The Calgary Real Estate Board has released it's statistics summary for the month of February. You may have noticed that each month we summarize their report for you. Here is the reason:
When it comes to buying or selling a home, you need to be informed. The real estate market can be fickle, so having a good understanding of current market trends, long-term forecasts and more is crucial in helping you make the best decision possible. Stay informed, but also don't feel like you need to figure it out all on your own! Your real estate professional is your absolute best resource when it comes to understanding the housing market.
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This month the Calgary Real Estate Board released it's 2019 forecast, which echoed much of what we've heard in the last year: this economic climate is making buying and selling homes challenging.
The Calgary Board of Real Estate notes in their January report, "as oversupply continues in Calgary’s housing market, December prices eased by one per cent compared to last month and are over three per cent below last December." This summary of what happened in the final month of 2018 paints a bleak picture of December, which hopefully ended a difficult year in the real estate; though still better than others. Our hopes are that we see even more improvement in 2019!
Here are the highlights from their statistics summary:
December sales totalled 794 units. This is a 21% decline compared to December of 2017.
Year-to-date sales in the city totalled 16,144 units. This is 20% below long-term averages and about 14% less than in 2017.
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The stats are in for the month of September thanks to CREB (The Calgary Real Estate Board).
Here are the highlights:
September sales activity totaled 1, 272 units, a 13 per cent decline since last year. This is far below long-term averages.
There were decreased sales in all product types (detached, row, apartment, semi-detached), but it was the worst for the detached market.
CREB® chief economist Ann-Marie Lurie says: "Calgary's economy continues to struggle with unemployment, which rose again last month to over eight per cent. Concerns in the employment market, higher lending rates and shaken confidence are weighing on housing demand. At the same time, supply levels continue to remain high, resulting in persistent oversupply and
The Bank of Canada has decided to hold interest rates at their current rate for September, though a rate hike in October seems likely.
Global News writes, "despite the uncertainty around NAFTA, the BoC appeared to take comfort in the fact that business investment and exports are increasingly stepping in as engines of economic growth. Meanwhile, the bank said, the housing market has begun to stabilize after higher interest rates and changes in housing policy like the tighter federal mortgage rules that kicked in on January 1st, 2018.Canadian families are also adjusting to higher interest rates, with the household debt-to-income ratio beginning to edge down, the bank said. At the same time, a healthy job market and higher wages are helping to
It is property tax season! If you own a home and are confused about what exactly property taxes are, how they are calculated, or how to pay them, read on!
First off, there are some incredibly important reasons why we have to pay taxes. Oliver Wendell Holmes Jr. once said, "taxes are the price we pay to live in a civilized society." Paying taxes are not just your legal duty, but your civic duty. Taxes help Canadians receive the services that make Canada great, such as schools, courts, roads, parks, hospitals, garbage collection, sewer maintenance, clean drinking water, public transit and more. In 2013 it was reported that the average Canadian receives about $41,000 in public services each year. This would not be possible without everyone
Sales are continuing to struggle in this tight economy. Paired with stricter lending rules that are making it more difficult for people to get approved for a mortgage following a stress test, the Calgary market is not thriving. Supply levels have also not changed, which is putting more pressure on sale prices. Despite all of this, we are optimistic that now that the snow has melted and the spring market is in full swing, things will start to get better.
CREB® chief economist Ann-Marie Lurie says, "Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry. While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas
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