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June 1, 2017 Calgary Real Estate Market Snapshot

Monday, June 5th, 2017

What’s Happening in the Calgary Real Estate Market? 

 

Absorption Rate Calgary

What is really happening in the Calgary Real Estate market?

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

*** Absorption Rate June 1, 2017

As you can see below the absorption rates for the different categories did not change substantially in May.

  • Seller’s Market – Detached and Semi-Detached Homes – No change
  • Balanced Market – Row or Townhouses
  • Buyer’s Market – Apartment Condo’s

 

  April 2017 May  2017 Change
Detached 2.09 2.13 0.04
Semi Detached 2.25 2.78 0.54
Attached – Row 3.92 3.49 -0.43
Apartment 5.74 6.29 0.55
Total City 2.87 2.92 0.05

 

Calgary Listing Inventory

June  saw an increase in inventory levels in all categories. This is a very normal trend for May and we can expect more increases as we get into the summer months.

Inventory April 2017 May  2017 Change
Detached 2522 2941 419
Semi Detached 463 518 55
Attached – Row 863 949 86
Apartment 1647 1780 133
Total City 5495 6188 693

 

Calgary Sales:

Both Single family and Attached Row houses saw a large increase in sales this month.  Semi-Detached saw a sizable decrease and apartment condos saw a small decrease.

Calgary Sales   April 2017 May  2017 Change % Change
Detached 1204 1378 174 14.45%
Semi Detached 206 186 -20 -9.71%
Attached – Row 220 272 52 23.64%
Apartment 287 283 -4 -1.39%
Total City 1917 2119 202 10.54%

  

Calgary Real Estate Sales Prices: 

Wow, this is the first time in a few years that I can say that all categories saw price increases during the month of May.   While this trend seems nice (for homeowners) I cannot see that this can continue.  Detached homes should continue to increase but Apartment condos should not (and should be going down) with the high absorption rate.

  Sales Prices April 2017 Benchmark Price          May  2017 Benchmark Price Change
Detached 504,100 509,000 4,900
Semi Detached 390,200 393,100 2,900
Attached – Row 305,900 308,300 2,400
Apartment 269,200 271,200 2,000
Total City 439,600 443,800 4,200

  

Sales Prices “Year to Date”   

Sales Prices Jan 1, 2017    Benchmark Price  May  2017 Benchmark Price Change

$

% Change
Detached 498,300 509,000 10,700 2.15%
Semi Detached 385,400 393,100 7,700 2.00%
Attached – Row 307,900 308,300 400 0.13%
Apartment 269,200 271,200 2,000 0.74%
Total City 435,400 443,800 8,400 1.93%

 Clarification

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please feel free to contact us.

 

 

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New Listing at 401, 4 Hemlock Crescent SW Calgary T3C 2Z1

Thursday, May 11th, 2017

Stunning, move in ready, Top floor open concept unit with 10 foot ceilings and plenty of upgrades.

List Price: $324,900

MLS C4116027

Watch You Tube Video @ https://youtu.be/aczZ5kHwnIo

 

 

 

 

 

 

 

 

 

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May 1, 2017 Calgary Real Estate Market Snapshot

Tuesday, May 2nd, 2017

What is really happening in the Calgary Real Estate market?

Calgary Real Estate Absorption Rate

Stay ahead of everyone else by following our Monthly Market Snapshot of the Calgary Real Estate Market This shows what’s really happening! The market is driven by supply and demand so here we show the inventory (supply) and sales (demand) and most importantly the relationship between the two and how it affects the price of Calgary Real Estate.  A simple way to keep up to date with how the market is trending and to stay ahead of most! All numbers are taken from the Calgary Real Estate Boards Stats package for Realtors. I have also included some general comments which are simply my opinion.

Absorption Rate (Months of Inventory)   (the inventory divided by the number of sales in the last month). What does this mean you might ask?

