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.
