Facebook
X
Pinterest
Copy Link
First Thing to Do When Packing to Move!
You’re going to want to create an ‘open-me-first’ box!
It will contain all the things you’ll need immediately after arriving in your new home. Everything in your survival box is specially selected to help you meet your basic needs during the first couple days after the move and turn your new place into a comfortable home as quickly and easily as possible.
Regardless of whether all your belongings have already been delivered or not, you’ll want to make sure you have the crucial essentials for the first night in your new home with you. You should have them packed in a special first night box. This way, they can travel with you and, also, so you won’t need to unpack half the boxes in order to find your toothbrush and pajamas!
After a long day of moving, the last thing you’ll want to do is find toilet paper or soap. I recommend including the following list of items to have handy on your first day in your new home:
- Weekend bag packed like you’re going on a trip (don’t forget your toothbrush, a change of clothes, and shower items)
- Toilet paper, hand soap, and a towel
- Electronics (phones, tablets, music players, and their chargers)
- Basic cleaning items (sometimes you just want a quick wipe-down of things before you use them)
- Snacks and drinks (always a must)
- Bedding (always set up your bed first, you’ll be grateful for that decision by the end of the day!)
- Basic tools (screwdriver, hammer, measuring tape – you’ll be surprised what you’ll need off the bat!)
Remember, don’t push yourself too hard – you’re not going to finish unpacking in one day, nor will be able to make your new place feel like home right from the start. Just take care of the most important things, then take a break and spend some quality time with your loved ones.
The first day and night in your new home are very special – make them exciting and unforgettable for all the right reasons!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Did You Know a REALTOR® Can Help You With a New Build Purchase?
If you want someone to be looking out for your best interest, you can hire a REALTOR® (at no charge!) to help you through the process. It’s VERY IMPORTANT to ensure you have your REALTOR® with you during your very first visit with any builder. If you do not have your agent present or have them pre-register you, it’s likely they won’t be able to represent you and watch out for your best interests.
I can assist with many things that get overlooked when it comes to building.
- I help you see the entire picture. What you see isn’t always what you get with a builder. The model seen isn’t often the base price of 400k being advertised, it’s 500k because of all the upgrades. Granite countertops, upgraded appliances, high end flooring, are all usually upgrades which add up. Lot location has an impact on resale value. Builders often downplay this and tell clients it doesn’t matter, but it absolutely does and we can assist with choosing the right location.
- Get everything in writing. Any concessions or guarantees provided by the builder needs be confirmed in writing. I ensure all the terms agreed upon are included in the contract.
- Builder Prices. There are a lot of things that go into how a builder puts a sale price on their product: location, lot, size of home, building materials, labour costs, etc. Builders don’t like to reduce their prices. If they do, it can set a precedent for future home sales. They are more likely to pay for closing costs or offer design centre incentives than to drop their price. Builders are not like regular sellers as they are not emotionally attached to the property. So, while we cannot always help you negotiate a better price, we can help you make sure the price you are paying is not overvalued.
These are just a few of the things I assist you with when buying a new build home. The most important thing for you to remember is to have me join you on your very first visit and I can help take care of the rest!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
3 Tips on Lighting Up Your Home
As you set out to flaunt your home’s best assets, the most vital element might be the lighting tasked with accentuating it all. Think about it: we love parks, shopping centers, and other public areas that have bright, ample lighting. Potential buyers will appreciate the same glow coming from your home.
A well-lit home appears warm, friendly, and inviting—while sub-standard lighting can detract from even the most appealing home.
Here are a few tips to keep in mind:
1. Whenever you can, utilize at least three sources of light in a room.
Overhead lighting, combined with other sources such as lamps, give a room a warm, ambient feeling. Multiple sources of lighting also provide depth and texture—and can take a fairly plain room and make it enticing.
2. Evaluate your lampshades.
Many of the shades that come with a lamp are unimpressive—but finding great lampshades is easy at a store like HomeSense. Look for opportunities to create contrast, particularly in a bedroom, by using dark lampshades against light colored walls, and vice versa. It may seem like a small detail, but the right lampshades can give your home that extra “pop” it needs to appeal to prospective buyers.
3. Consider layers.
When it comes to decorating, layering is an art form. You can place rugs atop one another, or pile throw pillows and blankets atop an already patterned sofa for added interest. The same goes for your lighting setup, but don’t rely on overheads alone. Instead, try placing a table or floor lamp, so the level of light is even throughout the space. This is especially important in older homes, which typically do not have the plethora of recessed bulbs and overhead fixtures we see in modern construction.