Buyer’s Market >4.0 Drives prices down
Balanced Market Between 2.4 to 4.0 Prices typically remain stable
Seller’s Market <2.4 Drives prices up

The absorption rate for April remained fairly flat.  Detached homes changes only by .13%.  Semi detached rate decreased by .04% while attached homes and Townhouses both increased by .5% This leaves us in the following market positions:

  • Sellers Market – Detached and Semi-Detached Homes
  • Balanced Market – Row or Townhouses
  • Buyers Market – Apartment Condo’s
  March 2017 April 2017 Change
Detached 1.97 2.09 0.13
Semi Detached 2.29 2.25 -0.04
Attached – Row 3.38 3.92 0.54
Apartment 5.22 5.74 0.52
Total City 2.68 2.87 0.18

 

Calgary Listing Inventory

April saw a slight increase in our inventory level in all categories except Semi Detached which remained even.  Increasing inventory is a normal pattern for April as we are approaching the spring market.  Expect our inventory to continue to increase over the next few months.

Inventory March 2017 April 2017 Change
Detached 2312 2522 210
Semi Detached 463 463 0
Attached – Row 764 863 99
Apartment 1575 1647 72
Total City 5114 5495 381

Calgary Sales:

All categories remained flat in sales. Overall we had 11 more sales in April then in March. This again is a fairly normal pattern and I expect this number to start to increase as buyers tend to come out once spring starts to arrive. We are starting to see lots of competing offers again in the detached market.

Calgary Sales   March 2017 April 2017 Change % Change
Detached 1176 1204 28 2.38%
Semi Detached 202 206 4 1.98%
Attached – Row 226 220 -6 -2.65%
Apartment 302 287 -15 -4.97%
Total City 1906 1917 11 0.58%

  

Calgary Real Estate Sales Prices: 

Prices this month increased marginally in all categories except for Apartment Condos which went down by $500. The increases in the Detached and Semi Detached homes were small and Row Houses actually increased by $1800.  Based on the absorption rate I believe you will continue to see increases in all Detached and Semi Detached Homes, prices should remain flat for Attached-Row houses and a slight decline in apartment condos which are still very much in a buyer’s market position.

  Sales Prices March 2017   2016 Benchmark Price          April 2017 Benchmark Price Change
Detached 503,900 504,100 200
Semi Detached 389,600 390,200 600
Attached – Row 304,100 305,900 1,800
Apartment 269,700 269,200 -500
Total City 439,400 439,600 200

  

Sales Prices “Year to Date”   

Sales Prices Jan 1, 2017    Benchmark Price  April  2017 Benchmark Price Change

$

% Change
Detached 498,300 504,100 5,800 1.16%
Semi Detached 385,400 390,200 4,800 1.25%
Attached – Row 307,900 305,900 -2,000 -0.65%
Apartment 269,200 269,200 0 0.00%
Total City 435,400 439,600 4,200 0.96%

 

Price Notes 

**Please note that these numbers include only Calgary homes and do change on a community basis and more so for towns.  This report does not include rural properties.  If you would like to find stats on your community just let me know.  If you have any questions about this summary or Real Estate questions please feel free to contact us.

 

 

 

 

 

 

 

 

 

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Just listed – Tuscany Townhouse

Thursday, April 20th, 2017

Check out our new listing at 260 Tuscany Springs Blvd – Steps away from the Tuscany LRT Station.

C4111224

List Price: $325,000 – Perfect starter home or ideal for an investor.

Ideal for first time buyer or investors, reduce your commute time, just steps to Tuscany LRT.   This bright beautiful home features an open concept, newer appliances, and newer paint, Hunter Douglas Blinds, Vacuum System and Water Filtration System.  On the main floor you will enjoy the cozy living room, dining room and a spacious kitchen that boasts plenty of counter/cabinet space and a breakfast bar.  Main floor also features a 2 piece bath and a door to your patio and fenced back. Upstairs you will find 2 spacious bedrooms both with ensuite baths and one with a walk in closet.  The basement is perfect for laundry and storage and leads into your oversized garage with plenty of room for additional storage.  Location is ideal, just steps to the Tuscany LRT Station. Enjoy the many amenities provided in Tuscany with walking paths, ravine, and excellent transit access, Sobeys, Schools and only a 5 minute drive to crowfoot for your larger shopping trips.

