Calgary, AB Real Estate News

The Calgary real estate market has moved toward a more balanced state after 4 months of sliding farther into a buyers market, according to the MLS stats for June 2008. The overall Absorption Rate stands at 5.11 at the end of June, with Condos lagging behind at 5.89 and Single Family Houses (SF) leading the way at 4.81. That is a fairly significant gap between houses and condos, 1.09, and in fact the biggest gap since I have been tracking the statistics in this way (July 2006). Condo sellers, in particular it seems, continue to struggle with a lack of buyers willing to pay their asking price. See Chart A. In the 12 months from June 2007 to June 2008 the median prices for a house, 2-bedroom condo and 1-bedroom condo have dropped $31k, $28k and $19k respectively. In terms of percentage: 7%...
Comments 2
By Patrick (Pat) Dardis
(RE/MAX Fort McMurray)
2008 First Quarter Average Canadian Home Prices Region  Detached Bungalows Standard Two Storey Standard Condominium  Q1 2008 Average Q1 2007 Average Bungalow % Change Q1 2008 Average Q1 2007 Average 2 Storey % Change Q1 2008 Average Q1 2007 Average Condo % Change Halifax $207,333 $190,000 9.1%  $246,333 $200,000 23.2%  $152,000 $144,000 5.6%  Charlottetown $155,000 $145,000 6.9%  $185,000 $175,000 5.7%  $105,000 $100,000 5.0%  Moncton $152,000 $138,000 10.1%  $135,300 $132,000 2.5%  - - - Fredericton $160,000 $156,000 2.6%  $197,000 $187,000 5.3%  $126,000 $131,000 -3.8%  Saint John $185,000 $161,700 14.4%  $264,000 $210,400 25.5%  $142,000 $118,500 19.8%  St. John's $164,000 $145,000 13.1%  $229,333 $200,000 14.7%  $173,333 $148,333 16.9%  Atlantic $170,556 $155,950 9.4%  $209,494 $18...
Comments 3
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
The June 2008 edition of CMHC’s “Housing Now” report for Calgary and area was issued on Sunday. June 2008 Housing Now - http://www.cmhc-schl.gc.ca/odpub/esub/64167/64167_2008_M06.pdf We have reached a new record of multi-family (apartment condos, townhouses and semi-attached homes) homes under construction. The total in May was 11,915, of which 9,432 were apartment-style condos. This is worrisome considering the condo market stands at an Absorption rate of 5.2 this week, There are already considerably more condos on the market than buyers. The silver lining though is that the inventory of “completed but not occupied” units actually decreased from April to May – 655 new units were completed but 673 units were absorbed (by sales or rentals). The fairly healthy rental market (2.0% vacancy ...
Comments 3
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
Here is the weekly market update for Calgary. The deviation between condos and houses continues. If you look at Houses-only things are looking somewhat rosey with the Absorption Rate moving rapidly in the direction of a balanced market. But condos, which are one third of the market in the city of Calgary, are pulling the numbers down. June 28, 2008 Current Listings Sold in Last 30 Days Absorption Rate (?) Single family (SF) Houses 6942 1545 4.49 Condos 3263 628 5.2 Combined (SF and Condos) 10205 2173 4.7 What is Absorption Rate? Click here for an explanation Looking for Andrew's Monthly Market Report? Click Here.  
Comments 2
By Justin Havre
(CIR Realty)
5 Ways to Make Your House Sellable. Since it is a buyer's real estate market in Calgary and with over 15,000 active listings, sellers need to make the 1st impression count and here are 5 simple ways to make your house sellable. Remember when you found your current home? You walked in and got the feeling it was a great fit for you and your family. Now that you're selling your house, you need to make that same impression on the next potential buyer. Here's how to do it. 1) Clean and de-clutter Make sure your kitchen, bathrooms, and floors sparkle. Use old fashioned elbow grease or call in professional cleaners to get the job done. Can you walk into your walk-in closet? Does your car barely fit into your garage? Start packing early and put your seasonal and personal things into storage. Ma...
Comments 0
By Mona Lise Normandeau -
(Home Stager)
Earlier this year, I received a call from homeowners who were looking to sell their rental property.  This modest house was in need of a fresh look and a WOW factor in order for it to sell quickly.  Wisely, this couple decided to invest in getting this property ready for selling.  Following a consultation I had with them, they worked hard at cleaning the home, updating light fixtures, replacing countertops, repairing worn areas and repainting the entire home.  Once the work was done, the house was ready to be showcased with modern furniture and colourful accessories.  Using the furniture we defined the areas for buyers to clearly understand the floor plan.  The accessories added warmth and interest to a simple design.  The furniture layout and traffic flow was inviting and comfortable. ...
