There seems to be a bit of confusion around age restricted Condominiums.

Condominiums whose age restriction was "Adult" and the stated age restriction was targeting age 18 to age 55 must be in the process of removing this restriction as it was ruled discrimatory. 

Properties with age restriction of 55+ have been ruled acceptable. Going one step further if the 55+ person has an under age spouse or blood relative providing care they can also live on the property. Please click on the attached link for more details. 

https://albertahumanrights.ab.ca/Documents/HRCondominiums.pdf

If you need more information please call anytime. 

Nov. 01, 2022 | CREB

Sales remain stronger than pre-covid levels

City of Calgary, Nov. 1, 2022 – October sales eased compared to last year’s levels, mostly due 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 two months to go, 2022 will likely post a record year in terms of sales.

“Calgary hasn’t seen the same degree of pullback in housing sales like other parts of Canada, thanks to persistently strong demand for our higher density product,” said CREB^® Chief Economist Ann-Marie Lurie. “While our city is not immune to the impact that inflation and higher rates are having, strong employment growth, positive migration flows and a stronger commodity market are helping offset some of that impact.”

New listings also trended down this month causing the sales-to-new-listings ratio to rise to 85 per cent 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 two 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 four per cent 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 per cent higher than levels reported last year.

Detached

Sales growth in the over $700,000 price range this month were not enough to offset the declines in the lower-price ranges, causing detached sales to ease by over 29 per cent compared to last year. Limited supply growth in the lower-price ranges continue to keep conditions exceptionally tight for lower-priced detached homes.

In October, inventory levels for detached homes were under 2,000 units, nearly 35 per cent lower than typical levels reported for the month. Moreover, over 42 per cent of the inventory falls in the upper-price ranges of the market. This is likely creating a situation where pricing trends will vary depending on price range.

Overall, detached prices did trend down relative to last month and peak levels in May but remain nearly 12 per cent higher than levels reported last October. The strongest year-over-year price gains have occurred in the North and South East districts.

Semi-Detached

While sales remain lower than last year’s levels in October, recent pullbacks have not offset gains from earlier in the year and year-to-date sales improved by nearly three per cent. A pullback in new listings relative to sales caused the sales-to-new-listings ratio to push above 80 per cent this month and inventories to ease, leaving the months of supply just over two months.

The benchmark price, while easing slightly compared to last month, remained over nine per cent higher than last year’s levels. Year-over-year price gains have varied from a low of nearly eight per cent in the City Centre to a high of 16 per cent in the North district.

Row

Row sales continue to rise relative to last year supporting a year-to-date gain of nearly 42 per cent. At the same time, new listings this month eased ensuring that the sales-to-new-listings ratio remain exceptionally tight at 106 per cent. Falling inventories and improving sales have ensured this market continues to favour the seller with less than two months of supply. This has also prevented the same adjustment in price.

As of October, the benchmark price was $361,200, less than one per cent lower than the peak achieved in June of this year. Overall, prices remained nearly 15 per cent higher than last year’s levels. The strongest price gains occurred in the South East, North East and North districts.

Apartment Condominium

Apartment sales continue to rise over levels reported last year contributing to the year-to-date increase of over 56 per cent. Improving sales were also met with gains in new listings, but as the growth in sales outpaced the new listings activity, inventory levels continue to trend down. As of October, the months of supply remained just below three months, the lowest level recorded in October since 2013.

In October, the benchmark price was $277,800, similar to last month and nearly 11 per cent higher than last year’s levels. Some of the strongest price gains have occurred in areas outside of the City Centre. Despite persistent price growth, overall prices remain nine per cent below previous highs set back in 2014.

I hope your getting out and enjoying this great weather. 

After what seemed like a VERY LONG painful winter, it’s nice to finally get outside, and soon we will be able to sit with friends and share solitaire confinement stories.

I would like to take a minute and share some market statistics with you. I get a lot of calls these days wanting to know how the market really is.

As of this day there are 6,605 residential properties on the market. This is a bit higher than we are accustomed to.

In the past 7 days there have been 767 (110/day) residential properties Sold in Calgary. This again is a bit higher than the past 2 years. This number has been fairly consistent for the past 6 months.

In the past 7 days there have been an average of 143 properties coming on the market per day, actually lower from where it was.  (Recently was 210 per day).

At this time we are seeing an average of 80 asking price reductions per day. Yes some homes are getting multiple offers, and some are selling at or above asking price, but it is NOT 2006.

Of the 767 properties that sold in the past 7 days, 387 were priced under $450,000.00.

The properties priced between $450,000 and $600,000, there were 210 sold. Properties over $600,000 need to be very well priced.

Of the 6,605 properties on the market for sale, 4,755 of them are priced under $600,000.00. Although this is the segment where the majority of sales are taking place these buyers do have plenty to choose from.

The answer to the BIG question

Should I be selling now ?

Should I be Buying now ?

The answer to both is Yes.

For sellers; there are buyers who are actively buying, 110 sales per day is significant.

For Buyers; there are plenty of properties to chose from.

In my opinion real estate prices in Calgary are far lower than they should be, and over time will undoubtedly go up.

If you would like more detailed information, I would be happy to provide specific information about your home and or community.

Happy Father’s Day, hopefully the forecast is wrong. LOL

January sales signal strong start to 2021

City of Calgary, February 1, 2021 –

January sales were the highest they have been for the month since 2014, as housing market momentum from the end of 2020 carried over into the start of 2021.

Sales activity improved across all product types and across all price ranges.

“Discount lending rates are exceptionally low, which is likely attracting all types of buyers back into the market,” said CREB^® chief economist Ann-Marie Lurie.

“New listings in the market were also slightly higher than what was available over the past two months, which is providing more options to purchasers.”

January’s new listings were 2,246 relative to the 1,208 sales in the market, causing inventories to edge up over December levels. These types of movements are typical for January, but 2021 is starting the year with 4,035 units in inventory. This is far lower than the past six years.

Benchmark prices remained at levels relatively consistent with prices recorded at the end of 2020, but they reflect a year-over-year gain just below two per cent.

Average and median prices recorded higher year-over-year gains, likely due to larger gains in sales in the higher end of the market. Those segments do not have the same inventory constraints as  lower-priced product.

HOUSING MARKET FACTS

Detached

January sales activity improved across most prices ranges. However, limited inventories for homes priced below $500,000 ensured conditions in those segments remained firmly in sellers’ market territory. This likely prevented stronger sales improvements in this portion of the market.

However, with better supply options at the upper end of the market, sales activity improved.

The citywide months of supply was just over two months, a significant drop from last January where levels were nearly five months. The tighter conditions in this segment supported further gains in prices, which currently sit nearly three per cent above last year’s levels.

Year-over-year price gains range significantly throughout the districts of the city. The largest gains occurred in the North and South East districts. Prices remained relatively unchanged over the previous year in the City Centre and West districts.