Helping Calgarians buy and sell Real Estate!
Team Penley McNaughton is proud to announce being part of the Top 3 Real Estate teams in RE/MAX Central, #1 Office Worldwide for 17 consecutive years!!!
Click Here to view the full Calgary Herald Spread!
Real Estate in Calgary
Housing prices trend down in March
Home prices declined further in March as economic conditions weigh on Calgary’s housing market.
Calgary’s benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year.
“With no improvement in the labour market, it’s no surprise that we continue to face downward pressure on housing sales activity and prices,” said CREB® chief economist Ann- Marie Lurie.
“Provincial unemployment rates are at the highest level recorded since the early ‘90s,” said Lurie, adding that Calgary’s unemployment rate in February rose to 8.4 per cent, which is higher than the provincial average of 7.9 per cent.
March home sales in Calgary totaled 1,588 units, 11 per cent below the same time last year and 28 per cent lower than long-term averages for the month.
Calgary also saw housing supply gains in most price ranges.
Inventory levels rose by seven per cent to 6,084 units in March.
Overall, months of supply has averaged five months in the first quarter of 2016.
“As we move into spring, we are starting to see more foot traffic at open houses and showings from potential buyers,” said CREB® president Cliff Stevenson. “For now, this activity hasn’t translated into improved sales in most segments of the market.” The apartment sector has been the hardest hit by the recent downturn.
After the first quarter of the year, apartment sales totaled 554 units, a 17 per cent decline over the same period last year. Apartment benchmark prices have been trending down since late 2014.
In March, benchmark apartment prices totaled $281,300, seven per cent lower than levels recorded prior to the slide and 4.93 per cent lower than levels recorded last year.
The detached and attached sector has also felt the brunt of Calgary’s weakening economy. Detached and attached home prices have dropped by four per cent from the recent peak.
“Homebuyers continue to wait and see if there are going to be further declines in home prices before making an offer,” said Stevenson.
“Timing the bottom of the market is proving to be quite a challenge in the housing market we are faced with now.”
Beginning next month, the monthly statistics will be separated into two packages in order to provide a more comprehensive analysis of the housing market.
One package will contain Calgary housing statistics and district information to show the activity within areas throughout the city.
The other package will show housing activity in areas surrounding Calgary and provide a more regional perspective.
Click on the link: March_2016 to view the full report.
Just Listed in Haysboro!
$228,500 – #1103 9800 SW HORTON RD SW
Two bedroom condo in a fabulous location! Enjoy entertaining in this well thought out floor plan. Galley kitchen, dining area and living room which opens onto your massive SOUTH facing balcony complete with stunning views. You will appreciate the abundance of natural sunlight, 2 spacious bedrooms and in-suite storage/laundry room. Concrete construction makes this a quiet home in this well managed 18+ Building. Condo Fees include extras such as: fitness room, sauna, social room, electricity, heat & water & underground heated parking stall. Walk to all amenities: Southland Crossing, restaurants, Safeway, TD Bank, shops, hair salon, bus & LRT.
Do not miss this outstanding opportunity!
Renovated killarney condo yard & patio underground parking
#105 2218 30 ST SW – $199,000
A well thought out floor plan makes this one bedroom renovated unit a wonderful home to relax or entertain. The open concept in this guest friendly condo has hosted gatherings of up to 15 people. Enjoy your cozy wood burning fireplace in the winter months or your spacious WEST facing patio in the summer. A well managed and quiet building makes inner city living comfortable and peaceful. Fabulous location in walking distance to LRT, lovely community garden out back, Killarney swimming pool & green spaces, numerous restaurants and cafes, golf course (snow shoe in the winter!) & river pathways system to name of few of the near by amenities! Click Here to see the virtual tour!
Just Listed in Millrise
1408 MILLRISE PT SW – $249,900
This well maintained 2 bedroom unit in the lovely community of Millrise is an affordable property not to be missed. Notable special features include: Air conditioning, titled parking and separate storage area, WEST facing and desirable TOP FLOOR location, quiet & peaceful building, 3pc ensuite in spacious master (ample closet space) & cozy gas fireplace. You will appreciate the numerous amenities this 45+ complex has to offer such as: exercise room, library, entertainment rm, ample visitor parking. Fabulous location – Just a 4min walk to the LRT, close to Public Transit- Shopping- (Sobey’s, Starbucks). CLICK HERE for a virtual tour!
Just listed in Bridgeland!
