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June 2025 Housing Market Update

Gains in resale supply mostly impact apartment and row style home prices

 

Inventory levels in June continued to rise, both over last month’s and last year’s levels. By the end of the month, inventory reached 6,941 units, returning to levels reported in 2021, or prior to the surge in population growth. While sales have remained consistent with long-term trends despite a decline from recent months, higher levels of new listings compared to sales have contributed to the inventory gain.

All property types have reported gains in inventory, but both row and apartment style homes reported inventory levels over 30 per cent higher than long-term trends, while supply for detached and semi-detached units are only slightly higher than typical levels.

“Supply has improved across rental, resale and new home markets, allowing for more choice for those considering their housing options,” said Ann-Marie Lurie, Chief Economist at CREB®. “The additional choice combined with no further declines in lending rates, persistent uncertainty and concerns of price adjustments is keeping many potential purchasers on the sidelines. This is weighing on home prices, especially for apartment and row style homes.”

The unadjusted benchmark price was $586,200 in June, lower than last month and over three per cent lower than last year. Much of the citywide decline was driven by apartment and row style homes, which are over three per cent lower than last year. Meanwhile, detached prices have remained relatively stable and semi-detached homes are still slightly higher than last year.

The steeper price declines for apartment and row style homes are reflective of those segments shifting toward a market that favours the buyer with nearly four months of supply. Meanwhile conditions are relatively balanced for detached and semi-detached homes. Overall conditions in Calgary have changed, but not enough to erase the significant growth in prices that have occurred over the past four years.
 

 

Detached

Sales in June were 1,194 units, six per cent lower than both last year and last month's activity. Sales activity did vary depending on location and price range, with declines in resale sales mostly for higher priced homes that likely face more competition from new homes. On a location basis, the steepest declines in sales occurred in the City Centre and the North East at over 20 per cent, while year-over-year gains were reported in the West, and South East districts. 
 
While sales did vary, inventories and new listings improved across most price ranges and districts in the city. However, it is only the North East district that is experiencing conditions that favour the buyer, causing prices to decline by four per cent compared to last June. As of June, the unadjusted benchmark price in Calgary was $764,300, less than one per cent lower than both last month and last year’s price.

Semi-Detached

Sales activity continued to slow this month, contributing to the year-to-date decline of nearly 12 per cent. At the same time new listings have generally been rising compared to last year, supporting inventory gains and a shift to balanced conditions. As of June, the months of supply was 2.6 months, a significant improvement over the tight conditions reported last year.
 
Additional supply choice has slowed the pace of price growth for semi-detached homes. As of June, the benchmark price in the city was $696,400, similar to last month, and over one per cent higher than last June. Price movements did range by district, as homes in the City Centre are over three per cent higher than last year and at record high levels, while prices in the North, North East, and East districts are all over two per cent lower than last year and three per cent lower than last year’s peak price.

Row

New listings continue to rise relative to the number of sales in the market, as the sales-to-new listings ratio in June dropped to 50 percent. This contributed to further inventory gains with 1,167 units available at the end of the month. While sales are still higher than long-term trends, the recent gains in inventory levels have caused the months of supply to push above three months. Within the city, conditions range with nearly six months of supply in the North East and two and a half months of supply in the North West.
 
Higher supply levels relative to demand are weighing on prices which, at a June benchmark price of $450,300, are down over last month and three per cent lower than last year’s levels. However, as the level of oversupply does range across the districts, so too do the price movements. The City Centre has seen the most stability in prices this month and is only one per cent below last year’s peak. Meanwhile, the North East is reporting year-over-year price declines of nearly six per cent.
 

Apartment Condominium

June new listings and sales both eased over last month’s and last year’s levels. However, with 1,024 new listings and 532 sales, inventories continued to rise and the months of supply pushed up to nearly four months. Slower international migration numbers are weighing on housing demand just as supply levels are rising, which is having a larger impact on apartment style homes.
 
The rising supply choice, both in new and resale markets, has caused resale prices to trend down again this month, leaving June’s benchmark price of $333,500 over three per cent lower than last year’s levels. While prices have eased across all districts in the city, the largest year-over-year declines are occurring in the North East, North and South East districts.
 



