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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!
NEW LISTINGS GROWTH DRIVEN BY HIGHER PRICED HOMES
Calgary, Alberta, October 1, 2024 – Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.
“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”
New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.
Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.
Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring.
In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels.
Year-over-year gains ranged from nearly nine per cent growth for detached homes to nearly 14 per cent gains in the apartment condominium market.
The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales.
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.
ROYAL LEPAGE CANADIAN HOME PRICE & FORECAST: 2Q-2024
Each quarter, Royal LePage publishes home prices in Canada’s largest urban real estate markets. Here’s the scoop on the market in Calgary and area.
Calgary home prices continue to soar in Q2 as buyers compete for dwindling inventory
Aggregate home price increased 7.9% year over year in Q2 of 2024
CALGARY, July 11, 2024 – According to the Royal LePage® House Price Survey released today, the aggregate price of a home in Calgary increased 7.9 per cent year over year to $694,000 in the second quarter of 2024. On a quarterly basis, the aggregate price of a home in the region increased 2.6 per cent.
Broken out by housing type, the median price of a single-family detached home increased 8.3 per cent year over year to $797,200 in the second quarter of 2024, while the median price of a condominium increased 8.6 per cent to $273,600 during the same period.
“Sales activity remains strong in Calgary, with many homebuyers competing for properties in multiple-offer scenarios. The June interest rate cut, however, did not add fuel to the already red-hot market. So far, the long-awaited rate drop has only really benefited variable-rate mortgage holders, who are now seeing some relief on their monthly mortgage payments,” said Corinne Lyall, broker and owner, Royal LePage Benchmark.
“Inventory has seen some recent growth, but not enough to keep up with current demand levels. Attached and row homes, which are appealing property types for those who can’t get on the single-family detached property ladder, are popular among entry-level buyer hopefuls. Consistently, there has been approximately one month’s worth of supply available for all property types.”
Lyall noted that new supply continues to come on the market through the development of townhomes and condominiums. Increasingly, developers are opting to build multi-unit properties on single lots, adding more density and much-needed entry-level supply to the market.
“In the months ahead, we should see a gradual slowdown as consumers take a break for the summer, before activity picks up in the fall again,” said Lyall. “The late third quarter and fourth quarter of this year could be particularly strong for sales if interest rates continue to decline.
Royal LePage is forecasting that the aggregate price of a home in Calgary will increase 8.0 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Nationally, the aggregate price of a home in Canada increased 1.9 per cent year over year to $824,300 in the second quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price increased 1.5 per cent, despite a slowdown in activity in the country’s most expensive markets.
“Canada’s housing market is struggling to find a consistent rhythm, as the last three months clearly demonstrated,” said Phil Soper, president and CEO, Royal LePage.
“Nationally, home prices rose while the number of properties bought and sold sagged; an unusual dynamic. The silver lining: inventory levels in many regions have climbed materially. This is the closest we’ve been to a balanced market in several years.
“This trend dominates activity in two of the country’s largest and most expensive markets, the greater regions of Toronto and Vancouver, where sales are down yet prices remain sticky,” Soper continued. “There are exceptions. In the prairie provinces and Quebec, low supply and tight competition persist.”
Despite the Bank of Canada’s move to cut the overnight lending rate by 25 basis points on June 5th, from 5.0 per cent to 4.75 per cent, buyers did not immediately rush back to the market as initially expected.
“This spring, with bank rate cuts highly anticipated, we saw some buyers race to get a deal done ahead of an expected spike in demand. Yet, when that first cut finally occurred in early June, market response was tepid,” said Soper. “A change in monetary policy drives consumer behaviour in two important ways. Lower rates mean lower monthly payments, opening the door to some families previously shut out of the market. Secondly is the psychological signal broadcast to sidelined buyers that the tide is turning, and that market activity is about to pick up again,” added Soper.
“Not surprisingly, the quarter-point cut to the bank rate didn't substantially improve the affordability picture. As for consumer sentiment, our early year research indicated that only one in ten potential homebuyers would be motivated by a tiny rate drop. The tale the market tells as rate cuts get to the point of a material reduction in the cost of borrowing should be a very different one."
The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 64 of the nation’s largest real estate markets.
When broken out by housing type, the national median price of a single-family detached home increased 2.2 per cent year over year to $860,600, while the median price of a condominium increased 1.6 per cent year over year to $596,500.
On a quarter-over-quarter basis, the median price of a single-family detached home increased 1.8 per cent, while the median price of a condominium increased 0.8 per cent. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.
“Canada's housing market faces complex challenges. While raising interest rates was crucial to fighting inflation, it has unintentionally choked off the essential flow of new housing supply. Higher borrowing costs, coupled with labour shortages in the construction trades and rising material prices, have made it economically unsustainable for developers to launch new projects. This creates a perfect storm– our population is growing steadily, yet we're building far fewer homes than what's needed to meet that demand. This situation urgently needs innovative solutions to ensure Canadians have access to affordable housing options,” concluded Soper.
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same quarter last year.
Nationally, home prices are forecast to see continued moderate price appreciation throughout the second half of the year.
To obtain a copy of the full report, please contact me at ssoles@royallepage.ca.
April 2023. Here’s what you need to know about Canada’s First Home Savings Account (FHSA)
Saving for your first home? 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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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.
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