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Just Listed – 1044 Kings Heights Road SE, Airdrie
Welcome to Kings Heights in Airdrie!
Quick Details:
– Listed at $449,900
– 1382 Square Feet
– 3 Bedrooms
– 2.5 Bathrooms
– West Facing Backyard!
View the full listing details for 1044 Kings Heights Road SE.
This great semi-detached home is located on a quiet street near walking paths, shopping, and schools. Upon entering your new home, you are welcomed into a warm and inviting foyer with an open concept floorplan. The heart of the home highlights a huge living area to host all your guests with hardwood flooring and additional side windows for extra light.
The kitchen features a spacious island with granite countertops, perfect for baking cookies with the kids or entertaining guests.
The primary bedroom is large enough for your king-sized furniture, complete with a 4-pc en-suite and walk-in closet. Two bedrooms, a main 4-pc bathroom, and upstairs laundry (no need to drag those baskets down any flights of stairs) finish off the top floor.
The basement is awaiting your finishing touches, with rough-in plumbing and a layout which could accommodate a 4th bedroom and a rec area. To top everything off, the west-facing backyard has a large two-tiered deck, garden planters, and a concrete pad for parking.
Kingsview Market is only minutes away, with Save-on-Foods, Shoppers Drug Mart, Starbucks, and more!
View the full listing details for 1044 Kings Heights Road SE.
Call today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Lowest February Inventory Since 2006
The Calgary Real Estate Board (CREB®) has released their statistic report for February 2023. A couple of quick statistics to take away from the article:
- With 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
- Sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.
- With a sales-to-new-listings ratio of 73 per cent and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two per cent over January levels and last year’s prices.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
Consistent with typical seasonal behavior sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.
“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”
Both sales and new listings declined over last year’s record high for the month. While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.
With a sales-to-new-listings ratio of 73 per cent and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two per cent over January levels and last year’s prices.
Detached
Both sales and new listings reported significant year-over-year declines over last year’s record high. While the seasonal monthly gain did see inventories move up over the last two months, levels are still amongst the lowest seen in February, and the months of supply fell below two months.
Further tightening conditions did cause the unadjusted benchmark prices to rise over last month’s levels, but at a price of $635,900, it is still below the peak reported in May 2022. While supply continues to remain a challenge relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000.
Semi-Detached
Like the detached sector despite the seasonal monthly gain, both sales and new listings fell from last year’s record high. While inventories are starting to rise over the levels seen in the past few months, they remain amongst the lowest levels reported for February. The relatively low inventory levels caused the months of supply to fall below two months in February, while it is still higher than last year’s ultra-low levels, conditions continue to favour the seller.
The unadjusted benchmark price reached $568,100 in February, nearly two per cent higher than last month and a three per cent gain over last February. Persistently tight market conditions contributed to the monthly unadjusted gain in the benchmark price. However, like detached properties prices remain below the May 2022 peak.
Row
Conditions remained exceptionally tight in February with only one month of supply and a sales-to-new listings ratio of 87 percent. While row sales have eased over record levels, they have remained relatively strong for February as demand shifts toward the affordable product in the market.
The persistently tight conditions caused further upward pressure on prices. In February, the unadjusted benchmark price reached $369,700, a monthly gain of over two per cent and a year-over-year gain of nine per cent. Unlike the other sectors, prices have reached a new high this month.
Apartment Condominium
Sales for apartment condominiums did not see the same pace of decline as other property types in February partly due to the level of new listings coming onto the market. Persistently strong sales compared to listings have caused February inventory levels to remain relatively low compared to levels seen over the past eight years and the months of supply once again dropped below two months.
The tight market condition contributed to the upward pressure on prices. In February, the unadjusted apartment benchmark price reached $286,000, nearly three per cent higher than last month and over 11 per cent higher than last February. While prices are still higher than the levels reported last year, they remain nearly seven per cent below the peak levels reported back in 2014.
REGIONAL MARKET FACTS
Airdrie
Inventories continued to improve in February but with only 178 units available levels are still well below longer-term trends for the month ensuring that the months of supply remained below two months.
The unadjusted benchmark price in February rose over last month keeping it comparable to levels seen last year at this time. However, with a benchmark price of $487,200, prices remain below the peak price of $510,700 reported in April 2022.