REGIONAL MARKET FACTS


Airdrie

Thanks to a sharp decline in detached activity, sales in June fell to 164 units. The pullback in sales was met with 324 new listings, causing the sales-to-new listings ratio to drop to 51 per cent, the lowest ratio reported in June since 2018. The wider spread between sales and new listings drove further inventory gains and for the first time since 2020 the months of supply was above three months. The additional supply choice has weighed on resale prices, which have trended down for the second consecutive month. In June the benchmark price was $538,300, nearly three per cent lower than levels seen last year at this time.

Cochrane

Gains for detached and semi-detached sales were offset by pullbacks for row and apartment units, as June sales remained relatively unchanged over last year. The 101 sales in June were met with 171 new listings and the sales-to-new listings ratio rose to 59 per cent. This slowed the pace of inventory growth, keeping the months of supply just below three months. While conditions are more balanced than they have been, prices in the area continue to rise albeit at a slower pace. As of June, the unadjusted benchmark price was $593,700, nearly one per cent higher than last month and four per cent higher than last June.

Okotoks

While levels are better than last year, both sales and new listings trended down in June, causing the sales-to-new listings ratio to rise to 87 per cent. This prevented any further monthly inventory gains and ensured that the months of supply remained below two months in June. While conditions remain tight in Okotoks, more supply in the broader region has likely prevented stronger price growth in the Town of Okotoks. As of June, the unadjusted benchmark price was $632,800, similar to last month and nearly three per cent higher than last year.
 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

 

For more information, please contact: 

Economic Analysis
Email: stats@creb.ca
Phone: 403-263-0530

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Should You Buy a Home in Calgary Right Now? Here’s Why the Timing Might Be Perfect

If you've been on the fence about buying a home in Calgary, summer 2025 might just be your golden window of opportunity. With interest rates sitting at attractive lows, lots of inventory on the market, and some of the best prices we’ve seen in years, it’s worth asking: is now the right time for you to make your move?

Let’s break it down.


✅ Low Interest Rates = More Buying Power

Mortgage rates are currently some of the lowest we've seen in recent years. That means lower monthly payments and the chance to afford more home for your money. Locking in a low rate now could save you thousands over the life of your mortgage.


🏡 More Inventory = More Choice

Right now, Calgary is experiencing a healthy amount of housing inventory, which means you have more options to choose from—whether you're eyeing a family-friendly community in the southeast or a trendy inner-city townhouse.

More homes on the market also means less competition. You can take your time, explore different neighbourhoods, and find the one that really feels like home.


💰 Home Prices Are Still Attractive

While prices are expected to rise as the economy continues to recover, many Calgary homes are still priced competitively. If you wait too long, you might miss out on today's deals—and face a hotter, more expensive market later this year or next.


☀️ Move in Over the Summer

Summer is a great time to make a move—especially for families. The kids are out of school, the weather is beautiful, and you’ll have time to settle in before fall routines begin. Picture yourself hosting that first backyard BBQ, exploring your new neighbourhood, or enjoying Calgary's many summer festivals right from your new doorstep.


So, Is Now the Right Time to Buy a Home in Calgary?

If you’ve been thinking about making a move, all signs are pointing to yes:

  • Low mortgage rates

  • A wide selection of homes

  • Competitive prices

  • A smoother summer move-in timeline

But every buyer's situation is unique. The best way to know for sure is to chat with a local expert who understands Calgary’s housing market inside and out.


Let’s Talk About Your Next Move 🏡

Whether you're buying your first home or upgrading to fit your growing family, I’m here to help you navigate the Calgary real estate market with confidence. Reach out today and let's find the perfect place for you—while the timing is still in your favour!

📞 Call/Text: 403-830-6920
📧 Email: Calgarydreamhomes@telus.net
🌐 Browse Calgary homes: www.calgarydreamhomes.ca

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May 2025 Housing Market Update

 

MAY 2025 HOUSING MARKET UPDATE


June 2, 2025

 

Price adjustments mostly driven by apartment and row style homes

 

Thanks to steep pullbacks in the apartment condominium sector, total residential sales in Calgary eased by 17 per cent compared to May of last year. While the drop does seem significant, the 2,568 sales this month remain 11 per cent higher than long-term trends for May and improved over last month.

New listings continued to rise this month compared to sales, resulting in further gains in inventory levels. However, the monthly gain in both inventory and sales prevented any significant change in the months of supply compared to April. With 2.6 months of supply, conditions are still relatively balanced. 