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72 Bridlewood View Calgary Alberta T2Y 3X7

Wednesday, April 12th, 2017

Check out our new listing at 72 Bridlewood View!

MLS C4109975

List Price: $335,000

Video  :  https://youtu.be/8PscOuWGsus

 

 

Beautiful 1445 Square foot, 3 bedroom, end unit, walk-out townhouse that has been extremely well maintained.  Features hardwood flooring throughout main, Granite countertops in kitchen, new paint throughout and central vacuum.   Main floor boasts 9 foot ceilings, an open floorplan, 2 piece bath, kitchen with granite counter tops, eating bar and stainless steel appliances, spacious dining room and living room with corner gas fireplace.  Upstairs you will find laundry, main bath, 2 good sized bedrooms and a large master with 4 piece ensuite, walk in closet and fantastic city views.  Downstairs is a fully developed walk-out and features a living area, storage area and 2 piece bath.  Don’t forget the single attached garage all in the desired community of Bridlewood.

 

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Do I need a Real Property Report to sell my home?

Friday, March 31st, 2017

If you live in Alberta the answer is yes if you own a detached home, an attached home or a Bare land Condominium you will need a Real Property Report with compliance. If you own a conventional Condo then you do not need a Real Property Report.

What is a Real Property Report?

A Real Property Report is a legal document that clearly illustrates the locations of significant visible improvements relative to the property boundaries.   It is a land survey that shows where the buildings are located and it shows the property lines.  A Real Property report will show if there are any encroachments onto City of Calgary property or your neighbour’s property.  The survey must be completed by an Alberta Land Surveyor. An Example of a Real Property Report

Real Property Report Sample

Real Property Report Sample

Compliance

Once you have your Real Property Report completed you then have to take it to the City of Calgary and have them review it.  They look for encroachments, setbacks being met and many other problems.  If it meets all of the City’s criteria they will give you (for a fee) a stamp of compliance.

I do not know of one lawyer in Calgary that will close a Real Estate sale without a current Real Property Report.  When you are signing the papers at the lawyers you will be required to sign a document stating that the Real Property Report reflects the current state of the property.

Sometimes the mortgage lender will ask for a land survey, especially if your property is older and hasn’t changed hands in many years. You might also be asked for one by the buyer if there is any confusion about the size and boundaries of your property – or if significant changes have been made to it in recent years.

This is nothing to be concerned about. Property Surveyors are highly trained and licensed. In Canada, Professional Surveyors Canada (PSC) represents the profession nationally, and most provinces have their own professional associations. 

Before getting a new land survey, make sure you don’t already have one. Hopefully, you’ve stored the paperwork that relates to the purchase of your home. Look through it. A valid land survey might be right there. 

It is smart to get your Real Property Report with compliance before your home hits the market. This allows time to correct and issues that may arise getting compliance from the City.

If you have questions about land surveys, call today.

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Should I Worry About Moisture on Windows?

Friday, March 24th, 2017

You’re standing by your window admiring the view. Then you notice it. Moisture has built-up around the edges of the glass. Should you worry?

 It all depends on the reason for the buildup.  Assuming you have traditional double-pane glass in your windows, there are a few things to look for if you notice moisture.  Often, moisture at the bottom of the windows is simply caused by too much humidity in your indoor air. If that’s the case, simply adjust your humidifier.

If the moisture is on the exterior of the window, typically there’s also no problem with the window itself. It may have rained recently or the outside humidity may have spiked causing the accumulation. Generally, there’s no reason for concern.

However, if the moisture is in between the two panes of glass, the seal has broken and surrounding air – along with its water content – has made its way in. This disrupts the thermal barrier of the window, reducing its energy efficiency. In fact, the glass might feel noticeably colder than your other windows on chilly days. In that case, you’ll need to replace the pane.

