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January 2024 marks my 18th year in the real estate industry, all of which have been with Royal LePage Benchmark. This is milestone I'm very proud of and grateful for.
In my business, the people I ride alongside make all the difference - this includes colleagues, clients and business partners. I take these partnerships to heart. Thank you for sharing the ride with me and I look forward to helping more buyer, sellers and investors in the coming year.
Over 95% of my business comes from past clients and referrals. These satisfied clients have spread the word about the great service they’ve received from me and my brokerage, Royal LePage Benchmark. I work primarily in Calgary, Cochrane, Airdrie and Okotoks.
Every one of my clients is unique, and that is exactly how I treat them. I don’t measure my success by sales, but by the relationships I build along the way. My goal is to take the complex process of buying and selling real estate and make it a simple one.
So whether you are thinking about buying, selling or investing, give me a call - I would be happy to meet or talk with you to determine how I can help. Absolutely NO obligation!
I send out a newsletter at the beginning of every month - providing a summary of the previous month's activity in many segments of the market - along with some fun, interesting activities in Calgary that you and your family may enjoy! If you'd like to receive a copy, please sign up using the link provided on this page.
To find out more details on the current Calgary, Airdrie, Cochrane and Okotoks markets, please check out the CREB Monthly Stats tab as it is updated the beginning of every month. If you'd like a more detailed breakdown of any segment of the market, I can provide more data.
Cheers!
LOW INVENTORY AND HIGH DEMAND DRIVE PRICE GAINS IN FEBRUARY
City of Calgary, March 1 2024
New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23% compared to last year for a total of 2,135 units.
The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79% ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.
“Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31% compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.”
In February, the unadjusted detached benchmark price was $585,000, an over 2% gain compared to last month and over 10% higher than levels reported at this time last year.
Our most affordable East district is experiencing the highest year-over-year price growth at 25%, while the relatively better supplied City Centre has reported the slowest price growth in the city at under 5%.
For more specific, detailed information on the different segments of the market (detached, semi-detached, row/townhouse, apartment condos) and updates on the Airdrie, Cochrane and Okotoks markets last month, jump over to my CREB MONTHLY STATS page.
CREB® Unveils 2024 Forecast Calgary and Region Yearly Outlook Report
City of Calgary, Jan. 23, 2024 – The Calgary Real Estate Board (CREB®) is pleased to announce the release of its highly anticipated 2024 Forecast Calgary and Region Yearly Outlook Report. This comprehensive report, prepared by CREB® Chief Economist Ann-Marie Lurie, offers a detailed analysis of Calgary's economic and housing market trends and surrounding areas for the upcoming year.
The report delves into the impact of rising lending rates on the housing sector, as buyers looked for more affordable housing options, and some potential sellers held back from listing to navigate the challenges posed by higher lending rates.
Chief Economist Ann-Marie Lurie underscores this dynamic, stating, "Despite higher rates, 2023 was a year of relatively strong sales thanks to a robust labour market and strong migration. The challenge was limited supply, especially for low-priced homes with the strongest demand. This resulted in significant price growth with the largest gains in our lowest-priced homes.”
As the report looks ahead to 2024, Lurie anticipates another strong year for sales, stating, "We expect potential buyers, who were on the sidelines due to limited supply choices, to re-enter the market as lending rates ease and listings improve. At the same time, interprovincial migration and a healthy labour market should continue to support stronger sales activity.”
Supply remains an issue this year, but gains in new home starts and new listings are expected to support some modest gains.
“Conditions are not expected to be as tight as in 2023," Lurie said, "but supply growth takes time, and sellers’ market conditions are expected to persist through the spring, driving further price growth in 2024.”
Supply growth is anticipated to be driven mainly by upper price ranges, decelerating the pace of price growth for higher-priced properties. Meanwhile, lower-priced properties are expected to face continued tight conditions, contributing to sustained price gains.
To obtain a copy of the full report, please contact me at ssoles@royallepage.ca.