“Compared to last year, easing sales and rising inventories are consistent trends across many cities, as uncertainty continues to weigh on housing demand. However, prior to the economic uncertainty, Calgary was dealing with seller market conditions, and the recent pullbacks in sales and inventory have helped shift us toward balanced conditions taking the pressure off prices,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is a different situation from some of the other larger cities, where their housing markets were struggling prior to the addition of economic uncertainty.”    

Last year there was limited inventory across most property types and price ranges. Recent inventory gains are creating pockets of the market that are struggling with too much supply while in other areas supply levels are still low relative to the demand, resulting in divergent trends in home prices.

Both detached and semi-detached home prices have remained relatively stable this month and are still higher than last year’s levels. Meanwhile, row and apartment style homes have reported modest monthly price declines and May prices remain below last year’s levels, as improved new home and rental supply is weighing on resale prices. Overall, the total residential unadjusted benchmark price in Calgary was $589,900, slightly lower than last month and over two per cent below May 2024 levels.   

 

 

Detached

New listings in May rose to 2,419 units, with most of the gains driven by homes priced over $600,000. At the same time, sales activity has slowed across most price ranges, supporting a shift toward more balanced conditions and relative stability in prices. However, districts that are facing more competition from new home product or are seeing a larger pullback in demand are starting to show some signs of elevated supply.

The North East district has seen the largest pullback in resale sales activity combined with some of the highest gains in new listings. This has driven the sales-to-new listings ratio down to 41 per cent and the months of supply was nearly four months in May. This is causing prices to ease in the North East, offsetting some of the gains reported in the City Centre, West, and North West districts. City-wide the unadjusted benchmark price in May was $769,400, similar to last month, one percent higher than last May, and still above last year’s seasonal peak price.  

Semi-Detached

The 428 new listings in May were met with 256 sales, causing the sales-to-new-listings ratio to rise to 60 per cent this month. This slowed the pace of inventory growth and the months of supply remained just above two months.  Semi-detached homes continue to remain less than 10 per cent of all sales and inventory levels in the city.

This in part is due to construction patterns shifting toward more row style properties over semi-detached, and is one of the reasons we do not see the same inventory build as row and apartment style homes. 

Like the detached market there is significant variation within the city districts. The North East has the highest months of supply at nearly three months and is reporting some price declines, while the tightest conditions are in the North West, where prices continue to rise. Overall, generally tighter conditions are still supporting price gains for semi-detached properties. In April the unadjusted benchmark price was $697,300, a monthly gain of less than one per cent, nearly three per cent higher than last year’s levels and above last year’s seasonal peak.

Row

Row home sales have eased over last year’s near record high pace but stayed well above long-term trends.  However, the gain in new listings has continued to cause further inventory gains. For the second month in a row, inventory levels were over 1,000 units; we have not seen this much inventory for row units since 2021.

While inventory levels have improved across all districts, we are starting to see higher months of supply in the North East district at 3.5 months, resulting in some downward pressure on prices. The North, North West and South areas have also reported higher year-over-year pullbacks in resale prices, as improved supply choice for new properties are impacting resale activity. Overall, the benchmark price in May was $453,600, down over last month, nearly two per cent below last May, and lower than last year’s seasonal high.  
 

Apartment Condominium

Sales this month totaled 579 units, a significant decline over last May’s record high of 907 units. While new listings were lower than levels reported last year, they remained high compared to sales, causing the sales-to-new listings ratio to drop to 47% this month. This contributed to further inventory gains and drove the months of supply up to 3.6 months.

High levels of apartment rental units under construction are adding to the rental supply and contributing to rent adjustments. This is likely slowing condo ownership demand coming from existing renters and potential investors, contributing to some of the shifts witnessed in the apartment condominium sector. 

More supply choice is also weighing on condominium prices. In May the benchmark price eased to $335,300, down from last month and over one per cent lower than last year. The steepest declines are occurring in the North East and South East districts, where competition from the new home market is weighing on resale pricing. While prices have eased and are below peak levels, recent declines have not offset the double-digit gains reported over the past two years.

 



REGIONAL MARKET FACTS


Airdrie

While improving over last month, May sales eased compared to last year, contributing to the year-to-date decline of 10 per cent. However, the 772 sales so far this year are consistent with long-term trends in Airdrie. At the same time new listings continue to rise causing the sales-to-new listings ratio to fall to 58 per cent, still well within balanced conditions, but a significant change from the over 90 per cent ratio reported last year. Recent shifts in sales and new listings have supported gains in inventory levels.

