Crystal Tost (403) 264-7653

Calgary Real Estate Market Info

November sales in Calgary Real Estate up 15% over last year

Nov 2017 Calgary real estate stats

When more mortgage rules were announced for uninsured mortgages last month, I thought it might precipitate a spike in real estate sales in Calgary.  People just don’t want to pay higher interest rates, and with the threat of new buyers being forced into homes in a lower price bracket, and in a neighbourhood they didn’t want to live in, people reacted.

The November 2017 stats were released on Dec 1 by the Calgary Real Estate Board (CREB) showing that sales are up 15% over November 2016 - proving my point.  Real estate sales were up to 1,411 units, with improvement in numbers across the board.  The majority though were in homes priced under half a million dollars.

Why Sales Are Moving...

Calgary Home Owners Warned About Deadly Radon Gas

radon-entering-calgary-home

Your little piece of Calgary real estate could quietly be killing you.

The soil on the Canadian prairies has some of the highest concentrations of naturally occurring radon gas in the country.  There’s no odour – no taste and no hissing sound as it seeps into your home.  While scientists have been compiling data on the prevalence of radon in Calgary since the 1970s, there is still not enough data to truly give us the whole picture.  But the preliminary findings are enough that every Calgary home owner should take action.

I watched some news stories this week about radon gas in the city and a new campaign called ...

Little change in October 2017 Calgary real estate market

calgary-real-estate-oct-2017

Last month’s Calgary real estate statistics show the market in our city is in maintenance-mode.  No worse and no better when you look at Calgary as a whole.  A little worse in some areas and a little better in some.

The Good News

Starting on a positive note, October was a good month if you are selling a semi-detached home.  Duplexes or “paired homes” as some marketers are starting to call them, have seen the best improvement this year in terms of price gains.  The average price for a semi-detached home was $419,400 which is 3% more than 2016 levels.  Demand is up across the city for semi-detached.  It’s the only product that has experienced...

Canadian RRSP Home Buyers Plan

If you are interested in purchasing a home in Calgary, ( search Calgary MLS Homes for sale) you might want to take advantage of the Home Buyer’s Plan option that has been made available by the federal government. With this plan, you can use up to $25,000 of your RRSP savings to help finance the down payment on your home. Or, if you are a couple that is looking to buy a home in Calgary, you can use your RRSP savings for up to $50,000 toward a down payment. Before you take advantage of this option, however, it is important to understand how to qualify as well as the pros and cons of utilizing your RRSP savings as a down payment on a home. 

How to Qualify to Use RRSP Funds for a Down Payment on a Home 

In order to use your RRSP funds toward a down payment on...

Another Round of Mortgage Rules affect Calgary Homes for Sale

new-mortgage-rules-calgary-homes-for-saleAnother round of mortgage tightening is coming, meaning, more people looking for Calgary homes for sale will be forced to by less house.

It was just announced that the Office of the Superintendent of Financial Institutions (OSFI) will be implementing more stringent guidelines and implementing yet another stress test to make sure new home buyers have enough capacity to replay their mortgages.

This follows on the heels of last year’s new mortgage rules which were also implemented to make sure new home buyers can deal with possible increases in interest rates when renewal time comes.  It reduced the purchasing power of many people in Calgary looking for their first home.

When they come into effect

...

Sept 2017 sales dip in an otherwise better year for Calgary real estate

calgary-real-estate-fall

We just got the stats for September 2017 and sales slipped a little in Calgary real estate last month.  The good news is that we had some good numbers in the first six months of 2017 and this activity managed to boost our year-to-date average up by 7% over 2016.  It’s still 11% under those long-term averages, and I agree with the Calgary Real Estate Board's take on the market – with more listings coming in and sales slowing in this last quarter of the year, we’re going to have to work hard to maintain our optimism!

There was a bump in inventory last month – we were up by 6,861 units – with attached properties and apartment condos setting a record for the highest inventory ever.  That means, from...

Luxury Calgary real estate listings slowly recovering

luxury-calgary-realestate-listings

Fall forecast is for moderate sales and stabilizing prices

I wouldn’t say that million-dollar-plus home buyers are lining up to snap up some premiere Calgary real estate listings, but they’re certainly expressing some sincere interest.

A forecast by one of Canada’s luxury real estate firms has issued some promising statistics though.  Over the summer, there were 112 luxury homes featured in Calgary real estate listings for over $1 million that sold to some pretty special buyers.  Single-family home sales in this sector and some fairly opulent attached home sales (think Altadore or West Hillhurst)...

Government of Canada Announces New Mortgage Qualifying Rules

Government of Canada Announces New Guidelines Affecting Mortgage Qualifying Guidelines 

The Government of Canada has announced some changes to the guidelines affecting mortgage insurance that can have a significant impact on homebuyers and how much they can borrow for a mortgage loan. With these changes going into effect on October 17th, those who are thinking about purchasing a home may want to get the homebuying process started before the new changes go into effect if they hope to increase the housing options that are available to them for purchase. 

Understanding Mortgage Insurance 

According to Canadian federal statutes, mortgage lenders are required to purchase mortgage default insurance for homebuyers who do not make a down payment that is at least 20 percent of the property purchase price. Also referred to as high loan-to-value or high-ratio insurance, this coverage protects the lender if the homebuyer defaults on the loan. Providing the lender with...

Calgary Real Estate Market Statistics August 2016

The Calgary housing market was almost like a tale of two cities during the month of August, with the detached housing market having a much different outcome than the higher-density segments. Nonetheless, sales activity was down overall within the Calgary housing market, with total sales reaching just 1,567 for the month.



Benchmark Prices Show a More Complete Picture

Overall, sales for detached homes fell during the month of August within the Calgary housing market. The number of new listings also declined, thereby stopping the inventory from reaching its previous highs. In turn, this has limited the downward pressure placed on housing pricing within the market. The picture wasn’t quite the same within the attached and apartment sectors, however, with both having recorded inventory levels near to their August...

Calgary Real Estate Market Statistics July 2016

The most recent CREB report has found that sales activity continues to decline in the City of Calgary. Just as the city has continued to struggle in all economic aspects, so has its housing market. This condition has only been further exacerbated by the declining net migration levels within the city.

Slowing Housing Sales

According to the CREB report, housing sales activity in Calgary reached a total of 1,741 units during the month of July. This represents a 12.6 percent decrease when compared to the same time last year, making it the 20th consecutive month in which the city has experienced a drop in year-over-year sales. As the number of unemployed workers within the city continues to grow, the net migration continues to fall and job loss continues to be a problem, the overall state of the housing market has also continued to weaken. 

A Drop in...