In June, sales hit 2,738, showing a 13% decrease from the previous year’s peak. While there was an increase in sales for Calgary properties priced over $700,000, it did not compensate for the drop in lower-priced properties. Even with the decline in June sales, they are still more than 17% above historical averages- indicating continued strong demand in the market.

The number of new listings decreased compared to sales, resulting in the sales-to-new listings ratio staying high at 72 percent. Inventory levels have shown improvement compared to the low levels of the previous year, mainly driven by increases in higher price brackets.

CREB Housing Market Insights

The Calgary real estate market remains highly competitive, potential buyers continue to face limited choices, particularly in the more affordable housing segments. This is resulting in many homes selling over the list price.

“Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 percent of the homes sold selling over list price.”

Ann-Marie Lurie, Chief Economist at CREB."

Supply Challenges

The number of new listings has not kept pace with the demand, leading to a competitive market environment. Sellers are hesitant to list their properties, partly due to uncertainties about finding a new home in the current market.

This reluctance exacerbates the supply-demand imbalance, further driving up prices. As we move forward, the market is expected to remain favourable for sellers, with continued demand and limited supply pushing calgary home prices higher.

Rising Prices in the Calgary Market

As per the Calgary Real Estate Board’s data, the benchmark price for a residential home in Calgary rose by 10% year-over-year. This upward trajectory in prices is making it increasingly difficult for first-time homebuyers to enter the market, thereby affecting overall sales volume.

Sales Performance by Property Type

Detached Homes

Sales for detached homes decreased by 16% year-over-year, with a significant pullback in homes priced below $700,000. However, the benchmark price for detached homes rose to $767,600, a 12% increase from last year, driven by tight supply and high demand in the upper price ranges.

Semi-Detached Homes

Sales dropped by 2% year-over-year, but the benchmark price increased to $686,100, up 12% from last year. This property type saw a sales-to-new-listings ratio of 76%, indicating continued demand pressure.

Row Homes

Sales for row homes declined by 17% year-over-year, yet the benchmark price surged to $464,600, a 17% increase from last year. With a sales-to-new-listings ratio of 75%, row homes continue to experience strong demand, especially in the most affordable areas.

Apartments

Apartment sales fell by 8% compared to last year, primarily due to limited supply in lower-priced units. Despite this, the benchmark price rose to $344,700, up 17% from last year. The year-to-date sales for apartments remain at record-high levels, with a 13% increase compared to the same period last year.

Calgary Property Prices 2024

In June, the unadjusted benchmark price rose to $608,000, nearly 9% higher than last year. Prices increased across all districts, with the most significant year-over-year gains in the North East and East districts.

• North: $580,800 

• North East: $529,600

• North West: $664,300

• West: $739,600 

• City Centre: $614,400 

• East: $445,100 

• South: $596,100

• South East: $597,200 

Inventory and Supply Dynamics

The market continues to face supply hurdles, particularly in the lower price ranges, regardless of property type. Inventory levels improved slightly but remain 40% below long-term trends. The months of supply increased to 1.4 months, still favouring sellers and contributing to upward pressure on house prices.

Impact on Buyers and Sellers

Buying a house in Calgary

The current market conditions present potential challenges for buyers. With limited options and high competition, prospective homeowners may find it difficult to secure a property within their budget. Buyers need to be prepared for bidding wars and should have their finances in order to act swiftly when opportunities arise.

Selling a house in Calgary

High demand and limited supply mean that sellers can command higher prices for their properties. However, they should be mindful of the challenges they may face when looking to purchase a new home.

Creb Report July 2024

The CREB report remains cautiously optimistic about the future of the Calgary real estate market. While the current challenges are significant, they believe that increased construction activity and policy interventions could help alleviate some of the limited supply choices. They recommend that potential buyers stay informed about market trends and seek professional advice from a trusted Calgary realtor to navigate the volatility of the current housing market.

