several months. This is nowhere near as tight as the detached sector, which has averaged 80 per cent.

While conditions have not been as tight in the semi-detached sector, there have still been substantial price gains this year. As of September, the benchmark price was $424,900, slightly lower than last month, but over eight per cent higher than last year’s levels. Like the detached sector, the semi-detached sector’s slowest price growth has occurred in the City Centre. On a year-to-date basis, prices remained below previous highs in the City Centre, North East and South districts.

 
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Following record-shattering sales across major markets through the first half of 2021, Canada’s metropolitan luxury real estate markets continue to reflect unprecedented circumstances leading into fall 2021. With an unsatiated undercurrent of demand across every major market and a new wave of prospective real estate consumers imminent, rising prices and steady activity are forecasted for fall.


Key Influences

  • Severe inventory deficit sparks price gains, undermines potential sales
  • Return to city living ignites urban sales and condominium demand
  • Job gains bolster top-tier real estate sales
  • Gap between luxury and conventional housing trends widen

 
Calgary’s luxury residential real estate market, which had gained steady traction since the start of the year, evolved into a true seller’s market over the summer and is poised for more balanced market conditions this fall.


Vancouver’s luxury market is poised to see some relief from the extraordinary pace and price gains experienced over its prolonged seller’s market but continues to confront the challenges of the region’s chronic and significant deficit of conventional and high-end housing supply.
 
After a brief seasonal sales slowdown, Montreal’s market rebounded swiftly in early fall, pointing to a dynamic and active season ahead. In face of strong consumer demand, the city is set to face the twin challenges of a significant provincial deficit of conventional and luxury housing, and price acceleration in turn.

Greater Toronto Area (GTA) is positioned to see continued price acceleration in an active fall market, even as the region’s acute shortage of conventional and luxury housing supply caps overall activity. GTA’s luxury condominium market strengthened as confidence in urban living continues to rise.


READ THE FULL REPORT HERE

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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.