Superbly well maintained inner city home – everything the discerning buyer is looking for! Pride of ownership is clearly evident. Upgrades are numerous: air conditioning, a chefs kitchen w/ Pro-grade Viking & Miele appliances, updated maple cabinetry & expansive island, newer 60 gallon hot water tank, state of the art security system, remodeled landscaping & entry, heated double garage w/ custom storage, 2 fireplaces to relax & enjoy in the winter months, Italian porcelain tiles & marble vanities in both upper level ensuite bathrooms & MUCH more! Enjoy your private aggregate patio/courtyard w/ cedar wood pergola completely fenced as well as your deck & balconies on 2 levels (both w/ city views). You will appreciate the low condo fees & this sought after location within walking distance to downtown, restaurants & all of the amenities Bridgeland has to offer. Please view additional documentation for the extensive work that has been completed on this mint condition property. Click Here to see the virtual tour! Click on the following link to see Renovations and Upgrades-R1 and a floor plan and extras!!
Victoria Park: Renovated 2 bdrm, underground parking – $245,000
Located in heart of the desirable community of Victoria Park. No need to fight traffic – just walk to work, 2 blocks from Victoria Park train station, central location walking distance from restaurants & bars on 17th Ave, Mission (Lilac Festival), Stampede grounds/Saddledome for hockey games & concerts, Talisman Center, Elbow river/trails & trendy shops – there is a multitude of attractions & amenities at your doorstep! This spacious bright & sunny 1 bedroom plus, 2 bedroom if desired (just add an armoire as there is no closet). You will appreciate the open concept well thought out living area & enjoy your South facing balcony. Renovated kitchen complete w/stainless steel appliances, granite counter tops & breakfast bar (split convection oven w/warming drawer & burner) & stylish grey laminate flooring. The concrete building makes this an extremely quiet home. Laundry facilities on 1st floor, underground parking, additional storage space on lower level. Do not miss this opportunity to own or invest! Click Here for a virtual tour!
YYC March 2016 Team Penley McNaughton Newsletter
Click on the following link to view the full Team Penley McNaughton’s YYC Newsletter and view the most current February 2016 statistics!
Housing sales slower than typical February
Monthly prices decline for fifth consecutive month
February sales totaled 1,127 units in Calgary, a 6.63 per cent drop over last year and 37 per cent lower than long-term averages for the month.
City wide unadjusted benchmark prices totaled $445,000 in February, a 0.63 per cent decline over January and 3.45 per cent lower than levels recorded last year.
“Slow sales and elevated housing inventory has resulted in further price declines,” said CREB® chief economist Ann-Marie Lurie. “Given the current economic environment, it is no surprise that consumer confidence and housing demand is being impacted.”
Calgary has seen employment fall for eight consecutive months, while unemployment rates have reached levels higher than the previous recession, said Lurie, adding that these conditions are expected to persist over the next several months. While the number of new listings in Calgary continues to fall, inventory levels have remained elevated at 5,681
units. Overall, market conditions continue to favour the buyer with five months of supply.
“The high volume of inventory that we’re seeing has pushed sellers to be more realistic about their pricing expectations and the amount of time their properties may be on the market,” said CREB® president Cliff Stevenson. “Buyers are less likely to submit an offer if there’s a big gap between the listing price and what they are willing to pay. A solid selling strategy can really make the difference in this market.”
In February, there was a noticeable shift in the share of sales in the apartment and attached sectors. The apartment segment dropped to 15 per cent, while the attached market rose to 24 per cent. Overall, the apartment and attached sectors typically represent 17 and 22 per cent of the market respectively. “Some of the shifting sales from the apartment to attached sectors are likely related to more options in the lower price range of the attached market,” said Stevenson.
The attached market is the only segment that recorded a year-over-year rise in sales activity. While this is partially related to the extra day in February this year, overall activity remained higher than the February lows recorded in 2009. Meanwhile, both detached and apartment sales declined over last year’s activity and fell to the lowest February level recorded in over a decade.
The detached market recorded a fall in new listings, which prevented inventory levels from rising to new February highs. In fact, detached inventories remain 32 per cent below peak levels recorded in 2008. While buyers have lots of choices, the detached market continues to show varying trends based on price range.
Most notably, there is some evidence of imbalance starting to impact the $500,000-$599,999 range of the market. The detached benchmark price totaled 504,400 in February, a 0.71 per cent decline over the previous month and 3.19 per cent below February 2015 levels.
Click Here to view the full report of CREB’s Monthly Calgary Regional Housing Market Statistics!
