July Market Stats for Calgary

Thu, 02 Aug by sheldonzacharias

City of Calgary, August 1, 2018 –

Recent struggles in the job market, accompanied by yet another interest rate increase, is piling on to the decisions potential purchasers have to make in the housing market.
The month of July saw 1,547 units sold in Calgary, nearly five per cent below last year. New listings eased to 2,964 units, causing inventories to total 8,450 units. With more supply than demand, prices continued to edge down, with a citywide average of $435,200. This amounted to a month-over-month price decline of 0.30 per cent and year-over-year decline of 1.89 per cent.
“Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates,” said CREB® chief economist Ann-Marie Lurie.
“Also, the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale homes in the city. At the same time supply remains high and is resulting in an oversupplied market.”
Citywide months of supply have risen for each property type and currently range from nearly five months in the detached sector to seven months in the apartment sector. These elevated levels have been placing pressure on prices in the city.
Detached benchmark home prices totaled $501,300 in July, down 0.4 per cent from last month and over two per cent from last year’s levels. Year-to-date average benchmark prices in the detached sector remain just below levels recorded last year.
The apartment ownership sector continues to see the steepest declines, with year-to-date benchmark prices averaging $257,343, three per cent below last year and nearly 14 per cent below 2014 highs.
“In a buyers’ market, it’s critical for all parties to have the most up-to-date information to make a fully informed decision, whether you are buying or selling,” said CREB® president Tom Westcott.
“A REALTOR® can help make an accurate determination on how much to sell a home for or how much is too much when purchasing one.”

HOUSING MARKET FACTS
Detached
Oversupply issues continue to worsen in each district of the city compared to last year. However, compared to historical conditions, conditions today remain better than in 2016 in both the West and City Centre districts.
Year-to-date, the West and City Centre areas have recorded prices higher than last year’s levels and continue to edge towards price recovery. Benchmark prices in the West have averaged $733,329 this year, comparable to previous highs.
City Centre benchmark prices have averaged $693,243, nearly three per cent below previous highs. Most districts have recorded detached prices that remain over four per cent below previous highs.
Apartment
Easing new listings in the apartment condominium sector have prevented any further gains in the amount of inventory in the market.
Supply levels remain elevated compared to sales, keeping year-to-date prices three per cent below last year’s levels and nearly 14 per cent below previous highs.
Citywide inventory levels remain just below last year. July inventories edged down in the North East, North, North West, South and East areas of the city compared to the previous year.
Levels remain elevated by historical standards, but any reductions in inventory can help reduce oversupply.
Attached
Like the other sectors, attached sales have been easing this year, with 2,225 sales this year representing a 15 per cent decline over the previous year.
Gains in new listings pushed up inventory levels and months of supply compared to last year.
Citywide year-to-date semi-detached prices have eased by nearly one per cent compared to last year. Benchmark price changes have ranged from a three per cent decline in the North West district to a six per cent increase in the South district. Despite the annual gain this year in the South district, semi-detached prices remain nearly five per cent lower than that district’s peak.
Year-to-date benchmark row prices have increased on a citywide basis due to gains in the City Centre, North and North West districts. The annual gain is a positive move towards recovery, but row prices remain well below previous highs in every district of the city.