 Similarly, if the moisture is coming in through only one spot — the bottom right corner, for example — then you might have a leak. If you have a wood frame or sill, you may also notice a growing water stain. It’s important to get leaks fixed quickly. There may be water damage occurring within the frame that you cannot see.

 

 

 

 

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Selling a Home in a Crowded Market

Friday, March 17th, 2017

When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?”

 Fortunately, there are many proven strategies for standing out in a sea of For Sale signs.

First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial.

Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible.

In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet.

Finally, be as flexible as you can be when scheduling viewings and open houses. Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighborhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers.

Looking for help selling your Calgary home quickly and for the best price? Call today!

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Will an Open House Help Sell your Home?

Friday, March 10th, 2017

You’ve probably seen signs around the area for Open Houses. You may have even attended a few. These are open invitations for potential buyers to drop by on a certain day and time, to check out the property and get more information. When you’re listing your home for sale, you might wonder whether you’ll need to have an Open House.

To answer that question, you’ll need to consider the pros and cons. Planning and hosting an open house isn’t as easy as it may seem. There’s a lot of preparation involved. In addition, you’ll likely spend hours making your property look its best and you’ll need to be away from your home for a good part of that day.

That being said, an Open House has many advantages.

  • Open houses used to be advertised only by Realtor signs and attracted nosy neighbours but the world has changed. In Calgary open houses can now be advertised through our Realtor system and will get uploaded to Realtor.ca
  • Typically I find about 80% of my open house traffic saw the listing on Realtor.ca and came specifically to view that home.
  • It is important to note that open houses typically cater to the people who are in the beginning stages of their search and have not yet hired an agent to represent them.  If they are wowed by your home this often speeds up their buying timeline.
  • It helps showcase features of your property that may not come across well in advertisements and listing descriptions.
  • It attracts potential buyers who, for any number of reasons, might not otherwise call to view the home.
  • It generates a buzz and publicity about your listing.

When I get asked this question my answer is “Don’t know if it will help it sell your home but it certainly cannot hurt.  Having said that the final decision is always left up to the client.

PS: As I write this I can also tell you that last weekend I sold a home where the buyer was introduced to the home at an open house so it can work!

For more info on Open Houses contact us

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Important Things to “Fix Up” before Selling

Friday, March 10th, 2017

Why is this critical?

Home buyers do not typically know anything about repair costs so they pull a number out of the air making sure that number is high enough – their estimate is always high and usually extremely high.  An Example, and I see this everyday is – the carpet in your living room is badly worn, cost to replace might be $2000.00, many buyers will use a number like $10,000 and will deduct that from your list price. So it’s your choice invest $2000 up front for lose $10,000 off the sales price.

When you’re preparing your Calgary home for sale, it’s not unusual to need to fix up a few things around the property. After all, you want your home to look its best to buyers, so that you get good offers, quickly. The longer your home sits on the market the less it will sell for.

What do you need to fix?

Here are three categories that will help you create and prioritize your list

Anything that squeaks or creaks – Is there something in your home that makes a noise it shouldn’t be making? Perhaps it’s a rattling closet door or a creaking floor board? You may be so used to it you no longer notice the sound. But buyers will. Be sure to get those items fixed.

Anything that’s unsightly- You don’t have to make your home look perfect. However, things that are unsightly will likely get buyers’ attention. You want them to focus on the terrific features of your property, not the scuff on the wall.  Take a walk through your property, including the yard. Pretend you’re the buyer. Do you notice anything that doesn’t look good? If so, tidy it up, fix it up or replace it.

Anything that’s broken-  If there’s anything that needs repair — an outside tap that’s not working, or a sliding door that regularly careens off its runner — call the contractor or fix it yourself.

Getting these items fixed will go a long way toward making your home appealing to buyers.

If you are in need of some professional help we are happy to connect you with Calgary contractors our clients have been happy with. Contact us!

Want more tips on preparing your home for sale? Contact us today.

 

 

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