Bank of Canada maintains policy rate, continues quantitative tightening. The Bank of Canada has maintained its target for the overnight rate at 5% and is continuing quantitative tightening. The global economy is slowing, and inflation has decreased.

In the United States, growth remains strong, but it is expected to weaken in the coming months due to past policy rate increases. The euro area has experienced weakened growth and lower energy prices, impacting inflation.

Oil prices are $10-per-barrel lower than assumed in the previous report.

Canada's economic growth stalled in 2023, with a 1.1% contraction in the third quarter. Higher interest rates are constraining spending, leading to minimal consumption growth.

The labor market is easing, and despite rising wages, the overall economic data suggests no excess demand.

The slowdown in the economy is reducing inflationary pressures, contributing to a drop in CPI inflation to 3.1% in October. Shelter price inflation has increased due to faster growth in housing costs.

The Bank's preferred measures of core inflation have been around 3.5-4%. With signs that monetary policy is moderating spending and alleviating price pressures, the Bank has decided to hold the policy rate at 5% and continue normalizing the balance sheet.

The Governing Council remains concerned about inflation outlook risks and is prepared to raise the policy rate further if needed. The focus is on sustained easing in core inflation, balancing demand and supply, inflation expectations, wage growth, and corporate pricing behaviour.

The Bank is committed to restoring price stability for Canadians, with the next rate target announcement scheduled for January 24, 2023.

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New listings in November reached 2,227 units, nearly 40% higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80%, and the months of supply remained below two months.

As of November, the benchmark price was $572,700, up over last month and nearly 11% higher than November 2022. Year-to-date, the average benchmark price has risen by over 5%.

Ready to secure your dream property and capitalize on the market growth? Connect with me to get started!



Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠

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As one of Canada's fastest-growing cities, Calgary is facing a growing demand for affordable housing options, and one solution to this challenge is secondary suites. A secondary suite is a self-contained living unit within a single-family home or a detached accessory building. Secondary suites are an excellent way to increase the availability of affordable housing while also providing homeowners with an additional source of income. However, there are some important legal considerations that homeowners must keep in mind when considering the creation of a secondary suite on their property.

Refer to City of Calgary's newest Bylaw IP2007 for all  Secondary Suites information.

Legal Suites

A legal suite is a secondary suite that has been authorized by the City of Calgary through the proper permitting process. To be considered legal, a secondary suite must comply with all relevant zoning bylaws, building codes, and fire codes. The permitting process involves submitting an application, paying a fee, and meeting specific requirements, including a site inspection and the submission of floor plans.

Legal secondary suites are an excellent way for homeowners to increase the value of their property while providing affordable housing options to tenants. Legal suites also offer the homeowner some protection from liability in the event of an accident or incident on the property. Legal secondary suites are also more attractive to potential tenants, as they offer the assurance that they are renting a safe and compliant living space. The Secondary Suite Registry will help you find whether the suite is legal or not.

Illegal Suites

An illegal suite is a secondary suite that has not been authorized by the City of Calgary through the proper permitting process. Illegal suites are a concern for both homeowners and tenants, as they often do not comply with zoning bylaws, building codes, or fire codes. In some cases, an illegal suite may have been built without obtaining the necessary permits or inspections, or it may have been created by modifying the existing living space in a way that does not meet building code requirements.

Legalizing an existing secondary suite

Illegal suites are not only a safety concern, but they also expose the homeowner to significant liability if someone is injured or harmed on the property. Additionally, if the city becomes aware of an illegal suite, the homeowner may be subject to fines and other penalties. Sometimes they are referred to as a mother in law suite.

Non-Conforming Suites

A non-conforming suite is a secondary suite that was legally established but no longer complies with current zoning or land use bylaws. This means that the suite was legal at the time it was created, but changes to the bylaws or regulations mean that it is no longer in compliance.

For example, a non-conforming suite may have been created before the city changed its zoning regulations around secondary suites, and as a result, it no longer complies with the current regulations. In some cases, a non-conforming suite may be grandfathered in, meaning that it can continue to operate as long as it does not undergo any significant changes or modifications. In other cases, a non-conforming suite may be required to undergo changes or modifications to bring it into compliance with the current regulations.

History using Bylaw 2P80 (pre existing IP2007)

1983 to 2007:
The current bylaws ( Calgary Land Use Bylaw 2P80) ie. a kitchen ( cooking facilities as above, and also sinks, lower cabinets and counter tops) is not allowed in a basement suite.

