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

February Housing Market Update
Market Knowledge

February Housing Market Update

Low inventory and high demand drive price gains in February March 1, 2024 Rising Sales and New Listings | Despite a rise in new listings ...

READ POST
January 2024 Housing Market Update
Market Knowledge

January 2024 Housing Market Update

January sees strong sales fueled by boost in new listings February 1, 2024 Sales Growth | January sales saw a significant increase ...

READ POST
Top-Tier Real Estate 2023: Year in Review
Market Knowledge

Top-Tier Real Estate 2023: Year in Review

Canada’s metropolitan luxury real estate market evolved over the course of 2023 as buyers emerged from the sidelines with newly altered ...

READ POST
CREB® 2024 Forecast Calgary and Region Yearly Outlook Report
Market Knowledge

CREB® 2024 Forecast Calgary and Region Yearly Outlook Report

The Calgary Real Estate Board (CREB®) is pleased to announce the release of its highly anticipated 2024 Forecast Calgary and Region ...

READ POST

Style & Design

Things To Do This Month FOR FREE in Calgary

Posted by Steven Hill on Dec 12, 2023

Times Are Tough, But Finding Low-Cost Fun Shouldn't Be Here Are Things To Do This Month FOR FREE Legacy’s ...

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 ...

RSS

Forecast report: Calgary housing market expected to stabilize in 2023

Calgary housing market expected to stabilize in 2023 

The Calgary Real Estate Board (CREB®) has released its 2023 Forecast Calgary and Region Yearly Outlook Report. The report, which is prepared by CREB® Chief Economist Ann-Marie Lurie, provides a detailed analysis of the economic and housing market trends in Calgary and surrounding areas for the upcoming year.

According to the report, elevated lending rates are expected to weigh on sales in 2023, bringing levels down from the record high in 2022. However, with forecasted sales of 25,921 in 2023, levels are still expected to be higher than the activity reported before the pandemic.

“Higher commodity prices, recent job growth, record high migration and relative affordability are expected to help offset some of the impacts higher lending rates are having on housing demand. At the same time, we are entering the year with low supply levels which are expected to prevent significant price declines in our market,” said Lurie.

Supply levels declined to the lowest levels seen in over a decade as gains in higher price properties did not offset the supply declines occurring in lower-priced homes. This has left our market in a situation where lower-priced properties still face sellers’ market conditions while higher-priced homes are seeing more balanced to buyers' market conditions.

The shift between supply and sales by price ranges is expected to create divergent trends in prices depending on property type and price range. Overall, price declines in the upper end of the market are expected to offset gains reported in the lower ranges, causing an annual decline of less than one per cent.

“With much of the pandemic behind us, 2023 reflects more of an adjustment into more typical conditions and a pause on price gains following 12 per cent growth in 2022. While other markets in the country are forecasted to see more significant price and sale declines in 2023, Calgary did not face the same gains as those markets, as prices only recovered from the 2014 highs in 2021,” added Lurie.

Click here for the full CREB® 2023 Forecast Calgary and Region Yearly Outlook Report.

Read

What The Foreign Buyers Ban Means For You

 

On January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Foreign Buyers Ban”) came into effect in Canada and will be in place for two years. 

As a company, Sotheby’s International Realty Canada expects that we will see continued interest and demand for Canadian real estate from purchasers from abroad who will remain fully qualified to purchase a home in Canada.

WHO DOES THE BAN TARGET? 

  • The legislation targets non-Canadian citizens, as well as non-Canadian commercial entities, i.e., those formed not pursuant to the laws of Canada or one of its provinces, or an entity formed under Canadian or provincial laws with direct or indirect ownership by a non-Canadian, where that ownership amounts to 3% or more of the value of the entity’s equity or voting rights.
  • However, there are several exemptions subject to varying and complex conditions.

WHO IS EXEMPT FROM THE BAN?
The ban does NOT apply to:

  • Canadian citizens or permanent residents.
  • The spouse or common-law partner of a Canadian citizen, permanent resident, person registered under the Indian Act, or refugee.
  • Non-Canadians who are looking to rent a residential property in Canada.
  • Temporary residents enrolled in a program of authorized study at a designated learning institution (as defined in Immigration and Refugee Protection Regulations), who meet the eligibility criteria. 
  • Temporary residents with a valid work permit or authorization to work in Canada, who meet the eligibility criteria. 
  • Refugees, temporary residents who are proven to be fleeing conflict, and those making a claim for refugee protection.
  • Accredited members of foreign missions in Canada. 

Important: these exemptions are subject to varying and complex conditions. Non-Canadian clients who may be exempt, must be referred to an appropriate third-party professional (e.g. a lawyer or accountant) to determine their eligibility.

WHAT PROPERTY TYPES ARE INCLUDED IN THE BAN?

  • The legislation applies to residential properties, including detached homes or similar buildings, as well as semi-detached houses, rowhouse units, residential condominium units and other similar premises, that are located in a census metropolitan area or a census agglomeration. A census metropolitan area has a total population of at least 100,000 people, with at least 50,000 living in its core, and a census agglomeration has a core population of at least 10,000 people. 
  • This means that the Foreign Buyers Ban does not apply to non-Canadians buying a residential property outside of a census metropolitan area or census agglomeration. 

WHAT PROPERTY TRANSACTION TYPES ARE AFFECTED BY THE BAN?

  • The regulations apply to purchases, defined as a direct or indirect acquisition of a right or interest in residential property.
  • It does not apply to property acquisitions as a result of death, divorce, gifts, or a separation.

WHAT ARE THE PENALTIES FOR VIOLATING THE FOREIGN BUYERS BAN?

