Warren Shouldice

Cell: 403-461-8103 |

Sales continued to ease in May with the largest declines occurring in the detached sector. This, along with an increase of new listings, has pushed up inventory levels considerably from a year ago. Detached sales and inventories have risen across all price ranges; however, the greatest amount of excess supply is in homes priced above $500,000.


In May, Calgary-wide sales totaled 1,726 units, with sales activity in the detached sector declining to levels not seen in over a decade. The market supply didn't adjust to this month's sales activities, resulting in elevated supply relative to demand. This, along with the recent changes to lending rules and rates has prevented any further price recovery in the market.


Quick Stats:



May 2017

May 2018

Y/Y% change

Detached




Total sales

1,374

1,058

-23.00%

Inventory

2,966

4,504

51.85%

Months of supply*

2.16

4.26

97.21%

Average DOM

31

40

29.88%

Benchmark price**

$506,700

$504,500

-0.43%





Attached




Total sales

459

386

-15.90%

Inventory

857

930

8.52%

Months of supply*

3.19

5.25

64.25%

Average DOM

44

51

15.92%

Benchmark price**

$331,800

$333,600

0.54%





Apartment




Total sales

282

282

0.00%

Inventory

1,781

1,921

7.86%

Months of supply*

6.32

6.81

7.86%

Average DOM

55

59

7.83%

Benchmark price**

$266,600

$256,200

-3.90%

 

*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.

 

**Benchmark price: The monthly price of the typical home based on its attributes, providing the best measure of price trends.



Quick Kitchen Makeovers


Kitchen renovations tend to be the biggest, most complicated home makeover projects, mainly because the kitchen is the most frequented and most multifunctional room in modern homes. But sometimes a kitchen makeover can be achieved with some simple cosmetic changes, rather than a complete redesign of the actual floor plan.


Beyond a basic colour scheme change, the next makeover level involves replacing cabinet hardware. Remove a set of hinges, knobs and/or pulls to identify the type of screw/bolt settings that will be needed. Then, choose from the many options available at home building centres or specialty knob stores. Similarly, consider a new faucet and sink, upgraded countertop or a fresh tile backsplash. Each will contribute to a dramatic change. You may want to consider replacing or refinishing the drawer and cupboard facings as well, although that would likely require professional help.

Improved lighting is another important way to change a kitchen’s look and functionality. However, general overhead lighting, strategic task lighting and ambient mood lighting could involve rewiring. Finally, replacing the flooring will result in a significant change to any kitchen. Choices range from recycled cork to indestructible granite. Remember to consider not only appearance but also practicality.

 

 

What Does a Property Surveyor do?


Property Surveyors, sometimes referred to as Land Surveyors, play a vital role in the real estate world. They are the professionals who determine or confirm the exact boundaries of a property.

 

Will you need to deal with a Property Surveyor when you sell your home? You might.


Sometimes the mortgage lender will ask for a land survey, especially if your property is older and hasn’t changed hands in many years. You might also be asked for one by the buyer if there is any confusion about the size and boundaries of your property - or if significant changes have been made to it in recent years.

This is nothing to be concerned about. A qualified Property Surveyor will do the appropriate inspections and measurements on your property and issue you the survey. (It looks a little like a blueprint.)

Property Surveyors are highly trained and licensed. Professional Surveyors Canada (PSC) represents the profession nationally, and most provinces have their own professional associations.

Before spending the money on a new land survey, make sure you don’t already have one. Hopefully, you’ve stored the paperwork that relates to the purchase of your home. Look through it. A valid land survey might be right there.


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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.