In May there were 468 units in inventory, reflecting the highest May reported since prior to the pandemic. The shift in supply is in part related to the surge in new construction providing more options for potential consumers. Additional supply choice is impacting price growth.  The total residential benchmark price was $540,600 in May, down nearly one per cent over last month and nearly two per cent below last year’s levels.

Cochrane

Sales in Cochrane were fairly resilient until this month, where sales were 17 per cent slower than last year. The decline was enough to cause year-to-date sales to ease to levels just below those reported last year.  At the same time, this month new listings surged, driving the sales-to-new listings ratio down to 55 per cent and supporting further inventory gains.  With 293 units available in May, levels are more consistent with long-term trends. The months of supply neared three months in May and while this did slow the pace of price growth, the total residential benchmark price of $589,400 is still nearly four per cent higher than last May.

Okotoks

A boost in new listings this month supported a surge in sales activity. However, with a sales-to-new-listings ratio of 74%, inventory levels did not change much over last month and the months of supply once again dropped below two months. Okotoks has struggled to add supply at the pace reported in Calgary, Cochrane and Airdrie and sales growth has been dampened by limited supply choice.

While there have been some improvements in inventory levels, as of May levels remained nearly 28 per cent below long-term trends for the city.  The limited supply choice given the relatively strong demand has continue to support some price growth in the town. As of May the unadjusted benchmark price was $633,900, up over last month and over two per cent higher than last year. 
 

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

 

For more information, please contact: 

Economic Analysis
Email: stats@creb.ca
Phone: 403-263-0530

 

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Why Young Families Love South Calgary’s Lake Communities | Year-Round Fun & Family Living

Discover why young families are choosing South Calgary’s lake communities like Mahogany and Chaparral — with year-round fun, family events & private lake access.

Why Young Families Love South Calgary’s Lake Communities

Explore Mahogany, Auburn Bay, Chaparral & More

Looking for the perfect place to raise your family in Calgary? South Calgary’s lake communities offer more than beautiful homes — they offer a lifestyle filled with year-round adventure, community spirit, and non-stop fun for kids of all ages.

From Mahogany to Chaparral, these neighborhoods are designed with families in mind, combining modern amenities with the peace and joy of lakeside living.


🌞 Year-Round Family Fun by the Lake

One of the biggest perks of living in a lake community in Calgary is access to a private, resident-only lake — and it’s not just for summer!

Summer Highlights:

  • Sandy beaches and warm water for swimming

  • Paddleboarding, kayaking & boating

  • Family fishing days

  • Shaded playgrounds and splash pads

  • Tennis courts, BBQ areas & picnic tables — perfect for birthday parties!

Winter Activities:

  • Skating on frozen lakes

  • Ice fishing & pond hockey

  • Tobogganing hills

  • Holiday festivals and family events

  • Surprise visits from Santa and community winter fun days!

🛶 Did you know? Lake fees are surprisingly affordable — offering incredible value for unlimited access to all amenities.


🏘 Top Lake Communities in South Calgary

Thinking of moving to a lake community? Here are some of the most popular family-friendly neighborhoods in South Calgary:

  • Mahogany – Calgary’s largest lake, with stunning homes and an award-winning clubhouse

  • Auburn Bay – Charming coastal village vibes and lots of kid-friendly amenities

  • Chaparral – Classic lake living with mature trees and an established community

  • McKenzie Lake – Beautiful views and easy access to schools and shopping

  • Sundance – Strong community spirit with year-round events

  • Midnapore – Cozy and well-connected, with hidden gem status

(Link each community to your listings or detailed pages for internal SEO boost.)


👨‍👩‍👧‍👦 Built for Young Families

South Calgary’s lake communities are designed to make life easier — and more fun — for young families:

  • Safe, walkable streets

  • Access to top-rated public and Catholic schools

  • Nearby daycare and preschool options

  • Tons of parks, green space, and trails

  • Family-focused events and festivals all year round

  • Quick access to shopping, dining, and healthcare

If you're browsing homes for sale in South Calgary, these communities should be at the top of your list.


💡 Is Lake Living Right for Your Family?

