Challenging economic conditions continue to impact the resale market

City of Calgary, December 3, 2018 –

Sitting below long-term averages, November sales in the city totaled 1,171 units.

For the year so far, sales activity has totaled 15,349 units, a 14 per cent decline over last year and nearly 20 per cent below long-term averages.

“Recent challenges in the energy sector have weighed on consumer confidence over the past month. Combined with weakness in the employment market and further gains in lending rates, this is impacting ownership demand,” said CREB® chief economist Ann-Marie Lurie.

New listings eased by seven per cent in November compared to last year. The adjustment in new listings has helped prevent further inventory gains, with 6,501 units in overall inventory, but levels remain well above the 5,683 units in inventory seen last year and 32 per cent higher than typical levels for November.

“Higher inventories and weaker sales are resulting in buyer’s market conditions and price declines,” said Lurie.

The citywide benchmark price was $422,600 in November, nearly one per cent lower than last month and over three per cent below last year’s levels.

Year-to-date sales have slowed across all price ranges, except product priced below $200,000, which now represents nearly six per cent of all sales. The largest decline in sales has occurred in the $600,000 – $999,9999 range.

“In any market, affordable product is always desirable,” said CREB® president Tom Westcott.

“For buyers, it may mean being able to step into a home that was previously unattainable. It also means that sellers need to be keenly aware what is successfully selling in their neighbourhood and surrounding communities.”

 

HOUSING MARKET FACTS

Detached
  • Detached sales declined across all districts in November. With citywide sales of 679 units, activity remains 21 per cent below typical levels for the month.
  • New listings eased by three per cent compared to last year, due to declines mostly in the North East, North and South East districts. Year-to-date new listings this year have increased in all areas except the North East and East districts.
  • Inventories in the detached sector totaled 3,491 units, 26 per cent higher than last year’s levels. Months of supply sits at five months, well above the three-month typical for November.
  • Detached benchmark prices totaled $486,000 in November, a one per cent decline over last month and a three per cent decline over last year. This is nearly seven per cent below monthly highs recorded in October 2014.
  • Prices have eased across all districts in November. On a year-to-date basis, the largest declines this year have occurred in the North East and North districts. This is likely due to the increased competition from the new-home sector. The districts that remain furthest from price recovery are the North West and South districts.
Apartment
  • Despite year-over-year gains in sales in November, citywide apartment sales have totaled 2,557 units so far this year. This is five per cent lower than last year and 21 per cent below long-term averages.
  • The majority of activity in condos is located within the city centre, representing nearly 48 per cent of all the sales activity.
  • Following years of oversupply, the number of new listings in the apartment sector continues to ease, helping prevent further significant gains in inventories and even contributing to inventory reductions in the South, East and North East districts.
  • Despite some adjustments in inventories, most areas continue to struggle with oversupply, causing further price declines. Price declines this year have ranged from a high of nearly six per cent in the East district to a low of two per cent in both the City Centre and North West districts.
Attached
  • Year-to-date attached sales totaled 3,344 units, a 16 per cent decline over the previous year and 14 per cent below long-term averages. Sales activity eased across most districts except for the North East, where sales remained relatively stable because of improvements in row activity.
  • Overall, rising new listings continue to place upward pressure on inventory levels and the gains have mostly occurred with semi-detached product.
  • Oversupply conditions have weighed on prices. In November, the semi-detached benchmark price totaled $400,700. This is a monthly and year-over year decline of 0.67 and 3.3 per cent, respectively. Recent price declines have caused this sector to erase any of the gains that occurred last year, as year-to-date prices remain comparable to 2017 levels.
  • Row prices have also been edging down, but at a slower pace than semi-detached product. As of November, row prices were $292,900, a 0.2 per cent decline from last month and just over three per cent below last year’s levels. Overall, year-to-date prices remain nearly two per cent below last year’s levels and nearly 10 per cent below previous highs.
Oversupplied market weighs on prices

Oversupplied market weighs on prices

City of Calgary, November 1, 2018 – Elevated inventory levels compared to sales, are causing prices to ease further in Calgary’s housing market.