Established Calgary Realtors

Staying informed and seeking expert advice are essential strategies for navigating these turbulent times. As the market evolves, continuous monitoring and adaptability will be key to finding the right realtor in Calgary to help with informed decisions, smart buys, and strong sales.

Future Real Estate Opportunities

The current market conditions present potential challenges for buyers. With limited options and high competition, prospective homeowners may find it difficult to secure a property within their budget. Buyers need to be prepared for bidding wars and should have their finances in order to act swiftly when opportunities arise.

In the city of Calgary, the distinction between legal and illegal basement suites can be significant, affecting not only the safety and comfort of residents but also the legality and insurance implications for homeowners. This guide provides an overview of the necessary steps to ensure your basement suite is up to code and the importance of obtaining the proper construction permits.

The Permit Process

The permit process for creating a legal basement suite in Calgary involves several steps. First, you need to submit a development permit application, which includes plans that comply with the Alberta Building Code. Following approval, you must then obtain a building permit, which ensures that the construction phase adheres to code. After construction, a final inspection is necessary to certify the suite as legal.

Identifying Illegal Basement Suites

An illegal basement suite in Calgary is one that has been constructed or modified without the necessary permits or does not comply with the building code. These suites often lack proper egress, have insufficient ceiling heights, or have inadequate heating and ventilation systems. Living in or renting out an illegal basement suite poses significant risks, including health and safety hazards and potential legal and financial liabilities.

The Benefits of Legalizing Your Basement Suite

Legalizing your basement suite offers numerous benefits. Not only does it enhance the safety and habitability of the space, but it also increases the property’s value and ensures that it is insurable. Furthermore, legal suites are more appealing to potential renters and can provide a steady source of income without the worries of non-compliance fines or penalties.

Steps to Legalization

The steps to legalize an existing basement suite include reviewing the current building codes and regulations, consulting with a professional to assess what changes are necessary, obtaining the relevant permits, and passing the final inspection. While the process may seem daunting, the peace of mind and financial benefits of having a legal basement suite are well worth the effort.

Navigating the Process in Calgary

Navigating the permit process and adhering to building codes can be challenging, but it is essential for the legality and safety of basement suites in Calgary. Whether you are planning to construct a new basement suite or looking to legalize an existing one, understanding and following the proper procedures is crucial. For homeowners, the time and investment required to ensure a legal basement suite will ultimately provide a safer and more secure living environment for all occupants.

Remember, when it comes to basement suites, legality is not just about compliance; it’s about the well-being of your community and the protection of your investment. If you require assistance or have questions about the permit process for your Calgary basement suite, don’t hesitate to reach out to local authorities or construction professionals.

Moving to a new city is a thrilling adventure. It’s a chance to start fresh, explore new surroundings, and create a home in a new community. But it can also be a daunting task. Especially when it comes to navigating the real estate market of your new home.

If you’re considering moving to Calgary, Canada, you’re in the right place. This guide is designed to help you understand the Calgary real estate market.

We’ll delve into the cost of living, compare it to other major Canadian cities, and explore the housing trends. We’ll also provide practical advice on the relocation process.

by Ahmed Zalabany (https://unsplash.com/@amzmahmoud)

Why Move to Calgary?

Calgary is a vibrant city nestled in the heart of Alberta, Canada. It’s known for its high quality of life, economic opportunities, and stunning natural beauty.

The city boasts a robust economy, driven by industries like energy, technology, and finance. It’s a place where career opportunities abound.

But it’s not all work and no play in Calgary. The city offers a rich cultural scene, diverse food options, and plenty of outdoor activities.

Here are some reasons why moving to Calgary might be the right choice for you:

• Strong economy with diverse job opportunities

• High quality of life with excellent public services

• Vibrant cultural scene and recreational activities

• Beautiful natural surroundings with easy access to outdoor adventures

• Friendly and welcoming community

Economic Opportunities and Quality of Life

Calgary’s economy is one of its biggest draws. The city is a hub for the energy sector, but it’s also home to a growing tech industry.

