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April 16, 2018

New on the Market #6, 177 9 ST NE

Welcome to the Piazza!

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Posted in Just Listed
March 1, 2018

Calgary Housing Stats February 2018

Calgary housing market prices hold, but sales fall 

by CREB for full details click here

City of Calgary, March 1, 2018– Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1,094 units in February, 18 percent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

“Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes,” said CREB® chief economist Ann-Marie Lurie.

“However, it is important to remember that it is early in the process and the impact on prices will ultimately be dependent on the supply response.”

A decline in new listings was not enough to prevent further gains in inventory levels, but it offset some of the impacts of slower sales activity. In the detached sector, activity in the $600,000 - $999,999 range recorded the largest gains in supply relative to sales.

“This is a market where the fundamentals of a sound pricing strategy need to be understood by sellers. At the same time, savvy buyers typically have a clear understanding of how much of a mortgage they can get,” said CREB® president Tom Westcott.

“With all the recent changes, potential purchasers should be obtaining pre-approvals so they understand exactly what they can afford prior to making an offer on a home. It also provides the flexibility in this market.”

Citywide benchmark prices totaled $434,300 in February, which is just above levels recorded last month, but comparable to last years levels. While year-over-year price growth remained relatively stable in both the detached and attached markets, apartment prices remained three percent below last year’s levels. 

Feb. 1, 2018

Calgary Housing Stats January 2018

As expected, Calgary sales activity similar to last year

by CREB click here for the full report

City of Calgary, February 1, 2018 – The new year opened predictably, with monthly figures close to the Januarys of the past three years.

With new mortgage rules and rates officially in effect, sales activity in January remained comparable to last year, as rising sales for attached properties were not enough to offset declines in both the apartment and detached sector. 

Overall January sales totaled 958 units, nearly two percent above last year and 11 percent below long-term averages.

“2018 was kicked off with higher rates and the official implementation of the new mortgage requirements. While it is too early to see the impact of these changes, so far, January levels are consistent with what we saw last year,” said CREB® chief economist Ann-Marie Lurie.

“The recovery will be bumpy, and we will continue to monitor the impact of the lending changes relative to the overall economic climate.”

Stable sales were met with rising new listings, causing further gains in inventory levels and impacting prices. Citywide, unadjusted prices totaled $432,300, 0.21 percent below last month and 0.25 percent below last year’s figures. Prices eased across all product types compared to last month, but price declines were more pronounced in the apartment and attached sectors.

In the detached sector, new listings rose with declining sales activity for the product priced over $500,000. However, product priced between $300,000 and $399,999 saw an increase in activity. This will be an adjustment to the new reality buyers and sellers face, as pockets of the market will experience a mismatch between supply and demand.

“Sellers needs to be aware of the competing supply in the market. This can influence the timing of their decision, along with setting realistic expectations regarding time on the market and selling price,” said 2018 CREB® president Tom Westcott. “For buyers, getting pre-approved for a mortgage is essential, along with getting advice from a REALTOR® to get into a home they will be happy with.” 

Jan. 6, 2018

1078 Shawnee RD SW - Just Listed

1078 Shawnee RD SW - Just Listed! For more information click here

Are you tired of shoveling snow -25C & mowing lawn +25C? Tired no more the HOA will take care of this! Welcome to 1078 Shawnee RD SW worry-free living sought after Fairways Villas South. The HOA will take care of lawn care and snow removal so you may enjoy what’s important, “HAPPY LIFE!” This well-kept walkout villa has one of the largest floor plans. The foyer welcomes you home with soaring ceilings, open concept dining and living area with a rustic double-sided wood fireplace great for entertaining; prepare meals in the spacious kitchen with breakfast nook which leads to the deck with gas bbq outlet; retreat to your huge master suite with sitting areas and private en-suite w/skylight. The developed walkout level offers additional entertaining area, large second bedroom, flex room ideal for overnight guest & a huge utility room for workshop or storage. Past 2 years updates include windows, master bath, deck, lower full bath, hot water tanks, & cork flooring. Worry-free living awaits you. Call 403-836-8208 to view!

