The Calgary Real Estate Market for May 2022 continued to favour home sellers. Even with higher mortgage rates, higher resale inventory, and wars, home sales in May 2022 are slightly higher than one year ago. The market has seen a large number of real estate investors selling off rental properties to cash in on higher prices and strong demand. This is causing an equal number of renters to scramble for a dwindling number of remaining rental properties. Ontario and British Columbia home prices are driving large numbers of people to more affordable Alberta Homes. Banks willing to lend at higher values is pushing home prices in Calgary higher, but still more affordable than in many other Canadian cities. Whatever market we are in you are always better off working with an experienced realtor that knows how to avoid problems. We have been helping Calgary Home Buyers, Home Sellers, and Real Estate Investors for over 20 years!
Detached Single Family Home Sales in May 2022 fell well below last May's sales. Why? The biggest reason is a lack of sellers of good quality homes at fair market prices. It's a seller's market. Here are a few facts about single-family homes in Calgary. There are no condo fees. You own the land the house is built on. You get a yard. Garages are very common with detached homes. Some homes have basement suites for In-Laws or renters. Most neighbours are also owners. You have more control over the ongoing value of the property. New home builders would rather build townhomes and apartments, making it very difficult to flood the market with single-family detached Calgary Homes. Very low turnover in detached homes means stable neighbourhoods. The very best homes might come on the market every 30 or 40 years. We see this quite often. Those homes are like flowers that bloom once every 35 years but only for 15 or 20 minutes. You need a great experienced Realtor® like us to make sure you get your chance at these gems.
As we consider the chart below for attached home sales we can see a very healthy seller's market enjoying the overflow from the detached segment of the Calgary Real Estate Market. Keep in mind this category includes some beautiful infills in the inner city of Calgary and not just row-style townhouses. With the low inventory of rental properties many new real estate investors are snapping up townhouses in well-managed great complexes throughout Calgary. Buyer due diligence and the opinions of highly qualified real estate agents will help you avoid buyer remorse. Shop wisely and work with experts!
Do you hear that? It's the sound of Calgary Condo Sales snapping back. Inventory is up and sales are down. It's a tough market that has been propped up by Detached Homes and Attached Homes. When you buy a condo you get a lot more than meets the eye. It's like getting married and inheriting in-laws you could do without, but are stuck with. Do your own research on buying and owning Calgary Condos before you step foot in one. You will hear about Condo Boards, Condo Documents, Reserve Funds, By-Laws, and much more that come with every condo and could be a blessing or a nightmare. Buyer Beware and working with a real estate agent that knows Calgary Condos is a must to avoid regret, anger, and missed opportunities. No real estate market has more pitfalls and hidden traps than condos. A simple google search reveals what a true minefield some condo owners have stepped into.
Hello, June 2022. Did you know we are only a few weeks away from the longest day of daylight of the year? That's right folks by the last week of June the days get shorter. The sun comes up and goes down on a shorter schedule until we get to the shortest day sometime late in Dec 2022. What does this mean for the Calgary Real Estate Market? Nothing that I can think of, I just thought you might want to know.
So let's see, today the Russians are still killing people without cause in Ukraine and probably all over the world as well. The midget Putin is still breathing, which is a shame. The EU is helping Putin kill kids by buying oil from Russia. Hey, Canada Here! We have oil to sell you know. There have been many Putin's in history and often you read how those close to those historical Putin's regretted not putting a bullet in the heads of their Putin's. Hey all you close to Putin, have no regrets!
Another day in the USA and more futures are snuffed out in senseless school shootings. World mouthpieces offer canned responses on thoughts and prayers. Guess what your thoughts and prayers are not working. Taking the weapons of mass destruction out of the hands of kids would be a start. Anybody that has ever been a kid knows that mental issues are a large part of growing up. Not a time to be able to buy machine guns. How smart were you at 18? Would you have sold you a machine gun? Common sense is a myth. Thoughts and Prayers are not actionable. I wonder how long before I can just copy and paste this? Sad.
Avoid the Noise! Get off your phone, turn off the TV, and stop reading online BS. Get outside and enjoy the warm weather, sunshine and happy people! Take a road trip. Take a day trip. Visit a small town outside the City. Take a Hike! Golf. Read a Great Book. Relax in your backyard. The more involved in other things you can get, the less space for the BS of the world to cloud your mind. Take a break! You Deserve It!. Till next month.