This economic diversity creates a wealth of job opportunities. Whether you’re a seasoned professional or a recent graduate, Calgary has something to offer.

Beyond work, Calgary’s quality of life is top-notch. The city offers excellent public services, a low crime rate, and a clean environment.

Comparing Costs: Calgary vs. Toronto

When it comes to cost of living, Calgary is more affordable than many other major Canadian cities. Especially when compared to Toronto.

Housing is the biggest factor. The cost of buying a home in Calgary is significantly lower than in Toronto.

But it’s not just housing. Groceries, transportation, and healthcare are also more affordable in Calgary. This makes it an attractive option for those looking to stretch their dollar further.

Preparing for Your Move to Calgary

Moving to a new city is a big step. It requires careful planning and preparation.

First, you’ll need to set a budget for your move. This should include costs like moving services, housing, and living expenses.

Next, create a timeline for your move. This will help you stay organized and ensure everything gets done on time.

Here are some key steps to include in your moving timeline:

• Research and choose a moving company

• Start packing non-essential items

• Arrange for utilities and services at your new home

• Update your address with banks, insurance, and other important institutions

• Pack essential items and prepare for moving day

Budgeting and Timeline Planning

Budgeting for your move is crucial. It helps you avoid unexpected costs and financial stress.

Start by estimating your moving costs. This includes hiring movers, packing supplies, and travel expenses.

Then, factor in your living expenses in Calgary. This includes housing, groceries, transportation, and utilities.

Long-Distance Moving Tips

Moving long-distance can be challenging. But with the right planning, it can go smoothly.

Start packing early. This gives you time to sort through your belongings and decide what to take with you.

Finally, consider hiring professional movers. They have the experience and equipment to handle long-distance moves efficiently.

Understanding the Calgary Real Estate Market

The Calgary real estate market is dynamic. It’s influenced by various factors, including the economy and population growth.

One key factor is Calgary’s strong energy sector. This drives demand for housing and impacts property prices.

Here are some current trends in the Calgary real estate market:

• Fluctuating property prices

• Varying inventory levels

• High demand in popular neighborhoods

Housing Market Trends

Calgary’s housing market is currently experiencing some fluctuations. This is due to economic changes and population growth.

Inventory levels also vary. Some neighborhoods have high demand, leading to lower inventory.

Understanding these trends can help you make informed decisions when buying or renting a home in Calgary.

Renting vs. Buying in Calgary

Deciding whether to rent or buy in Calgary depends on your personal circumstances. Both options have their pros and cons.

Renting can offer flexibility, especially if you’re new to the city. On the other hand, buying can be a good long-term investment.

Consider your financial situation, lifestyle, and future plans when making this decision.

Choosing the Right Neighborhood

Choosing the right neighborhood in Calgary is crucial. It can greatly impact your lifestyle and daily routine.

Consider factors like proximity to work, schools, and amenities. Also, think about the neighborhood’s vibe and community.

Public transportation availability can also influence your choice. Calgary has a well-developed public transportation system that can affect where you choose to live.

Popular Areas for Newcomers

Calgary has several popular areas for newcomers. These include Beltline, Hillhurst, and Bridgeland.

Beltline is known for its vibrant nightlife and dining scene. It’s a great choice for young professionals.

Hillhurst, on the other hand, is family-friendly. It has excellent schools and plenty of parks.

Bridgeland is a diverse neighborhood with a mix of residential and commercial properties. It’s ideal for those who want a balance of city life and quiet residential living.

The Home-Buying Process in Calgary

The home-buying process in Calgary can be complex. It’s important to understand the steps involved.

First, you’ll need to determine your budget. This will guide your home search and negotiation process.

Next, you’ll need to find a real estate agent. They can help you navigate the market and find the right home.

