Calgary Real Estate Market Update

June sales decline amid supply challenges and rising prices

Sales in June reached 2,738, marking a 13 per cent decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17 per cent higher than long-term trends.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”

This month, new listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72 per cent. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40 per cent lower than long-term trends.

The modest change in inventory levels helped increase the months of supply. However, at 1.4 months, conditions continue to favor sellers. Persistently tight conditions drove further price gains this month. In June, the unadjusted benchmark price rose to $608,000, a gain over last month and nearly nine per cent higher than last year. Prices rose across all districts, with the most significant year-over-year gains occurring in the North East and East districts.

For more detailed reports regarding your specific neighbourhood or community in Calgary or surrounding areas, please contact me.

Upcoming Events in Calgary

• The Calgary Stampede: July 5-14

• Indigenous Art Walk: July 5, 8, 27

• The Honky Tonk Market: July 6,7

• Calaway Comic Fest for Kids: July 12-14

• Calgary Folk Music Fest: July 25-28

• Showdown at Heritage Park: July 5, 7, 12, 14, 19, 20, 21, 26, 28

• Immersive Disney Animation - BMO Centre : All of July

• YYC Summer Scoop Fest: June 30-July 7

• Afro Caribbean Food Fest: July 22, 23

• Kensington Night Market: July 11, 25

• Badlands Music Fest: July 5,6

• Mexifest: July 4-7

• Springbank Airshow: July 27, 28

• Pet-A-Palooza: July 27, 28

Small Business Interviews

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Article of the Month

Water Conservation Tips for a Thriving Garden

The feeder main break in Calgary’s water system taught us all some lessons. Water is a precious resource, and conserving it in your garden not only benefits the environment but also helps you maintain a healthy and vibrant landscape. Here are some effective water conservation tips to ensure your garden thrives while minimizing water usage:

1. Choose Drought-Resistant Plants

Selecting plants that are native to your region or those that are drought-resistant can significantly reduce your garden’s water needs. These plants are adapted to local climate conditions and require less water to flourish. Examples include succulents, lavender, and ornamental grasses.

2. Use Mulch Generously

Mulching is a powerful technique for conserving water. By spreading a layer of organic mulch, such as wood chips or straw, over your garden beds, you can reduce evaporation, maintain soil moisture, and keep roots cool. Mulch also helps suppress weeds, which compete with your plants for water.

3. Implement Drip Irrigation Systems

Drip irrigation systems deliver water directly to the plant roots, minimizing water loss due to evaporation and runoff. These systems are more efficient than traditional sprinklers and can be easily adjusted to meet the specific needs of different plants.

4. Water Early or Late in the Day

Watering your garden during the cooler parts of the day, such as early morning or late evening, can reduce water evaporation. Avoid watering during the heat of the day when the sun is at its peak, as most of the water will evaporate before it reaches the roots.

5. Collect and Reuse Rainwater

Setting up a rain barrel to collect rainwater from your roof is an excellent way to conserve water. This harvested rainwater can be used to irrigate your garden during dry spells, reducing your reliance on municipal water supplies.

6. Group Plants by Water Needs

Organizing your garden so that plants with similar water needs are grouped together can improve watering efficiency. This practice, known as hydrozoning, ensures that each plant receives the appropriate amount of water without wastage.

7. Improve Soil Health

Healthy soil retains water better. Adding organic matter, such as compost, to your soil can improve its structure and water-holding capacity. Well-amended soil allows water to penetrate deeply and reduces the need for frequent watering.

8. Install Soaker Hoses

Soaker hoses are a cost-effective and efficient way to water your garden. These hoses deliver water slowly and directly to the soil, ensuring that it reaches the roots where it's needed most. This method reduces water waste and promotes deeper root growth.

9. Practice Smart Lawn Care

Lawns can be major water guzzlers. To conserve water, consider reducing the size of your lawn and replacing it with drought-resistant ground covers or native plants. When you do water your lawn, make sure to do so deeply but infrequently to encourage deep root growth.

10. Monitor Weather Conditions

Keep an eye on the weather forecast and adjust your watering schedule accordingly. If rain is expected, skip watering for that day. Utilizing smart irrigation controllers that adjust watering based on weather conditions can also help in conserving water.

Conclusion

By incorporating these water conservation practices, you can create a garden that is not only beautiful and healthy but also environmentally responsible. Conserving water in your garden reduces your ecological footprint, saves money on water bills, and contributes to the overall health of your local ecosystem. With thoughtful planning and sustainable practices, your garden can thrive while conserving one of our most vital resources

Calling all Golfers!

Check out this amazing opportunity to golf in a charity tournament this September. Not a golfer? Legacy Place Society is looking for sponsors of all kinds. Check out the poster below.

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Your recommendation is the greatest compliment!