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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CREB^® has released its Q2 2023 Housing Market Report. The report highlights a dynamic real estate landscape in the City of Calgary, showcasing strong trends in sales, demand and pricing.

As expected, sales activity has slowed from last year’s record-breaking pace while staying stronger than long-term trends. What was not expected was the robust demand in the higher price segments of the market despite higher lending rates.

However, the robust demand is met with a shortage in supply. Housing inventory levels have remained notably low across various segments, encompassing the resale, new home, and rental markets. Despite relatively strong new home starts, these have not been sufficient to alleviate inventory constraints, primarily due to the influx of migrants. Resale supply has also encountered unexpected challenges, as higher lending rates and limited choices in supply have deterred existing homeowners from making changes.

The prevailing shortage in supply has contributed to the continuation of tight market conditions, which has led to stronger-than-expected price growth across all property types in the city. This steady appreciation in prices throughout the year has effectively offset declines observed in the latter half of 2022, ultimately resulting in new record-high prices.

For the full report, please download CREB^®’s Q2 2023 Calgary & Region Quarterly Update Report here.

With a proven track record and market insights, I can help you get the best value for your property.

Quick Fact: Upgrading your kitchen and bathrooms is a smart investment when selling your Calgary home, as it can significantly increase its resale value!

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Where you can optimize your work environment with ergonomic furniture, harness the power of natural light near your desk, and boost your efficiency by regularly decluttering!

Useful Tips:

Ergonomic Setup: Invest in an ergonomic chair and desk to maintain good posture and reduce strain during long working hours.

Natural Light Boost: Position your desk near a window to harness natural light, enhancing focus and mood.

Declutter Regularly: A tidy workspace enhances productivity. Take a few minutes each day to declutter and organize.

I am sharing with you some strategies on how to start the process of downsizing a home, whether it is yours or loved ones. I am also offering a reminder to use those “good” items you had set aside as well as parting with those you only kept out of guilt. You are worth it!

The Serene Bedroom, a tranquil sanctuary where you can optimize your sleep environment, establish a relaxing bedtime routine, and maintain a minimalist ambiance for a peaceful atmosphere!

Useful Tips:

Optimize Sleep Environment: Invest in comfortable bedding, control room temperature, and reduce noise and light for a restful sleep.

Limit Screen Time Before Bed: Establish a relaxing bedtime routine, avoiding screens to improve sleep quality.

Keep it Minimal: Clutter can lead to a cluttered mind. Keep the bedroom simple and organized for a calming atmosphere.

Share your favorite bedtime ritual that helps you unwind!

Rising rates had little impact on sales this month as the 2,647 sales represented a year-over-year gain of 18%, reflecting the strongest July levels reported on record.

The record-setting pace has been driven mainly by significant gains in the relatively affordable apartment condominium sector.

Despite recent gains, year-to-date sales have declined by 19% over last year. In line with seasonal expectations, sales and new listings trended down compared to last month.

However, this had minimal impact on inventory levels, which remained near the July record low set in 2006. With a sales-to-new-listings ratio of 82 per cent and a months of supply of 1.3 months, conditions continue to favour the seller.

In July, the unadjusted total residential benchmark price reached $567,700, marking the seventh consecutive monthly gain. Prices are now over four per cent higher than the previous peak in May of 2022.

Contact me today to schedule a discussion and explore the best strategies for maximizing your selling success.

Thinking of selling your home in Calgary? Let me help you make the process smooth and profitable! I'm here to help you navigate the current real estate market you every step of the way.

Quick Fact: Did you know that Calgary's real estate market has been experiencing a steady increase in demand, making it a great time to sell?

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The Functional Kitchen, where you can streamline your cooking process with organized zones, elevate your culinary experience with quality utensils, and create a clean, inviting space!

Useful Tips:

Organize with Zones: Group items based on their use (e.g., cooking, baking, prep) to streamline your workflow and save time.

Invest in Quality Utensils: High-quality knives and cooking tools can make meal preparation a breeze and last for years.

Keep it Clutter-Free: Minimize countertop clutter to maximize workspace and maintain a clean, inviting kitchen.