Jan. 2, 2018

Calgary Housing Stats December 2017

December sales activity rises again but so does supply.

by CREB. click here for full data report 

Dec. 2017 City of Calgary, January 2, 2018– Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row.

However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.

“Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year.

The gap between detached supply to demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home and caused a late rise in inventory which limited price growth.

Overall, the detached benchmark price in 2017 averaged $504,867, 0.63 percent above last year’s levels.

Challenges continue to face the apartment sector, with elevated supply in the resale market. The new home and rental markets weighed on this sector. The excess supply caused average annual benchmark prices to decline by four percent this year. This is a total annual adjustment of nearly 12 percent since the start of the recession. 

In the attached sector, the first half of the year saw an improvement in sales relative to the inventory levels. This supported stronger price gains in the second and third quarter. However, a late rise in inventory levels took some of the momentum away from price growth. On an annual basis, attached prices totaled $332,325, comparable to last year’s levels.

“This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability,” said CREB®president David P. Brown.

“Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected with a transition from price declines to general price stability in most sectors of the market.” 

Dec. 1, 2017

Calgary Housing Stats November 2017

November marks a rise in sales.

BY CREB

City of Calgary, December 1, 2017 – The November housing market was spurred by a rise in sales, particularly in the lower price ranges. Sales totaled 1,411 units in November, an increase of 15 percent over last year. This is comparable to longer-term averages for the month of November. Improved sales activity occurred in each of the housing segments, with most of the gains occurring in homes priced under $500,000.

“The combination of improved confidence and pending mortgage rule changes have likely contributed to the stronger sales activity this month,” said CREB® chief economist Ann-Marie Lurie. According to Lurie, the last time that sales activity rose to long-term averages for the month was October 2016, when the stress test for high-ratio loans was first announced.

“Moving forward, we will continue to monitor shifts in demand as improving economic conditions should help offset the impact to the housing market after the new lending policy comes into force in January,” said Lurie.

The largest gains in the detached sector were in the $300,000 - $399,999 price range, while the apartment and attached sectors saw the largest gains among homes priced below $300,000.

“We have seen some improvements in confidence with many of our clients. There are some concerns regarding the changes in the lending market, but there is also a significant amount of confusion regarding how it will affect them,” said CREB® president David P. Brown.

“For a lot of buyers, they are interested in taking advantage of the choice in the market at all price ranges.” The rise in sales relative to new listings improved this month, helping ease inventory levels over the previous month and keeping the months of supply relatively stable. However, the amount of supply relative to the sales in the market remains elevated. This continues to weigh on prices.

Citywide benchmark prices totaled $436,700, 0.50 percent below last month, but 0.46 percent above last year’s levels. Both median and average prices recorded a more significant decline compared to last year. This should not come as a surprise, as more sales in the lower price range this year compared to last November would cause a more pronounced drop in average and median prices.   

continue reading...here

Nov. 1, 2017

Calgary Housing Stats October 2017

Status Quo for Calgary's Housing Market

by CREB

Prices remain similar to last year but ease in October.

November 1, 2017– October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories, and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 percent below last month, but comparable to last year. 

“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB® chief economist Ann-Marie Lurie.

“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.” 

continue reading here...

Oct. 2, 2017

Calgary Housing Stats September 2017

The Big Picture

by CREB

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.

City of Calgary, October 2, 2017– Strong gains in the first-half of 2017 have put the Calgary year-to-date sales at seven percent above last years’ levels and 11 percent below long-term averages, but challenges remain with easing sales and rising new listings...Read more

Sept. 1, 2017

Calgary Housing Stats August 2017

Housing recovery a balancing act

Growth in new listings outpaced sales preventing inventory declines

Calgary, Sept. 1, 2017 - Sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated...Read more

 

 

 

Aug. 1, 2017

Calgary Housing Stats July 2017

Housing recovery remains a work-in-progress

City of Calgary, Aug. 1, 2017 – Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year...... read more.