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BoC Cuts Interest Rates TODAY

As widely expected, the Bank of Canada cut it's key policy rate by 25 basis points to 4.25% TODAY

Today is the THIRD cut since June, in response to near-zero economic growth in 2H 2023. We're seeing stronger economic growth this year (2.1% growth in Q2 2024), and is expected growth will remain flat for the remainder of 2024 with continued progress easing inflation. 

Key target for inflation is 2% per year

Another key concern for the Central Bank is the current unemployment rate, which rose to 6.4% in June and stayed there in July. Hiring has been weak, and particularly acute to youth and newcomers to Canada. 

Next Bank of Canada Key Date: October 23, 2024

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As it relates to the real estate market here in Calgary, we've seen an improvement in total inventories near end of summer (always the case given the season), and based on the work I've been doing for my clients, this has been the best time to buy with more selection. That said, great properties are still lasting less than 1 week on market! 

In relative terms, our total active listings remains~21% below the 5-year average, and sales are ~8% above the 5-year average – long story short, market remains robust going into the fall (see below). 

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I have sold a property at 20 Hamptons LINK NW in Calgary

I have sold a property at 20 Hamptons LINK NW in Calgary on Sep 16, 2024. See details here

Located in the prestigious Hamptons, a renowned golf community, this immaculate 3-bedroom, 2.5-bath townhouse offers over 2000 sq ft of refined living space. From the elegant upgrades to the meticulous care throughout, this home is a testament to quality and comfort. The open-concept main floor features a modern kitchen with stainless steel appliances, granite countertops, and custom cabinetry, seamlessly flowing into the light-filled living and dining areas. Step outside to a private patio, perfect for relaxing or entertaining. Upstairs, the spacious primary suite boasts an ensuite bath and double closets, offering a peaceful retreat. Two additional bedrooms share a well-appointed bathroom, ideal for family or guests. A convenient half bath on the main floor adds to the home’s thoughtful design. Nestled in a sought-after golf community, this townhouse is close to top-rated schools, upscale shopping, dining, and leisure amenities. Offering an ideal blend of luxury and convenience, this home presents a unique opportunity to experience the best of Hamptons living. Don't miss out on making this dream home yours!

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New property listed in Tuxedo Park, Calgary

I have listed a new property at 304 2308 Centre STREET NE in Calgary. See details here

ULTIMATE CONVENIENCE | PERFECT FOR A FIRST TIME BUYER OR INVESTOR | PRIVATE APARTMENT IN TUXEDO PARK | If you're looking for an affordable option in the desirable community of TUXEDO PARK, look no further! This gorgeous 2 bedroom / 2 bath apartment provides the PERFECT opportunity to call it your first home, or low-maintenance investment property. Situated right off Centre Street (North), this unit has been meticulously renovated with a clean finish, featuring custom cabinetry, quartz countertops, upgraded appliances in the kitchen, LVP flooring throughout to keep dust and dander to a minimum, and quartz and vanity upgrades in the well-appointed bathrooms – all MOVE-IN READY! A large enclosed balcony provides privacy off Centre Street, and even comes with 1 SECURE UNDERGROUND PARKING STALL! A must see, book your private showing TODAY!

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I have sold a property at 312 1507 Centre A STREET NE in Calgary

I have sold a property at 312 1507 Centre A STREET NE in Calgary on Sep 8, 2024. See details here

CRESCENT HEIGHTS CONDO | STARTER HOME / INVESTMENT PROPERTY | FANTASTIC INNER CITY LOCATION | WALKING DISTANCE TO DOWNTOWN CALGARY | The most convenient apartment complex in Crescent Heights! Welcome to The Madison off Centre Street. Location can't be beat – a short commute (or walk) right to downtown Calgary, and a quick drive to Foothills Hospital, University of Calgary, SAIT, with plenty of shopping, restaurants and parks nearby. Crescent Heights was ranked as one of Calgary's best neighbourhoods (#3) by Avenue Magazine, and the established community continues to be attractive given it's proximity to key amenities and an urban lifestyle. This gorgeous unit has an open floorplan, with TWO sizeable bedrooms and TWO full bathrooms, PLUS in-suite laundry. The spacious living room is framed by a gas fireplace, and the open balcony lets lots of sunlight into the unit, being west-facing exposure. Two elevators, on-site manager, and convenience to public transit makes this unit a perfect investment property, or for a first-time buyer!

