JUST LISTED : 88 Prominence View SW

Bright & well-kept San Francisco-style end unit townhome with double turrets. Surrounded and backing on to a green belt, uniquely situated in Capilano Gardens. Features include a tiled foyer with mirrored entry closet, cherry oak built-ins & cabinetry, rich oak flooring, neutral carpeting & a large south-facing deck with an expansive and very private view.

This two-storey townhouse offers grade-level foyer with access to double tandem garage. The kitchen includes a wall pantry & island, turret-style breakfast nook with a magnificent view, granite countertops and stainless-steel appliances. The open concept living/dining room has a marble-faced gas fireplace and built in bookcases. The main floor also has a 1/2 bath and laundry.

The upper floor has open hall plan with built-in cabinetry, den with large windows, spacious master bedroom retreat with mirrored by-pass doors into a semi walk-in closet, ample 2nd bedroom, plus large 5-piece bath with corner jetted tub.

For more information click here.

For the virtual tour click here.

  

  

Status quo for Calgary’s housing market

Prices remain similar to last year, but ease in October

October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.

October sales and inventories totaled 1,467 and 6,463 units for a month of supply of 4.4. Several months of elevated supply in comparison to demand has weighed on pricing over the past several months. The city-wide unadjusted benchmark price in October totaled $438,900, 0.6 per cent below last month, but comparable to last year.

“While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income,” said CREB® chief economist Ann-Marie Lurie.

“We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery.”

Resale inventory gains occurred in each product type and across most districts in the city. The largest gains were in districts with substantial new development growth.

In the detached segment, the largest number of units added to inventory occurred in the $300,000 – $500,000 price range. This represents nearly 42 per cent of all detached inventory. 62 per cent of the inventory in the city-wide market is priced below $500,000.

“There is far more product availability in the lower price ranges now compared to several years ago,” said CREB® president David P. Brown.

“This provides more options for potential buyers concerned about their purchasing power given all the changes in the lending market.”

The largest monthly price change occurred in the apartment condominium sector which recorded an unadjusted monthly decline of 0.8 per cent, resulting in a 13 per cent spread over monthly highs recorded in 2014.

Despite some recent adjustments, prices in the attached and detached segments remain relatively stable compared to last year.

The BIG Picture

Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.

Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at seven per cent above last years’ levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings.

Inventories rose across all property types to 6,861 units, while both apartment and attached-style properties saw the highest inventory on record for the month of September.

“The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold,” said CREB® chief economist Ann-Marie Lurie.

“Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than expected gains that occurred in the first-half of the year.”

New listings in September totaled 3,266 units, a year-over-year gain of nearly 10 per cent.

“There are several factors influencing new listings. Given the falling prices over the past two years, some sellers were waiting for market conditions to improve prior to listing their homes. More stability in the market has prompted many of those sellers to no longer delay their listing decision,” said CREB® president David P. Brown.

“In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable.”

As of September, unadjusted benchmark prices totaled $441,500. This is 0.2 per cent below last month, but nearly one per cent above last year. Downward price pressure this month occurred across most product types. However, year-to-date benchmark prices in the detached sector remain comparable to last year.

Prices in the detached sector remain relatively stable compared to last year. Condominium apartment prices remain four per cent below 2016 levels and twelve per cent below 2014 highs. This sector continues to struggle with price declines resulting from excess supply as months of supply pushed above eight months.

JUST LISTED : 167 Douglas Woods Hill SE

Welcome to this show stopping family home in sought after Douglasdale.

This open concept home has been recently updated for a polished, modern look. You’ll be impressed as soon as you step inside this gorgeous home. It features hardwood floors, a spacious living & dining room, main floor laundry & a discrete half bathroom. The home opens up into a family room with huge windows and a corner fireplace. Once in the kitchen your eyes are drawn to the details which includes high end cabinets, stainless steel appliances & shining granite countertops.

Upstairs is your extra large dream master suite – a large 4 pc ensuite with corner jacuzzi tub & a walk in closet. There are 2 additional bedrooms & a kids/guest bath up.

The fully finished lower level is ideal for family entertainment. Space includes a supersized recreation room, built in office space, a 4th bedroom & storage space!

