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Calgary housing market expected to stabilize in 2023

Calgary housing market expected to stabilize in 2023

City of Calgary, Jan. 24, 2023 – The Calgary Real Estate Board (CREB®) has released its 2023 Forecast Calgary and Region Yearly Outlook Report. The report, which is prepared by CREB® Chief Economist Ann-Marie Lurie, provides a detailed analysis of the economic and housing market trends in Calgary and surrounding areas for the upcoming year.

According to the report, elevated lending rates are expected to weigh on sales in 2023, bringing levels down from the record high in 2022. However, with forecasted sales of 25,921 in 2023, levels are still expected to be higher than the activity reported before the pandemic.

“Higher commodity prices, recent job growth, record high migration and relative affordability are expected to help offset some of the impacts higher lending rates are having on housing demand. At the same time, we are entering the year with low supply levels which are expected to prevent significant price declines in our market,” said Lurie.

Supply levels declined to the lowest levels seen in over a decade as gains in higher price properties did not offset the supply declines occurring in lower-priced homes. This has left our market in a situation where lower-priced properties still face sellers’ market conditions while higher-priced homes are seeing more balanced to buyers' market conditions.

The shift between supply and sales by price ranges is expected to create divergent trends in prices depending on property type and price range. Overall, price declines in the upper end of the market are expected to offset gains reported in the lower ranges, causing an annual decline of less than one per cent.

“With much of the pandemic behind us, 2023 reflects more of an adjustment into more typical conditions and a pause on price gains following 12 per cent growth in 2022. While other markets in the country are forecasted to see more significant price and sale declines in 2023, Calgary did not face the same gains as those markets, as prices only recovered from the 2014 highs in 2021,” added Lurie.

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Moving from Ontario to Alberta...

Moving to Alberta from Ontario can be a great decision for many reasons. Here are a few benefits to consider:

  1. Job opportunities: Alberta has a strong economy and a thriving job market, particularly in the energy and resource sectors. This can be a great opportunity for those looking for work in fields such as oil and gas, construction, and engineering.
  2. Lower taxes: Alberta has a lower overall tax rate compared to Ontario, which can mean more money in your pocket. The province also has no sales tax, which can save you money on purchases.
  3. Beautiful landscape: Alberta is home to some of Canada's most stunning natural beauty, including the Rocky Mountains, the Badlands, and numerous lakes and rivers. This can be a great opportunity for outdoor enthusiasts who enjoy hiking, camping, and other outdoor activities.
  4. Friendly people: Albertans are known for being friendly and welcoming. This can make it easy to make new friends and feel at home in your new community.
  5. Cost of living: Alberta generally has a lower cost of living compared to Ontario. This can mean lower housing costs and more affordable groceries and other essentials.

Of course, every individual's decision to move will be unique to them and depend on their own personal circumstances and priorities. However, for those considering a move to Alberta, these are some of the many benefits to keep in mind.

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I have sold a property at 2307 81 Legacy BOULEVARD SE in Calgary

I have sold a property at 2307 81 Legacy BOULEVARD SE in Calgary. See details here

Whether it's a first time buy or an investment , this 2 bedroom condo has tons of value! Titled underground parking, 2 bedrooms and 2 full baths and close to every amenity! Well maintained and ready to move in. The kitchen comes fully equipped with white cabinets (only one in this complex) granite counters , stainless steel appliances and looks out to cozy family room where you will find the door to BBQ on the private balcony. There is a bedroom on each side of the family room, perfect for a roommate situation. Insuite laundry. Titled underground parking. Legacy offers all the amenities and has quick access to escape the city!

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The City of Airdrie - A General Overview

Airdrie, located in Alberta, Canada, is a vibrant and growing city that offers a unique blend of small-town charm and big-city amenities. With a population of over 61,000, Airdrie is the perfect place for those looking for a tight-knit community with all the conveniences of a larger city.

One of the most notable things about Airdrie is its strong sense of community. The city has a variety of community events and programs, including the Airdrie Festival of Lights, the Airdrie Pro Rodeo, and the Airdrie Farmers Market, which all bring residents together to celebrate and enjoy the city. Additionally, Airdrie has a strong sports culture, with a variety of youth and adult sports programs, as well as top-notch facilities like the Genesis Place recreation center.

Another great feature of Airdrie is its proximity to major urban centers. The city is just a short drive from Calgary, providing residents with easy access to all the amenities of a large city, including shopping, dining, and entertainment options. Additionally, Airdrie's location in Alberta's heartland makes it an ideal spot for those who enjoy the outdoors, with easy access to the Rocky Mountains, lakes, and parks.

Airdrie's economy is also growing, with a variety of businesses and industries calling the city home. The city is home to a number of large manufacturing and distribution facilities, as well as a growing number of small businesses and startups. This diversity of industry helps to keep the city's economy strong, and provides residents with a variety of employment options.