Finally, you’ll need to make an offer. This is where your negotiation skills and real estate knowledge will come into play.

Securing a Mortgage and Closing the Deal

Securing a mortgage in Calgary involves several steps. First, you’ll need to get pre-approved. This will give you an idea of how much you can borrow.

Next, you’ll need to find a lender. There are many options in Calgary, so shop around for the best rates.

Once you’ve found a home and your offer has been accepted, you’ll need to finalize your mortgage. This involves providing your lender with necessary documentation and signing the mortgage agreement.

Finally, you’ll close the deal. This involves paying any closing costs, signing the final paperwork, and receiving the keys to your new home.

Are you considering swapping the bustling streets of Toronto for Calgary’s wide-open spaces? This move could be your ticket to a new adventure. Here’s what you need to know before you pack up and head west.

Cost of Living in Calgary vs Toronto

The cost of living in Calgary is generally lower than in Toronto. For starters, renting a one-bedroom apartment in Calgary’s city center costs around $1,400 per month, compared to Toronto’s $2,100. Groceries and dining out also tend to be cheaper. However, utility costs can be slightly higher in Calgary, given its colder winters. Tip: Budget wisely by taking advantage of Calgary’s more affordable housing and enjoy saving a bit extra each month.

How Does the Weather Compare?

Expect a climate change. Calgary enjoys a dry continental climate with long, sunny summers and cold, snowy winters. Unlike Toronto’s humid summers and wet, slushy winters, Calgary’s weather includes more sunshine and less humidity. Winter temperatures can dip lower, but the Chinook winds bring warm breaks that can quickly melt snow and raise spirits. Dressing in layers is the key to comfort here.

Job Market Comparison

Calgary’s economy is booming, especially in the energy sector, technology, and health services. While Toronto is known for its financial and entertainment industries, Calgary offers growth opportunities in its dominant sectors. Job seekers should tap into local resources like Calgary Economic Development and use platforms like LinkedIn to network. Remember, the job market here values specialized skills, especially those relevant to its leading industries.

Transportation: Getting Around

Getting around Calgary is different from navigating Toronto. Calgary’s public transit system includes the CTrain light rail and buses, covering extensive areas but with less frequency outside the city center. While Toronto’s TTC provides more dense coverage, Calgary offers ample parking and less congested roads for drivers. For cyclists, Calgary’s extensive bike path network is a big plus. Consider your commute and lifestyle preferences when choosing where to live.

Entertainment and Lifestyle

Calgary boasts a vibrant cultural scene, from the famous Calgary Stampede to numerous festivals, museums, and dining options. Its proximity to the Rocky Mountains offers unparalleled access to outdoor activities like skiing, hiking, and mountain biking—perfect for nature enthusiasts. While Toronto offers a diverse array of cultural experiences and nightlife, Calgary’s lifestyle is more laid-back, with a strong community vibe and emphasis on outdoor living.

Which One is Right for Me?

As you consider the transition from Toronto to Calgary, it’s important to weigh the aspects of daily life that matter most to you. If you’re seeking a city that combines a more manageable cost of living with a wealth of job opportunities in growing sectors like energy and technology, Calgary stands out as a compelling choice. The affordability of housing here means you can enjoy a higher quality of life, with extra savings to explore all that this vibrant city has to offer.

Calgary’s climate, with its sunny skies and distinct seasons, invites you to experience the outdoors in a way that Toronto’s more humid and variable weather might not. The Chinook winds, in particular, bring a unique and often welcome change to winter’s chill, creating opportunities for outdoor activities year-round. Whether you’re an avid skier, a hiker, or someone who simply enjoys a sunny day in the park, Calgary’s proximity to the Rocky Mountains and its own urban green spaces are sure to appeal.

Ultimately, choosing Calgary means embracing a city that values both community and individual growth. Here, you can find the space to build your career, foster connections, and enjoy a lifestyle that balances urban amenities with the natural world. If you’re drawn to the idea of spacious living, career opportunities in booming industries, and easy access to both city life and outdoor adventures, Calgary might just be the perfect place for your next chapter.

