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

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 Sue French 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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Raising The Interest In Housing

Posted by Sue French on November 26th, 2021

The days of record low interest rates are numbered. The Bank of Canada has upped the ante and said interest rate rises could be coming as soon as April next year. So, what will this do to the soaring house prices we’ve seen here in Alberta and across the country? At least one expert believes the Canadian housing market is in for a “soft landing.”

Inflation is now at its highest level in more than a decade, pushed up largely by supply bottlenecks of goods as the global economy restarts. The Bank of Canada aims to keep inflation long term at 2% and is considering raising interest rates next year to help cool the economy.

Higher interest rates mean higher mortgage rates. The major banks are forecasting what they believe will happen next. RBC thinks…

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Housing Affordability

Posted by Kirby Cox on October 17th, 2021

It was one of the hottest Election topics.

Housing affordability and how the parties would help Canadians buy a home in the current high market. Many parts of the country have seen skyrocketing house prices which has made home ownership unobtainable.

National House Prices

Across the country the price of an average home has risen by more than 50% in the past 5 years according to the Canadian Real Estate Association. It’s now at $663,500. Covid didn’t slow the pace of rising house prices and even contributed to it. Lockdowns meant people put more emphasis on their homes. Many chose to upgrade and go for more space. Even as the Canadian economy recovers, spending on housing continues to be a priority. Sales and prices are rising faster than the…

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The Housing Squeeze

Posted by Sue French on September 1st, 2021

House prices and sales numbers usually grab the headlines but there’s another issue in the spotlight and that’s low inventory. The number of homes listed for sale in Calgary and across the country is at near record lows. With less supply comes higher prices.

Inventory Levels

Simply put, housing inventory is at about half its normal level across Canada. The Canadian Real Estate Association says nationally there’s about 2.3 months’ worth of supply available in July. Its chair, Cliff Stevenson warns “it’s record low inventories that should be our focus. We still have extremely unbalanced housing markets all over the country.”

Here in Calgary, there’s been some improvement in housing inventory levels this year. Calgary Real Estate Board figures…

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The Fast Track to Suburbia?

Posted by Kirby Cox on July 28th, 2021

The Fast Track to Suburbia?

It’s been a worldwide trend. Calgary like other cities across the world has seen more and more of its population moving to the suburbs and choosing space over proximity to the office. Calgary’s latest assessment figures show property values have increased by more than 10% in some parts of the suburbs. So far that move seems here to stay.

There’s another trend that’s been quietly taking the world by storm that can make the suburbs even more accessible and affordable. Electric Bikes sales have been on the rise worldwide. Deloitte recently predicted there would be around 300 million e-bikes in circulation worldwide by 2023. Calgary is keeping pace. Bow Cycle’s electric bike store saw sales exponentially boom this year, up…

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