Cochrane
Like Airdrie, inventory levels have also been on the rise in Cochrane. While February levels are double what was available in the market last year, inventories remain over 40 per cent below long-term trends for the month. Nonetheless, both sales and new listings have eased so far this year helping the market shift toward more balanced conditions.
The February benchmark price did improve both over last month’s and last year’s levels. However, with an unadjusted price of $492,900, levels are still below the $522,600 peak reached in June of 2022.
Okotoks
While both sales and new listings have slowed compared to last year, conditions remained exceptionally tight with a sales-to-new listings ratio of 90 per cent. Inventory levels also continued to fall both compared to last month and last year, with levels nearing the February 2006 record low.
As conditions continue to favour the seller, it is not a surprise that we continue to see upward pressure on home prices. In February, the unadjusted benchmark price reached $555,000, three per cent higher than last month’s and last February’s levels. However, like some areas, prices remain just shy of the May peak of $560,700.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Not All REALTOR®s Stage Their Listings – But I Do!!
Most of you know by now I stage every single one of my listings! If you don’t know (now you do!), I include this service as part of my listing agreement fees.
Since this isn’t a service all REALTOR®s offer, I thought I’d answer a few common questions that get asked by my prospective sellers.
1. What’s included?
I always provide a full, hands-on staging consult on occupied homes. We go room by room and I make recommendations on what to keep, what to pack away, where we need to add, and move any furniture, if necessary. Sometimes I’ll repurpose a room for a different use because the way we sell our homes is much different than the way we live in them.
2. Who will be doing the staging?
I’m always the lead on every staging job. I personally pre-plan all accessories and artwork required for your home prior to showing up for the staging day. I’m also the one doing the hanging of art, placing accessories, and I usually bring a second set of eyes and muscles with me (aka one of my two business partners, Shawn Nichols or Erika Blair if she’s in town!) to support where needed!
3. Are there any extra costs?
There are zero costs associated with any art or accessory rentals I provide. This is all included in your listing agreement fees! Sometimes, an additional piece of larger furniture may need to be supplemented, and there would be a fee with this as I source it from a 3rd party. But I always do what I can to use what you already have in your home!
4. Where does your inventory come from?
Over the years, I have built up an extensive library of artwork and accessories solely used for staging listings. Of course, everything is always sanitized and cleaned before going to a new home.
I’m not just a REALTOR® with a natural ability to provide decorating guidance, I also have credentials and training as a Professional Home Stager. I have a strong educational background in both home staging and architectural design, along with over 15 years of experience working in those trades!
Here’s a link to view a small sample of my staging jobs over the years. I’d love to assist you with making your home look its absolute best before coming to market to help you get top dollar!
Interested in learning how I can help you sell your home using my design background? Send me a message and let’s chat!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
Just Listed | 410, 2588 Anderson Way SW | Edmonton, AB
Welcome to Ion in Ambleside, Edmonton!
Quick Details:
– Listed at $159,900
– 577 Square Feet
– 1 Bedroom
– 1 Bathroom
– Titled Parking Stall
– Unobstructed, top floor views!
View the full listing details for 410, 2588 Anderson Way SW, Edmonton, AB.
This top floor, open-concept design allows for effortless entertaining, while ample natural light fills the space with warmth and energy. Ideal for the first-time buyer or investor, there is plenty of space with one bedroom, one bathroom, and a den area perfect for your at home office with built-in cabinetry.
The kitchen offers stainless steel appliances, and a large breakfast bar overlooking the spacious living room with new vinyl plank flooring.
Plush new carpet has been installed in the king-sized bedroom with a large walk-in closet. Enjoy many quiet evenings overlooking Ambleside Pond with unobstructed views on your private balcony, with a gas hook-up for your BBQ. You’ll appreciate the in-suite laundry room and titled parking stall.
With board approval, you’re welcomed to have either one dog or one cat up to 8kg! Be sure to drop your gym membership as this complex has its own fitness facility included in condo fees. Located within walking minutes to all amenities and restaurants in Currents of Windermere. Close to transit with quick access to Henday, and easy access to downtown.
View the full listing details for 410, 2588 Anderson Way SW, Edmonton, AB.
Contact today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Supply of lower-priced homes remains low for January
The Calgary Real Estate Board (CREB®) has released their statistic report for January 2023. A couple of quick statistics to take away from the article:
- With 2,451 units available in inventory, levels remain 43 per cent lower than long-term trends for the month.
