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.
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Home safety for trick or treaters As a responsible homeowner, making your property safe for young trick-or-treaters ...
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Increased listings, strong sales, and price growth
New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.
Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.
“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”
As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent.
Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.
Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East.
November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000.
Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.
New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.
Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.
Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices.
The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 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.
Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels.
With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.
With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.
Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent.
November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months.
While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
Fill your green cart first. If your green cart is full:
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.
March 3, 2025 Sales remain above long-term trends despite declines Inventory levels saw substantial year-over-year ...
Supply levels improve in January Calgary, Alberta, February 3, 2025 – Following three consecutive years ...
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