Warren Shouldice

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Easing sales, an increase of new listings and the resulting inventory gains continue to hinder the Calgary real estate market.


Sales this month totaled 1,489 units, which is down nearly 7 per cent from 2017 and is 14 per cent below long-term market trends. Benchmark prices are down over previous months by 0.8 per cent and are 2.4 per cent below last year’s levels. Prices have trended down across most areas recently based on year-to-date figures, but have remained comparable to last year's levels in the City Centre and West districts of the city. 


These market conditions can be attributed to struggles in Calgary's employment market, a slow recovery in the energy sector combined with tighter lending conditions and competition from the new home sector. 

 

Quick Stats:



Aug. 2017

Aug. 2018

Y/Y% change

Detached




Total sales

983

927

-5.70%

Inventory

3277

4433

35.28%

Months of supply*

3.33

4.78

43.45%

Average DOM

40

51

28.36%

Benchmark price**

$510,200

$497,000

-2.59%





Attached




Total sales

364

320

-12.09%

Inventory

1,575

2,022

28.38%

Months of supply*

4.33

6.32

46.03%

Average DOM

49

58

18.95%

Benchmark price**

$336,500

$327,500

-2.67%





Apartment




Total sales

248

243

-2.02%

Inventory

1,767

1,666

-5.72%

Months of supply*

7.13

6.86

-3.78%

Average DOM

60

71

18.62%

Benchmark price**

$263,600

$258,100

-2.09%


*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.


4 Cheap Ways to Prepare Your Home for Sale

If you want to improve how your home shows to potential buyers, you don’t necessarily need to invest in a costly remodelling or renovation. In fact, there are some simple - and relatively inexpensive - things you can do to make your property look significantly better.


1. Paint it.

There’s no doubt about it. A fresh coat of paint will significantly improve the appearance of just about any area of your home. In fact, compared to other home improvements, painting will give you the highest return on investment when you sell your property. Think beyond walls. Painting a door, window frame, garage floor or deck can make those features look like new.

2. Declutter it.

Eliminating clutter will make your home look more attractive, roomy and comfortable to buyers. Do an inventory of each room. Ask yourself: “What can I throw out? Give away? Sell? Put into storage?”

3. Put up mirrors.

Mirrors are a relatively inexpensive design feature. Yet, according to an article in Style At Home magazine, they can make small rooms appear bigger and dark rooms seem brighter. You don’t necessarily need to buy wall-hanging mirrors. Standalone floor models will have the same effect.

4. Repair it.

In most cases, you will have to get any needed repairs done anyway. So, do them before you show your home. That way buyers will focus on the appealing features of your property, not the minor defects.


What Home Inspectors See that You Can’t


When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues”. After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.


Nevertheless, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.

But, most people don’t have the equipment, knowledge or experience to identify all the issues a home inspector can.

A home inspector will, for example, use a special device to check for moisture build-up in the washrooms - which can be an indication of mould. A home inspector will also inspect wiring to make sure everything is safe and compliant with the building code.

That’s not all.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components - and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So, getting one is highly recommended - even for recently built homes.

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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.