- As of January, the benchmark price reached $520,900, 5 per cent higher than last January, but still well below the May 2022 high of $546,000.
- Detached home sales saw the largest pullback despite the year-over-year rise in inventory levels. Higher lending rates are cooling demand for higher-priced homes which is supporting inventory gains. Meanwhile, a limited supply of lower-priced products is preventing stronger sales in the lower price ranges.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
The level of new listings in January fell to the lowest levels seen since the late 90s. While new listings fell in nearly every price range, the pace of decline was higher for lower-priced properties.
At the same time, sales activity did slow compared to the high levels reported last year but remained consistent with long-term trends. However, there has been a shift in the composition of sales as detached homes only comprised 47 per cent of all sales.
“Higher lending rates are causing many buyers to seek out lower-priced products in our market,” said CREB® Chief Economist Ann-Marie Lurie. “However, the higher rates are likely also preventing some move-up activity in the market impacting supply growth for lower-priced homes. This is causing differing conditions in the housing market based on price range.”
With 2,451 units available in inventory, levels remain 43 per cent lower than long-term trends for the month. While overall inventory levels are slightly lower than last January, there is significant variation by price range. Homes priced under $500,000 reported year-over-year inventory declines of nearly 30 per cent while inventory levels improved for homes prices above that level.
Although conditions are not as tight as last year, lower supply levels are preventing a significant shift toward balanced conditions and prices did trend up slightly over last month breaking the seven consecutive month slide. As of January, the benchmark price reached $520,900, 5 per cent higher than last January, but still well below the May 2022 high of $546,000.
Detached
Detached home sales saw the largest pullback despite the year-over-year rise in inventory levels. Higher lending rates are cooling demand for higher-priced homes which is supporting inventory gains. Meanwhile, a limited supply of lower-priced products is preventing stronger sales in the lower price ranges.
The variation within the market is likely causing divergent trends in pricing as prices have trended down in the higher-priced City Centre, while still reporting some modest gains in other districts of the city. Overall, the benchmark price reached $622,800 in January, slightly higher than levels reported in December, but still below the monthly high achieved in May 2022.
Semi-Detached
Sales in January slowed relative to last year’s levels but remained above levels achieved before the pandemic. At the same time, a pullback in new listings has left inventory levels below the already low levels reported last January. Like the detached sector, semi-detached homes have seen shifts where the demand remains strong for lower-priced product relative to the supply likely causing divergent trends in pricing.
In January, most districts reported a monthly benchmark price growth. However, prices did trend down in the higher-priced City Centre district causing Calgary’s semi-detached benchmark prices to ease slightly over levels seen in December 2022. Despite the monthly adjustment overall, prices remained nearly six per cent higher than levels reported in January 2022.
Row
Row homes sales slowed over last year’s record high but remained well above long-term trends for the month. Sales would have likely been stronger if more listings came onto the market. In January, new listings dropped over the previous year and were over 20 per cent below long-term trends. The adjustments in both sales and new listings did little to change the low inventory scenario and the months of supply remained below two months in January.
The persistently tight conditions did also prevent any downward pressure on prices which posted a nearly one per cent gain over December levels. With a benchmark price of $361,400, levels are still over 12 per cent higher than last January, and only slightly lower than the $363,700 monthly high achieved in June 2022.
Apartment Condominium
Sales for apartment condominiums did not see the same pace of decline as other property types in January partly due to the level of new listings coming onto the market. Nonetheless, inventory levels remained well below long-term trends for the month and have not been this low in January since 2014.
The adjustments to both sales and inventory have left this sector with a months of supply that is lower than levels seen at the start of 2022. The shift to affordable options is also impacting prices within the apartment condominium sector. In January, prices trended up from December levels driven by strong gains in the lower priced district of the North East and East. Overall, apartment condominium prices in the city reached $277,600, one per cent higher than last month and a year-over-year gain of nearly 10 per cent, narrowing the spread from the record high prices set in 2014.
REGIONAL MARKET FACTS
Airdrie
January sales eased over last year’s record high but remained consistent with long-term trends for the month. The pullback in sales did outpace the pullback in new listings causing inventory levels to improve over the exceptionally low levels reported last year. Despite the inventory gain, levels remain over 50 per cent lower than long-term trends for January
These shifts in the market have caused the months of supply to rise over last January’s 2022 record low. However, with less than two months of supply, conditions continue to remain relatively tight and supported a modest monthly price gain. In January, the benchmark price reached $480,200, nearly eight per cent higher than last January, but still below the monthly peak of $510,700 achieved in April 2022.
