The Calgary Home Rental Market is in a low inventory situation as of July 1, 2022.

What is the number one reason we are seeing such a large decline in Home Rental Listings on Rentfaster.ca? Local Real Estate Investors are selling into the hottest seller’s market Calgary has seen in years. The real estate investment cycle is no secret. People buy a property, rent it out for years and sell the home eventually when the time is right. To say the sun has been shining for Calgary Home sellers for the first 6 months of 2022 would be an understatement. Nice homes listed for sale on the local MLS® System have sold at prices well above previous market values. Supply and Demand rule most markets. The Calgary Rental Market at any given time is a Landlord’s Market, Tenant’s Market or a Balanced Market. Calgary is favouring Landlords in 2022. Markets change slowly over time, so we expect to see higher rents and lower inventory continue in the near future.

If you are a tenant looking to rent a property in Calgary, you have lots of competition from other tenants. Landlords are flooded with applications to lease rental properties. Very few homes and lots of applications mean two things. Number one is Landlords have choices. Number two is how can you stand out from the crowd.

We have spoken with several Calgary Landlords, and we can offer you a few tips on what landlords are telling us in 2022.

1. Emails received requesting to see a property without providing even the basic information on yourself get deleted right away. Landlords in Calgary are receiving long detailed emails from more than enough other applicants, so they will not spend any time chasing information on you. You are being evaluated from the first email you send. More information will help move you to the landlord’s shortlist. Why are you moving? For how many people? Pets? Occupations? Current Landlords Contact Info? Move-In Date Needed? For How Long are you looking to rent?

2. Landlords will Google Your Name, Phone #, Employer, Past Landlords and Addresses. Will your social media profile help or hurt you? Do you have a professional profile on Linkedin? Best to Google yourself and see what a landlord will see. Would you rent to you?

3. Landlords verify everything before giving you the keys to a property worth hundreds of thousands of dollars. While you are trying to convince a landlord to rent to you, the landlord is looking for reasons not to rent to you. It’s nothing personal. You are just getting beat out by your competition.

4. Landlords, at the end of the day, only want the rent paid with zero excuses ever. They want the property returned when you are done renting it in the same or better condition you received it in. They want what is called Low Maintenance Tenants.

The Calgary Rental Market will switch to a Tenants Market where Landlords start competing against each other for good quality tenants, but not anytime soon.

So, if you are a Tenant looking to rent a home in Calgary, be prepared to beat your competition. It’s not you versus landlords; it’s you versus other tenants!

Calgary Homes For Rent & Average Prices July 2022

All Calgary Home Sales as of June 30, 2022

The Calgary Housing Market like most things is subject to the laws of supply and demand. High supply tends to lower prices. Low supply tends to push prices higher. Buyers always have more choices than sellers including doing nothing while waiting for the market to change.

Single Family Detached Homes as of June 30, 2022

Attached, Semi-Detached and Townhome Sales as of June 30, 2022

Apartment Style Condo Sales as of June 30, 2022

How one Calgary investor bought foreclosures for a new Airbnb Business

Our client recently bought 6 condos in one building to operate as his new Airbnb Business. This recently retired accountant crunched the numbers into a solid business plan and took action. His idea became his reality. We all have great ideas, and I’m sure you’ll have some outstanding ones today. Maybe even while you are reading this article. But few of us take action. Many of us tell others about our great ideas in the hope that they will take action and then share the success with us because it was our idea. Good luck with that!

The two main points of this article are that you have to take action yourself, and there are opportunities in Real Estate to create a business for yourself.

Our client bought 6 condos in the same building, and only a few were actual foreclosures. The other condo deals came about from our due diligence on his behalf, leading us to other motivated sellers. He now owns several similar units at the same address. And only has One Condo Board and One Condo Management Company to deal with. And a single set of Condo Documents. One set of Bylaws, One Reserve Fund Study, One Reserve Fund Budget, One Monthly Board Meeting, One Annual Board Meeting, and other unforeseen issues that may pop up from time to time.

He also gets to streamline all other costs to improve and manage his portfolio of condos at a single address. All by taking that first step after the idea popped into his head.

What’s the worst thing that could happen, and could he deal with it? That question should be at the top of everybody’s list when evaluating a great idea. The worst thing that could happen in the case of any business is to have no income for whatever reason. No income is only a problem if you have debt. No Income, No Debt, No Problem. It’s not likely you would lose 100% of the revenue potential. A solid written business plan will tell you your Break-Even point based on debt service, operating expenses and income. Once you have a Break-Even calculation, you will know when your business starts to lose money. So, the worst that could happen is you start losing money. How much could you lose, for how long and could you deal with it? Making sure you have an excellent downside cushion helps you sleep at night. On the other hand, if you have no down-side cushion, your motivation to get it right becomes very focused.