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I have sold a property at 3311 34 AVENUE SW in Calgary

I have sold a property at 3311 34 AVENUE SW in Calgary on Sep 5, 2024. See details here

Lovingly cared for inner city bungalow located on a quiet tree lined street in popular RUTLAND PARK. This home features hardwood floors through out the main floor. There is a spacious family room addition off the dining room complete with a fireplace and pot lighting. The kitchen has been updated over the years with many features that include plentiful cupboard space, pantry wall, granite counter tops, gas stove, track lighting and heated floors. There is an opening overlooking the family room. The large master bedroom was converted from 2 bedrooms that can be easily changed back. The updated 4 piece main bathroom has heated floors and granite counter tops. The developed basement includes a recreation room with a roughed in free standing fireplace a bedroom or bonus room ( no egress window ) with low maintenance flooring, pot lighting and sound barrier ceiling. The 4 piece bath down features a Deluxe Bain Ultra Air tub with heated back rests plus a steam shower. There are two 40 gallon H2O tanks and a sink in the laundry room. WAIT THERE'S MORE!!!. The back yard includes a poured concrete patio and an absolutely stunning private park like yard featuring a beautiful Manitoba Maple Tree surrounded by a newer cedar fence. The oversized double rear garage is heated that includes attached benches and cupboards and T.V. A grape vine frames the garage doors. Grapes ready to harvest in late August. The front steps and railing have just been installed recently. This is a second owner home and shows pride of ownership through out.

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I have sold a property at 719 18 AVENUE NW in Calgary

I have sold a property at 719 18 AVENUE NW in Calgary on Aug 30, 2024. See details here

WELCOME to this gorgeous and meticulously maintained open plan 4 bed/3.5 bath two storey family home in the sought after & historical community of Mount Pleasant! The home gives you the best of both worlds, situated on a quiet tree lined street but only minutes away from great amenities & downtown. When arriving at this beautiful home, you'll note the lovely trees & landscaping and welcoming front porch. Coming into the home you'll appreciate the lovely hardwood floors throughout the main level, the 9' ceilings and the office at the front overlooking the front yard. Moving towards the back of the home you'll find the open main kitchen/dining/living space. The kitchen features a good sized island, granite counters, full height cabinetry, 4 burner gas range & walk in pantry, ideal for the gourmet in your family. The dining area has plenty of room for a large table, perfect for special gatherings. The living room is flooded with natural light from the large windows and features a gas fireplace with wood mantle & tile surround, a great place to relax with family & friends. An additional office niche, powder room and separate mud room complete the main floor. Walking out to the private south facing backyard, you'll find a sunny stamped & aggregate concrete patio, low maintenance landscaping, artificial turf, as well as a gas BBQ line and exterior hot water spigot, perfect for dining al fresco. On the west side of the home is a small garden. Upstairs you'll find a serene primary suite, with a large window flooding the room with natural light. The 5 pc ensuite features a double vanity w/quartz countertop, glass & tiled shower, corner soaker tub, and large window. The large walk in closet has custom built ins and double doors. Two more spacious bedrooms, a 4 pc. main bath and stackable laundry complete the top level. Downstairs in the fully finished lower level, you'll find a great recreation room for family movie nights, a good sized bedroom, 4 pc. bath & large storage room. Additional improvements include central AC (2022), hot water tank (2023), and gutter guards (2022). Close proximity to schools (Georges P. Vanier School, Mount Pleasant School & Crescent Heights), shopping, fantastic restaurants, a dog park 2 blks away, Mount Pleasant Outdoor Pool, Confederation Park, 16 Ave, SAIT & Jubilee/SAIT C-Train (10 min bus ride), U of C, Kensington and quick access to downtown. Don't wait; this gem won't last!

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I have sold a property at 52 Evansridge CIRCLE NW in Calgary

I have sold a property at 52 Evansridge CIRCLE NW in Calgary on Aug 28, 2024. See details here

Experience MODERN LIVING with this captivating 2-storey home in EVANSTON is sure to impress! Comes with a FULLY FINISHED BASEMENT, 3.5 BATHROOMS plus a DOUBLE CAR GARAGE. The Spacious main level offers an OPEN FLOOR PLAN with GLEAMING HARDWOOD FLOORS, and LARGE WINDOWS FLOODING the area with natural light. The heart of the home is the GORGEOUS KITCHEN with MODERN BRIGHT CABINETS, GRANITE COUNTERTOPS, a tile backsplash, STAINLESS STEEL APPLIANCES, and a LARGE CENTER ISLAND. This home shows true PRIDE of OWNERSHIP and is in PRISTINE CONDITION throughout. The dining space can easily accommodate large family gatherings and door access to the FULLY FENCED and LANDSCAPED BACKYARD, a GOOD SIZE DECK where you can UNWIND, BBQ or for all of your entertaining needs as well as plenty of space where your Kids can play. On the upper level, you'll find three good-sized bedrooms, including a MASTER SUITE with a three-piece ensuite and a walk-in closet. The FULLY FINISHED BASEMENT includes a three-piece bathroom, a large family room, and a rec room area that can be converted into an additional bedroom. This METICULOUSLY DESIGNED HOME is in pristine condition and offers the ultimate comfort and style. Don't miss out on the opportunity to see this STUNNING HOME, BOOK YOUR PRIVATE SHOWING NOW and BRING OFFERS !!!