Cochrane
January sales eased over last year’s record high but remained comparable to long-term trends for the month. At the same time, new listings also slowed, but not at the same pace as sales. Inventory levels also rose from the near record lows reported last January. While improving inventories is likely welcome news to most buyers, inventory levels are still nearly 40 per cent below long-term trends.
Shifts in both sales and inventory have caused the months of supply to rise to nearly three months. This has taken some of the pressure off home prices which have seen exceptional gains over the past two years. Overall, the benchmark price in January was $488,900, over one per cent lower than last month but still seven per cent higher than January 2022 levels.
Okotoks
Both sales and new listings slowed in January compared to last year, preventing any significant addition to inventory compared to what was available in the market at the end of 2022. While there is more supply in the market compared to last January’s record low, with only 56 units available, this is still 61 per cent below long-term trends for the town.
The persistently tight market conditions have supported significant price growth over the past several years. While recent shifts have taken some of the pressure off the pace of price growth, prices did see some further gains this month. In January, the benchmark price reached $539,000, an increase from December and a year-over-year gain of nearly seven per cent.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
Just Listed – 1512, 924 14 Avenue SW
Welcome to Dorchester Square, in the heart of the Beltline!
Quick Details:
– Listed at $199,900
– 647 Square Feet
– 1 Bedroom
– 1 Bathroom
– Heated Underground Parking
– Downtown park views!
This building has an unbeatable central location with tons of amenities including a fully equipped gym, racquetball court, saunas, billiards room, lounge and a large enclosed garden. Incredible city views await with nearly 650 square feet of smartly designed open-concept living space.
Located on the 15th floor, this unit includes one bed and one bath, titled underground parking, and a large in-suite storage room. The galley style kitchen offers ample cabinet space, full sized fridge, electric stove and brand new dishwasher.
Working from home? Utilize the dining room as an office space, which is adjacent to the generous sized living room. Sliding patio doors lead to the covered balcony overlooking Barb Scott Park with amazing views of our beautiful city skyline.
The renovated 4 piece bathroom includes new tile, lighting, plumbing hardware, and vanity with tons of storage space. Pride of ownership and many tasteful renovations throughout, including new laminate flooring, paint and trim.
Condo fees include heat, water, and access to all amenities so you can cancel that gym membership! With electricity averaging $35/month, this is affordable living just steps to the shops and restaurants of 17th Avenue. Canadian Tire, Best Buy, and the Urban Fare grocery store are less than a 5 minute walk away.
Call today to book your private viewing!
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – 2022 saw record-high sales and double-digit price growth
The Calgary Real Estate Board (CREB®) has released their statistic report for December 2022. A couple of quick statistics to take away from the article:
- As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
- Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December.
- Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sparanych@outlook.com or 403.703.1052.
December sales eased, however, slowing sales over the second half of 2022 were not enough to offset earlier gains as sales reached a record high of 29,672 units in 2022.
Over the past several months, the pullback in sales was also met with a significant pullback in new listings, causing further declines in inventory levels. As of December, there were 2,214 units available in Inventory, making it the lowest level of inventory reported for December in over a decade.
“Housing market conditions have changed significantly throughout the year, as sales activity slowed following steep rate gains throughout the later part of the year,” said CREB® Chief Economist Ann-Marie Lurie. “However, Calgary continues to report activity that is better than levels seen before the pandemic and higher than long-term trends for the city. At the same time, we have faced persistently low inventory levels, which have prevented a more significant adjustment in home prices this year.”
Benchmark prices eased to $518,800 in December, down nearly five percent from the peak price in May but almost eight percent higher than last December. While prices have trended down annually, they remain over 12 percent higher than last year’s levels.
The housing market in 2022 generally outperformed expectations both in terms of sales and price growth.
Detached
The detached market has felt most of the impact of higher rates as a pullback in sales in the year’s second half contributed to the year-to-date decline of over seven percent. While there have been some gains in new listings over the last quarter, much of the growth has occurred in the market’s upper-end, supporting more balanced conditions. However, supply levels for lower-priced homes remain low relative to the sales activity, causing that market segment to continue favouring the seller. Overall, the detached market has seen activity shift away from the strong sellers’ conditions reported earlier in the year.