There are many ways you can determine the age of a suite such as contacting previous owners; interviewing neighbors; judging the age of fixtures, moldings, cabinets, wiring, etc.

The City of Calgary responds to complaints about illegal suites and inspects these properties to see if there is a violation of the Land Use Bylaw. Our development field technicians, through their investigations, determine the date of construction and apply the rules as listed above. If a violation is found, the property owners are required to remove either the full kitchen or just the cooking facilities. If the owners fail to comply, legal action is taken against them. The City of Calgary will not inspect properties for the benefit of lawyers, realtors, or perspective buyers to determine the legal status of a suite, nor will the City give a "letter of comfort" for this purpose. A common misunderstanding occurs with R-2 properties. In order for two suites to exist, the rule states that the property must have a minimum 15-metre frontage AND 466 Sq Metres oflot area.

1970-1983:
The bylaws in effect at that time said the cooking facilities such as a stove, 220 volt wiring, hot plate, microwave oven or toaster oven) were not allowed in a basement suite.

Prior to 1970:
The courts have determined that anything constructed or in use prior to 1970 is considered to be non-conforming.

If you are a homeowner considering the creation of a secondary suite on your property, it is important to understand the difference between legal, illegal, and non-conforming suites. Legal suites offer homeowners and tenants peace of mind, while illegal suites can expose homeowners to significant liability and penalties. Non-conforming suites require careful consideration and may require modifications to bring them into compliance with current regulations.

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If you are renting a property, taking out a tenant insurance policy is an important safety net protecting you and your belongings if certain traumatic events occur. Check out this information on the basics of what is covered, what is not and the average cost per year. 

As a Foreign Seller looking to sell property in Canada, it is crucial to be aware of other significant concerns, in addition to the ongoing discussions surrounding the Foreign Buyer's Ban.

Seller Non Resident of Canada

In the context of a residential real estate transaction in Canada, withholding tax can apply to non-resident sellers of the property. The amount of withholding tax that a buyer of residential real estate in Canada may be required to withhold and remit to the Canada Revenue Agency (CRA) on behalf of a non-resident seller depends on the type of property being sold and whether it was used to generate income.

If the seller is a non-resident of Canada and the property was used to generate income, the buyer is required to withhold and remit 25% of the sale price related to the land value plus 50% of the sale price related to the building value, unless the seller obtains a Clearance Certificate from the CRA. If the property is capital property, meaning it is a personal-use property, such as a cottage or vacation home, and was not used to generate income, the buyer is required to withhold and remit 25% of the gross sale price.

Filing for a Clearance Certificate with the CRA as soon as your property is sold is best to avoid a withholding tax. If the seller applies for and obtains a Clearance Certificate from the CRA before the sale, they can provide it to the buyer, who then does not have to withhold any tax from the sale price. The Clearance Certificate confirms that the seller has complied with all Canadian tax laws and does not owe any taxes.

On the other hand, if the buyer fails to withhold the required amount of tax, they may be liable for any taxes owed by the seller, plus interest and penalties.

A Clearance Certificate is required in a residential real estate transaction in Canada when the seller is a non-resident of Canada. The certificate confirms that the seller has complied with all Canadian tax laws and does not owe any taxes. The Clearance Certificate serves as proof that the non-resident seller has paid any taxes owed to the Canada Revenue Agency (CRA) related to the sale of the property.

Obtaining a Clearance Certificate is the responsibility of the seller, who must apply to the CRA for the certificate after the sale has been completed. The application process can take several weeks to complete, and the seller must provide documentation to the CRA to support the application.

It's important for non-resident sellers of residential real estate in Canada to obtain a Clearance Certificate to avoid any delays or complications in the sale process. It's important to note that the rules and requirements related to withholding tax in residential real estate transactions can be complex and vary depending on the specific circumstances. Sellers and buyers of residential real estate in Canada should consult with a tax professional or lawyer to ensure compliance with applicable tax laws and regulations.

Seller of Underused Housing "Tax"

The Underused Housing Tax in Canada is an annual 1% tax on vacant or underused housing, which came into effect on January 1, 2022. The tax is primarily targeted towards non-resident, non-Canadian owners, although it can also apply to Canadian owners in certain circumstances. It is important to note that failure to file a return for this tax can result in significant penalties, with minimum penalties of $5,000 for individuals and $10,000 for corporations.

If you are a foreign seller of Airbnb properties, you may be required to pay the Underused Housing Tax. The tax applies to foreign real estate owners who do not reside in or rent out their properties. However, if your property has been occupied for at least 180 days in a year, you may be exempt from this tax.