Imagine your kids skating in the winter, learning to paddleboard in the summer, or celebrating birthdays lakeside with friends and neighbors. These are the moments that shape childhood — and South Calgary makes them easy to come by.


🏠 Ready to Explore Homes for Sale in Calgary’s Lake Communities?

If you're looking for a home in a family-friendly Calgary neighborhood, lake living might be your perfect match. Contact myself Terry Edwardson a real estate expert who knows Mahogany, Auburn Bay, and the other fantastic lake communities — and start your family's next chapter in a place built for fun, connection, and adventure.


🏡 Ready to Make the Move?
Let’s find your perfect family home in one of South Calgary’s amazing lake communities.
📞 Contact me today for a personalized tour or to get listings sent straight to your inbox!
👉 Get in touch now | 📧 Request listings

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Discover the best things to do in Calgary this summer—from the iconic Calgary Stampede to music festivals, night markets, and outdoor adventures. Plan your perfect Calgary getaway!

Planning a trip to Calgary this summer? You're in for a treat. Calgary truly comes alive in the warmer months, with a lineup of events, festivals, and outdoor adventures that capture the spirit of the city and its stunning surroundings. Whether you’re here for a weekend or a few weeks, here are some can’t-miss things to do in Calgary this summer.

1. Experience the Calgary Stampede

Let’s start with the big one: the Calgary Stampede. Known as “The Greatest Outdoor Show on Earth,” this 10-day event in early July is part rodeo, part music festival, and 100% fun. Think cowboy hats, pancake breakfasts, midway rides, chuckwagon races, and top-tier concerts—all in one place. Even if you’re not into rodeo, the Stampede Grounds offer food trucks, shopping, and nightly fireworks that are sure to impress.

🗓️ When: July 4–13, 2025
📍 Where: Stampede Park

2. Stroll Through the Inglewood Sunfest

If you're looking for local charm, make time for the Inglewood Sunfest. This one-day street festival takes over Calgary’s oldest neighborhood with live music, artisan vendors, food trucks, and pop-up patios. It’s a great way to soak up some sunshine and discover local artists and creators.

🗓️ When: August 2, 2025
📍 Where: Inglewood Main Street

3. Catch a Show at Shakespeare by the Bow

Set against the stunning backdrop of Prince’s Island Park, this outdoor theatre series offers a relaxed way to enjoy classic Shakespeare plays under the open sky. Bring a blanket, pack a picnic, and enjoy the show—it’s pay-what-you-can, so it’s also budget-friendly!

🗓️ When: Late June through August
📍 Where: Prince’s Island Park

4. Explore Calgary Folk Music Festival

Music lovers, this one's for you. The Calgary Folk Music Festival is a four-day celebration of global and local talent set on the scenic Prince’s Island Park. Expect everything from indie and roots to world music, plus craft beer and local eats.

🗓️ When: July 24–27, 2025
📍 Where: Prince’s Island Park

5. Wander Through the Calgary Night Markets

Looking for something more laid-back? Check out one of Calgary’s night markets, which pop up in neighborhoods like Bridgeland, Crescent Heights, and Marda Loop. Shop for handmade goods, grab a bite, and enjoy live entertainment—all under the evening sky.

🗓️ When: Various dates June–August
📍 Where: Multiple locations

6. Take in the Views at Calgary Tower or the Peace Bridge

Don’t forget to explore Calgary’s year-round landmarks too. Take in panoramic views from the Calgary Tower or snap a photo at the iconic Peace Bridge over the Bow River. These are perfect spots for a summer evening stroll or Instagram-worthy moments.


Bonus Tips for Visiting Calgary in Summer:

  • Pack layers: Calgary’s weather can change fast—sunshine one minute, a quick rain shower the next.

  • Use public transit: The CTrain is easy to use and great for getting around downtown.

  • Check local listings: Events are constantly popping up—art walks, brewery tours, and pop-up patios are just the beginning.


Final Thoughts

From cowboy culture to indie music and stunning park views, Calgary is packed with experiences that make summer unforgettable. Whether you’re here for the Stampede or just passing through, there’s always something happening.

Let the adventure begin—Calgary’s summer awaits!

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Calgary’s Real Estate Market Update- Spring Trends You Need To Know.

Inventory is rising, interest rates are holding, and prices are staying strong. Here’s what it means for you.


