Closet Edit: Twice a year, go through your wardrobe and donate or sell clothes you no longer wear. This helps you maintain a clutter-free closet and ensures you're only holding onto items you love and use.

Under-Bed Storage: Utilize the space under your bed for storage. Invest in containers or bins to store seasonal clothing, shoes, or extra bedding, keeping your bedroom free from unnecessary clutter.

Nightstand Essentials: Keep your nightstand tidy by limiting it to essential items like a lamp, book, and a small tray for personal items. This minimalist approach promotes a serene and organized sleeping space.

August sees record-high sales amidst historic low inventory, pushing prices higher

Thanks to a surge in the condominium market, August sales reached a record high with 2,729 sales. Despite the record levels reported over the past several months, year-to-date sales are still down by 15% compared to last year.

While new listings did improve compared to levels seen this time last year, the sales-to-new-listings ratio remained elevated at 87%, preventing any significant shift from the low inventory situation.

Inventory levels in August dropped to 3,254 units, not only a record low for the month but well below the 6,000 units that are typically available. Low inventory combined with high sales this month ensured the months of supply remained low at just over one month.

The unadjusted benchmark price reached $570,700 in August, representing the eighth consecutive monthly gain. Prices have trended up across all property types, with row-style properties reporting the largest increase.

Detached

Record low inventory levels this month were primarily driven by pullbacks for homes priced under $700,000. While new listings did improve compared to last year, most of the growth was driven by homes priced over $700,000. August sales did improve over last year’s levels. However, limited supply in the lower price ranges has likely prevented stronger detached home sales. Persistently tight conditions drove further price gains this month. As of August, the unadjusted benchmark price reached $696,700. Nearly one per cent higher than last month and over 10 per cent higher than last year's levels. The highest year-over-year price gains occurred in the most affordable regions of the city's North East and East districts.

Semi-Detached

The 236 new listings and 197 sales did little to change the low inventory situation. While inventory levels did remain comparable to last month, they are still 35 per cent below last year’s levels and at record lows for the month. Relatively strong sales combined with low inventory levels have given sellers the advantage. With months of supply remaining exceptionally low throughout 2023, we continue to see upward pressure on home prices. As of August, the semi-detached unadjusted benchmark price reached $623,200, a monthly gain of one per cent and 10 per cent higher than last year. Price growth did range across each of the Calgary districts, but the strongest year-over-year gains were reported in the most affordable districts of the North East and East.

Row

The gain in new listings did little to offset the strong sales activity as the sales-to-new-listings ratio remained high at 94 per cent. This prevented any additions to the inventory and left the months of supply below one month for the fifth consecutive month. The persistently tight conditions placed further upward pressure on home prices. In August, the unadjusted benchmark price reached $413,200, a monthly gain of over one per cent and nearly 16 per cent higher than levels reported last year. Year-over-year gains have occurred across all districts, ranging from 12 per cent in the North West to 29 per cent in the East district.

Apartment Condominium

August sales continue to rise over last month and last year’s levels. Recent gains have caused year-to-date sales to reach 5,582 units, nearly 22 per cent higher than last year’s levels and a new record high for the city. Tight rental markets and relative affordability have driven many purchasers to the apartment condominium sector. At the same time, new listings have struggled to keep pace as the sales-to-new-listings ratio bumped up to 98 per cent in August, causing inventories to ease and the months of supply to drop to one month. The tight market conditions have been placing upward pressure on home prices, and as of August, the unadjusted benchmark price reached $309,100, a monthly gain of over one per cent and a year-over-year gain of over 13 per cent. The City Centre is the only district that did not report a monthly price gain, and prices are still below their previous highs in 2014. This is partly due to better supply/demand balances in the City Centre compared to other parts of the city.

Declutter Your Countertops: Keep your kitchen tidy by clearing off unnecessary items from your countertops. Store appliances and utensils you don't use daily to create a more spacious and organized cooking area.

Use Clear Containers: Store pantry staples like flour, rice, and cereals in clear, airtight containers. This not only keeps your ingredients fresh but also makes it easy to identify what you need, reducing the chances of a messy pantry.

Designate Zones: Create specific zones in your kitchen for different tasks, like cooking, prepping, and baking. Keep related items together to streamline your workflow and maintain an orderly space.

Are secondary suites valuable to a homeowner?

Secondary suites can be valuable to homeowners in the city of Calgary for several reasons: Rental income: By renting out a secondary suite, homeowners can generate additional income to help with mortgage payments or other expenses. Increased property value: Adding a secondary suite can increase the value of a property, making it a good investment in the long term. Flexibility: Having a secondary suite can provide flexibility for homeowners to accommodate changing family needs, such as aging parents or adult children who want to live independently. Improved affordability: With the high cost of housing in Calgary, having a secondary suite can help make housing more affordable for both the homeowner and the tenant. Meeting demand: With the growing demand for rental housing in Calgary, having a secondary suite can make a homeowner's property more attractive to potential renters. However, it's important to note that there are regulations and requirements that homeowners must follow when building and renting out a secondary suite in Calgary. Homeowners should consult with the City of Calgary's Secondary Suites program for more information on the rules and guidelines.

Secondary suites are self-contained living spaces that are located within the same building as a primary residence. In the City of Calgary, secondary suites are allowed in certain residential zones, subject to specific regulations and requirements.

Here are some key things to know about secondary suites in the City of Calgary:

Zoning: In the City of Calgary, secondary suites may be permitted in specific low density residential zones, including R-1, R-C1, and R-C1L. The City has specific guidelines and requirements that must be met to gain approval, and additional regulations or requirements may apply, depending on the specific zoning designation. Therefore, it's essential to adhere to all the relevant regulations and obtain necessary approvals from the City before establishing a secondary suite.

Permitting: In order to establish a secondary suite, you will need to obtain the necessary permits from the City of Calgary. This may include a development permit, a building permit, and potentially other permits or approvals depending on the scope of the project.

Requirements: There are a number of requirements that must be met in order to establish a secondary suite in Calgary. For example, the suite must meet certain minimum size requirements, have a separate entrance, and be located within the primary residence or in a detached accessory building on the same lot.

Safety and Building Code: The City of Calgary has specific requirements related to the safety and building code compliance of secondary suites. This includes requirements related to fire separation, ventilation, soundproofing, and other factors that are designed to ensure the health and safety of occupants.

Property Taxes: Establishing a secondary suite may impact your property taxes, as it may result in a change to the assessed value of your property.

Overall, secondary suites can be a great way to add additional housing options to your property or to generate rental income. However, it is important to be aware of the regulations and requirements that apply in the City of Calgary to ensure that you are in compliance with all applicable rules and regulations.

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