Overall, Airdrie is a wonderful place to live, work, and raise a family. With a strong sense of community, easy access to urban amenities, and a growing economy, Airdrie is a city that has something to offer everyone. If you're looking for a place to call home, Airdrie may be just the place for you.

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Flipping Calgary Homes

Flipping homes can be a great way to make money in the real estate market, but it's not a venture to take on lightly. The process of flipping a home involves buying a property that is in need of repairs or renovations, and then making those repairs and renovations in order to resell the property at a higher price. This can be a great way to earn a profit, but it also requires a significant investment of time, money, and effort.

The first step in flipping a home is to find a property that is in need of repairs or renovations. This could be a fixer-upper, a foreclosure, or a property that is being sold by an owner who is unable to make the necessary repairs. Once you've found a property, you'll need to conduct a thorough inspection to determine what repairs and renovations are needed and what the costs will be.

Next, you'll need to come up with a plan for the repairs and renovations. This should include a detailed list of what needs to be done, as well as an estimate of the costs. It's important to be realistic about the costs, as the goal is to make a profit, not to break even.

Once you have a plan in place, it's time to get to work. You'll need to make the necessary repairs and renovations, which can include anything from painting and flooring to major structural repairs. It's important to stay within your budget and to make sure that the work is done to a high standard, as this will help to increase the value of the property.

Once the repairs and renovations are complete, it's time to sell the property. This can be done through a real estate agent, or by listing the property yourself. The goal is to sell the property for a price that is higher than what you paid for it, plus the cost of the repairs and renovations.

Flipping homes can be a great way to make money in the real estate market, but it's also a risky venture. It requires a significant investment of time, money, and effort, and there's always the possibility that the property will not sell for the price you're hoping for. However, with the right approach and a bit of luck, flipping homes can be a great way to earn a profit and build a successful real estate business.

In conclusion, flipping homes can be a great way to make money in the real estate market, but it's also a risky venture that requires a significant investment of time, money, and effort. It's important to carefully consider the costs and potential profits before taking on a flipping project, and also to have a solid plan for repairs and renovations. Additionally, it's important to have a good understanding of the local real estate market and to have a good strategy for selling the property once the renovations are complete.

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Investing in Calgary Real Estate

Calgary is a city that offers plenty of opportunities for real estate investors. With a strong economy, growing population, and a wide range of properties to choose from, investing in Calgary real estate can be a smart move for anyone looking to grow their wealth.

One of the main reasons to invest in Calgary real estate is the city's strong economy. Calgary is home to a diverse range of industries, including oil and gas, finance, and healthcare, which provide plenty of job opportunities and steady economic growth. This makes the city an attractive place to live and work, which in turn drives demand for housing and helps to keep property values stable.

Another reason to invest in Calgary real estate is the city's growing population. As more and more people move to the city, the demand for housing continues to rise. This creates opportunities for investors to purchase properties that will appreciate in value over time, as well as to generate rental income from tenants.

Calgary also offers a wide variety of properties to choose from, including single-family homes, townhouses, and condos. This means that investors can find properties that fit their budget and investment goals. For example, single-family homes are great for investors looking for long-term appreciation, while condos and townhouses are ideal for those looking for a steady stream of rental income.

Another important factor that makes investing in Calgary real estate a good decision is the city's relatively low property taxes, compared to other major Canadian cities, which can make it more affordable to own and manage a property. Additionally, the city's stable political and economic environment makes it a relatively safe place to invest in real estate, compared to other markets.

Overall, investing in Calgary real estate is a smart move for anyone looking to grow their wealth. With a strong economy, growing population, and a wide range of properties to choose from, investors have plenty of opportunities to make a solid return on their investment. It's worth noting that like any real estate investment, it is important to do your research and seek professional advice before making any decision.

In conclusion, Calgary is a city with a lot of potential for real estate investors, with a strong economy, growing population and a wide range of properties to choose from, as well as relatively low property taxes and a stable political and economic environment. It could be a smart move for anyone looking to grow their wealth.

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Thinking About Buying a Foreclosure Property in Calgary? READ THIS!

Purchasing a foreclosure property in Calgary can be a great way to get a good deal on a home, but it also comes with a number of risks. Foreclosure properties are those that have been taken back by the lender due to the borrower's inability to make the mortgage payments. While these properties can be a great opportunity for buyers, it's important to be aware of the potential risks before making a purchase.

One of the biggest risks of purchasing a foreclosure property is that the home may be in poor condition. Foreclosed properties are often neglected by the previous owners, and may require significant repairs and renovations. This can add significantly to the cost of the home, and may not be reflected in the purchase price. Additionally, the property may be in a state of disrepair, which can be costly and time-consuming to fix.