Comments 4
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
It looks like the trend to a more balanced market continues. Solds are up and inventories are coming down. You can say you heard it here first - 2 weeks before you will read about it in the Herald. June 21, 2008 Current Listings Sold in Last 30 Days Absorption Rate (?) Single family (SF) Houses 7058 1485 4.75 Condos 3308 645 5.13 Combined (SF and Condos) 10366 2130 4.87 What is Absorption Rate? Click here for an explanation - Andrew Kyle
Comments 0
By Bryon Howard
(Remax House of Real Estate)
Amazing days in Calgary ... I love the light in the sky this time of year.    Schools out ... or nearly out ... and Stampede is coming. Oh yea! I'm having a SUMMER SOLSTICE SALE! Effective this evening, the following properties have been drastically reduced in Price ... and are amoung the best value in the Neighborhoods! ·         121 West Springs PL SW, MLS # C3323780, $ 899,745    Amazing Value/Estate Home (Building cost were at least $1 Million). ·         1312 48 AV NW, MLS # C3333822, $ 395,445                Great 5 bedroom home just 48 blocks from Downtown ... near Calgary Winter Club! ·         199 TEMPLEBY DR NE, MLS # C3330025, $ 339,925    Good family home ... new double garage. ·         602, 1111 15 AV SW, MLS # C3327096, $$ 239,000        Downtown Condo, $29,000 down (assu...
Comments 1
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
I love this website: http://calgaryrealestatemarketblog.wordpress.com/ He has some really cool examinations and opinions on real estate trends in Alberta. If you have an interest in the finer points of real estate market trends then I think you will find it very interesting. I think it is the best non-Realtor real estate website in Canada. - Andrew Kyle
Comments 0
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
  It's been announced that Jaume Plensa, arguably the world's most renowned living public sculpture artist has been chosen to create a work for the Encana Bow Tower currently under construction on 6 Ave downtown. The tower will be the tallest building in western Canada when it is complete.  The full story:  http://calsun.canoe.ca/News/Columnists/Platt_Michael/2008/06/16/5890296-sun.php Here's some of Plensa's other works:  
Comments 0
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
An interesting little article in the Herald today. The Stampede is proposing an extnsion of 17 Ave across the LRT tracks into the road system of the Stampede grounds. Full article: http://www.canada.com/calgaryherald/news/story.html?id=f35bea4f-df2c-4a64-a498-50a5c567ea25 I could see that eventually causing a revitalization along 17 Ave between McLeod Trail and 2 St SW, which has some vacant lots and older light-industrial/commercial businesses such as a body shop or two.  Would the red mile eventually shift to the east I wonder? I think it might, as a matter of fact I am sure it would as the restaurants and bars closer to the Dome and Stampede Grounds take advantage of the closer proximity.  It's an interesting proposal. The one concern i would have is traffic backing up 17 Ave at Rush...
Comments 0
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
CMHC published their Spring 2008 Rental Market Report on June 5. The overall vacancy rate in Calgary in April 2008 is 2.0%, compared to 0.5% in April 2007.  The breakdown: Bachelor: 2.6% 1-Bedroom: 1.8% 2-bedroom: 2.2%   Average rents April 2007: bachelor:$608  1-bedroom:$848  2-bedroom:$1008  3+Bedroom:$939 Average rents April 2008: bachelor:$651 1-bedroom:$906 2-bedroom:$1081 3+bedroom:$1105 The full report including other markets: http://www.cmhc-schl.gc.ca/odpub/esub/64725/64725_2008_B01.pdf - Andrew Kyle  
Comments 4
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
It looks like the Calgary market has turned the corner, inventory is coming down now. The 3rd week of May appears to have been the high water mark for Absorption Rate and inventories. Knock on wood. June 14, 2008 Current Listings Sold in Last 30 Days Absorption Rate (?) Single family (SF) Houses 7091 1413 5.02 Condos 3353 639 5.25 Combined (SF and Condos) 10444 2052 5.09 What is Absorption Rate? Click here for an explanation (c) 2008 Andrew Kyle. Feel free to re-use these charts provided you place a link back to my ActiveRain blog or my website www.AndrewKyle.com. Subscribe to my blog by clicking here Addendum/clarification: My stats are for Calgary city limits only and do not include town and country.
Comments 1
By Doug McKay, Calgary & Chestermere - 403-207-1776
(RE/MAX REAL ESTATE MOUNTAIN VIEW)
ZIP, ZERO ZILCH. Nothing to finish and a total of 2,400 sq. ft. of living space above grade completed for you to enjoy. Fresh, and inviting this home has cool like a cucumber colours that coordinate throughout the home. All appliances and window coverings and hot tub are included. This Hampton II by Carolina Homes has a great room with wide open kitchen and nook on the main floor. The second floor has a bonus room that can be your home office, a fourth bedroom, a playroom or a place for mom and dad to relax but still be close by. The master suite has a vaulted ceiling, and the en suite has a large soaker tub, an angled shower and walk-in closet. The walkout basement is finished to the same high standard as the rest of the home with a bedroom, bath and rec. room. The yard pies out to 64'...