When it comes to property rights and distribution, many people are aware of the laws that apply to married couples. However, for common law partners in Alberta, know the law. It is crucial for individuals in common law relationships to understand the importance of having agreements in place regarding property and its distribution. This blog post will highlight the significance of such agreements and the potential implications of not having them.

The Family Property Act in Alberta:

The Family Property Act, in effect in Alberta, addresses property division for common law partners. Under this act, the court has the authority to make a distribution of property between the spouses or adult interdependent partners based on the following factors:

Exempted Property: Certain types of property, such as gifts, inheritances, and property acquired before the relationship began, may be exempt from distribution.

Valuation Date: The value of the property to be distributed is determined as of the trial date, unless a written agreement states otherwise.

Just and Equitable Distribution: The court considers various factors, as outlined in section 8 of the act, to determine a fair and equitable distribution of property.

Income and Acquired Property: Property acquired by a spouse or adult interdependent partner during the relationship, including income derived from the original property, may be subject to distribution.

Importance of Agreements:

Having clear agreements in place regarding property rights and distribution is crucial for common law partners in Alberta. Here's why:

Protection of Individual Interests: A written agreement allows partners to define and protect their individual property interests. It can outline which properties are individually owned and which are jointly owned, reducing potential disputes in the future.

Control over Distribution: With an agreement, partners have control over how their property will be distributed in the event of separation. They can specify the division of assets and debts, ensuring a fair and mutually agreed-upon outcome.

Avoiding Legal Complexities: Without a written agreement, the court will rely on common law principles to determine property division. This can lead to complex legal proceedings and uncertainties about the outcome, potentially causing stress and financial burden.

Addressing Contributions: Agreements can address the contributions made by each partner during the relationship, whether financial or non-financial. This ensures that contributions are considered when distributing property, minimizing potential unfairness.

Clarity and Peace of Mind: By having a well-drafted agreement in place, common law partners can have peace of mind, knowing that their property rights are protected and that they have a clear plan in case of separation.

Common law partners in Alberta should understand the significance of having agreements in place regarding property and its distribution. The Family Property Act provides a framework for property division, but having a written agreement allows partners to define their own rules and protect their individual interests. Consultation with a family lawyer is recommended to ensure that agreements are properly drafted and legally binding. By taking proactive steps, common law partners can establish clarity, protect their rights, and avoid potential disputes in the future.

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The Cozy Living Room, where you can immerse yourself in a relaxing ambiance with soft lighting and scented candles, foster meaningful connections through thoughtfully arranged furniture, and add a personal touch with cherished family photos and artwork.

Useful Tips:

Create a Relaxing Ambiance: Use soft, warm lighting and add some scented candles to make the space cozy and comfortable.

Arrange Furniture for Conversation: Arrange seating in a circular or semi-circular layout to encourage natural conversation and connection.

Add Personal Touches: Decorate with family photos, artwork, or souvenirs to make the living room uniquely yours.

Did you know that Calgary is a vibrant hub of arts and culture? Explore the diverse range of galleries, museums, and theaters, where you can immerse yourself in captivating exhibitions, world-class performances, and thought-provoking displays. Discover a city that celebrates creativity!

Calgary thrives as a dynamic center for arts and culture, offering an array of enriching experiences for art enthusiasts, theater lovers, and history buffs alike. The city embraces creativity and provides numerous venues and events that showcase the rich cultural tapestry of the region. Here's a closer look at what makes Calgary a true haven for arts and culture aficionados:

Galleries: Calgary is home to a vibrant gallery scene, with a wide range of spaces that showcase local, national, and international artists. Explore the contemporary works at the Glenbow Museum, delve into Indigenous art at the remarkable Esker Foundation, or visit smaller galleries that highlight emerging talents. You'll be captivated by the diverse range of artistic expressions and thought-provoking exhibitions.

Museums: Immerse yourself in Calgary's history, culture, and natural heritage through its remarkable museums. The Glenbow Museum, in addition to its gallery displays, offers extensive collections that delve into Alberta's rich past. Discover the wonders of science at the TELUS Spark Science Centre or explore the fascinating world of aviation at the Aero Space Museum. Calgary's museums provide unique insights into the region's past, present, and future.

