This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
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December sales eased, but slowing sales over the 2nd half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.The pullback in sales was also met with pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available, making it the lowest level of inventory reported for December in over a decade.
Benchmark prices eased to $518,800, down nearly 5% from the peak price in May but almost 8% higher than last December. While prices have trended down annually, they remain over 12% higher than last year’s levels. Overall, the housing market in 2022 generally outperformed expectations both in terms of sales and price growth.
If you or someone you know have questions about how this may impact your home selling or buying decision, send me a message!
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
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The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.
Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).
In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.
While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline.
Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year.
CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%.
Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.
Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
Read Full Report
Home Evaluation Form
Search for your home today
Canmore vacation home values rise 23 per cent to $1.59 million. Meanwhile, the median price of condos in the community rose by just 5.9 per cent to $663,400. It’s a good place to hang your hat with less tourists than Banff.
Read More by Josh Aldrich | Calgary Herald
Your tone of voice and the words that you use can sometimes be the difference in whether a conversation is positive or not. Here are some great books to check out that offer tips on ways you can ensure that your conversations have the best outcomes. What will you start with first?
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
During this time of year, our thoughts are filled with gratitude for those who have supported us in our personal lives and careers. Here are some ideas on how to host an event that extends that gratitude to helping others in need.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
Saving energy saves you money! Buildings, including our homes, account for 18% of Canada’s greenhouse gas emissions. The government wants to help Canadians make where they live more energy-efficient. This means homes will be more comfortable and more affordable to maintain while also supporting our environmental objectives.
The Canada Greener Homes Grant will help homeowners make their homes more energy-efficient, create new jobs across Canada for energy advisors, grow our domestic green supply chains, and fight climate change.
Participants are eligible for up to $5,600 total under the initiative. Updates will be provided over the life of the initiative to keep homeowners informed. As part of our work, we are committed to ensuring Greener Homes reaches diverse Canadians including those living in remote and northern communities and those with limited internet access.
Currently, work is being done on building a diverse network of energy advisors to provide career opportunities to all Canadians and to meet the need of our communities.
For more information please click here
With so many holidays coming up, you’ve probably got some festive plans for your home – once you can track down all your decorations! There’s nothing worse than dusting off the décor only to find the string lights tangled and the baubles broken. To help you avoid this in the future, I’m sharing some hacks for storing decorations so you can hang onto them for longer. Here's how to keep your lights in order, wreaths clean and ornaments in one piece. You’ll never have to worry about replacing your decorations again when you store them smart!
CLICK the image to download the full report!
Moving out of the city or to another province? Time to upsize? These three trends will continue to influence the market as people are spending less time at the office and more time at home.
I hope this post finds you well and healthy as we all continue doing our part in social distancing as new cases of COVID-19 continue to impact the Calgary region. Throughout this year, there have been several hurdles we've all had to overcome as we adjust our lives to a new normal.With that being said, the real estate market has been resilient following a slower than usual second quarter. June and July were the busiest months with 1,747 sales and 1,835 sales respectively.
At the end of September of this year, inventory levels were down when compared to levels in August. This is a good thing because it brings down the number of months inventory is sitting which ultimately begins to strengthen the price. These actions are leading us to the point where we’re beginning to slide into a sellers market.The benchmark price of detached homes is $468,000, which is up 6.1% when compared to Q1 when the benchmark price was $450,000. Overall, the price of homes is up 1.3% when compared to September 2019.
3,237 sales occurred in Q1 and 5,110 sales occurred in Q3, which is an increase of 50% and tells us that people are actively committed to buying and selling. When looking at YTD sales from 2019 to 2020, sales are down by 9.3%. At the end of September in 2019, 12,956 sales had occurred and at the end of September in 2020, 11,747 sales have occurred.
When looking at the bigger picture, I believe sales and inventory are healthy; we will most likely see the price of homes continue to increase and we'll probably end the year with similar sales numbers to 2019.
Overall, the real estate market in Calgary is in a good place and I think it will remain the same for the next little while. I don’t believe things will return to the way they were when COVID-19 was first becoming a prominent force in our lives because we all have a better understanding of how to manage our processes so we can continue to buy or sell homes.
Interested in knowing what your home is worth?
Click here to be redirected to my website where you'll enter your property information. It only takes a few minutes and I will then conduct a Comparative Market Analysis of your home.
Cell 403-807-2204
Fax 403-592-6946
#700, 1816 CROWCHILD TRAIL NW
Calgary, AB
T2M 3Y7
