Housing supply continues to increase in the city of Calgary, with nearly 7,000 units for sale in July across detached, semi-detached, townhomes and apartments. Inventories haven't been this high since before the pandemic, and are now higher than long-term trends. This is nuanced however, with the largest gains of inventory acutely impacting new communities. 

The added supply has weighed on home prices in the city with the benchmark residential price trending downwards over the last couple months (now ~4% below last year's peak) across all property types.

That said, price declines are not impacting all property types across all locations in the city. Even where there have been recent price declines, this hasn't erased gains made over the last several years, effectively setting a 'new floor' for home prices in Calgary. 

As I've mentioned previously, a healthy market will see fluctuations in supply and demand, and a pullback in pricing is positive for sustainable growth over long periods of time. 

Key persistent issues dampening demand are:

• Continued tariff uncertainty (clouding business decisions, and ultimately employment growth)

• Stubborn lending rates (BoC holding policy rates flat)

• Competition from the new home market

Tracking listings and sales over the last 10 years, we're seeing now inventories ~25% above the 5-year average and sales ~10% below the 5-year average. 

If you're looking to move, there's no time like the present to start the buying process. Especially if you're looking for a condo or townhome, as a buyer you have much more to select from to find the perfect home. Detached / semi-detached, a little more nuanced depending on the location but more options out there as well. 

If you're looking to sell, give us a call to chat. There's always a strategy no matter the market, but the key here is there are market tops and market troughs that will dictate the strategy and reasonable expectations to set during times of uncertainty. 

Between the two cities, you probably can't tell given the amount of rain we've had lately – Calgary recorded it's 5th wettest July in recorded history, with 139.6mm of rain as of Sunday evening, more than double the precipitation for July. 

The rainiest July in Calgary was recoded in 1927, with 245.4mm. Sunday's weather also broke summer temperature records, having the coldest daytime high for July (16.1 degrees), since 1931...

But fret not, we're seeing some sun on the way later this week with some actual summer weather (hopefully). 

That said, there are a few things I wanted to bring to your attention as current or potential home owners as it related to water management.

1. Eavestroughs: remember to have your eaves cleaned out at least twice a year (early spring / fall) to manage the amount of debris caught in the eaves and to prevent overflow (having overflow leads to bigger problems, more below)

- Inspect for leaks / overpour, and fix as soon as practically possible to prevent further deterioration

2.Gutters / Downspouts: Have gutters pointed away from your foundation at least 6-8 feet away; this prevents water from re-entering the soil beneath the foundation which could lead to increase hydrostatic pressure (side wall pressure against foundation), and possible water intrusion

- Inspect for leaks / overpour, and fix as soon as practically possible to prevent further deterioration

3. Grading: Imperative to have proper grading to allow water to rest away from the foundation of the home. Especially important in our city where we get a ton of freeze-thaw activity, this prevents ice from further damaging the foundation walls which can lead to water intrusion as well

- Ensure to keep an eye on pooling water around the foundation, you'll want to resolve this as soon as possible (big red flag)

- Use soil / gravel to grade away from the home so your lot will shed water

4. Rain Barrels: As much as "save for a rainy day" sounds old school as it is practical, it not only applies to finances, real estate but also actual rain water. We've had a ton of rain lately, so why not conserve your own bills and use it, it's free! Not to mention, better than tap water for your plants.

5. Sump Pump: For those who don't know what a sump pump is, this is a cistern cut into your foundation with an installed pump to pull out an excess water in the basement. This is key, and city code for most new-built infills today. It prevents water from accumulating in the basement, and expels it outside. Make sure you have a backflow value on the pump, but also make sure your sump pump line outside is directed at least 6-8 feet away from the foundation (similar to gutters) to prevent re-entry of water

It doesn't hurt to get an inspection of the home done, and is a wise choice especially before you sell. To point out any potential flaws that another inspector / buyer may flag, resulting in a price reduction or more work from your end. If you need help to point you in the right direction, or want some contacts of great inspectors we work with, give us a call.