April 2023. Saving for your first home? Here’s what you need to know about Canada’s First Home Savings Account (FHSA)
When it comes to putting money away to buy their first home, the federal government’s ‘tax-free in, tax-free out’ First Home Savings Account aims to give Canadians a helping hand.
As of April 1st, Canadians aged 18 or older who are purchasing their first home are eligible to enroll in a tax-free First Home Savings Account (FHSA). Introduced in the 2022 federal budget, the FHSA combines elements of a Tax-Free Savings Account (TFSA) and a Registered Retirement Savings Plan (RRSP), allowing users to make tax-deductible contributions and tax-free withdrawals from the account for the purposes of saving for a home.
Am I eligible for the FHSA?
In order to open an FHSA, users must be at least 18 years old and a Canadian resident. Account holders must also be a first-time homebuyer — someone who has not owned a home and lived in it during the calendar year before the account is opened, or at any time during the prior four calendar years.
An FHSA can be used for a maximum of 15 years, and stay open until December 31st in the year that the account holder turns 71 years old. Users cannot contribute to their spouse or common-law partner’s FHSA.
How much can I contribute to my FHSA?
FHSA holders can contribute an annual maximum of $8,000 into their account, with a lifetime contribution limit of $40,000. Unused contribution room can be carried over to the next year up to a maximum of $8,000.
Carry-forward amounts start accumulating after the user opens the FHSA for the first time. Only the account holder can claim an income tax deduction for contributions made in a particular taxation year.
It is possible to have more than one FHSA open at a time, but the total amount that an individual can contribute to all of their FHSAs cannot exceed their annual and lifetime contribution limits. Similar to a TFSA, a 1% tax is applied on over-contributions to an FHSA for each month that the excess amount exists in the account.
What are the benefits of the FHSA?
An FHSA marries together the concepts of a TFSA and an RRSP in one account. Contributions to an FHSA, like an RRSP, are tax-deductible.
Additionally, any withdrawals made for the sake of purchasing a home are non-taxable, similar to a TFSA, including any investment growth.
Users can take advantage of a series of qualified investments in their FHSA, including mutual funds and publicly-traded securities, plus government and corporate bonds. Users can also set up a self-directed FHSA to manage their own portfolio.
What happens when I want to take money out of my FHSA?
If a user wants to withdraw funds from their account, there are a few things to keep in mind. The account holder must be a first-time homebuyer at the time a withdrawal is made.
The qualifying home must be acquired (or construction must be completed) no more than 30 days prior to the withdrawal, and before October 1st of the following year, with the intention of occupying the property as their principal residence within one year after acquiring it. Be sure to read carefully the definitions of a first-time homebuyer and a qualifying home.
If you wish to transfer money out of your FHSA to another account, you can do so to another FHSA, an RRSP or a Registered Retirement Income Fund (RRIF). Be sure to close your FHSA on or before December 31st of the year following your first qualifying withdrawal, when your participation period concludes.
To learn more about the First-Home Savings Account, visit Canada.ca.
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These cookies may be set through our site by features provided by Third party vendors known to operate advertising networks such as Facebook, Youtube etc. These cookies help these companies create an interest profile based on your online browsing behavior. They don't store personal information but identify your browser and/or device uniquely. Disabling these cookies may result in some website features being disabled. Ie Blogs
All information displayed is believed to be accurate, but is not guaranteed and should be independently verified. No warranties or representations of any kind are made with respect to the accuracy of such information.
Not intended to solicit buyers or sellers, landlords or tenants currently under contract.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.
I am authorized to trade in real estate in Alberta pursuant to the Alberta Real Estate Act. I am publishing a list of out-of-province listings for purchase and sale on this site and this does not constitute a trade in real estate or any offer of services for those listings. Please contact listing agents directly for out-of-province listings.
REALTOR® contact information provided to facilitate inquiries from consumers interested in Real Estate services. Please do not contact the website owner with unsolicited commercial offers.