Kirby Cox's Calgary Real Estate Blog - Real Estate Market Trends

Fall 2024 Brings Lower Interest Rates

Posted by Kirby Cox on September 12th, 2024

Fall Brings Lower Rates & More Listings to Calgary Market.

Many home buyers sat out the usually busy summer market in Calgary, most likely put off by high mortgage rates, inflexible list prices, and slim pickings. However, with the recent mortgage rate cuts, rising new home construction and gains in new listings, we appear to be on a journey to healthier market conditions for Fall 2024.

This trend is expected to continue throughout the remainder of the year with higher-priced properties mostly driving up inventory, as affordable, lower-priced homes continue to be in short supply.

Following stronger-than-expected price gains earlier in the year, the Benchmark Price for a detached home in Calgary was $762,600; an average townhome price was…

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Calgary's Most Affordable Communities

Posted by Kirby Cox on October 22nd, 2023

Looking for an affordable home in Calgary?

Calgary has several neighborhoods that are generally considered more affordable compared to others. However, please note that the real estate market is dynamic, and affordability can change over time. That being said, here are some neighborhoods in Calgary that are historically known for being relatively affordable:

Ranchlands

Amenities: 12 Acre Community Park with Off-Leash, Ranchlands Community Centre

Average Price Detached Home: $582,597

Situated in Northwest Calgary, Ranchlands is a well established community offering a mix of housing options, including single family homes, duplexes and townhomes. It's location is second to none, being close to Crowfoot Crossing with a host of amenities, as…

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Investors Flock to Buy Calgary Real Estate

Posted by Kirby Cox on September 12th, 2023

Ontario & BC Buyers scooping up investment properties in Calgary.

The days of Alberta losing residents to other provinces are long gone. In the first quarter of 2023, the province saw a net increase of over 31,000 people from other parts of Canada, especially from the provinces of Ontario & BC.

However, people aren't just moving themselves and their loved ones to Alberta — a large percentage of them are moving their money. In the last few years, Calgary has seen a spike in out-of-province homebuyers scooping up investment properties they can rent out, with the motivating factor being comparatively affordable real estate.

Prices in Toronto, Vancouver and Victoria are completely out of reach, not just for homeowners but for investors as well.…

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5 Features That Can Make Your Home Challenging to Sell

Posted by Kirby Cox on April 27th, 2023

Yay!!!! You’ve finally found the home of your dreams. Right?

Before you commit to buying, be sure to consider whether some of your favorite features might be a detriment when it comes time to sell. Some design and architectural elements—such as swimming pools and tile floors—divide home buyers evenly, with half considering them a no-go and the other half absolutely loving them.

While these amenities won’t necessarily be the main factors determining whether or not you buy the home, it’s best to know exactly what you’re getting into. Here’s what to watch out for when buying your dream home, both on the upside and the potential downside.

1. A swimming pool

Living in Alberta where it often feels like Winter for 8 months of the year, don’t…

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Calgary’s Real Estate Market Insulated

Posted by Kirby Cox on October 7th, 2022

The Bank of Canada (BoC) has continued its aggressive monetary tightening policy with the highest policy interest rate among the G7 countries, currenting sitting at 3.25% as of September 7th.

In turn, Canadian banks have increased their prime rates to 5.45%.  The goal is to tamp down inflation that has been rampaging at a frenetic pace. Many financial institutions and experts are predicting these interest rates may trigger a 2023 recession.

How does this impact Alberta?

Alberta's economy is somewhat insulated from a market downturn. With world energy prices about to potentially increase this winter (if Russia continues its war efforts) then the Alberta government in conjunction with local energy companies are in good shape to cash in.  Our…

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Buying a Vacation Home

Posted by Kirby Cox on May 18th, 2022

Do you dream of waking up surrounded by nature, whether that’s opening your eyes to a sea of spruce trees and glistening mountain tops or hearing the gentle waves from the lake washing ashore on the beach below?

Cottage season is just throwing open it’s shutters and for many it reawakens the dream of owning a second home. Prices of recreational properties have sky rocketed in recent years and like the housing market as a whole, there’s a serious shortage of homes available in Canada. Before you turn that dream into a reality, here are some pointers to guide you..

Location, location, location…

Distance is key. It is so tempting when scrolling through MLS to see a beautiful property and stretch the travel time to put it in reach. The reality is…

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The New Home Dilemma

Posted by Kirby Cox on April 17th, 2022

The liberal budget & your new home. 

So you want to buy a new home but it feels like the mountain ahead of you is too steep. House prices keep rising. Interest rates and inflation mean your mortgage now costs more and so does your cost of living. If you’re looking at a new build, add to that lumber prices, aluminum prices and supply chain delays. Enter the Liberal budget with it’s focus on housing. Is relief finally in sight?

Doubling the number of new homes

We constantly hear it’s a sellers market. That’s because there’s a lack of available homes for sale across the country. Basically to catch up with demand the government aims to double the number of new homes being built in the next ten years. The budget put forward a host of new measures. Top…

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Luxurious Highs in Calgary

Posted by Kirby Cox on March 23rd, 2022

Luxury is back. Forget covid and the economic downturn, multi million dollar homes are selling like hot cakes in some parts of the country.

We’ve all heard about the focus on our homes during covid and it appears the luxury market is also basking in that spotlight. A number of recent reports like Royal Le Page’s on Quebec luxury market have found prices and sales of luxury homes have been rising healthily since last year. So just for fun we took a look at what $5m would get you in the Calgary area and who are the lucky potential buyers?

The Concord $5,999,999

Listed by Rowena Chan, Engels and Volkers

It’s one of the priciest pieces of real estate on the market currently in Calgary. A smidge over our $5m budget this penthouse 3…

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3 Smarter Way to Save on your Energy Bills

Posted by Kirby Cox on February 16th, 2022

Smart home technology is booming. 

Market research shows this is a huge growing market in real estate worth tens of billions of dollars and all predictions are that it’s only going to get bigger.

So smart technology offers convenience but that’s just the start of it’s selling points. Younger buyers and renters appear willing to pay more for homes that have smart technology, so the investment could produce real results. Another huge factor is energy savings. Here’s some of the new smart technologies that can help you save money and the planet without breaking the bank.

Smart Thermostats

It’s the biggest contributor to your energy bill. Heating and cooling your home makes up around half of your bill. In Canada where the climate can be…

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Calgary Housing Market – What to Expect 2022

Posted by Kirby Cox on January 17th, 2022

As we head into the New Year, we would all like some certainties, to feel the ground under our feet and know where we are heading.

The rollercoaster of Covid continues to take its toll on every aspect of our lives. The one thing that has grounded so many of us throughout the pandemic is our homes. They’ve become our safe harbour in the storm. With a fourth wave of Covid on us, our homes are more important than ever, and this is one of the factors why Calgary’s housing market is forecast to thrive this year. So, what can we expect?

Prices will rise

Yes, prices are still going up but at a slower pace than 2021. Last year saw Calgary’s real estate market make a big comeback with sales coming close to all-time records. Prices too rebounded and…

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