Jack & Matthew Wiebe - The Wiebe Group Real Estate

01/20/2024

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12/04/2023

NOVEMBER 2023 HOUSING MARKET UPDATE

December 1, 2023
Increased listings, strong sales, and price growth
New listings in November reached 2,227 units, nearly 40 per cent higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80 per cent, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

As of November, the benchmark price was $572,700, up over last month and nearly 11 per cent higher than November 2022. Year-to-date, the average benchmark price has risen by over five per cent.

Detached
Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20 per cent. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13 per cent higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East.

Semi-Detached
November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40 per cent below typical levels seen in November. With a sales-to-new-listings ratio of 77 per cent and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000.

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12 per cent higher than last year. The year-to-date average benchmark price has risen by nearly seven per cent, with the largest gains occurring in the North East and East districts.

Row
New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75 per cent. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21 per cent higher than last November and an average year-to-date gain of nearly 13 per cent.

Apartment Condominium
Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices.

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one per cent and a year-over-year increase of 18 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.


REGIONAL MARKET FACTS

Airdrie
Gains in November sales were not enough to offset earlier pullbacks, leaving year-to-date sales down by over 26 per cent over last year's record levels. Much of the decline has been driven by the detached market, which has struggled with supply, especially in the lower price ranges. New listings in November did improve over last year's levels. Still, thanks to the gain in sales, the sales-to-new listings ratio rose to 96 per cent, preventing any significant shift from the low inventory levels.

With less than two months of supply, we continue to see upward pressure on home prices. In November, the unadjusted benchmark price rose over last month, reaching $524,500, a year-over-year gain of 11 per cent. Year-to-date price gains have been the highest in the apartment sector at 17 per cent, with detached and semi-detached prices rising by nearly six per cent.

Cochrane
With 87 new listings and 51 sales, the sales-to-new listings ratio fell to 59 per cent in November, the first time it fell below 60 per cent since 2020. Higher-priced properties have primarily driven the recent gain in new listings. Improved new listings compared to sales did help support increases in inventory levels. However, November inventory levels remain over 30 per cent below long-term trends.

Tight market conditions have supported further price growth in Cochrane. As of November, the unadjusted benchmark price reached $548,600, a monthly gain of over one per cent and a year-over-year increase of 11 per cent. On average, year-to-date benchmark prices have increased across all property types, with the most significant gains occurring in the apartment condominium sector at over seven per cent.

Okotoks
November saw a boost in new listings, helping support some of the year-over-year gain in sales. The rise in new listings compared to sales also helped support gains in inventory levels. However, inventory levels are nearly half what we would typically see in the market in November. Nonetheless, the shift this month did help push the months of supply up to nearly two months.

While the months of supply did improve, conditions remained exceptionally tight, and prices continued to trend up this month. As of November, the unadjusted benchmark price was $590,200, a one per cent gain over last month and over eight per cent higher than last November.

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: [email protected]
Phone: 403-263-0530

11/17/2023

This beautifully renovated 2 storey townhouse in Ranchlands was sold in 2 days over list price.

11/07/2023

Your dream home in the premiere lake community of Midnapore awaits. Here, you'll enjoy the perfect blend of convenience and natural beauty, with schools, shopping, and the serene landscapes of Fish Creek Provincial Park and Lake Midnapore just moments away. As you approach, the charming curb appeal invites you in. Step through the front door and take in the wide-open main living area complete with modern vinyl plank flooring that extends throughout. The well-lit living areas await your vision, offering a spacious and inviting atmosphere. The kitchen with its updated, white, shaker cabinets, complemented by stainless steel appliances is truly the heart of the home. These upgrades ensure both style and functionality, inviting you to unleash your inner chef. After a long day, retreat to your master suite—a tranquil sanctuary ready to embrace you. Relax in your personal haven, designed with your comfort in mind. The basement is designed for comfort and luxury. Along with a spacious, yet cozy, living area that’s perfect for reading a book or watching a movie by the stone fireplace, this lower level boasts a tiled, spa-like shower with bench seating, adding a touch of indulgence to your home. It's a space designed for relaxation and enjoyment, offering the perfect retreat within your own home. Step into the backyard, a canvas for your imagination. Picture summer barbecues, gardening, or unwinding under the stars. The fountain pond is a serene retreat to be enjoyed from your spacious deck or private gazebo. By now you’re imagining the perfect sunny day in your west-facing backyard complete with a fenced dog run and beautiful landscaping, Lastly, the oversized, heated, two-car garage caters to those who want to park out of the elements while still having plenty of additional room for hobbies and storage. Don't miss this opportunity to make 222 Midridge Crescent SE your home.

11/06/2023

This updated unit in the desirable Ranchlands Meadows complex is the one you have been waiting for. This unit underwent significant interior updates in 2016, as well as all new windows and doors installed in 2022. The kitchen features ample cupboard space, stainless steel appliances and is open to the adjacent dining room/eating area. The main floor is complete with a 2-piece bathroom and large living room, which opens via new sliding doors onto the southwest-facing private deck and yard space. The bright and sunny top floor has 3 bedrooms and a 4-piece bathroom. The lower level is fully finished and includes a flex space and laundry room with additional storage. This unit features a high-efficiency furnace and hot water tank (both updated 2016), and high-efficiency washer/dryer, private parking stall and is well positioned in the complex to take advantage of additional street parking and access to transit. The complex has undergone numerous updates over the last few years and includes a community rec centre (available for private event rental) and is located close to parks, schools, transit and shopping.

