Calgary Real Estate Market Update

New listing growth driven by higher-priced homes

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.

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Special Days - October 2024

Upcoming Events in Calgary

There is always PLENTY to do in Calgary each month. Below is a short list of the many cool things to see and do:

• Calgary Flames Home Games: 4, 12, 15, 22, 24, 26

• Calgary Hitman Home Games: Oct 2, 6, 14, 16, 19, 30

• Oktoberfest at Spruce Meadows: Oct 2-6

• Train of Terror: Oct 3 - Nov 3

• Halloweekends at Calaway Park: Oct 5, 6, 12, 13

• Granary Road’s Harvest Fair: Oct 5, 6

• Screamfest: Oct 11 - 31

• Imaginarium: Oct 16 - 21

• Rocky Mountain Food and Wine Festival: Oct 18, 19

• Ghoul’s Night Out: Oct 24

• Calgary Yogathon: Oct 19

• Pumpkins After Dark: until Oct 31

• National Bank Challenger Tournaments: Oct 13 - 20

• Canada Women’s Expo: Oct 4 - 6

• Thanksgiving’s Tea: Oct 12, 13

• ZooBoo: Oct 26, 27

Youtube Videos

Every month I have conversations with a variety of local business owners, industry experts or general real estate educational topics. Below are the latest and greatest of the previous month.

Article of the Month

Preparing Your Home for Fall and Winter: Essential Tips from Your Realtor

As the crisp fall air starts rolling in, and winter is just around the corner, now is the perfect time to start preparing your home for the colder months ahead. From a realtor’s perspective, proper maintenance during this season not only keeps your home warm and cozy but can also enhance its value and appeal for potential buyers if you're planning to sell in the near future. Here’s a handy checklist to ensure your home is ready to face the elements while staying energy-efficient and comfortable.

:Inspect the Roof: The roof is your first line of defense against snow, rain, and ice. Before winter sets in, inspect your roof for missing or damaged shingles, cracks, or leaks. A small issue left unattended can turn into costly repairs come winter. If necessary, hire a professional to make any repairs.

Clean Gutters and Downspouts: Falling leaves can clog your gutters, leading to water damage and ice dams during the winter. Clear them out regularly in the fall to prevent water from seeping into your foundation or creating dangerous icicles. Make sure downspouts are directing water away from your home’s foundation.

Seal Windows and Doors: Drafts from unsealed windows and doors can significantly increase your heating costs. Inspect the caulking around windows and doorframes and replace it if needed. Weatherstripping around doors is another simple and effective way to keep the cold air out and the warm air in.

Check for Cracks in Your Foundation: Inspect your home’s foundation for cracks or gaps, especially around areas where utilities enter the house. These cracks not only allow cold air in but can also provide an entry point for critters seeking warmth. Seal them to prevent heat loss and unwanted guests.

2. Interior Maintenance – Keeping Your Home Cozy

Service the HVAC System: One of the most important steps is to ensure your heating system is running efficiently. Schedule an inspection for your furnace, replace filters, and make sure the ducts are clean. A well-maintained HVAC system not only keeps your home warm but also helps in reducing energy costs.

Check the Fireplace and Chimney: If you have a fireplace, have it professionally inspected and cleaned before lighting it up for the first time. Creosote build-up in chimneys can lead to chimney fires. Ensure the damper is working properly to prevent heat from escaping when the fireplace isn’t in use.

Reverse Ceiling Fans: Did you know that most ceiling fans have a reverse switch? By reversing the direction of the fan, you can push warm air down into the room, making it feel cozier. This is an energy-efficient way to maintain warmth, especially in larger spaces.

Inspect Your Home’s Insulation: Check your attic, walls, and basement for adequate insulation. Proper insulation helps keep your home warm and energy-efficient, which is especially important if you're considering selling. Buyers appreciate homes with well-maintained energy-saving features.

3. Landscaping – Prepare for Winter and Protect Your Yard

Trim Trees and Shrubs: Fall is a great time to trim trees and shrubs, especially those that are close to your home. Heavy snow and ice can weigh down tree branches, causing them to snap and potentially damage your property. Trimming them back now can prevent accidents later.

Rake Leaves and Aerate the Lawn: Raking leaves is more than just a cosmetic task. A thick layer of leaves can suffocate your grass, leading to an unhealthy lawn come spring. Aerating your lawn allows nutrients and water to penetrate the soil, preparing it for the next growing season.

Shut Off Exterior Faucets and Sprinkler Systems: Before the first freeze, be sure to drain and shut off outdoor faucets and sprinkler systems to prevent pipes from freezing and bursting. This simple step can save you from costly plumbing repairs.

4. Focus on Energy Efficiency – Save Money and Increase Appeal

Install a Programmable Thermostat: A programmable thermostat allows you to set different temperatures for different times of the day, ensuring your home is warm when needed and saving energy when it’s not. Buyers love the convenience and energy savings that come with this feature.

Add Insulated Window Treatments: Heavy curtains or insulated window coverings can help reduce drafts and keep heat inside. These window treatments not only add warmth but also serve as an attractive feature that can appeal to potential buyers.

Consider Energy-Efficient Upgrades: If your home is older, consider upgrading to energy-efficient windows, doors, or even appliances. While these improvements require an upfront investment, they can save money on energy bills and significantly increase your home’s appeal if you’re looking to sell in the near future.

5. Safety First – Protect Your Home and Family

Check Smoke and Carbon Monoxide Detectors: With the increased use of heating systems and fireplaces in the colder months, it’s critical to check your smoke and carbon monoxide detectors. Replace the batteries and test the systems to ensure they’re in working order.

Prepare an Emergency Kit: Storms and power outages are common in the winter months, so it’s wise to prepare an emergency kit. Stock it with essentials like blankets, water, flashlights, and batteries. Having these items on hand not only keeps you safe but also shows potential buyers that the home is prepared for winter challenges.

Conclusion

Whether you’re planning to sell your home or just want to keep it in tip-top shape through the colder months, preparing for fall and winter is a critical part of homeownership. By taking care of both the interior and exterior now, you’ll avoid costly repairs later and ensure that your home remains cozy and energy-efficient all winter long.

As a realtor, I can’t emphasize enough how proper seasonal maintenance can increase your home’s value and appeal to buyers. If you have any questions or are thinking about selling this season, feel free to reach out—I’m always happy to help!

Your recommendation is the greatest compliment!