What to Expect in the Calgary Market This Month

Today, we'll discuss some important information for the January real estate market. We'll go over  where we're heading in 2016. Knowledge is power. Although things aren't great in the Calgary real estate market, it's not all bad news.

If you plan on selling in 2016, it's important to pay attention to cycles in the real estate market. We saw a lot of layoffs in Alberta in 2015. Similarly to 2008 and 2009, these people will have to go on employment insurance. Considering that we're a year into this depressed oil cycle, that employment insurance will run out on them this year, forcing many people to sell their homes.

We're already in a buyer's market, so when more homes come onto the market this year, home prices will fall. 

Here's what you need to know: your house is worth more right now than it will be later in the year. In fact, your home value is at its highest point today. It's going to be awhile before the market recovers. If you want to sell your home, get it on the market before the flood of listings come in the spring. Get ahead of the curve now so you can net the most money for your home.

Mortgage rates have also risen. The Bank of Montreal has raised interest rates about thirty basis points. Higher interest rates mean it's more difficult for people to qualify for a mortgage, which will mean fewer buyers to look at the home. However, it now looks like rates might come down again! What? Talk about a roller coaster. The economy is trying to find its footing. Expect instability in mortgage rates, oil prices and other commodities and therefore jobs and ultimately house prices for the year to come, if not longer.

Of course, some buyers will jump into the market to lock in a mortgage before interest rates go up. If you list now, you have a great opportunity to attract those buyers. 

On a bright note, our clothing drive on January 10th was a big success. We collected a lot of clothes for the drop-in shelter here in downtown Calgary. Thank you for participating!

If you have any questions about today's video, give us a call or send us an email. We would be happy to help you!

Calgary Real Estate Market Update

With the oil and gas economies taking a hit lately, the real estate market in Calgary has done the same. Unfortunately, home prices may see a 5-10% decrease. This depends on what neighborhood you're in and what type of home you're trying to sell.

If you're thinking of selling your home, then here is what I suggest that you do:

  • Get your house on the market as soon as possible to avoid the typical spring rush
  • Sellers will come out in droves during the spring, so list your home now to avoid the rush of homes
If you're looking to buy a home, it would be a great time to do so. Prices are falling and interest rates are extremely low. 

If you're going to sell and buy, don't worry about getting less for your home because you will also be paying less for a home when you turn around and buy one. That should lessen the sting of the market downturn. 

So, get ready for the market in 2016. It could be a little rocky, so prepare to weather a little storm ahead. 

If you have any questions or concerns, please don't hesitate to contact me!

When Should You Buy and Sell in Calgary?

I'm always asked when the best time to buy or sell real estate might be. Unfortunately, there isn't one single "best time to sell".
The right time to buy or sell real estate is simply when your family is ready to do so. Timing the market is fairly impossible, so you just have to make a move when the time is right for you. Nobody can foresee the future of the market. The best thing you can do is to get in touch with your local Realtor to plan a quick and successful transaction.

Lastly, I invite you all to participate in our annual clothing drive on January 10, 2015. I'll be accepting donations from anyone and everyone - no donation is too small. You can drop clothing off at the Calgary Drop-In Center and let them know that you're making donations for my drive, or you can contact me and I'll come pick up the clothes from you.

We would appreciate any donations! Warmer clothes are especially helpful during this time of year, so if you have boots, gloves, hats, scarves, sweaters, or anything else warm, please donate them to us!

If you have any further questions about the clothing drive or the Calgary real estate market, please don't hesitate to contact me.