It is also worth noting that detached residential homes with more than 3 self-contained “dwelling units” are automatically exempt from the Underused Housing Tax. Furthermore, if a detached home has at least 4 separate rentable dwelling units with private kitchen, bath, and living areas, it is exempt from the tax even if the rentals are less than one month at a time. However, this exemption only applies to detached homes and not to semi-detached homes, townhouses, or condos.

In summary, as a foreign seller, you need to consider the Underused Housing Tax when selling an underused or vacant property in Canada. If you are unsure whether this tax applies to your property, it is recommended that you seek professional advice from a tax specialist or lawyer.

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Let's turn those dreams into reality! I'll create a personalized home search with notifications so you're the first to know when the perfect listing hits the market. Your dream home awaits!

Jason Streich⁠
Greater Calgary Real Estate⁠
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jason@jasonstreich.com⁠

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On this Remembrance Day, we pause to honor and remember the brave individuals who have sacrificed so much for our freedom and peace around the world.

In the midst of our own challenges, let's take a moment to appreciate the resilience and strength that has carried us through. It's a time to reflect on the importance of unity, gratitude, and the enduring human spirit.

Wishing you a day filled with reflection, gratitude, and the warmth of community.

Connect with me for a stellar referral to a mortgage expert who can make your pre-approval process a breeze! Your home journey starts here.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠

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October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17% higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40% lower than levels traditionally available in October.

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10% higher than last October.


Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠

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Tenants and landlords may terminate a rental agreement for a variety of reasons, such as: the agreement was breached the tenant found another place to live the landlord wants to end the tenancy for a prescribed reason.

Ending a fixed term

A fixed term tenancy ends on the day specified in the rental agreement, unless both parties agree to an early termination. For example, if the fixed term is from January 1 to December 31, the tenancy automatically ends on December 31. Unless the tenant and landlord make other arrangements, the tenant has to move out by noon on December 31.

The landlord or tenant does not need to give notice to end a fixed term tenancy. It is courteous if the landlord or tenant provides a reminder before the end of the tenancy agreement.

Ending a periodic term

A landlord may end a periodic tenancy if:

• the landlord or a relative of the landlord wants to move in - ‘relative’ includes any relative by blood, marriage, adoption or adult interdependent relationship
   
• the landlord agrees to sell the rental premises, all conditions of the sales agreement have been satisfied or waived and the buyer or a relative of the buyer wants to move in
   
• the buyer must ask the landlord in writing to give the tenant a notice to end the tenancy
   
• the landlord intends to demolish the rental premises
   
• the rental premises are a detached or semi-detached dwelling or one condominium unit and the landlord agrees to sell the rental premises and all conditions of the sales agreement have been satisfied or waived
   
• in these cases, the buyer must ask the landlord in writing to give the tenant a notice to end the tenancy
   
• neither the buyer nor the buyer’s relatives have to occupy the rental premises
   
• the landlord is an educational institution, and the tenant was a student at the beginning of the tenancy but is no longer a student
   
• the landlord intends to use or rent the rental premises for a non-residential purpose
   
• If a landlord intends to do major renovations that require the rental premises to be vacant or the landlord intends to convert the premises to a condo unit, the landlord must give the tenant one year’s notice to terminate the periodic tenancy. Major renovations do not include painting, replacing floor coverings, or routine maintenance.

All the infomation published in this blog is from the Alberta Governments site https://www.alberta.ca/ending-rental-agreement.aspx

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Are you searching for the perfect place to call home in Calgary? Hawkwood is where you want to be! Here are 5 compelling reasons why locals cherish life in Hawkwood:

Nature's Paradise: Hawkwood's scenic beauty is a nature lover's dream come true. With Nose Hill Park as your backyard, enjoy endless hiking trails and breathtaking views right at your doorstep.

Family-Friendly Haven: Hawkwood is renowned for its family-oriented atmosphere. Exceptional schools, safe streets, and abundant parks create the ideal environment for your loved ones to thrive.

Community Connection: Hawkwood residents share a tight-knit bond that makes this community truly special. From neighborhood events to friendly gatherings, you'll feel like part of the family.

Accessible Convenience: Enjoy the best of both worlds! Hawkwood offers tranquility and is just minutes away from shopping, dining, and entertainment options, ensuring you have everything you need nearby.

Dream Homes Await: Discover a wide range of beautiful homes in Hawkwood, from cozy starter houses to spacious family residences. Your dream home is right here!

