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
“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart.
Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
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
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October sales eased compared to last year’s levels, mostly to slower activity in the detached sector. However, with 1,857 sales this month, levels are still stronger than long-term trends and activity reported prior to the pandemic. Year-to-date sales have reached 26,823 and with only 2 months to go, 2022 will likely post a record year in terms of sales.
New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85% and inventories to trend down. Much of the inventory decline has been driven by product priced below $500,000. While conditions are not a tight as what was seen earlier in the year, with only 2 months of supply, conditions remain tighter than historical levels.
We are also seeing divergent trends in the market with conditions continuing to favour the seller in the lower-price ranges and shifting to more balanced conditions in the upper-price ranges. As of October, prices have eased by 4% relative to the highs reached in May. This is considered a relatively small adjustment when considering price movements in other large cities.
It is also important to note that the October benchmark price is still nearly 10% higher than levels reported last year.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
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When the overnight rate is increased, it becomes more expensive to borrow money. The increased costs of borrowing money are shifted from the bank onto the consumer by increasing the Prime Rate.
Pre-Approvals are likely to decrease.
Fixed-Rate Mortgages remain the same.
Adjustable Rate Mortgages will increase according to the new Prime Rate minus your discount. (Expect information in the mail).
Static Variable Mortgages payments remain the same but a portion of interest paid to the lender will change.
Reach out with your questions anytime. I can introduce you to a mortgage broker who would be happy to go over your options with you and help you find a mortgage that you're most comfortable with.
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
Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.
The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target. The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.
The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
August sales are comparable to the strong levels recorded last year and well above long-term trends for the month. While sales have remained relatively strong, there still a shift towards more affordable options as the year-over-year pullback in detached sales was nearly matched by gains for multi-family product types.
New listings continue to trend down, preventing any supply gains or a substantial shift in the months of supply. Despite year-over-year gains in new listings, the spread between new listings and sales this month narrowed compared to the past three months.
This caused total inventory to trend down and prevented any significant shift in the months of supply. The months of supply in August remained at just above two months, not at tight as earlier in the year, but still below levels traditionally seen this time of year.
For the third month in a row, benchmark prices eased declining to $531,800. While the reduction reflects shifting market conditions, it is important to note that previous gains are not lost, and prices remain over 11% higher than last year.
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
Read Full CREB Market Report
Home Evaluation Form
Search for your home today
SOLD!!!
376 Point McKay Gardens NW, Calgary, AB
MLS#: A1200702
Listed at $685,000 | Sold for $715,000
Congrats to Laura and Tequa on setting a new record for Point McKay!
Jason Streich
Greater Calgary Real Estate
403 807 2204
jstriech@shaw.ca
Home Evaluation Form
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.
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Calgary, AB
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