Citywide benchmark prices totaled $426,300 in October, trending down for the fifth consecutive month and resulting in a year-over-year decline of 2.9 per cent.

“Job growth in this city remains a concern, as unemployment levels remain well above levels expected for this year. Rising costs of ownership also continue to weigh on housing demand,” said CREB® chief economist Ann-Marie Lurie.

“At the same time, housing supply levels are not adjusting fast enough to current conditions, resulting in price adjustments.”

Inventories and sales totaled 7,345 and 1,322 in October. This has resulted in months of supply of 5.6, above levels typical for this month. While some easing in new listing growth will help prevent further inventory gains, inventory levels remain near record highs for the month of October.

“With these types of market conditions, many potential buyers should be able to find the home that they are looking for with well priced listings appearing in certain price ranges,” said CREB® president Tom Westcott. “Sellers need to manage expectations and have accurate data in order to be aware of what is selling in their community.”

For each of the property types, sales activity has improved in the lower price ranges, leaving most of those segments relatively balanced. However, the upper end of the ranges has seen significant gains in supply compared to demand, which is likely having more of an impact on prices in those ranges.

 

HOUSING MARKET FACTS

Detached
  • Detached sales in October totaled 829 units, for an 8.6-per-cent decline, resulting in a year-to-date decline of 15 per cent. This is the slowest level of detached sales since the late ’90s. 
  • Year-to-date, the largest decline in sales occurred in the $600,000 – $999,999 price range, reflecting slow demand coming from move-up buyers.
  • For the second month in a row, new-listing growth eased, helping prevent further inventory gains. However, as this segment remains oversupplied, prices continue to trend down. 
  • Detached benchmark prices totaled $490,200 in October. This is below last month and three per cent below last year. On a year-to-date basis, prices remain one per cent below last year’s levels.
  • As of October, year-over-year prices have eased across all districts, with the largest declines occurring in the North East, North West, South and South East districts. This is likely a result of added competition from the new-home sector. 
Apartment
  • Year-to-date apartment sales have totaled 2,316 units, nearly seven per cent below last year. New listings have also eased by six per cent, helping reduce the amount of inventory in the market.
  • Despite the easing inventories, the months of supply remains elevated at 7 months. 
  • Year-to-date apartment condominium prices have eased by 2.8 per cent and remain 14 per cent below 2014 highs. Declines occurred across all districts, with the steepest declines occurring in the North East, East and South districts.
Attached
  • The attached sector has recorded year-to-date sales of 3,098. This is 15 per cent below last year and 14 per cent below long-term averages. 
  • Meanwhile, despite recent easing in new listings, October inventories are the highest level on record.
  • The oversupply is affecting both the semi-detached and row sectors, which have seen prices trend down over the past 5 months.
  • Year-to-date, row benchmark prices have averaged $298,140 this year, nearly two per cent below last year and nine per cent below previous highs. However, prices have remained relatively flat in both the City Centre and North West districts.
  • As of October, semi-detached prices were $403,400, one per cent lower than last month and nearly three per cent lower than last year. Despite recent declines, year-to-date citywide prices remain relatively flat compared to last year. This was most due to gains in the City Centre, North East and East districts offsetting declines in the North West, South and South East.