 
  • There are significant penalties for violating this legislation. Any person knowingly assisting or attempting to assist a non-Canadian in the purchase of a prohibited property may be subject to a summary conviction offence under the Criminal Code and a fine of up to $10,000. 

In a constantly evolving market, let us help you make informed decisions. We offer personalized attention tailored to your needs, regardless of the neighbourhood or price of your home. Ask us about local market conditions and opportunities, and let us prepare you for your next move.

 

This post was published on January 16, 2023 on Insight Blog. For the most up-to-date and accurate information, and to determine your eligibility, we encourage clients to contact their real estate agent or an appropriate third-party professional, such as a lawyer or accountant. 

Read

Six essential tips to prepare your home for a spring sale

Six essential tips to prepare your home for a spring sale

As we recover from the Holidays, it's hard to believe we need to start thinking about preparing our home for sale if we want to maximize its value in the spring selling season.

To capture the imagination of buyers who'll emerge from their hibernation this spring, you should start working now. 

Your efforts will return dividends: pristine properties are always the fastest to sell, no matter the market's mood. 

As an experienced agent in our neighborhood, I believe buyer confidence is likely to return as the winter chill gives way to the warmth and optimism of spring. 

It will be a new beginning, especially if the Federal Reserve eases back on the past 12 months of rate rises, as it has indicated.

For buyers, this could be an optimal time if they have an income to sustain the current mortgage costs. And as a seller, you know it only takes two competing buyers to push your sales price higher. 

Below are seven great ideas for preparing your home for a spring sale. 

Plan early

Make a realistic assessment of improvements required to get your property in tip-top condition. An agent should guide you on upgrades that attract buyer interest and those that won't. Don't waste money on work that buyers won't care about.

To-do list

Itemize each repair your home requires. You'll undoubtedly be able to do some of the jobs, but hire a contractor to undertake those requiring a certain skill level. Don't let amateur finishing undermine the value of your home at a critical time.

Major upgrades

Discuss with your agent whether it's worth investing in a new kitchen or remodeling your bathroom. While such renovations may push the price higher, will you get a return on investment? Your agent should help answer that question.

Deep clean

A significant undertaking, you may want to hire professional cleaners to go through your home from top to bottom. If you favor that course of action, book them so they'll complete the task just a few days before your property goes on the market. If you DIY, give yourself plenty of time.

Do a declutter

Ahead of the cleaning project, you should declutter like crazy. Buyers are looking for spacious living areas and bedrooms, and lots of storage space. If your home is full to the gills, now you have your excuse for a big throw-out.

Flower power

Remember, you're selling in spring, so make your garden a picture. Feed and mulch the flowerbeds to ensure your plants look their best. Consider buying colourful spring blooms to brighten the outside. Put your initial focus on the front yard to create a fabulous first impression.

Read

December 2022 | Calgary Housing Market Update

2022 saw record-high sales and double-digit price growth

City of Calgary | January 3, 2022–
December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.

Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.

“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”

Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels.

The housing market in 2022 generally outperformed expectations both in terms of sales and price growth.

HOUSING MARKET FACTS

Detached
The detached market has felt most of the impact of higher rates as a pullback in sales in the year’s second half contributed to the year-to-date decline of over seven percent. While there have been some gains in new listings over the last quarter, much of the growth has occurred in the market's upper-end, supporting more balanced conditions. However, supply levels for lower-priced homes remain low relative to the sales activity, causing that market segment to continue favouring the seller. Overall, the detached market has seen activity shift away from the strong sellers’ conditions reported earlier in the year.

Prices in the detached market have trended down in the second half of the year, as the December benchmark price of $619,600 has eased by just over four percent from the June high. The recent adjustments have not erased all the earlier gains, as benchmark prices reported an annual gain of over 14 percent. Annual price growth has ranged from a high of 19 percent in the South East, North and North East districts to a low of nearly eight percent in the City Centre.




Further declines in sales this month contributed to the year-to-date sales decline of nearly three percent. While sales have eased relative to last year’s record levels, activity is still far stronger than long-term trends and levels reported prior to the pandemic. At the same time, new listings have been trending down for this property type, keeping the inventory and months of supply relatively low compared to historical levels.

While conditions are not as tight as earlier in the year, there has been some downward pressure on prices. The monthly benchmark price peaked in May of this year and has eased by nearly four percent since then. However, on an annual basis, benchmark prices remain nearly 12 percent higher than in 2021. The North district reported a higher annual price gain of over 18 percent.

 
 
 
Read

2023 Luxury Outlook Report : Sotheby's International Realty Canada
I am pleased to introduce the Sotheby's International Realty 2023 Luxury Outlook report, which outlines the industry trends and happenings across high-end residential markets around the world. In 2022, we saw mortgage rates soar after two years of historic lows, fueling a “lock-in” effect that strained an already tight market as homeowners continued to spend more time at home than ever before. In this report, we highlight the trends that you can expect in the year ahead, from the projected flow of global wealth into the real estate market to luxury real estate in the metaverse.
 

READ THE REPORT

 
Through the 2023 Luxury Outlook report, our goal is to help you navigate this fast-moving and ever-changing real estate market. I hope that this compilation of research and industry perspectives, exclusively presented by Sotheby's International Realty, helps you as you look to invest you equity wisely in the year ahead.
 
 
Read

Latest Blog Posts

February Housing Market Update

Posted by Steven Hill on Mar 01, 2024

Low inventory and high demand drive price gains in February March 1, 2024 Rising Sales and New Listings ...

January 2024 Housing Market Update

Posted by Steven Hill on Feb 01, 2024

January sees strong sales fueled by boost in new listings February 1, 2024 Sales Growth | January sales ...

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.