Calgary Real Estate Market Update

Supply levels improving for higher-priced homes

Sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller's market conditions in the lower to mid-price ranges of each property type.”

The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.

Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.

Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year's levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September.

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Special Holidays - November 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 Game: November 1, 3, 11, 15, 19, 21, 23

• Calgary Opera presents Don Giovanni: November 2, 6, 8

• Calgary European Film Festival: November 3-12

• JazzYYC Canadian Festival: November 6-10

• Millarville Christmas Market: November 7-10, 14-17

• The Price Is Right Live!: November 9

• Remembrance Day Ceremony at The Military Museums: November 11

• Remembrance Day at The Hangar Flight Museum: November 11

• Grape Escape Wine, Beer & Spirits Festival: November 15 & 16

• Inglewood Holiday Night Market: November 15-16, 22-23, 29-30

• Spruce Meadows Christmas Market: November 15-17, 22-24, 29-Dec 1

• Jerry Seinfeld Live: November 16

• Bruce Springsteen and the E Street Band: November 16

• YYC Noodle Festival: November 16-26

• Zoo Lights: Starts November 17

• 2024 CanAm International Long Track Competition: November 29 – December 1

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

Winter Real Estate Market Insights for Calgary: What Buyers and Sellers Need to Know

As the temperature drops and winter settles in, Calgary’s real estate market sees some unique changes. While many people might assume that spring or summer is the ideal time to buy or sell a home, winter offers distinct advantages for both buyers and sellers. Understanding these benefits can help you make the most of your real estate experience, even during the colder months.

1. Less Competition Means Greater Opportunities

In Calgary, the real estate market traditionally slows down during winter as fewer people are inclined to move or list their homes amid the snow and cold. For buyers, this means less competition. With fewer people actively looking for homes, winter buyers can avoid the bidding wars that are common in peak seasons, making it easier to negotiate and secure a home at a fair price. Sellers, on the other hand, benefit from being one of a smaller pool of available properties. The lack of inventory during winter can help make your home stand out, often leading to more serious inquiries and potentially quicker sales.

2. Winter Buyers Are Serious Buyers

One of the best things about the winter real estate market is that the buyers who are active during these months are often more motivated. In other seasons, buyers might be casually browsing, but those looking to purchase a home in winter are typically doing so for a reason—perhaps a job relocation, family change, or simply to meet a tight moving deadline. For sellers, this translates into showings with serious, ready-to-act buyers, reducing the number of casual viewings and increasing the likelihood of receiving a firm offer.

3. Winter Home Shopping Can Offer More Room for Negotiation

With the slower pace and reduced competition, winter offers more negotiating power for buyers. Sellers who list in winter are often just as motivated, whether due to a need to move quickly or a desire to sell before the next tax year. This dynamic can create opportunities for buyers to negotiate on price, terms, or even ask for additional concessions like help with closing costs. Sellers may be open to these adjustments in order to secure a sale, knowing that there are fewer active buyers during this time.

4. Homes Show Their True Colors in Winter

Winter offers a clear picture of how a home handles the Calgary cold. Buyers can evaluate if windows, doors, and insulation are doing their job to keep the home warm and energy-efficient, and they can test heating systems firsthand. For sellers, this is an opportunity to showcase a warm, inviting space that’s well-prepared for winter weather. Adding simple staging touches like cozy lighting, warm throws, or seasonal decor can enhance the ambiance and make the home feel welcoming. Highlighting winter-ready features—like efficient heating systems, new insulation, or recent weatherproofing—can further reassure buyers that they’re making a sound investment.

5. Fast, Efficient Transactions

Because of the reduced activity in the winter market, mortgage lenders, inspectors, and other real estate professionals tend to have more availability, meaning the transaction process can often move more swiftly. With less competition for these services, it’s easier to schedule inspections, finalize financing, and get all the necessary steps done in a timely manner. For both buyers and sellers looking to move quickly, winter can mean a faster transaction and a smoother, more personal experience.

6. Preparing for Spring Inventory with a Winter Purchase

Buyers who purchase in winter may also benefit from a spring market boost in home values. Historically, property values tend to rise in spring as demand increases, which can offer buyers who close in winter a slight bump in home equity by the time the warmer months roll around. Sellers, meanwhile, benefit from getting a jump on those planning to list in spring, potentially capturing winter buyers who want to avoid the crowded and often competitive spring market.

7. What This Means for Calgary Buyers and Sellers

For Calgary’s winter real estate market, the slower pace, committed buyers, and negotiation-friendly atmosphere provide unique advantages that both buyers and sellers can capitalize on. While winter real estate might not have the buzz and high volume of the spring or summer, it offers a valuable opportunity for motivated buyers and sellers looking to close on a favorable deal.

Whether you’re buying or selling this winter, understanding these seasonal nuances can make all the difference. If you’re ready to explore what Calgary’s winter market has to offer, connect with a local real estate expert who can guide you through the process. With the right approach, winter can be an ideal time to find your dream home or close a successful sale.

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