REGIONAL MARKET FACTS

Airdrie
  • Airdrie’s housing market continues to experience declining sales and increasing inventory compared to last year. Elevated supply levels have led to downward pressures on the benchmark prices for detached homes. 
  • Total year-to-date residential sales have reached 1,032 units, 11 percent below levels last year. Year-to-date, new listings have remained relatively stable, but remain well above long-term averages. 
  • Year-to-date average inventory levels are 19 per cent higher than. As a result, months of supply have been elevated, and presently stand at six months. This has translated to sustained pressure on benchmark price, with the year-to-date value of detached homes now sitting at $370,880, which is a year-over-year decline of nearly two percent. 
Cochrane
  • Year-to-date, residential sales have declined by 10 per cent, with 530 sales so far in 2018. These levels are comparable to similar periods in the past few years and higher than long-term averages. 
  • At 1,164 units, new listings have reached a historical peak for this period and well above long-term averages. Inventory levels in Cochrane for 2018 have been persistently elevated and are almost 17 per cent higher than the same period last year.
  • This has started to place some downward pressure on prices. However, year-to-date detached benchmark prices have remained relatively stable compared to last year with a benchmark price of $424,900. 
Okotoks
  • Year-to-date residential sales have declined to 428 units in 2018, comparable to levels from 2011 and well below long-term averages. 
  • New listings are elevated at 936 units, which is eight per cent higher than last year’s levels and close to long-term averages. Inventory levels in October remain elevated with 232 units.   
  • Despite gains in the amount of supply compared to sales, Okotoks detached prices have seen some modest gains.  Year-to-date benchmark prices for detached properties totaled $436,660, 1.25 per cent higher than last year. 
Cochrane

JUST LISTED : 28 Glenpatrick Crescent Cochrane

Grab a cone of famous MacKay’s ice cream in Cochrane and then come see this perfect starter home…it even has a mountain view!

 

Warm and inviting, this 3-bedroom duplex is situated on a large pie lot that is entirely fenced. The main floor living room is double the usual size, with a stone-faced corner fireplace and access to the front deck for an evening drink while enjoying those views. Laminate flooring flows through the main floor to a cute white and bright kitchen with pantry storage, the 2pc bathroom and a dining room that opens to the backyard. Upstairs hosts three good sized bedrooms. The master bedroom has a walk-in closet and a cheater door to the main 4pc bathroom, which was recently remodeled. The basement level now homes the laundry, the utility room and a spacious rec room/office.

Cochrane Cochrane

At this price, can you believe that you can have your own double underdrive garage? The yard is a dream for anyone with a green thumb to grow their own veggies or just wants to escape to a private oasis. Escape to Cochrane today!

For more information click here 
Virtual Tour here
Country Hills

JUST LISTED : 108, 26 Country Hills View NW

Affordable stylish living in a cleverly designed, functional condominium in Country Hills! This property is well-planned, perfect for home buyers seeking a maintenance-free lifestyle. This two bedroom and two bathroom property has been designed for entertaining with its large square footage. It also provides you the livability option of having a roommate. There are all the high-end finishings that you would expect in this condo: including a well appointed kitchen featuring stainless steel appliances; new modern laminate flooring; master en-suite with a walk-through closet and a cozy corner gas fireplace. This home has a comfortable yet contemporary ambiance ideal for those seeking versatility to make the space their own.

Country Hills  Country Hills

Sun bathes the entire home with huge south and west facing windows. There is an abundance of storage both in-suite and in a secure enclosed area situated off the large patio. This unit features a unique elevated patio that is adjacent to the living room. Includes one underground heated titled parking.

This is a well-built and well-managed condo. Low condo fees include everything except electricity. This condominium complex is expertly planned to be rich in character, with thoughtful layouts and livability. Located in the community of Country Hills which has charm, character and continues to flourish and grow. It is the perfect location when it comes to convenience and accessibility with all essential amenities nearby. The perfect retreat from your busy lifestyle, away from the hustle and bustle of everyday. Welcome Home.

  

For more information click here
Beltline

JUST LISTED : #208, 1014 14 AVE SW

You don’t have to sacrifice size to experience the best of inner city living! Don’t miss this opportunity to own a fabulous 2 storey townhouse located on a quiet tree-lined street in the heart of the Beltline

This spacious, upper level unit is ideally configured for roommates or a professional couple looking to experience the downtown lifestyle.

Beltline Townhouse Beltline Townhouse

The main floor has an updated kitchen featuring stainless steel appliances, trendy tile backsplash, hands-free faucet and quartz countertops. The upgrades don’t end there, new flooring throughout, renovated bathrooms and a fancy washer/dryer. There are four large south facing windows that let in tons of light during the day.  Evenings will be enjoyed  in front of the fire place. Talk about cozy and yet perfect for entertaining. 

