Calgary Real Estate Market Report

From the Desk of
Jennifer Sipkens, REALTOR®
Moodie Residence
Located at 238 Scarboro Ave SW, this 1914 home is a great example of Tudor Revival style, and was intended to be a showpiece for the neighbourhood. Unfortunately after the home was built, the recession hit, then the war. It was eventually purchased by Frank Moodie, principal owner of Rosedale Mine near Drumheller.

Housing Market Inventory on the Rise

Prices remain stable compared to last year

As expected, slow sales this quarter have persisted through March in the City of Calgary. This is not a surprise, after stronger growth in sales at the end of last year following the announced changes to the lending market.

First quarter sales totaled 3,423 units, nearly 18 per cent below last year's levels and 24 per cent below long-term averages. Easing sales and modest gains in new listings caused inventories to rise and months of supply to remain above four months.

"Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions," said CREB® chief economist Ann-Marie Lurie.

"We are entering the most active quarters in the housing market with more inventory, which could create some price fluctuations. However, the improving economy is expected to prevent overall prices from slipping by significant amounts."

While prices trended down on a quarterly basis, they remained relatively unchanged over last year's levels due to modest gains in the detached sector offsetting declines in the apartment sector.

The citywide benchmark price for detached product averaged $502,000 in the first quarter. This is slightly lower than the fourth quarter of last year, but comparable to levels recorded in the first quarter of last year. In March, the detached price reached $503,800, 3.6 per cent below pre-recession highs, but one per cent above the lows recorded during the recession.

"The market today is better than what we experienced at the peak of the recession," said CREB® president Tom Westcott.

"You can find good value if you're looking to buy a home, and you can also get good value if you're selling. Being well-informed, in any economic condition, is the key, because there are differences in the market depending on what type of property it is and where it is located."

Detached market inventories in the first quarter of 2017 were low compared to historical standards. This year, detached inventories have averaged 2,573 units over the first quarter, 10 per cent below first quarter averages recorded during 2015 and 2016.

Spring will have more inventory than last year, slowing progress on price recovery. However, the amount of price adjustment will vary depending on competing supply by location and product type

It's Baby Bunny Time - Don't be an Accidental Kidnapper!
Mother hares will often leave their babies alone through the day while they go get food. So if you come across a baby hare, leave it there! The only time you may need to move it is if it's in the road, in a window well, or accessible to potential threats (eg cats or dogs). It's ok to pick them up and put in a safe place close to where you found them. If you have questions, call the Alberta Institute for Wildlife Conservation at 403-946-2361.
Water Leaks and Basic Repairs
Leaky toilets and faucets are the most common culprits of water leaks and they are costing you money! Learn how to check for leaks, and repair them, here.
Condominium Property Act Regulations
Service Alberta is updating the Condo Act. The Alberta Real Estate Association (AREA) has been lobbying to have several changes implemented that will benefit condo owners. In summary, they are:
  • Provision of electronic copies of the documents specified in the Condominium Property Amendment Act to the owner or their designate free of charge regardless of intended use;
  • When an owner requests a printed copy, the regulations should set a maximum fee of 25 cents per printed page plus postage/courier fee (if required) that aligns with the actual cost.
  • Setting a maximum fee for the estoppel certificate of $35 (aligned with the BC Strata Property Act); and
  • Establishing a maximum fee for expedited/rush provision of documents.
Read more about AREA's stance here.
8 Rules for Smart Landlords in Alberta
8 tips to help landlords avoid problems when renting their properties to tenants. Information provided by the Centre for Public Legal Education Alberta. You can read the article here.
Thinking about buying or selling a home?
I can help! We can meet for tea and discuss your options and what is right for you. You can reach me at 403.850.1841 or email jensipkens@gmail.com
Bald Eagle
There's a WHAT in my backyard?
A BALD EAGLE!!
Did you know there are 30-40 Bald Eagles that overwinter in Calgary each year? Bald Eagles are the most amazing birds of all, the adults are easy to ID with their white head, immature birds more challenging (huge bird, all brown), but the best part of all is their aerial acrobatics. Watching a Bald Eagle against any other bird in the sky is magic. About 25 seconds into this video, you will see such magic!
https://www.allaboutbirds.org/guide/Bald_Eagle/id

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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. Used under license.