Theaters: Calgary's theater scene is alive and thriving, offering a wide range of performances that cater to diverse tastes. The iconic Arts Commons complex is home to several theaters hosting world-class productions, from captivating plays and musicals to cutting-edge contemporary performances. Catch a show at the Vertigo Theatre, Theatre Calgary, or Alberta Theatre Projects, and be prepared to be moved, entertained, and inspired by the incredible talent on stage.

Festivals: Calgary bursts with energy during its numerous festivals celebrating arts, culture, and music. The Calgary International Film Festival attracts filmmakers and movie enthusiasts from around the globe, showcasing an impressive lineup of independent and international films. The Calgary Fringe Festival presents bold and boundary-pushing theater performances, while the Calgary International Children's Festival delights young audiences with interactive and engaging shows. With festivals spanning various artistic disciplines, Calgary ensures there's always something exciting happening on the cultural calendar.

Music: Calgary's music scene is a harmonious blend of genres, with live performances happening in venues large and small. From the world-renowned Calgary Philharmonic Orchestra, which captivates audiences with its stunning symphonic performances, to local indie bands and emerging artists taking center stage at intimate venues, the city offers a diverse range of musical experiences. Don't miss the Calgary Folk Music Festival, where the sounds of folk, roots, and world music fill the air against a stunning natural backdrop.

Calgary's commitment to arts and culture is evident in its multitude of galleries, museums, theaters, and festivals. It's a city where creativity thrives, and where both artists and audiences can indulge in the transformative power of the arts. Whether you're seeking visual inspiration, captivating performances, or a deeper understanding of the city's heritage, Calgary offers a cultural landscape that is sure to ignite your imagination and leave you with unforgettable experiences.

Come and discover Calgary's vibrant arts and culture scene. Let the city's creativity enchant you and open your mind to new perspectives and boundless possibilities.

The Bank of Canada implemented a 0.25% increase in its target for the overnight rate, bringing it to 5%. This adjustment signifies a shift towards a more restrictive monetary policy with the objective of addressing inflationary pressures.

Mortgage costs for individuals with variable rate mortgages will see a rise. The mortgage rate for variable rate mortgages and secured lines of credit will increase by 0.25%, translating to an additional approximate monthly payment of $16 per $100,000 borrowed.

Global financial circumstances have become more restrictive, with bond yields on the rise in Canada, the US, and Europe. This trend has been influenced by major central banks indicating the necessity for additional interest rate hikes as a measure to tackle inflation.

Elevated bond yields have resulted in an upward movement in all fixed mortgage rates. This presents a difficulty for individuals with maturing mortgages, as they will face the task of renewing their mortgages at significantly higher rates.

The economy has exhibited stronger-than-anticipated growth, especially in the United States, which serves as Canada's primary trading partner. Although global inflation is showing signs of easing, persistent and resilient inflation is being fueled by strong demand and tight labor markets.

Take action today and secure your financial future. Reach out for a referral if you're in need of a fantastic mortgage broker who can help you make the right decisions and find the best mortgage options tailored to your needs.

The housing market in Calgary witnessed a surge in apartment condominium sales, setting a new total residential record with 3,146 sales achieved in June. 

Although year-to-date sales are currently 23% lower than last year, they remain significantly higher than pre-pandemic levels.

Notably, there has been a positive trend in new listings, providing relief and a monthly increase in inventory levels.

However, despite these improvements, the inventory for June stood at 3,458 units, marking a decline of over 36% from last year and reaching the lowest levels for June in nearly two decades.

With a supply of just over one month, the current market conditions continue to favour sellers, placing upward pressure on home prices.

In June, the total residential benchmark price reached $564,700, representing a monthly unadjusted gain of 1% and 4% higher than last year's levels.

Ready to unlock your winning plan in the thriving Calgary housing market?

Contact me today to schedule a discussion and explore the best strategies for maximizing your selling success.