Beltline Townhouse Beltline Townhouse

The top floor features 2 spacious bedrooms and 2 full bathrooms. The master suite has 2 closets and a 4-pc ensuite. Did I mention the body spray shower head?

Beltline Townhouse Beltline Townhouse

The main floor back door leads to a lovely patio and only steps to your indoor garage parking. Walking distance to everything on 17th Avenue!

Visit Live Love Calgary For More Details On This Beltline Townhouse

For the virtual tour click here

Walden Wows Buyers

With so many new communities in South Calgary, it can be hard to decide which one to choose for your family. Developing communities offer newer houses but often lack amenities. And of course, new usually means you have to deal with the dirt of dust of construction. Until now.

Welcome to Walden.

The Genstar community of Walden is located in the city’s southeast and is the perfect blend of modern meets nature. The family-centric neighborhood has been building since 2007 and is nearing completion — meaning your family can enjoy the perks of a newer community without any of the inconveniences. While you can still select a builder and buy a lot, pick a floorplan, and wait nine months to build a house, there is also a select inventory of fabulous existing properties.

Buying an existing home can be a great choice for the young family. These homes are often only a few years old but come with fully landscaped yards — perfect for enjoying backyard barbecues and relaxing after a long day at work.

Walden also features five finished playgrounds and a stretch of walking and biking pathways leading right into Fish Creek Park. This community was designed with its natural legacy in mind, and it shows. Picturesque preserved trees line the walkways and ponds. Unique, modern architecture balances beautifully with natural surroundings.

This community boasts a small-town feel — something to be valued in our ever-growing city. It’s peaceful and friendly but also offers the convenience of walk-able amenities. The neighborhood features a Save-On Foods, Starbucks, Tim Hortons, Shoppers Drug Mart, dentist, doctor, spa, children’s play place, and even a local pub with a fantastic rooftop patio.

These amenities are only the beginning. Walden is one of few communities with easy access to Stoney Trail, Deerfoot and Macleod Trail. Its central location makes Walden an easy choice for commuters.

Relax in your stunning, modern home while your children play safely in your own backyard. Watch the neighborhood kids bike to the local store, stroll the pathways to Fish Creek, teach your child to climb the monkey bars while the wind plays through the trees. It’s all waiting for you in Walden.

Featured Property:

23 WALDEN GR SE

MLS# C4201878

Offered at only $479,900

 

 

 

This immaculate family home sits on a fantastic corner lot on a very private cul-de-sac. Full of upgrades, this home features nine-foot ceilings, upgraded appliance package, granite countertops, engineered hardwood, upgraded sinks and fixtures, triple pane windows, gas line to barbecue, and is Certified Built Green. A large foyer welcomes you and leads to the spacious family room with a modern fireplace, dining area, and chef’s kitchen with stainless steel appliances and a walk-in pantry. The second level boasts a stunning master suite with a walk-in closet and luxurious ensuite, two more bedrooms with walk-in closets, and a huge bonus room with space for a playroom and an office! A custom-built deck overlooks a landscaped and irrigated southwest backyard. Why live with the dust of a tiny plot of dirt when you can move in and enjoy this rare oversized retreat! Parks and pathway systems frame this incredible lot and a school site and major amenities are within walking distance. Property is listed by CIR Realty.

For more information click here. Or check out the virtual tour!

Don’t miss your chance! Call me to see it today!

 

Varsity townhouse

JUST LISTED : #45, 3519 49 ST NW

Location! Location! Location! Immaculate and beautifully renovated multi-level, 875 sqft, 2-bed townhouse in Varsity.

This home features an open living space with bright windows, a warm colour palette & gleaming new floors. The open dining area leads to a private sunny balcony with personal access to the courtyard! The kitchen offers an attractive newer white kitchen with updated glass mosaic tiles. The main floor also has a spacious family room with large windows providing an abundance of natural sunlight.

