Blog > April 2024
Calgary Real Estate Market Update
March reflects strong seller's market and price increases
March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.
“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.”
Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.
In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.
For more detailed reports regarding your specific neighbourhood or community in Calgary or surrounding areas, please contact me.
Special Holidays
Upcoming Events in Calgary
The Spring Market: Deerfoot Inn Casino - April 14
Supertrain 2024: Canada’s largest train show - April 20 & 21
Everclear and Sister Hazel: Grey Eagle Casino - April 13
Calgary Comic and Entertainment Expo - April 25-28
Triwood Spring Market - April 28
Calgary Underground Film Festival - April 18-28
Country Mixtape: Ranchmans - April 13
Teenage Mutant Kung Fu Turtles: Junior Theatre - April 13-Jun 1
Calgary Rock and Gem Show - April 4-7
Holi: Festival of Colours - April 13
Jazz YYC - April 26-30
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Check out my YouTube channel where I interview local business, discuss home maintenance tips and other real estate related topics.
Article of the Month
The City of Calgary's Proposed Blanket Rezoning: What You Need to Know
You may have received a letter in the mail from the City of Calgary. COC has unveiled a proposed blanket rezoning initiative, stirring discussions and raising questions among homeowners, investors, and real estate professionals alike. This ambitious plan aims to streamline and modernize the city's zoning regulations, potentially impacting neighborhoods and communities across Calgary. Whether you agree or disagree, it is important to be informed.
Understanding the Proposal
The proposed blanket rezoning initiative seeks to simplify Calgary's complex zoning system by consolidating various zoning categories into fewer, more flexible designations. The 3 most common scenarios that are being proposed are: R-CG, R-G and H-GO. Depending on the age of your neighborhood, your community may be rezoned with the above designations.
In short, here are some examples of what could be built with the proposed zones:
R-CG: single detached, semi-detached (duplex), secondary suites, row style townhouses.
It could house upto 4 units on a standard 50 foot lot plus each could have a secondary suite or a backyard suite.
R-G: single detached, semi-detached (duplex), secondary suite and row-style houses.
H-GO: single detached, semi-detached (duplex), rowhouses, town houses and suites.
Potential Implications:
While the proposed blanket rezoning initiative promises greater densification and more available future housing during a time of housing shortages, it also raises concerns and considerations for homeowners and investors. Some of the potential implications include:
Impact on Property Values: Changes to zoning regulations can have a significant impact on property values, depending on how they affect land use and development potential in different areas of the city.
Development Opportunities: The proposed rezoning initiative may open up new development opportunities in certain neighborhoods, while restricting development in others. This could influence investment decisions and property development strategies.
Neighborhood Character: Changes to zoning regulations have the potential to alter the character and aesthetic of neighborhoods. It's essential to consider how proposed rezoning could affect the overall look and feel of your community.
Regulatory Compliance: Homeowners and developers will need to ensure compliance with the new zoning regulations to avoid potential setbacks or legal issues in the future.
Navigating the Changes:
As the proposed blanket rezoning initiative continues to unfold, it's crucial for homeowners, investors, and real estate professionals to stay informed and engaged in the process.
A public hearing will be held on April 22, 2024 at 9:30 am at the Calgary Municipal Building.
If you would like to submit comments, you may do so by submitting a letter or email to the City Clerk no later than 12:00 on Monday April 15, 2024.
Conclusion:
The City of Calgary's proposed blanket rezoning initiative has the potential to reshape the city's zoning landscape and influence real estate dynamics for years to come. By staying informed, seeking professional advice, and actively participating in the process, homeowners, investors, and real estate professionals can navigate these changes effectively and make informed decisions about their properties and investments.
Please visit the link below to see how your neighbourhood is affected and any further details regarding the proposal.
Home Buyers Workshop
🏡 Join Us for an Exclusive Home Buyers Workshop! 🏡
Are you ready to take the leap into homeownership but feeling overwhelmed by the process? Or perhaps you're looking to upgrade or downsize your current living situation and unsure where to start? Look no further!
Our comprehensive Home Buyers Workshop is designed for first-timers and seasoned buyers alike, providing invaluable insights and expert guidance to navigate the ever-changing real estate market with confidence.
🔍 What You'll Learn:
Step-by-step guide to the home buying process, from pre-approval to closing
Understanding your financing options and maximizing your buying power
Tips for navigating a competitive sellers market and making your offer stand out
Exploring different types of properties and finding the perfect fit for your lifestyle
Insights into current market conditions and trends affecting homebuyers
💡 Why Attend:
Gain knowledge and confidence to make informed decisions about your home purchase
Get answers to your burning questions from experienced real estate professionals
Connect with fellow buyers and share experiences in a supportive environment
Access exclusive resources and tools to kickstart your home buying journey
📅 Date: April 5, 2024 ⏰ Time: 7 pm📍 Location: Quarry Park Library
Spaces are limited, so reserve your spot today! Whether you're a first-time buyer or looking to make a move in today's sellers market, our Home Buyers Workshop is your ultimate guide to achieving your real estate goals. Don't miss out – RSVP now!
For more information and to reserve your spot, contact us. We can't wait to help you find your dream home!