Another risk of purchasing a foreclosure property is that there may be outstanding debts or liens on the property. Before the property can be sold, all debts and liens must be paid off. This can add to the cost of the home, and may not be reflected in the purchase price. Additionally, it's possible that the previous owner has left behind some outstanding debts or liens that will become the responsibility of the new owner.

Another important risk of purchasing a foreclosure property is that the home may be sold "as-is." This means that the lender is not responsible for any repairs or renovations that may be required, and the buyer is taking on the property in its current condition. This can be a significant risk, as the buyer may be unaware of any underlying issues with the property.

Lastly, purchasing a foreclosure property can be a time-consuming process. Foreclosures are typically sold through an auction process, which can be competitive, and it's also possible that the bank may not be able to provide all the necessary documents, such as title deeds, which can delay the sale.

In conclusion, purchasing a foreclosure property in Calgary can be a great way to get a good deal on a home, but it also comes with a number of risks. These risks include poor condition of the property, outstanding debts or liens, being sold as-is, and time-consuming process. It is important to do your research, have a good understanding of the local market, and consult with a professional before making a purchase. Additionally, it's important to keep in mind that foreclosure properties are often sold at a discount, but the costs of repairs and renovations can add up quickly and eat away at any potential savings.

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Community Spotlight: Acadia SE Calgary

Are you thinking about moving to Acadia in Calgary? If so, you're in for a treat! This vibrant and diverse community has a lot to offer, and there are many benefits to living in Acadia.

One of the biggest advantages of living in Acadia is the proximity to the city's extensive network of green spaces and parks. The community is home to several large parks, including Acadia Park, which is a popular destination for local families and sports teams. It's the perfect place to go for a walk, play a pickup game of soccer, or just relax and take in the fresh air.

In addition to its beautiful parkland, Acadia is home to a number of amenities that serve the needs of its residents. These include a public library, a community center, and a number of schools, including Acadia School and Henry Wise Wood High School. These facilities provide a range of educational, recreational, and cultural programming for people of all ages.

The community is also home to a number of local businesses and services, including grocery stores, banks, and restaurants. These businesses help to create a sense of community and provide residents with the conveniences they need to thrive.

Another benefit of living in Acadia is the sense of community. The people of Acadia are friendly and welcoming, and there is a strong sense of belonging and connection among neighbors. This is evident in the many community events and activities that take place in the area, including block parties, picnics, and sports tournaments.

Overall, living in Acadia is a great experience. It's a vibrant and diverse community that has something for everyone, and the proximity to the city's green spaces, amenities, and sense of community make it an attractive place to call home. So, if you're considering a move to Acadia, don't hesitate. You won't be disappointed! So, come and join us in this wonderful community

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I have sold a property at 1618 Legacy CIRCLE SE in Calgary

I have sold a property at 1618 Legacy CIRCLE SE in Calgary. See details here

Welcome to Legacy! This immaculate family home is completely developed with a total of 2373 square feet of living space and every upgrade available. The open concept floor plan is home to a beautiful living room with a mantled fireplace, gorgeous kitchen with granite island, open wine rack, stainless steel appliances, gas stove, huge walk in pantry and ample room for family dining. Upstairs you will find a master bedroom and ensuite leaving nothing to be desired. With a huge soaker tub, stand alone shower, double granite vanity, skylight and a walk in closet, you will have plenty of room to relax and enjoy the luxuries you deserve. An additional bedroom is right down the hall as well as a bonus room and main bathroom. Downstairs, you'll find a completely finished space featuring an additional bedroom, full bathroom, family area perfect for watching movies, an area for games, an office nook and a wet bar for easy entertaining! The backyard is completely landscaped and fenced with a deck featuring a pergola and a hot tub to soak in just steps from your back door. The exterior is finished with hardy board siding on the front and vinyl siding on the rear/sides. This home is completely ready for you to just move in and enjoy. Drive into your double detached garage and fall in love with Legacy living. The community of Legacy has amazing walkability, with 15 km of scenic pathways winding through the development, past serene ponds, wide open green spaces and along the ridge of the environmental reserve. There is ample space to cycle, jog, stroll, enjoy a coffee or picnic in Legacy. You can even walk from one end of the community to the other without ever leaving the green space. Just minutes from the South Health Campus, 4 golf courses just a few km away and 10 minutes to Fish Creek Park, Legacy is home to All Saints High School, an approved K-9 school that is currently under construction and..coming soon!!-A public Junior High School and Public Elementary School so that kids of all ages can go to school close to home.

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Press Release: Preet Chawla Awarded The Queen's Platinum Jubilee Medal

Preet Chawla, has been awarded the Queen's Platinum Jubilee Medal for his outstanding contributions to the community. The Queen's Platinum Jubilee Medal is a prestigious award that recognizes individuals who have made a significant impact in their community through their contributions and service.