The lower level offers a large master bedroom with walk-in-closet plus another good-sized bedroom, with big windows. There is also a huge 4-pc bathroom, that is white and bright. This property is complete with in-suite laundry, a large storage room, plus an assigned parking stall close to the entrance.

Condominium amenities include a sauna/fitness room. And condo fees include heat and water/sewer. Perfect for first time buyers and a fantastic opportunity to get into the real estate market, don’t miss out!

For more information check out the virtual tour here

  

  

JUST LISTED : 1204, 2200 Woodview Drive SW

Welcome Home to 1204, 2200 Woodview Drive SW, Calgary!

Quartz Counter tops. Check! Brand new kitchen. Check! Brand new GE Stainless Steel Appliances. Check! Trendy vinyl plank floor. Check! In-suite new laundry. Check! Low condo fees. Check! This place checks all your boxes, and for under $250,000? WOW!

This fully remodeled single-level townhouse is perfect for first time home buyers or the savvy investor. Open the front door and fall in love with the warm and welcoming feel of this home. The open concept living room is beautifully lit with natural light, and the kitchen is a showstopper. White shaker style cabinets, large subway tiles and under mount sink.

The bathroom has faux marble tile surrounding the deep tub and plenty of storage in the vanity.

The master bedroom is huge with a walk-in closet, motion-sensor light and custom built-ins. The 2nd bedroom also has a generous closet with built-ins!

Storage not a problem here, with a pantry and extra space in the furnace room. Did I mention a newer furnace/hot water tank? You’ll be the envy of your friends!

View the virtual tour here

For more information visit here

   

Calgary Home and Garden Show

Calgary Home and Garden Show

In partnership with Renée Huse of DLC Elevations Mortgage, YYC RED SHOE REALTOR will be at the 2018 Calgary Home and Garden Show all weekend providing on the fly real estate market analyses for your property.

 

Ask Me: Monique Morrison, YYC Red Shoe Realtor
Working with a positive outlook, I enhance the real estate experience with an honest, knowledgeable and collaborative commitment to you.  Together let’s find you the perfect place to call HOME.
www.moniquemorrison.com

 

Ask Me: Renee Huse, Mortgage Agent
With access to over 70 different lenders I specialize in offering the most competitive rates and specific advice for your unique mortgage needs. And Bonus! My services are free to you.
www.reneehuse.com

Bring all your questions about your current property, investment property ideas, improvements or just come to chat with us! There will be a great giveaway but  you have to come see us to find out what!

 

Book your appointment time in advance to discuss your home value or get pre-approved for a mortgage

 

DATES/HOURS/LOCATION

Thursday, March 1st Noon – 9pm
Friday, March 2nd Noon – 9pm
Saturday, March 3rd 10am – 9pm
Sunday, March 4th 10am – 6pm

BMO Centre & Corral, Stampede Park

Booth #1208

 

We look forward to seeing you at the 2018 Calgary Home and Garden Show!

Date Night

Calgary – It’s Date Night!

Calgary is AMAZING!

I know, I might be biased – but there is so much to do in our city.  With everything the city has to offer date night should be easy and more than just dinner and a movie. 

How about these cool local date night ideas:

• Live Improv: Loose Moose Theatre 
• Handmade Pasta Making Lesson: The Spice Chica 
• Murder Mystery Dinner: Fort Calgary 
• Sunday Brunch: Monki Breakfast Club
• Drop in Volleyball: Rally Pointe
• Tacos and Bowling: National on 10th
• Escape Room Experience: Level 1 Escape / Escape Capers YYC 
• Surfset Group Fitness: Revolution Fitness 
• Live Music: There are tons of cool places like Ironwood and Wine Ohs

Everyone is different and the more you can personalize the experience the better it will be for both of you.  Remember that they love you  just spending time together and reminding them how important they are to you will win you major brownie points and fill your heart up with joy.

Or, “Netflix and Chilling” always works too  😉