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I have sold a property at 101 RANCH GLEN PLACE NW in Calgary

I have sold a property at 101 RANCH GLEN PLACE NW in Calgary on Aug 12, 2024. See details here

Are you looking to move up or downsize? This charming half duplex in the desirable NW community of Ranchlands might be just what you need. Nestled on a corner lot, this home offers 1,695 sq. ft. of thoughtfully developed space across two floors. With 3 bedrooms and 2 full bathrooms, it’s perfect for a growing family. The upper level includes 2 inviting bedrooms and a cozy living area, perfect for unwinding after a long day. The kitchen, beautifully renovated in 2019, features a full gas range and elegant new flooring throughout the main level, adding a touch of modern sophistication. The lower level is designed for comfort and functionality, featuring a warm and inviting home office, a large family room ideal for entertaining, the laundry area, and the 3rd bedroom. In 2024, the basement floor was professionally leveled and new flooring installed with a cork underlay, enhancing both comfort and style. Large basement windows flood the space with natural light, creating a bright and cheerful atmosphere. Additionally, the roof was replaced 5 years ago, ensuring peace of mind for years to come. Step outside to discover a beautifully landscaped, fully fenced backyard offering privacy and a serene setting for relaxation. This home is just minutes away from the vibrant Crowfoot shopping plaza and within walking distance of schools, lush green spaces, and convenient public transit. Don’t miss the opportunity to make this wonderful home yours. Book your showing today and experience all it has to offer!

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Calgary Real Estate Market Update – July 2024

With the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory.

Total inventories rose to 4,158 units (still 33% below typical July), but is the first time they pushed above 4,000 units in two years. Majority of supply coming from homes listed over $600,000. This shift has moves us slowly away from an extreme sellers' market earlier this year.

There still continues to be enormous demand for properties under $600,000. Summer months are typically slower (folks on holidays, enjoying summer), so this trend is the norm. Slower sales have however increased supply to 1.8 months, but still remains a sellers' market (for buyers this is a STRONG sign to push now, take advantage of the opportunity heading into the Fall and the BoC announcement in September)

Further details below:

Detached

• Benchmark Price: $767,800 (+0% MoM, +11% YoY)

• Total Sales: 1,278 (-14% MoM, -8% YoY)

• Total New Listings: 1,721 (+5% MoM, -8% YoY)

• Sales-to-New Listings: 64%

• Months of Supply: 1.8 Months (+23% YoY)

• Days On Market: 24 Days (+6% YoY)

Semi-Detached

• Benchmark Price: $687,900 (+0% MoM +12% YoY)

• Total Sales: 200 (-14% MoM, -5% YoY)

• Total New Listings: 262 (-14% MoM, +6% YoY)

• Sales-to-New Listings: 100%

• Months of Supply: 1.5 Months (+21% YoY)

• Days On Market: 22 Days (+11% YoY)

Townhomes

• Benchmark Price: $464,200 (+0% MoM, +15% YoY)

• Total Sales: 423 (-12% MoM, -9% YoY)

• Total New Listings: 578 (+0% MoM, +18% YoY)

• Sales-to-New Listings: 73%

• Months of Supply: 1.3 Months (+51% YoY)

• Days On Market: 20 Days (+4% YoY)

Apartments

• Benchmark Price: $346,300 (+0% MoM, +17% YoY)

• Total Sales: 791 (-17% MoM, -15% YoY)

• Total New Listings: 1,043 (-6% MoM, +13% YoY)

• Sales-to-New Listings: 63%

• Months of Supply: 2.1 Months (+44% YoY)

• Days On Market: 27 Days (-4% YoY)

If you have any questions at all, please reach out to our team to help guide you, wherever you are in the process!

