Calgary Housing Stats - February
The Benchmark and Average prices have gone up as well.
Contact me anytime to discuss how fluctuations in the market change how you may want to navigate your own real estate needs and wants.
In February, the upward trend in new property listings persisted, reaching a total of 2,711 units. This surge in listings, however, fuelled a notable uptick in sales, with a nearly 23 percent increase compared to the previous year, totalling 2,135 units. Consequently, the sales-to-new listings ratio remained exceptionally high at 79 percent, keeping inventories close to historically low levels. With supply dwindling and demand surging, the months of supply decreased to just over one month, nearing levels observed in the spring of the preceding year.
"Purchasers are swiftly seizing new listings, curbing inventory expansion in the market," remarked Ann-Marie Lurie, Chief Economist at CREB®. "It is this robust demand and constrained supply that continues to propel price hikes in Calgary. The most significant challenge in terms of supply lies in homes priced under $500,000, which witnessed a 31 percent decrease in inventories compared to the previous February. Concurrently, we're witnessing a rise in supply levels for higher-priced homes, fostering a more balanced market at the upper end."
In February, the unadjusted detached benchmark price stood at $585,000, marking a gain of over two percent from the previous month and exceeding last year's levels by over 10 percent. The East district, known for its affordability, experienced the highest year-over-year price growth at 25 percent, while the City Centre, relatively better supplied, reported the slowest price growth in the city at under five percent.
March is a very busy travel month, especially in Canada. With spring and easter breaks, and the general need to get a break from winter, people are travelling! Do you have someone check on your home while you’re gone? Even if you don’t have pets, you should consider arranging for a friend, neighbour, or family member making sure your house is in good shape. Here are a few reasons why:
Security
Vacant homes are often targeted by burglars, especially during the winter months when darkness falls earlier and the cover of snow can make it easier for intruders to approach undetected. Having someone periodically visit your home can deter potential thieves and vandals. They can also ensure that all doors and windows are secure and that there are no signs of forced entry.
Prevention of Damage
Winter weather can wreak havoc on a property if not properly maintained. Frozen pipes, ice dams, roof leaks, and other weather-related issues can cause significant damage if left unchecked. By having someone check on your home regularly, they can identify any potential problems early and take appropriate action to prevent costly damage. For example, they can ensure that the heating system is working properly, pipes are insulated, and gutters are clear of debris to prevent ice dams.
Emergency Response
In the event of an emergency, such as a fire or a medical issue, having someone nearby to respond quickly can be a lifesaver. If a fire were to break out or a carbon monoxide leak were to occur, early detection and intervention can make all the difference. Additionally, if someone were to become injured or ill while you're away, having a trusted individual nearby who can provide assistance or contact emergency services is essential.
Maintenance
Regular maintenance is essential for keeping your home in good condition, especially during the winter months when it's subjected to harsh weather conditions. By having someone check on your property, they can perform routine maintenance tasks such as clearing snow from walkways and driveways, removing ice from steps and entryways, and ensuring that the heating system is functioning properly. This proactive approach can help prevent minor issues from turning into major headaches down the road.
Peace of Mind
Perhaps most importantly, having someone check on your house and property while you're away provides peace of mind. Knowing there's someone looking out for your home can alleviate the stress and worry that often accompanies extended absences. Instead of constantly wondering if everything is okay back home, you can relax and enjoy your vacation knowing that your property is in good hands.
Don’t let the fear of what-ifs tarnish your vacation. A trusted neighbour, friend, or professional house sitter can keep an eye on things which makes all the difference in protecting your investment and enjoying a worry-free vacation.
In January, sales surged to 1,650 units, marking a substantial increase compared to the previous year and long-standing trends. A rise in new listings, totalling 2,137 units for the month, fueled this growth. Notably, the increase in new listings was significant for homes over $700,000, with homes priced above $300,000 also experiencing a boost.
Despite the uptick in new listings, the city's inventory remained unchanged. With just 2,150 units available, inventory levels approached record lows similar to those in January 2006. They were nearly 49 percent below the long-term average for the month.
"Supply challenges have persisted since last year. While this month's increase in new listings offered more choices for potential buyers and supported sales growth, it did little to alleviate the tight supply conditions," noted Ann-Marie Lurie, Chief Economist at CREB®.
In January, the month of supply was reduced to 1.3 months, decreasing compared to the previous month and the same period last year. This persistent scarcity in the market continued to drive upward pressure on home prices, with the unadjusted benchmark price reaching $572,300 in January. This figure represents an increase over the previous month and a ten percent surge from January of the prior year.
Spring Decoration Trends to Refresh Your Home
As the winter frost begins to thaw and the days lengthen, it's time to breathe new life into your living spaces with the vibrant spirit of spring. From soft pastels to lively florals, spring decoration trends offer numerous ways to rejuvenate your home and embrace the season's energy. Let's explore some of the hottest trends in spring decor, inspiring you to infuse your surroundings with the season's beauty.
Pastel Palette Perfection
Say goodbye to winter's dark hues and welcome soft, soothing tones of pastels into your home. Shades like blush pink, mint green, and sky blue can instantly brighten any room, creating an atmosphere of freshness and tranquillity. Incorporate pastel accents through throw pillows, curtains, or wall art for a subtle yet impactful touch.
Botanical Bliss
Invite nature indoors with botanical-inspired decor that celebrates the lush beauty of spring. Incorporate leafy greenery, potted plants, and floral arrangements to infuse your space with life and vitality. Consider adding botanical prints to your walls or opting for furniture with organic textures like rattan or bamboo for a natural aesthetic that evokes the essence of spring.
Fresh Florals Everywhere
Flowers are synonymous with spring. Incorporating floral patterns into your decor is a timeless way to celebrate the season. Whether it's a bold floral wallpaper in the entryway or delicate floral bedding in the bedroom, floral accents can add a touch of romance and whimsy to any space. Mix and match different floral prints for an eclectic look, or keep it understated with a singular statement piece that captures the beauty of blooming flowers.
Light and Airy Fabrics
Swap out heavy winter drapes for lightweight curtains in breezy fabrics like linen or sheer voile to let the sunshine in and create an airy atmosphere. Opt for fabrics in soft, neutral tones to complement your spring decor palette and enhance the feeling of openness and space in your home. Layering sheer curtains with heavier fabrics can add depth and texture to your windows while maintaining a light and airy feel.
Sustainable Style
Incorporate eco-friendly elements into your spring decor by choosing sustainable materials and products that align with your values. Look for furniture made from reclaimed wood, organic textiles, or recycled materials to reduce your environmental footprint and create a healthier home. Embrace the beauty of imperfection with handmade ceramics or artisanal pieces that tell a story and add character to your space.
With these spring decoration trends, you can transform your home into a sanctuary of style and serenity that reflects the vibrant energy of the season. Whether soft pastels, botanical motifs, or sustainable design call to you, there's a trend to suit every taste and preference. So embrace the season and let your creativity bloom as you refresh your home for spring!