Ready to experience Hawkwood's charm for yourself? Join our welcoming community and find out why we never want to leave!

The journey to finding your perfect property is exciting! From cozy condos to spacious family homes, explore a wide range of options that match your needs. Let's turn your homeownership dreams into reality.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jason@jasonstreich.com⁠ 

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In the competitive real estate market, it's may happen that the listing real estate agent will represent both the seller and the buyer in a transaction, and also, but not commonly, in the case of multiple offer bids. While this practice, known as transaction brokerage or double ending, is allowed under certain circumstances, it's important for buyers and sellers to understand the implications and limitations involved. In this article, we'll explore the concept of agent participation and transaction brokerage in the context of multiple bids.

Agent Participation and Limited Representation:

When an agent represents both the seller and the buyer, they have a responsibility to act in the best interests of both parties. However, it's crucial to recognize that in this situation, the agent's ability to fully represent each party's interests may be constrained. They are prohibited from discussing price or motivation with either client, which can affect their ability to provide comprehensive guidance and representation.

Conflicts and Impartiality:

Due to the limitations imposed by transaction brokerage, conflicts of interest can arise. The agent must navigate these conflicts carefully and ensure they remain impartial throughout the transaction. It's important to note that the brokerage has an obligation to be evenhanded, objective, and impartial in facilitating the transaction, but the agent's ability to advocate for either party may be compromised.

Overrides and Written Instructions:

While transaction brokerage is generally subject to the rules and policies set by regulatory bodies and brokerages, written lawful instructions from the seller can override certain guidelines. This means that if the seller provides explicit written instructions that deviate from the standard practices, those instructions may take precedence.

Maintaining Transparency and Fairness:

In situations where an agent is representing both the buyer and the seller in multiple offer bids, transparency becomes paramount. The agent should strive to provide clear communication, disclose any potential conflicts, and ensure that both parties are treated fairly within the limitations of their role. Buyers should be aware that their interests may not receive the same level of advocacy as in a traditional buyer's agency relationship.

When participating in multiple offer bids where the same agent represents both the seller and the buyer, it's important to understand the concept of transaction brokerage and its limitations. The agent's ability to advocate for each party may be limited, and conflicts of interest can arise. Buyers and sellers should maintain open communication, seek clarification when needed, and be aware that written instructions from the seller can override standard industry practices.

When navigating the real estate market, especially in situations involving multiple offer bids, it's crucial to have a dedicated agent representing your interests as a buyer or seller. While it may be tempting to rely on the listing agent who is already involved in the transaction, there are several key reasons why having your own agent is essential:

• Unbiased Advocacy
• Expert Negotiation
• Market Insights and Resources
• Confidentiality and Representation
• Peace of Mind

 
In summary, having an agent who represents your interests, rather than relying solely on the listing agent, is crucial in multiple offer bid situations. Your dedicated agent will provide unbiased advocacy, expert negotiation skills, market insights, confidentiality, and overall peace of mind. By having someone solely focused on your best interests, you can navigate the real estate market with confidence, knowing that you have a trusted advisor on your side.

If you have any questions or concerns about agent participation and transaction brokerage in multiple offer bids, it's recommended to discuss them directly with your real estate agent. Transparency and open dialogue will help ensure a fair and informed transaction process for all parties involved.

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Look no further! Whether you're a first-time buyer or upgrading your space, finding the right mortgage is essential. Let us connect you with trusted mortgage brokers who'll guide you every step of the way.

Jason Streich⁠
Greater Calgary Real Estate⁠
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Thinking about a new place to call home? Cochrane, Alberta might just be the perfect pick! Here are the top 5 reasons why locals adore living in this picturesque town:

Breathtaking Views: Wake up to stunning Rocky Mountain vistas every day. Cochrane offers unparalleled natural beauty that's sure to take your breath away.

Small-Town Charm: Cochrane combines modern amenities with a warm, small-town feel. It's a place where neighbors quickly become friends.

Thriving Arts & Culture: Experience a vibrant arts scene, from local galleries to live performances. Cochrane's creative spirit knows no bounds.

Outdoor Adventures: Get your heart racing with endless outdoor activities. Hiking, biking, and exploring the Bow River are just the beginning.

Family-Friendly: Cochrane is the perfect place to raise a family. Great schools, safe streets, and an abundance of parks make it a haven for kids.

Ready to experience life in Cochrane? Join us and fall in love with this extraordinary community!