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.