If you’ve noticed more "For Sale" signs around Calgary lately, you’re not imagining things. Inventory is up across the board—single-family homes, attached properties, townhomes, and condos.

Whether you’re looking to buy, sell, or invest, here’s what you need to know about the current market.


🏡 More Inventory = More Choices

Good news for buyers: there are more homes on the market than we’ve seen in quite some time. That means more variety and less pressure.

While listings are up, sales activity has leveled off, which means we're likely heading toward a more balanced market. That’s great if you’ve been feeling rushed or priced out in recent months.


📈 Prices Are Holding Strong

Despite the increase in inventory, prices remain solid, especially in Calgary’s most desirable areas.

If you’re a seller, this is still a strong market—particularly if your home is well-maintained and priced right. Homes in neighborhoods like Altadore, West Springs, and Bridgeland are still drawing serious attention.


💸 Interest Rates: Holding (For Now)

The Bank of Canada is holding interest rates steady, with the possibility of a decrease later this summer.

If you’re a buyer or investor, a potential rate cut could open up more affordable borrowing options—and increase demand later in the season.


👇 So, What Should You Do?

Whether you're:

  • Buying your first or next home,

  • Selling and looking to maximize your return, or

  • Investing in one of Canada’s most dynamic real estate markets...

Now is a great time to get strategic.

Contact me, Terry Edwardson, for a personalized consultation and let’s put together a plan that works for your goals and timeline.

📩 Email me today to get started

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Looking for a new home can be an exciting experience. If you are looking specifically for a condominium, you may be surprised at all the different things to consider; as buying a condo is not the same as buying a single-family home. There are many benefits of owning a condo, such as taking advantage of shared amenities and building maintenance. However, you will likely be sharing walls with neighbours and other common areas, which makes owning a condo different from a stand-alone house.

What is a Condominium?

A condominium, or in short, a “condo” is a single unit within a community of other units. Condos are typically apartment-style properties, freestanding homes, or townhouses. Condo owners jointly share common areas such as garages, elevators, hallways, gyms, pools, etc.

It is important to understand the responsibilities that come with owning a Condo and what the purchase includes. Although some areas are shared as common property, owners are typically responsible for the interior of the condo and the structural components of the exterior walls.

What is a Condo Association?

Shared areas of the complex are typically managed by a condo association. The association acts as a supervisory board to manage the common areas and govern the rules and regulations set out in the bylaws. Within the association, the Board of directors are nominated by the ownership to be the voice of the association. They are made up of a group of volunteer owners, who are collectively responsible and accountable for decisions regarding the association, on behalf of owners.

Often, a property management company is hired on behalf of the association to handle maintenance, communication amongst owners, and the property finances. A property manager will work directly with the Board of directors and acts as an agent of the condo association.

What is the difference between owning a Condo and a House?

The main difference between owning a condo and a house is maintenance. If you owned a house and needed the roof repaired, that would be your financial responsibility alone to have it fixed. If you own a condo, maintenance such as this would likely be split between the owners of the condo association. Since common area maintenance is shared amongst owners, this requires a monthly fee to be paid to ensure the expenses can be paid. These monthly fees are referred to as condo fees in Alberta.

Sharing common costs may be an important factor when making a decision about owning a condo, but it is important to remember that you will be part of a community that has rules and regulations that need to be adhered to. For example, your condo association may not allow pets on the premise, there may be aesthetic requirements to follow or if there is a big repair, a special assessment may be required. This involves collecting fees outside of the monthly condo fees to ensure big projects can be completed.

Why is due diligence so important when buying a Condo?

One of the most important things to protect yourself, when looking at buying a condo, is to research the condo association and do your due diligence. Review the association bylaws, look at the financial records, community rules and regulations, and Board meeting minutes. All of these documents will help you make informed decisions before purchasing a condo. Important documents to review, include:

  • Recent Reserve fund – A well-funded reserve fund can be an important document that shows buyers that the condominium association is in good financial standing.
  • Operating Budget & Financial Statements– These documents show what the condo association is spending the owner’s condo fees on (amenities, contractors, management fees, etc.)
  • Board Meeting Minutes – This will give buyers an insight into whether there are upcoming major repairs in the forecast.
  • Bylaws – This is an important document for buyers to see what the rules and regulations of the property are, regarding pets, parking, and amenity use.
  • Estoppel Certificate – This is a signed statement from the condo association that provides the current condo fees for the unit, the payment schedule of the fees, and whether any contributions are unpaid.
  • Information/Disclosure Statement – This document includes any lawsuits involving the association (including the amount claimed against the association), any judgments or orders that the association is liable for, how much funds are in the reserve fund, the amount of the monthly condo fees for the unit and if there are any structural deficiencies or loans.