Comments 3
By Andrew Kyle, Calgary Condo Realtor
(Royal LePage Foothills)
I've published my Market report for June.  See below or click here: Market Report - June 2008 Market Report - June 3, 2008 by Andrew Kyle, B.ASc., Realtor Now Is The Time To Buy! I'm usually pretty conservative in my language in these market reports, but there is just no other way to describe the current market - "Now is the time to buy!" It is the best time to buy real estate in Calgary in many years. Home inventories are high, and buyers are reaping the benefits in the form of selection and being able to negotiate the best sale price and most favourable terms. If you have been thinking of buying but want to wait, what exactly are you waiting for? The combined (houses and condos) Absorption Rate within Calgary city limits stands at 5.64, with houses being 5.47 and condos being 6.05 (Se...
Comments 0
By Shawn Beck
(RE/MAX Mountain View)
Hello, I'm Calgary Realtor Shawn Beck. It is an incredible sellers' boom Calgary had 2 years ago. And now, a buyer's market.  People always ask me: What will the current market be like in the next 6 months? I do not predict the market. Honestly, I don't think anyone can really predict the Real Estate Market. So this is why I reply: We must make the most of what we can, in the market that we have at the present. Because no one predicted the market we had 2 years ago.  
Comments 3
Oil hit $135/barrel last night. Currently, 1 in 5 homes are selling in Calgary. (We are in a buyers market ... and looks like we'll be here for awhile.) It is predicted that $4-$6 Trillion dollars will be wiped out in US in next year ... due to Sub-prime crisis. A vertan realtor and old timer said to me yesterday, "I've never seen the market this bad. I can't sell any of my listings." How do we make sense of the current slump off the housing market in Calgary? Today I requested from the Calgary Real Estate Board annual data back to 1973 on the following: Listings; Sales; Dollar Volume; Average Sale Price From my analysis of the data ... ... assuming the trend of 1982 is IDENTICAL to our current economic situation (which of course it is not) ...  we are sitting at about 1983 ... and it w...
Comments 0
By Keith Vincent
(Maxwell South Star Realty)
After the wild ride we had two years ago and to a lesser extent in 2007, 2008 is shaping up to be a completely different kind of market.There are a tremendous number of homes on the market, 10330 single family and condos in Calgary metro as of this writing. I consider a "Normal" market to have between 3,000 and 4,000 listings, so you can see there is a lot to choose from, and it is definitely a buyers market, with lots of wheeling and dealing.Why are there so many Listings? Several reasons, paramount among them is that many people jumped into the market two years ago with investment money, buying or building speculatively with the intention to sell in two years at a profit. Many of these investors calculated a future value of their property that did not come true, however they still hav...
Comments 3
By Brian Brady, 858-777-9751
(San Diego VA Home Loans/858-777-9751)
Western Canadians are buying real estate in Arizona.  There are four reasons for this modern day land grab:  Crude oil and minerals have led the commodities price surge, world wide.  Western Canada is rich with both minerals and crude oil.   While the Western United States is experiencing a housing-led recession,  the opposite is happening to our Northern neighbors. The Canadian dollar (sometimes called the “loonie”) has reached parity with the American dollar.  What used to cost a Canadian $1.15 , now costs about a buck. Housing prices in both Arizona and Southern California are over 20% off of their high prices. Mortgage rates, for Canadian investors, have dropped from 8.5% to 7.2%. Let me lay it out for you in a story.  Bob Miller, from Calgary, earned some $150,000 Canadian in 2006...
Comments 0
By Robert Steele, Calgary real estate
(Internet Brokers Group)
 Calgary Real EstateCalgary real estate, Calgary REALTORS®, Calgary home evaluations and more. Get access to Calgary real estate, Calgary REALTORS®, Calgary new homes and Calgary foreclosures. We also have information on Calgary home selling, home buying and mortgages, movers and other realty services for anyone looking to sell a home or buy a home in Calgary Alberta.Calgary Real estate Informationhttp://en.wikipedia.org/wiki/Calgary Calgary Real Estate NewsMLS® REPORTS VARIETY IN THE REAL ESTATE MARKET IN MARCH 2008April 1, 2008Calgary's MLS® listings for the month and for the fi rst quarter, indicate a wide variety of housing for potential buyers, according to fi gures released by the Calgary Real Estate Board (CREB®).Single family Calgary metro new listings added for the month of Mar...
Comments 1
Explore Calgary, AB