With growth comes the exciting development of new neighbourhoods in Calgary. These areas are more than just places to live; they’re communities designed with future residents in mind. Whether you’re a first-time buyer, looking to upgrade, or seeking a change of scenery, Calgary’s newest neighborhoods offer a range of options to fit different lifestyles and budgets.

Vermillion Hill - Southwest Calgary

Nestled in the western part of Calgary, Vermillion Hill stands out as a picturesque community that blends modern living with the beauty of nature. Key features include community gardens, walking trails, and park spaces that encourage outdoor activities and relaxation.

Types of Homes Available

Vermillion Hill caters to a diverse range of homebuyers with its variety of housing options. Here, you can find everything from compact, modern condos starting in the low $200,000s, perfect for singles and couples, to spacious detached homes priced up to the mid $600,000s, ideal for families looking for room to grow. Townhomes in the mid $300,000s offer a middle ground, combining affordability with space and convenience.

Basic Amenities and Local Attractions

The community is designed with convenience in mind. Within Vermillion Hill, residents have access to essential amenities such as grocery stores, cafes, and fitness centers. The neighborhood is also home to several schools, making it an appealing option for families.

For those looking to explore the great outdoors, nearby attractions include several parks and recreational areas, where activities range from hiking and biking in the summer to skiing and snowboarding in the winter. Vermillion Hill is not just a place to live; it’s a place to thrive, offering a balanced lifestyle that caters to both the needs and wants of its residents.

Alpine Park - Southwest Calgary

Alpine Park is uniquely positioned to offer the best of both worlds. The neighborhood is surrounded by natural beauty, providing residents with stunning views and a peaceful atmosphere. The design of Alpine Park focuses on green living, incorporating eco-friendly practices and amenities that promote a sustainable lifestyle. The community layout encourages walking and biking, with plenty of trails and paths weaving through the area, connecting homes to parks and commercial spaces.

Unique Aspects of Living in Alpine Park

Living in Alpine Park means being part of a forward-thinking community that values sustainability, connectivity, and well-being. One of the unique aspects of Alpine Park is its commitment to green spaces and outdoor living. The neighborhood features several parks and playgrounds, community gardens, and outdoor fitness stations, making it easy for residents to stay active and connect with nature. Another standout feature is the use of energy-efficient materials in the construction of homes and buildings, reflecting the community’s eco-conscious efforts.

Price Ranges

The price range in Alpine Park varies, catering to a broad spectrum of homebuyers. Condominiums start in the high $200,000s, offering modern living spaces for singles and young professionals. Townhomes and semi-detached homes range from the low $400,000s to the high $500,000s, perfect for growing families or those desiring more space. For those looking for luxury and spaciousness, detached homes are available from the mid $600,000s to over $1 million, providing expansive living areas, high-end finishes, and premium locations within the community.

Glacier Ridge - Northwest Calgary

Glacier Ridge stands as a testament to Calgary’s breathtaking natural beauty, offering residents a living experience that’s deeply connected to the great outdoors. Nestled on the edge of the city, this neighborhood is a sanctuary for those who cherish the peace and tranquility of nature, without being far from the urban conveniences of Calgary’s vibrant city center.

Types of Homes and Lifestyle

The homes in Glacier Ridge are designed to harmonize with the natural beauty of the area, offering a range of styles from rustic charm to modern elegance. Prices for townhomes start in the upper $300,000s, providing an accessible entry point into this desirable community. Semi-detached homes, with prices in the mid $500,000s, offer more space and privacy, perfect for families or those looking for a balance between community living and personal retreat.

For those seeking luxury and unparalleled views, detached homes are available starting from the low $700,000s to over $1 million. These homes feature spacious layouts, premium materials, and large windows to maximize the stunning views and natural light.