In summary, owning a condo can be a great investment, but its own rules require potential owners to do their due diligence and check all the governing documents before making a decision to purchase a condo. It’s best to seek advice from a professional Realtor who has experience with condo sales to ensure it is the right fit for you.

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If you're looking to buy a house in 2023, it might be good to do it sooner rather than later as house prices are set to increase in parts of Alberta next year.

According to CREB's 2023 Canadian Housing Market Outlook, Alberta home prices are set to get more expensive in 2023, with average sale prices increasing in both Calgary and Edmonton.

Calgary's housing market is likely to shift into a seller's market early in 2023, with first-time buyers fueling a lot of the demand for housing.

While condos are the dominant housing type in the city right now, single-detached homes are likely to be pretty popular heading into 2023 as buyers look for additional living space, the report said.

In Edmonton, the market will be driven by more "move-up and move-over buyers" looking for single-detached homes.

While housing prices are on the rise in Calgary and Edmonton, homes are still considerably cheaper than you would find in Ontario and B.C.

The average residential sale price in Calgary for 2022 was $658,277.00, while in Edmonton, it was $401,025.00.

Compared to the Greater Vancouver Area and the Greater Toronto Area where average prices were an eye-watering $1,267,131 and $1,203,916 respectively, Alberta is still affordable


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What is a full-service realtor?

A full-service realtor does everything from listing your house on Realtor.ca for the right price to marketing your house and completing negotiations. They're known as full-service because they don't just pick and choose which services to provide, they offer the whole package.

Need a more in-depth description? Here's what a full-service realtor does for you.

Lists Your Home

It may seem pretty simple to stick your home on the internet with a price and put a sign up in the yard. But really, there's more to it than that.

Your full-service realtor will take a look at similar homes in the area that are listed or have recently sold to compare to yours. They will also pull stats from the area, look at the property value of the neighbor's homes, and use all of this information to find the value of your home. This whole process is known as completing a Comparative Market Analysis (CMA) and helps the agent price your home effectively.

Once your realtor finds that pricing sweet-spot, they're half-way to listing your house.

Taking Pictures

Next, your realtor will either take pictures of your house yourself or pay a professional photographer to do it for them. The real estate photographer and full-service agent know exactly what to feature in the images to get potential buyers in the door.

Although it is by no means required, some full-service realtors will have a stager come in and stage your home for a more attractive offer. Staging happens a before and during the photography process.

Listing on Realtor.ca

Once the realtor is geared with an attractive price and incredible photos, they're ready to list your home on Realtor.ca. Simply listing your house with beautiful photos and a price isn't enough, however. Next, they'll probably ask you a few questions about the house to write a sensational description. The description is your chance to get everything not seen in the pictures out to potential buyers.

Some things your realtor will put in the listing description are:

  • Proximity to local attractions or amenities
  • Type of neighborhood
  • What school districts it's near
  • What makes the house stand out

Markets Your Home

Once your home is listed, it's time to drive traffic to it.

Your full-service realtor will post the usual signs in your yard and may even put a box of fliers. Then they'll make sure to list your homes in local home publications, and even market it online.

This step is key in getting the word out about your home, and the type and amount of marketing your realtor does says a lot about their caliber of skill.

If your agent kicks back and hopes the house will sell itself, it's time to find a new agent. You want an agent who knows where to find qualified buyers and has experience marketing to them. This will help your house get in front of the right people.

Schedules and Holds Open Houses and Walk-throughs

If your home is a good candidate for an open house, your full-service real estate agent will be in charge of advertising for it and holding it open. They'll also be responsible for scheduling showings for people to walk through and see the house.

Because your realtor will be showing off the property, it's crucial that they become an expert on your home. Your full-service real estate agent should get to know the house really well. They should be able to tell prospective buyers where the sun hits the windows in the morning as well as what year the remodeling was completed.

Potential buyers will have questions-- lots of them-- so a crucial part of your realtor's marketing includes researching the property and knowing how to answer these questions.