The backyard is enormous, did we mention there’s a POOL? The property is well manicured with a large multi-tiered deck. Welcome Home.

For more details click here!

Check out the virtual tour here.

JUST LISTED : 212, 30 Royal Oak Plaza NW

This layout! Welcome to the vibrant community of Royal Oak, where your extraordinary double-master suite awaits. This two-bedroom is uniquely arranged to offer privacy and amenities to two parties, while offering a central living/dining area for entertaining in style, and hanging out in comfort.

The elegant dark maple kitchen features Boshe/LG stainless steel appliances, and the under cabinet lighting complements the glassy black granite counter finish. A full ensuite on one side and a 4-pc bath on the other are both accessed through spacious, walk-through closets.

The in-suite laundry sits discreetly just beside the kitchen/foyer. Along with access to the building’s built in gym and party room, you get an oversize titled parking stall in the heated underground parkade, titled storage locker, and underground bike storage area.

Stroll across the way to find a plaza with ample shopping opportunities, quickly arrive at the LRT and be the first to enjoy the Rocky Ridge Recreation Facility opening in 2018!

For more details click here!

For a virtual tour click here.

JUST LISTED : 409, 59 22 Avenue SW

Discover contemporary condo living in River Grande Estates, and relax into convenience, amenities, and distinct downtown lifestyle.

Two bedrooms and two bathrooms offer everyone comfort and privacy, while 9-foot ceilings, new flooring throughout and attractive, brand new stainless steel kitchen appliances are sure to impress your guests. A huge walk-in closet and a 5-pc ensuite off the master will make you never want to leave home.

There is assigned storage, in-suite laundry and underground parking! No where compares to Mission for restaurants, shopping, transit and fitness opportunities; your lifestyle is about to experience an upgrade. Additional features include underground visitor parking, a car wash, a library and an entertainment room.

What else do you really need!? See it today!

For more details click here!

Housing recovery a balancing act

Growth in new listings outpaced sales preventing inventory declines 

Sales posted a modest gain in August, but a rise in new listings kept inventory levels elevated.

Inventories totaled 6,624 units, where over half were comprised of attached and apartment style properties. While inventories were 16 per cent higher than August 2016 levels, the slight rise in sales prevented further gains in the months-of-supply, which remain just above four months.

“Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels,” said CREB® chief economist Ann-Marie Lurie.

“Unemployment rates remain elevated and job growth is mostly occurring outside the energy sector, slowing the recovery process. Broader economic improvements will be required prior to it translating into substantial improvements in the housing market.”

The second month of higher inventories compared to sales weighed on prices for the month. The unadjusted city wide benchmark price totaled $442,300 in August. This is 0.3 percent below last month, but remains nearly one per cent above last year’s levels. Overall total residential prices remain four per cent below peak levels.

“Buyers have several options in this market, and sellers need to continue to be realistic regarding the price they expect to receive for their home,” said CREB® president David P. Brown.

“While some of the buyers are re-entering the market, they are also considering all of their options prior to making a commitment.”

The pace of growth in detached sales has closely matched new listings this year. However, inventory levels continue to remain at 3,280 and months of supply pushed up to 3.32. Recent gains in months-of-supply prevented further gains in prices this month. Detached prices totaled $510,900 in August. This is slightly lower than last year, but 1.5 per cent above last year’s levels.

With over seven months-of-supply, the excess supply continues to weigh heavily on the apartment condominium sector. As of August, the benchmark price totaled $263,300. This is one per cent below last month and three per cent below last year’s levels. Downward price pressure in this sector is expected as supply levels remain elevated in the new, resale and rental market.

JUST LISTED : 88 Patina Point SW

Absolutely delightful breakfast nook encircled in bay windows? This is not your average condo! This unit meets everyone’s needs with two enormous bedrooms and two and a half bathrooms. The master ensuite bathroom features an incredible steam shower! The unique aesthetic choices like the clean white walls throughout and the driftwood-stained hardwood in the living and dining area up the style and polish for a truly unique, contemporary atmosphere. Enjoy all the modern comforts in this home; a Sub Zero fridge, Jenn-Air built-in self-cleaning oven, stone-faced gas fireplace, double tandem garage, and more than necessary storage. Relax in the sun on your two decks with mature landscaping and incredible unobstructed views. This unit’s architecture is rare and exceptional– just like you! A few minutes from public transit and a short ride to the mountains – discover your new home and the desirability of Patterson.