Preet Chawla has been an active volunteer and community leader in Calgary for many years. He has been involved in a variety of organizations and initiatives that serve to improve the lives of residents in the city. He has been particularly active in working with new immigrants and students, and has been instrumental in the development of programs that provide mentorship and support for young people.

One of Preet's most notable achievements is his work in creating an group of new immigrants whom he mentors and helps them reach the help that they need to get settled in Canada. The program has been a huge success and has helped many new immigrants reach their full potential.

Preet is also known for his work in the field of community development. He has been involved in a number of initiatives that aim to improve the lives of residents in underprivileged neighborhoods in Calgary. He has worked tirelessly to bring resources and services to these areas, and has helped to create a sense of community and belonging among residents.

Preet's contributions to the community have not gone unnoticed. He has received numerous awards and accolades for his work, and is widely respected as a leader and a role model. The Queen's Platinum Jubilee Medal is the latest in a long list of honors that he has received, and is a testament to the impact that he has had in the community.

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I have sold a property at 40 Everwillow PARK SW in Calgary

I have sold a property at 40 Everwillow PARK SW in Calgary. See details here

FULLY RENOVATED! ALMOST EVERYTHING IS NEW & UNDER WARRANTY! ORIGINAL OWNERS! NEW ROOF - Legacy Class 4 Hail Resistant Shingles with 40 YEAR WARRANTY (March 2022) NEW FURNACE with 10 YEAR WARRANTY (2019) NEW FRIDGE (May 2022) NEW STOVE (May 2022) NEW DISHWASHER (May 2022) NEW OVER THE RANGE MICROWAVE (all under WARRANTY) (May 2022) NEW PAINT (inside and out, walls, trims, ceiling, exterior, cabinets, doors and deck) (April 2022) NEW LIGHT FIXTURES, SWITCHES & OUTLETS (May 2022) NEWLY REFINISHED HARDWOOD FLOORS (May 2022) NEW CARPET (May 2022) NEW VINYL PLANK (May 2022) NEW POWER SAVING LED LIGHT BULBS THROUGHOUT (May 2022) NEW WASHER (2021) NEW WINDOW COVERINGS! (May 2022) WOW! A RARE opportunity to own a home in a developed upscale community that is fully renovated from corner to corner. This Jayman gem features an OPEN FLOOR plan, gorgeous MAPLE floors, WOOD cabinets and NEUTRAL PAINT. The foyer is open and has a built in bench of seating and storage. The main floor also features a LARGE FORMAL DINNING/ FLEX ROOM. The family rooms has a CORNER GAS FIREPLACE with tile & wood mantle. There is an OPEN EATING AREA next to the kitchen and a BUILT IN HOMEWORK/OFFICE DESK. Kitchen has a LARGE ISLAND with BREAKFAST BAR & CORNER PANTRY. LARGE WINDOWS THROUGHOUT provide PLENTY OF NATURAL LIGHT. Sliding doors lead to the LARGE & FRESHLY PAINTED DECK which has a GAS LINE FOR THOSE SUMMER BBQ'S. UPSTAIRS, you will find a BRIGHT and LARGE BONUS ROOM & UPPER LAUNDRY with UPGRADED WASHER & DRYER with PEDESTALS! 3 LARGE BEDROOMS UPSTAIRS including LARGE MASTER BEDROOM with WALK IN CLOSET and a private ENSUITE. BASEMENT has LARGE & OVERSIZED WINDOWS as the lot is ALMOST A WALKOUT LOT. What an amazing property that is tastefully renovated and ready to move in!

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I have sold a property at 362 Shawnessy DRIVE SW in Calgary

I have sold a property at 362 Shawnessy DRIVE SW in Calgary. See details here

Welcome to this 4 bedrooms, offers a total over 1800 sq. ft. of living space, A nice gem in quite Shawnessy community. This former show home has been very well kept ever since built with very unique floorplan, with recently replaced new roof, with lots of upgraded features includes new low maintenance vinyl plank flooring through out main floor and full new carpet on upper level and new windows, all neutral color throughout, all new updated bathrooms includes lights, vanity and flooring, Also a functional completely remodel kitchen includes all new contemporary cabinets, granite counter tops, all stainless steel appliances, ceiling fans etc. Main level features spacious living room with huge bay window, a large 2 pieces bath combined with laundry room, a dining/family room, a gas fireplace , leads to French patio door out to nice massive sunny west facing private back yard with newer 22ft x 14ft patio deck, fence and a large shed for lawn equipment. Upper level feature a very good size master bedrooms and 2 other bedrooms, an updated full bath, a lining storage, The basement is fully finished with a large bedroom and recreation/hobby room also newer furnace. An oversize single attached garage with brick paved driveway, This is truly a great family home in the fantastic neighborhood and absolutely move in condition that you won't disappoint.

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