REGIONAL MARKET FACTS
Airdrie
2018 Airdrie residential sales have totalled 732 units so far, which is 11 per cent lower than the same period last year. Sales are at the lowest level when compared to the same period in the past six years.
Year-to-date new listings remain just above last year’s levels, totalling 1,600 units and reaching a new peak when compared to the same period in previous years. Total inventories in Airdrie have averaged 544 units this year, approximately 100 units higher than the same period in 2017.
The rise in inventory, combined with easing sales, has caused months of supply to average over 5.2 months for the year, impacting prices.
Detached benchmark prices have averaged $372,386 so far this year. This is 1.29 per cent lower than in 2017.
Cochrane
Year-to-date residential sales in Cochrane totalled 380 units. Compared to the same period in 2017, this number has declined compared to last year. However, total sales continue to be above long-term averages and levels during 2015-16.
New listings are also at historical highs and have reached a new peak of 862 residential units. This has pushed year-to-date average inventory levels up to monthly levels of 390 units and causing months of supply to average six months for this year.
Despite gains in supply on the market, detached benchmark prices in Cochrane remain relatively stable. Year-to-date detached prices averaged $425,714, just above last year but still nearly four per cent below peak levels.
Okotoks
Total residential sales in Okotoks have totalled 320 units so far in 2018. A decline over the previous year and below long-term trends.
New listings remain elevated and comparable to periods in previous years. This has kept inventories at near-record levels, with year-to-date average levels being totalling 248 units.
Months of supply have averaged 5.4 months this year, higher than historical standards. However, the elevated levels have not prevented prices from starting to recovery.Overall, year-to-date detached benchmark prices have averaged $436,786 this year, just above last year but nearly three per cent below peak levels.

The hidden Deal Killer!!

Fri, 25 May by sheldonzacharias

How’s your poop chute?? Home buyers and sellers often fail to check their under ground sewer line. Over years the lines can deteriorate and be damaged by tree roots and other factors! It can cost $5,000 to $30,000 to rectify. Don’t get caught by surprise. Include a sewer line camera inspection on any house purchase as a condition. Lucas Kirsch and his team at 20/20 Master Home Inspections has supplied us with this video of a bad sewer line video done with their technology on a recent home inspection.

Low cost ways to improve your home’s interior

Tue, 10 Apr by sheldonzacharias

Low cost ways to improve your home’s interior

When it comes to the sale of your home, it is the little things that can go a long way to increasing the price you will receive. Most buyers respond positively to a clean, clutter-free home that is in good condition. The more effort you put into the appearance of your home, the more likely you will receive greater activity and multiple offers.
Over time, we become accustomed to our homes, often overlooking the eyesores and the list of honey-dos that were never completed. Clutter accumulates. We think nothing of the low light and the pale and cracked paint.
An unbiased opinion is a wonderful idea. A Real Estate Professional has the knowledge and experience to know where you can improve your home. At the same time, he or she is familiar with other homes in your neighborhood. He or she is familiar with repairs that should be completed. Your Real Estate Professional can recommend larger items to complete, such as painting, flooring upgrades and the like. However, there are numerous smaller, inexpensive things you can do to greatly improve the showing of your home. With a little elbow grease, and a little creativity, it is easy to keep your home in prime showing condition.
Prior to the listing, have a garage sale. The rule is “less is better.” Clean. Organize. Discard. Donate. Pack all that you can. Clean out closets and storage areas. Donate old clothes and furniture to local charities. This will create a sense of greater space — and mean less to move. What about all those books and magazines that you don’t want? Perhaps you can donate them to a local library, hospital or charity.
Set the stage. Take full advantage of the areas in your home. Set the table with your best china. Create warmth and coziness in the living room, with a crackling fire. Put a pair of wine glasses and a vase of flowers on the coffee table in front of the fire.
Eliminate the odors. Buyers respond less favorably to smells. Use cleansers of all kinds to make the home smell fresh, from carpet freshener to potpourri. Deodorize your cat’s litter box. Scoop litter daily. Put cedar chips inside the closets. Use the sense of smell to your advantage by having fresh-baked cookies or other baked goods on the kitchen table. People have both allergies and concerns when it comes to animals. If you have a pet, make arrangements to have it elsewhere when a home is being shown.
Create space. Ensure that all doors, cabinets and drawers open all the way without bumping into anything or sticking. Clean out the entry closet. Move oversized furniture to a storage facility or garage. Entrances to all rooms should have an open flow.
Make the most of your views. Put a screen or a basket of flowers in front of a fireplace if not in use. Make sure there is enough room for visitors to view out the windows. Remove any clutter around window areas. Clean windows.
Create counter space. Store away extra appliances. Put away dish racks, soap dishes and other clutter. Remove magnets from refrigerator.
Aim for netural decor. De-personalize your teenager’s room, the family room or other areas by removing wild posters or items that could be construed as offensive.
Increase the wattage. Pay attention to the laundry room, kitchen and bathrooms. Prior to showing, turn on the lights in every room.
Family photos. Place family photos throughout your home, especially living room, bedrooms, and family rooms.
After you have completed these inexpensive items, stand back. Ask a friend to view your home. What do you feel? Is it warm and inviting? Does it look comfortable and spacious? Is the aroma pleasant? When you create a positive, warm environment it is likely your buyer will feel the same way.