We have many clients that go into business for themselves with Real Estate in Calgary. And they all started with the first one, and the first one could be any type of property that generates income.

They took action on their idea. They focused on their goals and ignored the jealous and envious dream stealers. Taking action is taking a leap of faith in yourself. Don’t let yourself or anybody else hold you back. Get your Great Ideas down on paper, crunch the numbers, find your break-even point and decide if you can deal with the worst that can happen.

Opportunity is knocking; answer the door! We can help you!

Three important things to know when buying a foreclosure in “As Is” condition from the banks or the courts are:

1. Buyers take all the risk
2. Lenders typically won’t finance “As Is” properties
3. “As Is” Includes Nothing.

Buyers take all the risk in exchange for a discount on the price.

That would be the basic premise of buying a foreclosure. The seller is, in most cases, the bank or the courts. The foreclosure sellers have not lived in the property. They have limited knowledge about the property, so they use “As Is” to offset the lack of information a traditional seller would have an offer to the buyer. It’s up to the buyer to use all their own resources to mitigate the risk. The most valuable resource for buyers of Alberta Foreclosures is an experienced real estate agent like Jerry Charlton.

Lenders Do Not Like to Mortgage “As Is” Purchases.

Mortgage lenders have two risks they lend against. One is you, the buyer, and the other is the property they get as security. Banks like to take almost zero risk in exchange for low mortgage interest rates. It’s not impossible to finance foreclosures, but it is for most people. Courts will not consider any Offers To Purchase a Foreclosure with conditions like financing or home inspection. Banks are a bit more flexible about conditions. The rule of thumb with foreclosed properties is Cash Is King. Whoever makes the best Cash Offer usually gets the property. This is where a great mortgage agent with access to many different lenders, including the traditional banks, can help you. Renting money is easy!

“As Is” Includes Nothing.

When you buy a home, you usually add into the contract the Stove, Fridge, Dishwasher, Washer, Dryer, Window Coverings, etc.  Not so with foreclosures. Again, the sellers have minimal knowledge about the property, let alone the appliances. Therefore, the sellers of foreclosed properties do not include anything in the sale. What this means to a buyer is if there is a stove, fridge, etc., in the property on the day of the “As Is” possession, then the buyer gets to keep them. If the property is vacant, the appliances usually remain. If the property is occupied, the story could have a different ending.

A real estate agent like Jerry Charlton is the most essential resource a foreclosure buyer can have. He has helped buyers and investors purchase foreclosures for almost 20 years.

In the coming months, a lot of people will be searching for Alberta Foreclosures for sale. Banks are raising interest rates on mortgages. Inflation is out of control. The stupid Russian invasion of a free country is wreaking havoc around the world. Oil prices are going through the roof. A recession is on the way and will be sending a lot of people back to the home rental market. 

So where does the smart money go in good times and bad? Real Estate that's where, just ask Warren Buffet, Bill Gates, or Jeff Bezos. Billionaires love Real Estate. You can even become a Nut Case President of The USA with the help of Real Estate!

Anyways back to Where Do You Find Alberta Foreclosures For Sale? Right here on my website, we feature all the foreclosures for sale today. New listings get added daily. We can also send you the new listings as they happen which moves you to the front of the line. Quickly evaluate the new foreclosure listings from the comfort of your email box.

But if you insist on finding foreclosures the hard way and after the smarty money has had a look, then click some of the links below to get started.

Calgary Foreclosures

Bank Owned Foreclosures

Court Ordered Foreclosures

Airdrie Foreclosures

Okotoks Foreclosures

Searching and Finding Foreclosures For Sale is just the first step in the process of buying and owning foreclosures. We are here to help you whenever you are ready. Just call, email, or even text us. 

All Homes Sales Calgary - Apr 1St 2022

Daily Average Sales drop from 185 in Feb to 133 in March. However total sales for the month of March reach what has to be an all-time high for the City of Calgary Real Estate Agents. 4,124 homes in Calgary got claimed by new owners. The Calgary Real Estate Market for those in it right now feels like an Instant Pot Pressure Cooker that just popped its top. I predict the market will continue like this until it stops. Sorry, that is the best I can say today. :)  

Detached Homes Sales Calgary - Apr 1St 2022

Detached Home Sales in Calgary continue to lead the stampede of home buyers even though the daily average for the month dropped to 73.5 units per day. Sales still outpace supply. Detached homes are the gold in the local real estate market. Owning the land the house is built on seems to be what most savvy buyers want. No condo fees or neighbours on the other side of the walls. Back-yard BBQs are superior and safer than balcony BBQs. Hot Tubs have become as hot as the housing market during covid. You need a yard for a Hot Tub. Call Marc Grenier at Paradise Bay for yours. 