09/20/2023

List price $194,900. Sold in 1 day for $205,000.

08/09/2023

Wiebe Group Newsletter August 2023


Jack & Matthew Wiebe
Phone: (403) 585-1171
Email: [email protected]
Website: wiebegroup.net




Hello Clients,

When you find a professional you trust, you want to get as much value from that person as possible. That is especially true if that professional provides excellent service.

That’s why you don’t get your lawncare done by a great contractor only once.

That’s why you don’t hire a fantastic investment advisor and use them for just one transaction.

That’s why you don’t see a wonderful dentist and never make another appointment.

And yet, when it comes to real estate, many people wonder what more they can expect from their real estate professional once their home has been sold and their move is done.

The answer is: plenty.

Indeed, we are huge believers in providing ongoing services to our clients in the months and years between their moves. Those services can include annual checkups, client appreciation events, being available when they have real estate questions, and, of course, these regular newsletters.

The bottom line: we are here for our clients. So, think of us as you would your favourite mechanic, investment advisor, dentist, or any other professional you count on.

We would like you to think of the Wiebe Group as your favourite Realtors!



Matthew Wiebe, Broker
Beacon Real Estate
[email protected]
403-585-1171

Certified Condo Specialist and Seniors Real Estate Specialist®


Jack Wiebe, REALTOR®
Beacon Real Estate
[email protected]
403-680-6220



Seniors Real Estate Specialist®


wiebegroup.net

Getting Family Members Enthusiastic about Moving



You may be excited about selling, but do your other family members share your enthusiasm? Kids can often be hesitant about, or even resistant to moving. That can make the selling process more stressful.
The good news is, there are ways to get everyone in the family keen on the idea.

One effective technique is to get everyone involved in the planning process, especially kids. Seek their input. Keep them informed. Include them in conversations. The less of a mystery the move is to them, the more comfortable they’ll feel about moving.

When it comes to kids, another technique is to show them what their new neighbourhood is going to be like. (Or, if you haven’t purchased yet, show them the areas you’re targeting.) Point out schools, parks, and other neighbourhood features. That will build their anticipation.

For those family members who seem particularly troubled about moving, take the time to have a frank conversation with them. Let them relate their concerns. Sometimes having their concerns heard is all that’s needed to help them feel better about selling and moving.

Of course, there’s no perfect solution. But, these techniques can help get everyone in your family keen on the adventure.

Checklist for Selling your Home this Fall



If you’re thinking of selling this fall, this is the ideal time to start the process. The earlier you get ready, the more successful your sale will be. It will likely go a lot smoother, too.
So, with those benefits in mind, here is a quick checklist that will guide you in preparing to list this fall:

• Financials. Find out how much your home will likely sell for in the current market. That calculation is made by looking at what comparable homes in the area have sold for recently.

• Decluttering. The more neat and spacious your home looks to buyers, the more appealing it will be to them. So, be relentless when decluttering.

• Fixing. If anything needs to be repaired or replaced, this is the best time to get that work done. You don’t want to have to scramble to find a contractor later on.

• Staging. Staging is the art and science of setting up a room so that it looks attractive to buyers. Well-staged homes tend to sell faster and for a higher amount. You can stage your home yourself or get professional assistance.

• Scheduling. When you list in the fall, you want to make it as convenient for buyers as possible to book appointments to see your home. So, make sure you have plenty of scheduling flexibility.

• Targeting. Are you also buying a new home? If so, then start the process now. Decide what type of home you’re looking for specifically and narrow your focus to those neighbourhoods you want to get into.

Starting the selling process now gives you a head start when you list this fall. So, begin working through this checklist today.

The Role of Carrying Costs when Buying a New Home



When searching for a new home, many buyers will focus only on the list price and what they may need to offer to get the property. For example, a buyer might think, “We can get this house for $XX. That’s within our price range!”
Of course, the selling price plays the pivotal role in whether or not you can afford a particular home. But, carrying costs should also be considered.

Carrying costs include any regular expenses related to the property. The obvious ones are gas, hydro, water, garbage, and taxes. But, there may be others. For example, a home may also have a subscription-based alarm system, high-speed internet, and hot water tank rental.

If there are common elements, such as a private street or some other neighbourhood feature, there may be an annual maintenance fee.

It’s also smart to factor in predicted maintenance and repair costs, especially when buying an older home. A property that hasn’t had its roof shingles replaced in 20 years may be due soon.

So, when you’re shopping for a new home, consider what the carrying costs will be. That will help you make a more informed decision.

That being said, stretching to pay a little more in monthly costs may be worth it, if you love the home and it, (as well as the neighbourhood) has everything you want.

Notable, Quotable, Quotes!

“Today’s accomplishments were yesterday’s impossibilities.”
Robert H. Schuller

“A year from now you may wish you had started today.”
Karen Lamb

“You cannot always control what goes on outside. But you can always control what goes on inside.”
Wayne Dyer

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07/18/2023

07/10/2023

Beautiful Executive Villa Condo in Springbank Hill, SW. List Price $1,299,900.
See the virtual tour and details at www.wiebegroup.net