Provides Expert Advice

Need to know if remodelling your kitchenor power washing the roof will get more buyer appeal? That's what your full-service realtor is there for.

Similar to Google (but specific to your neighborhood), your expert realtor will be able to provide you with information that affects the value of your home.

They'll help you identify areas of the house that need a little love and care to get the house to asking price. If a buyer comes in and demands some changes be made, your realtor can also consult with you on that and help you understand if that request is reasonable.

Beyond questions about changes to the house, your full-service realtor can also help you with your contracts. They'll look over each contract and help to break it down for you. They'll probably even make changes to offers that are set-up as contracts in your behalf (at your request, of course).

Having expert advice by your side to consult with is crucial to making the home selling process a success.

Negotiates the Sale

Once an offer is made, your full-service realtor will negotiate the terms of the sale. If you're ok dropping $5k in price, but NOT ok replacing the roof-- your realtor will make that clear.

A good full service Realtor will have a lot of experience negotiating sales and getting you the right price for your home. By the same token, they'll step in and let you know if the deal you are about to pass up is a good one.

Remember-- your realtor works for you. If you feel like they are misrepresenting you at the negotiations, step in and communicate your boundaries. Your full-service realtor needs to be on the same page as you especially during negotiations.

Listing and marketing your home, scheduling and holding open houses, providing expert advice and negotiating the sale are all things that full-service realtors do, but they're not the only things they can do. Talk to your realtor today to learn about other services they provide to get your house SOLD.

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 Foreclosures occur when a homeowner misses consecutive payments to his or her lender,  usually over a time span of at least three pay periods. When they have no means to start catching up on payments, foreclosure is usually imminent. The lender will begin the process of reclaiming ownership, which basically means the title on the property is reversed and it is reclaimed by the original lender. Once the foreclosure becomes official, the lender then has the ability to sell the property and use the proceeds to pay off the cost of the mortgage, as well as any legal fees accrued  As unfortunate as foreclosure situations sometimes are, they also offer buyers a chance to purchase a quality property quickly and often slightly below market value.

Why does this occur? Simply put, banks are not in the business of property management. Their main goal throughout the foreclosure process is to recover the original principle loaned out as quickly as possible. While lenders do have an obligation to try and get fair market value, they also want to liquidate the asset as fast as possible. As a result, any reasonable offer made that is close to the asking price is almost always accepted or, at the very least, seriously entertained. 

Their are two different types of foreclosures in Alberta - Court of Queens Bench (Judicial) foreclosures and bank foreclosures. The first kind, a judicial foreclosure, involves the sale of a mortgaged property under the supervision of the Court of Queens Bench. All proceeds from the sale go to pay off the mortgage first and foremost, while the remainder of the capital is claimed by lien holders and the original borrower/homeowner (if any is left). All judicial foreclosures in Calgary are unconditional, and only cash offers are considered. In other words, there are no financing options and a home inspection is not performed - the property is sold as is. Since judicial foreclosures involve a lawsuit against the borrower by the original lender, people may still be living in the property until the process is finalized.

On the other hand, bank foreclosures usually involve the sale of an empty property after the mortgage lender has invoked the Power of Sale clause included in a standard mortgage contract. They are almost always much simpler, and as such, move along at a much faster pace. No court supervision is required and in most cases, potential buyers can request financing and a home inspection condition in their offer. 

Chattel, or unattached goods, are not included in a final sale. However, goods left in a bank-owned home are often not removed after purchase, so as soon as possession takes place, the items become property of the new owner. This is usually much less common in cases of judicial foreclosure, although it does sometimes still occur. In either case, no official/real property report is provided and buyers will have to pay for title insurance. Offers are often left open for acceptance longer as well, as lawyers and/or the court need some extra time to review a potential offer before approving it. 

While the foreclosure buying process can often have a few ups and downs,  Calgary Dream Homes team knows exactly how to help you navigate a competitive Calgary foreclosures market. Terry checks and updates the Calgary MLS foreclosure database on a daily basis before compiling the list. Not only can he outline the specifics of each type of foreclosure that occurs here in Alberta, he will also provide professional advice and absolute legal clarity. For more details on Calgary foreclosure listings or to set up an appointment to view specific property, please contact us by filling out the contact from under the Resourses tab on the main page.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
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.