Attached Homes Sales Calgary - Apr 1St 2022

Attached homes are selling at a pace that is surprising but not surprising. As the second choice category for most home buyers attached homes have always lagged the detached home market. Not last month. Sales outpaced supply for the first time in this agent's memory. More attached homes sold last month than the supply we ended the month with. That has never happened before in Calgary. The 100 Year Townhouse Flood is on in Calgary Real Estate Market. The second choice category has become the first choice category for many new eager homeowners and real estate investors. Condo fees are typically low because no utilities are included. There are a lot of great townhomes in Calgary with some real ugly ones hiding amongst them. Be careful out there. Work with the protection of a savvy Real Estate Agent like Jerry Charlton. 

Condo Homes Sales Calgary - Apr 1St 2022

Calgary Condos are reaping the overflow of buyers from the detached and attached markets. Don't be fooled into thinking that all of a sudden everybody wants a condo. That's just not the case. Condos are selling because that's all that is left for most people. The condo market looks good right now. It is a great time to unload the one you have been sitting on for years waiting for the market to turn. If you are buying a condo and have never bought a condo before then you need to learn about a lot of things. What is a reserve fund? What is a reserve fund study? What are post-tension cables? What is the difference between titled and non-titled parking stalls? What is a condo board? Who decides how much the condo fees are? Who decides how to spend the condo fees? There is a lot to learn as you do your buyer due diligence when buying a condo. Do not buy a condo without the help of an experienced agent that is looking out for your best interests always. Like Jerry Charlton of course! 

Detached Home Sales Feb 2022

Detached homes are selling at a rate never before seen in the City of Calgary as buyers from Calgary and across Canada stampede to snap up the new listings. The detached market daily sales almost equalled the daily sales number for the entire market in April of 2021. The market is running wild.

Attached Home Sales Feb 2022

Townhome sales have become hot only because eager detached home buyers are leaving nothing left to buy. Most buyers would prefer to own the dirt underneath the home but are now settling for townhomes with monthly ownership fees. Fear of Missing Out buyers could have buyers regret when the market returns to normal. Be careful out there!

Condo Home Sales Feb 2022

Condos, Condos, Condos.... The most neglected part of the Calgary Housing Market has become hot. Sales of Calgary Condos are on a pace that we see in other markets, not Calgary. The overflow of buyers getting shut out of the detached market and the attached market are buying condos like crazy. Beware condo buyers. Do your due diligence. Hire Norm at Condo Check to review the condo docs for you. Still some great condo deals waiting for the right buyers.

The Top 5 Places To Find Cheap Calgary Homes

1. Bank Foreclosures and Court Ordered Sales
2. Vacant and Abandoned Calgary Properties
3. Tenant Occupied Landlord Home Sales
4. Estate and Probate Home Sales
5. Divorcing Home Owners Who Want To Sell Fast

Bank Foreclosures and Court Ordered Sales are at the top of the list. People have visions of banks sitting on tons of properties that they are willing to sell cheap. It’s a myth in Canada that banks sell homes cheap. Let’s clear this one up right away. Banks do not sell homes cheap in Canada. If you hear a story of someone buying a home cheap because it was a foreclosure, the real story is it was cheap because that was all it was worth in the condition it was in. Chasing foreclosure deals is like chasing ghosts. Good Luck with that.

Vacant and Abandoned Calgary Properties should be high on the list. Why is the home vacant? Who’s paying the taxes, utilities, insurance and maybe a mortgage while the home sits empty. We know it’s not a bank with deep pockets that can wait forever. Vacant properties have a story. Finding out what the story is can lead to an opportunity to make money when you buy those types of homes. Put vacant properties high on your list.

Tenant Occupied Landlord Home Sales should not be overlooked. Why is the landlord selling? What’s the story? Is it a bad tenant? Is it a retiring landlord? Is it a couple of owners going in different directions? Finding out why these landlords are selling can present some amazing opportunities. Few landlords have any emotional attachment to these homes. They have usually made lots of money already, so aren’t trying to squeeze every last dime out of it. Overlooking Tenant Occupied Properties in your search for Calgary Real Estate Deals is not a good idea.

Estate and Probate Home Sales happen because the owner has died. Sometimes they have died of natural causes in the home, most times they have not. Someone or a bunch of people have inherited the property. If it’s on the market it’s because they want the money, not the house. It’s very common for battling siblings to inherit a property and just want it sold quickly. Time is more important than money to some. Estate Sales can be great opportunities to snag a good deal.

Divorcing Home Owners Who Want To Sell Fast is by far the number 1 opportunity to make money buying a home. Money is always an issue, but so is just getting things wrapped up so both parties can move on with their lives. Ask any seasoned Realtor where the best deals are, it’s always divorces.