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New property listed in Crescent Heights, Calgary

I have listed a new property at 312 1507 Centre A STREET NE in Calgary. See details here

CRESCENT HEIGHTS CONDO | STARTER HOME / INVESTMENT PROPERTY | FANTASTIC INNER CITY LOCATION | WALKING DISTANCE TO DOWNTOWN CALGARY | The most convenient apartment complex in Crescent Heights! Welcome to The Madison off Centre Street. Location can't be beat – a short commute (or walk) right to downtown Calgary, and a quick drive to Foothills Hospital, University of Calgary, SAIT, with plenty of shopping, restaurants and parks nearby. Crescent Heights was ranked as one of Calgary's best neighbourhoods (#3) by Avenue Magazine, and the established community continues to be attractive given it's proximity to key amenities and an urban lifestyle. This gorgeous unit has an open floorplan, with TWO sizeable bedrooms and TWO full bathrooms, PLUS in-suite laundry. The spacious living room is framed by a gas fireplace, and the open balcony lets lots of sunlight into the unit, being west-facing exposure. Two elevators, on-site manager, and convenience to public transit makes this unit a perfect investment property, or for a first-time buyer!

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I have sold a property at 280 Lucas BOULEVARD NW in Calgary

I have sold a property at 280 Lucas BOULEVARD NW in Calgary on Aug 4, 2024. See details here

CORNER LOT NEXT TO GREEN SPACE | PAVED BACK LANE | DOUBLE DETACHED GARAGE | BASEMENT SIDE-ENTRANCE | Welcome to 280 Lucas Boulevard! Located in Livingston, a master planned community by Brookfield designed for an active lifestyle (walking/bike paths), >200 acres of open space, parks, off-leash dog parks, designed for family and community with the development of the community HUB (with a 35,000 sqft community hall), central and convenient town centre for office, services and retail offerings. Ultra-convenient NW location, just under 15 minutes away from the YYC International Airport, and a quick hop onto Stoney / Deerfoot Trail, with the future planned Green Line C-Train station. This home is BRAND NEW, never occupied. Rare to find a CORNER LOT next to the GREEN SPACE PARK, and views on both main and second storey floors. A PAVED BACK LANE makes commute easy, and an added bonus with the DETACHED DOUBLE GARAGE. Upon entering the home, the main floor features an OPEN FLOORPLAN with an office / den off the front entry, functional family-friendly kitchen, dining area and living room in the back of the home. New home = new appliances! Stainless steel, with a separate dedicated range hood fan. Sizable mudroom in the back, with a powder room for convenience. Over 1,700 sqft, quartz countertops, 9' ceilings, and luxury vinyl plank throughout the home for a seamless look. Custom wood banisters bring you upstairs to find a BONUS ROOM, a sizable laundry room, and 3 bedrooms. The primary bedroom features near floor-to-ceiling windows, a walk-in closet and ensuite with double vanities. The basement is ready for your own design, with a SIDE ENTRANCE DOOR for flexibility! Builder will complete laying sod to complete the lawn (front and side). Deck and fencing not included, ready for your own touch. BOOK YOUR SHOWING TODAY!

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Bank of Canada CUTS Interest Rates AGAIN

Here we are -- as widely expected by economist, the Bank of Canada CUT is policy rate today to 4.50% (from 4.75%), as Canadians struggle with debt loads and a slowing economy across the country. 

This represents the second cut in rates since the announcement one month ago, which BoC Head, Tiff Macklem indicated a gradual pace of rate relief going forward last meeting, basing it's decision on inflation and GDP results. Today's announcement also provided potential FURTHER CUTS, if inflation continues to ease throughout this year (Article).

Based on MNP's Consumer Debt Index, Canadians are not feeling good about their debt loads, with 2/3 of the surveyed said they desperately need interest rates to go down.

For home owners, those who have a variable rate mortgage stand to benefit from a interest rate cut (rate-adjusted or full variable - if you don't know the different just ask me!). However, fixed-rate mortgages are tied to the Canadian bond market, which have already priced in future cuts.

Below is the key metric the Bank of Canada assesses for adjustments in the bank rate:

Here's how Calgary's real estate prices have performed since 2019, with prices of detached homes:

For my clients, we expect likely an uptick in activity in the fall off the back of this announcement. Heading into the winter months, there's typically fewer listings, and with a rate cut (increasing buying power for many), we expect a fairly busy season ahead

I'd suggest for buyers, to prepare and try to get a sense of what you'd like to get into well ahead of the fall season if you're serious. 

Again, feel free to reach out if you have any questions, or want to chat in detail about the possible avenues of how we can help!


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