Prices in the detached market have trended down in the second half of the year, as the December benchmark price of $619,600 has eased by just over four percent from the June high. The recent adjustments have not erased all the earlier gains, as benchmark prices reported an annual gain of over 14 percent. Annual price growth has ranged from a high of 19 percent in the South East, North and North East districts to a low of nearly eight percent in the City Centre.
Semi-Detached
Further declines in sales this month contributed to the year-to-date sales decline of nearly three percent. While sales have eased relative to last year’s record levels, activity is still far stronger than long-term trends and levels reported prior to the pandemic. At the same time, new listings have been trending down for this property type, keeping the inventory and months of supply relatively low compared to historical levels.
While conditions are not as tight as earlier in the year, there has been some downward pressure on prices. The monthly benchmark price peaked in May of this year and has eased by nearly four percent since then. However, on an annual basis, benchmark prices remain nearly 12 percent higher than in 2021. The North district reported a higher annual price gain of over 18 percent.
Row
Significant reductions in new listings weighed on sales over the last few months of the year. Despite recent shifts, annual sales in the city reached a new record high, with 5,153 sales in 2022. Not only was it a record year, but sales were nearly double long-term trends. Higher lending rates are driving more purchasers toward the more affordable row options. While new listings were still higher than last year’s levels on an annual basis, the recent pullback combined with relatively strong sales has caused inventory levels to fall.
As of December, inventory levels were at the lowest since 2013. This has ensured that this segment of the market continues to favour the seller. While prices have eased by just over one percent from the June peak, overall year-to-date prices are nearly 15 percent higher than last year.
Apartment Condominium
Unlike other property types, apartment condominium sales continue to rise above the previous year’s levels throughout the year. This caused year-to-date sales to rise by 50 percent to 6,221 units, a new record high. Demand for affordable product, along with renewed investor interest thanks to rental rate growth, helped support sales growth. Gains in this sector were also possible thanks to the growth in annual new listings. However, like other sectors, the increase in new listings was not enough to outweigh the sales growth, and inventory levels trended down to levels not seen since 2013.
After several years of being oversupplied, the shift to tighter conditions supported annual price gains of nearly nine percent. While price gains occurred across every district, city-wide prices remain well below the previous highs reached back in 2014.
REGIONAL MARKET FACTS
Airdrie
Sales in Airdrie have declined since April, mainly because of the significant drop in detached home sales. December was no exception, as sales slowed compared to last year’s levels. Despite recent declines, year-to-date total residential sales increased by seven percent and have set a new record-high of 2,469 units. Regional population growth combined with the relative affordability of homes in Airdrie compared to Calgary are some factors supporting the record sales in 2022.
While new listings trended down in December, 2022 saw a general rise in new listings in the market. This has helped support some recent year-over-year gains in inventory levels over last year’s exceptionally low levels. Recent adjustments in both sales and inventory levels have caused the months of supply to trend up from the strong seller’s market conditions reported earlier in the year. However, conditions remain relatively tight with less than two months of supply.
The December benchmark price in Airdrie has eased by over six percent from the April peak. However, this is still 12 percent higher than last year’s level. Overall, the annual benchmark price in 2002 was $489,558, nearly 20 percent higher than last year’s level.
Cochrane
December sales eased, contributing to the year-to-date decline of eight percent. The annual pullback in sales was met with new listings comparable to last year. This has helped support some inventory growth in the market, but levels are still well below what is typically available in the resale market. While inventory levels remain low, the recent pullback in sales has resulted in more balanced conditions taking some of the pressure of price growth seen over the last four months of the year.
On an annual basis, the benchmark price reached $504,067 in the town, nearly 17 percent higher than last year’s prices. Price gains were the strongest in both the detached and semi-detached sectors, where prices rose by 19 percent, establishing 2022 as the new record-high price.
Okotoks
Sales activity eased in December, but the year-over-year pullback over the past few months has not offset the gains reported earlier in the year, as year-to-date sales activity rose by nearly two percent. This growth in sales was met with additional new listings in the market, helping support higher inventory levels over last year’s record lows. Even with some inventory growth, conditions continue to remain tight with under two months of supply, placing limits on the price adjustments.
While prices have trended down from the high seen in May, on an annual basis, benchmark price growth in the town was nearly 16 percent. Price growth was strongest in the detached sector, which for the first time, pushed above $600,000 on an annual basis.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
Sarah Paranych, REALTOR®
linktr.ee/yycrealtor
sparanych@outlook.com
403-703-1052
Source: CREB®