Seaton Ridge - Southeast Calgary

Seaton Ridge is emerging as one of Calgary’s most family-friendly SE neighborhoods, envisioned as a place where families can grow, learn, and play together. With its focus on community, accessibility, and education, Seaton Ridge is quickly becoming the go-to destination for families looking for a place to call home.

Property Types and Community Infrastructure

Seaton Ridge offers a diverse range of property types to accommodate families of all sizes and budgets. Starter homes in the neighborhood begin in the low $400,000s, offering an affordable entry point for young families and first-time homebuyers. For those needing more space, semi-detached homes are available in the high $500,000s, providing additional room to grow without sacrificing affordability. Detached homes, ranging from the mid $600,000s to the upper $800,000s, feature spacious layouts and private yards, perfect for families looking for comfort and privacy.

The community infrastructure of Seaton Ridge is thoughtfully planned to support a family-oriented lifestyle. Wide sidewalks and safe, quiet streets encourage walking and biking, while numerous parks and playgrounds offer spaces for outdoor play and relaxation. A community center serves as a hub for gatherings and activities, fostering a sense of belonging among residents.

Moving to Calgary from BC or Ontario presents an exciting opportunity for families to enjoy a unique blend of urban convenience and unparalleled access to nature. Calgary’s close proximity to the Rocky Mountains means you can have a vibrant city life during the week and an adventurous outdoor weekend without having to choose between the two. Here’s what makes Calgary is a great choice for families considering a move.

Calgary: Where City Life Meets Mountain Adventure

For families moving from the scenic landscapes of BC or the bustling cities of Ontario, living in Calgary offers a harmonious balance. The city combines a strong economic foundation with a high quality of life, thanks to its affordable living, diverse communities, and rich cultural scene.

Luxurious Mountain Escapes Just an Hour Away

The Fairmont Banff Springs

Experience the grandeur reminiscent of a Scottish castle at The Fairmont Banff Springs. Offering a luxurious retreat with family-friendly amenities, it’s a perfect weekend getaway that’s both rejuvenating and adventurous.

Premier Ski Hills for Winter Fun

Sunshine Village

Boasting a long ski season and diverse terrain, Sunshine Village caters to families looking for winter sports adventures, from skiing to snowboarding, ensuring memorable experiences for both beginners and seasoned enthusiasts.

Lake Louise Ski Resort

With its breathtaking views and wide range of slopes, Lake Louise Ski Resort is a favorite among families. Its world-class skiing environment and scenic beauty make it a must-visit destination for those new to Calgary.

Nakiska Ski Area

Nakiska offers the convenience of being the closest ski area to Calgary, ideal for families seeking a quick escape to the slopes. It’s perfect for a day trip or a weekend adventure, with facilities that cater to all skill levels.

Hiking Trails for Family Excursions​

Johnston Canyon

An accessible trail that leads to stunning waterfalls, Johnston Canyon is an excellent choice for a family hike. It’s a great way to introduce children to the wonders of the Rockies with minimal effort.

Tunnel Mountain

Tunnel Mountain is an achievable hike for families, offering panoramic views of Banff and the surrounding area. It’s an ideal starting point for families from BC and Ontario to begin exploring the Rockies.

Larch Valley

For a truly magical hiking experience, Larch Valley in the fall showcases golden larch trees against a backdrop of towering peaks. It’s a bit more challenging but rewards families with its breathtaking scenery.

For families considering a move from BC or Ontario, Calgary offers an attractive blend of urban amenities and easy access to the great outdoors. Whether it’s luxury mountain retreats, family-friendly ski resorts, or hikes with stunning views, Calgary provides a lifestyle that’s hard to match. It’s a city where family memories are waiting to be made, surrounded by the natural beauty of the Rockies.

If you’re looking for a place where adventure meets comfort, Calgary is calling. Let Now Selling help you find your new family home in this vibrant city.