A Bumpy Road to Recovery

Thu, 01 Mar by sheldonzacharias

Calgary housing market prices hold, but sales fall
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 per cent 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 impact of slower sales activity. In the detached sector, one of the largest declines in sales occurred in the $600,000 – $999,999 range, while this price range also recorded gains in new listings.
“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 them flexibility in this market.”
Citywide benchmark prices totaled $434,300 in February, which is just above levels recovered last month, but comparable to levels recorded last year. While year-over-year price growth remained relatively stable in both the detached and attached markets, apartment prices remained three per cent below last year’s levels.

 

Calgary December Stats

Thu, 04 Jan by sheldonzacharias

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 per cent 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 per cent this year. This is a total annual adjustment of nearly 12 per cent 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.” For more information on the 2017 housing market, CREB®’s 2018 Forecast

Cool New Video Technology

Tue, 07 Nov by sheldonzacharias

 

 

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2560 sq ft of dev living space in this energy efficient 2 storey 4 bedroom luxury att. home. Professional designed and decorated. Large front entry opens to large flex room with French doors and massive kitchen with rich generous Maple cabinets and plenty of granite counter space, complete stainless steel appliance package. Living room with corner wall mount gas fireplace. Black walnut floors give perfect accent. 9 ft flat paint ceilings with an array of halogen pot lights. Garden door to extensive deck, hot tub & garage access. Upper level has open extra wide stair case. Master with extra large walk in closet, 5 pce ensuite with frameless rain shower, 2 massage jets, heated floor, quartz top and his/her sinks. laundry on this level with sink, cabinets and floor drain. Two additional bedrooms and 4 pce bath with skylight. Lower level is bright with large windows, Extra large bedroom, 4 pce bath and a beautiful family/media room with built in entertainment unit. Infloor heat is roughed in and ready to go.

 

Newly Rebranded Re/max Hot Air Balloon Takes flight!!

Thu, 12 Oct by sheldonzacharias

Teach an Old Dog New Tricks!

Tue, 26 Sep by sheldonzacharias

One of the nicest things about working with a Brokerage like Remax is the endless learning opportunities it provides. One of these opportunities is Conventions. I have been attending these conventions since 1985 and have made literally hundreds of great new friends that are agents

.

September 20-23 was the Canadian Remax Convention in Winnipeg, Activate 2017. Kristine Liakopoulos, my business associate, and I made the trip down. Winnipeg put on a first class convention and the people there are super friendly. We were picked up at the airport by a young Remax Associate, Vismay Patel. He told us about the city and the business in Winnipeg on the way in, great hospitality.

Our Welcome reception was at the Canadian Museum of Human Rights. What an amazing building, just the architechture alone was stunning, but the content of the museum was both sobering and very interesting.

We had a great night at the Manitoba Club, sponsored by Ed Dale and a great group of agents. What a beautiful old building and first class function. Then off to the Palomino Club where Michael Schween and another group of agents had a fun night for us!

Through out the next two days we had lots of networking and great speakers. Two sessions I really enjoyed were the Technology Upgrades and the Google 2018, both by Noel Nissen from Remax Western Canada.

The whole point of these conventions is to learn new ways to better serve our Clients and make their Real Estate Dreams come true. We like to take every chance we can to Improve our service!!

Give us a call and let us put our Knowledge and innovative marketing to work for you!!

Hello world!

Mon, 23 Jan by sheldonzacharias

Welcome to my new blog! I look forward to sharing new and exciting updates about the Real Estate Market and what is happening around town! Stay tuned for new posts coming soon!

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.