Check out the virtual tour! And for more details click here.

Mid-Year market update shows stability

CREB® forecasts a process of recovery for the remainder of 2017

The first-half of 2017 marked a shift in Alberta’s economy from recession to recovery, with conditions supporting stability rather than expansion.

“Economic challenges continue to exist, as high unemployment rates, weak migration levels and more stringent lending conditions are weighing on the housing market,” said CREB® chief economist Ann-Marie Lurie.

“This will continue to cause some adjustments in the housing market for the remainder of this year. However, this is not expected to offset earlier gains supporting general stability in 2017.”

Resale sales activity is expected to total 18,401 units in 2017, a 3.3 per cent improvement over last year. The pace of growth is slightly faster than originally anticipated, due to the stronger growth that occurred in the first half of the year.

“We saw many of those consumers who delayed any purchasing decisions willing to re-enter the market as concerns regarding the economy eased,” said CREB® president David P. Brown.

“More potential buyers on the market helped move some of the product in inventory and started to create some price stability.”

Improvements in the supply demand balance, primarily in the detached and attached sector, caused prices to start to trend up. Demand growth through the remainder of the year is expected to ease relative to inventory levels. This should prevent further substantial shifts in pricing. Overall, annual city wide prices are expected to remain at levels comparable to last year.

Despite generally improving trends, difficulties continue to exist in the condo-apartment ownership market. Rising sales cannot keep pace with the growth in new listings, keeping supply levels high and placing continued downward pressure on prices. This area of the housing market will likely continue to face challenges well into next year, as it will take time to absorb additional inventory in the resale, new and rental markets.

“Improvements in the labour market are supporting the shift in the housing market this year. However, activity over the past two years was amongst the weakest we have seen since the financial crisis,” said Lurie.

“While the shift is welcome news for many, we continue to expect that process of recovery will be slow and dependent on the property type and location within the market.”

For more information, please give me a call!

June spells a gradual recovery

Stable prices in detached sector signal balanced conditions despite increased inventory

Calgary’s housing market in June saw a modest improvement in sales along with an increase in new listings.

However, demand gains have not kept pace with the amount of new listings coming onto the market. This caused inventory levels to increase to 6,659 units, which is 11 per cent higher than last year’s levels.

Despite the recent shift in inventory this month, second quarter activity continues to demonstrate improved supply-demand balance and price stability. City wide benchmark prices totaled $441,500 in June. This is a 0.5 per cent gain over last month and nearly one per cent higher than last year.

“The supply gain this month will be monitored. However, on a quarterly basis, inventory levels remain comparable to last year, sales have improved and there have been modest price gains. All of this remains consistent with expectations of a gradual recovery,” said CREB® chief economist Ann-Marie Lurie.

Year-to-date residential sales in Calgary totaled 10,322 units, which is 12 per cent above last year’s levels. New listings increased by three per cent over the same time period.

Overall, both the sales-to-new listings ratio and months of supply have trended down this year. This signals more stable pricing in the housing market this year.

“While there were many buyers waiting for lower prices to step into the housing market, there were also many sellers waiting until prices stabilized before listing their home,” said CREB® president David P. Brown.

“Some of this recent growth in listings will help provide more choice, particularly in the detached market where market conditions had significantly tightened over the past few months.”

Detached inventories and sales totaled 3,224 and 1,385 units, for a month of supply of 2.3 in June. Despite the recent rise in supply, over the first half of this year inventories have averaged 16 per cent below last year’s levels while sales are 13 per cent higher, keeping this segment in more balanced conditions.

While activity is also improving in the attached segment of the market, resale activity in the ownership of apartment-style product continues to face challenges with weak sales relative to listings and rising months of supply.

As of June, the unadjusted benchmark price for an apartment style product totaled $265,800. This is nearly four per cent below last year’s levels and 11 per cent below recent highs.