Calgary Real Estate News & Blog

What_is_Driving_Calgary_Real_Estate_Market_NowWe reviewed the October 2020 market update, and here are the numbers for all condos and houses.

The benchmark selling price now is $ 422,000, which is up a half percent compared to last year. The total sales number is at 1,764, which is up 22% compared to the previous year.

New buyers come into the market to take advantage of the massive swing in interest rates. Last year’s interest rates at this time were as high as 3.5%, and now it’s down 1.5 to 1.6%. That’s about a 2% difference.

The actual number of new listings went up 3.8%. This is good because there is a momentum in supply and demand. But inventory is not there. We only have 5,800 homes on the market; that's down 12% compared to last year.

There are some opportunities now for sellers.

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Not_Sure_If_You_Should_BUY_or_SELL_FirstShould you Buy or Sell First?

Everybody has their idea of a Dream House. They have this clear picture in their head of how it looks – from the lot area, theme, interior design, down to the tiniest details.

So, what happens when one day, while you’re going on with your daily activities, then, all of a sudden, you catch wind of a house that just came on the market?

You might realize you are now staring at your dream house.

Should you jump on ahead and start packing your stuff and get ready to move up to your dream house? Or should you take a moment to prepare your current place to be put on sale?

This whole thing of buying and selling first comes a lot when someone has a home that they need to sell, and they want to buy a new one.

We have

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Moving_Up_When_the_Economy_is_WaveringWe invited a former client, Chandra, to talk about her recent move. She is married and has two kids. Her family is always busy. Both of her kids play hockey.

She is a part-time nurse, but luckily, she has an office type job. She’s a transplant coordinator.

Moving Up

It was hard to predict what was going to happen at the beginning of the pandemic. Chandra wanted to move but unsure if their house is going to sell. She wondered if people will see the value of her home and what the area has to offer.

They have stayed in their house for six years, so they were hesitant to leave the neighbourhood that has been so dear to them.

She had developed a great relationship with her neighbours in Tuscany. Her kids can go out and play on the streets.

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October_2020_Calgary_Real_Estate_Market_UpdateAs we enter into colder months, one would think that the market should slow down. Given everything going on, we see the opposite. There is great momentum in the market right now. Many Calgarians are making moves within Calgary instead of making holidays and travel plans. The fact that the inventory has decreased over 12% compared to last year indicates how tight the market is. When we see that tied with an increase in sales by 35% for detached homes, 21% for semi-detached and 8.5% for townhomes, we are in a shortage of options and inventory.

Buyers

If you are in this market and looking to purchase, depending on your price point, be prepared for multiple offers. If you see a home that will work well for you for the coming years and crosses off many

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Is_there_a_COVID_Migration_Happening_sThe great COVID migration

Lately, we've seen increased real estate sales outside of the city compared to inside the city.

There's a significant spike in the number of sales outside the city, especially in Edmonton. The highest peak that we had is 33% over July last year and 36% for August.

Outside of Calgary, numbers include everything from the city center to 100 kilometres out, not including sales in the city.

Inside of Calgary is 50 kilometres out, including some areas outside of the city.

Those numbers have a similar peak and fall. But there's a considerable rise and increase outside versus inside of Calgary.

At Chamberlain Group, we’ve had a handful of clients who did move from the city. They have chosen more rural areas like

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a_story_about_strategy_and_multiple_offersMatt Antrum has a fantastic story about a long-term friend and client. They've known each other for about fifteen years.

They've done five transactions together, and he helped them buy their first home.

They have bought and sold a couple of times. Some have been good, and some have not been so good. They had hurdles to get through.

We will tell you a story about one of the transactions they did where they had to overcome a multiple offer situation.

Having a Strategy from the Beginning

Matt met with the client and his wife. They talked about their goals in the next five to ten years and how to get there. The key to getting from point A to point B is selling their current house.

Matt did reverse engineering in creating a strategy.

When

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4_critical_conversations_when_buying_and_selling_a_home_in_calgaryFamilies move to different houses for so many reasons. A lot of considerations weigh in.

Right now, we’re going to dive into four critical conversations that you need to have when buying and selling in the same market.

To start, you should ask yourself the biggest question, “Why are you moving?”

Knowing this will align the path that you will take on moving forward.

You have to assess yourself and where you want to be in the future. Determine what will make you happy during the next period; five years, three years, two years.

What’s going to make you cheerful about your progress?

1. Seasons in Life
For instance, you are a newly married couple searching for your first home together.

Before you get wrapped up in the thought of a beautiful

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How_I_Found_a_Growth_Partner_Matt_AntrumAs soon as you meet Matt Antrum, you know he's intelligent and caring and likes to have a little fun. His transition to the team was a partnership that grew naturally over the years after building his own successful business alongside his dad since he was 24.

Over the past few years, Matt has also transitioned to family life and loved every moment of it. His specialty dish is anything his four-year-old will eat, and he’s found some creative ways to sneak extra veggies into a picky toddler’s diet. Shhh, don’t tell!

Matt has an energetic yet disarming style that his clients and colleagues love. Since joining the Chamberlain Group, he has impressed everyone with his ability to do it all with a smile on his face and a great attitude.

On a rare day,

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Mortgage_Deferrals_Across_Canada_October_2020What is happening in our country? There are some themes with the lowest percentage and the highest percentage of mortgage deferrals. There were a lot of people who needed to make a deferral on their mortgage given the situation this year with COVID-19.

Mortgage payments are now starting to happen again; you can't defer any further. Lindsay Labrecque of Spire Mortgage sent us some data about mortgage deferrals over the last six months.

These are Canada's top five cities with the highest percentage:
Top 5 - Quebec City and Ottawa – 7%
Top 4 Regina and St. John's in Newfoundland – 14 %
Top 3 Saskatoon - 15%
Top 2 Calgary - 18%
Top 1 Edmonton - 21%

This list shows that there are some themes with the lowest percentage and the highest percentage. There could be

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A_Story_About_Change_horA wonderful couple, Sue and Tom, owned a two-story home with five bedrooms.

This property housed their growing family for a very long time.

Their kids grew up here.

Now, their kids are all adults.

Their kids have kids, so they are already grandparents.

Recently, they consider downsizing to something a little smaller like a bungalow.

It's more practical and suitable for them.

They're now at the point in their life when they don't need the five
bedrooms anymore.

Living in a bungalow makes more sense.

They had their house listed twice before with no success.

 

A Much Needed Help

Their friend, a former client of Chamberlain Group, connected them to her agent, Erin. They set up an appointment with her and also met with a couple of

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