Calgary Real Estate Market Update

New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79 per cent, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

“Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.”

In February, the unadjusted detached benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25 per cent, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five per cent.

Click here for a detailed report for the City of Calgary

Click here for a detailed report for the Calgary Region

Exciting News

I've made the move to a new brokerage! Rest assured, I remain fully committed to providing you with the same exceptional service for all your real estate needs. Real Broker is a cloud-based brokerage that integrates cutting-edge technology into its systems, making it a leader in the industry. As the fastest-growing new brokerage globally, Real Broker has established Canadian chapters in Alberta, British Columbia, Manitoba, and Ontario. I believe this brokerage better aligns with my values and vision for the future of my business. Here's to exciting new opportunities ahead! 🤞

St Patricks Day: March 17

Upcoming Events in Calgary

• Calgary Flames Home Games: March 2, 4, 12, 14, 16, 18, 24, 30 

• Shen Yun: March 29-31

• Grape Escape: March 22 & 23 

• YYC Food and Drink Experience: March 15 - 31

• Girl on the Train: March 16 - April 14 

• Outdoor Adventure Show: March 16 & 17

• Spring Backyard Market Fest: March 15 & 16

• Mirror Mirror by Moment Factory: Until March 31

Daylight Savings Time - March 10

Spring is around the corner and I cannot wait. I personally get really bad spring fever and it starts early. Starting March 10, the sun will set at 7:30 pm and it won’t set later than 7 pm again until October.

Small Business Interviews

Check out my YouTube Channel Small Business Interview Series. A brief and fun conversation about their business and their expertise in a lighthearted way.

Tips and Tricks

Navigating Multiple Offers: A Buyer's Guide to Securing Your Dream Home

In today's competitive real estate market, navigating multiple offers as a buyer can feel like trying to navigate a maze blindfolded. With properties often receiving numerous bids within days of listing, buyers must employ strategic approaches to stand out and secure their desired home. Here's how you can effectively navigate multiple offers and increase your chances of success:

Changing Your Perspective:

The key to navigating multiple offers begins with a shift in perspective. Instead of viewing competing offers solely as obstacles, see them as opportunities to refine your own approach. Understand that in a competitive market, you may not win every bidding war. However, each experience can provide valuable insights that will better position you for success in the future.

Working with a Professional Who Knows the Market:

One of the most valuable assets you can have when navigating multiple offers is a real estate agent who intimately knows the local market. A real estate professional can provide invaluable guidance on pricing trends, the competitiveness of certain neighborhoods or housing styles, and strategies for crafting winning offers. Their expertise can help you make informed decisions and navigate the complexities of multiple offer situations with confidence.

Keeping Your Offer Clean:

In a multiple offer scenario, simplicity is key. Make your offer as clean and straightforward as possible to appeal to sellers. This means minimizing conditions (either the timeline or the condition itself) and avoiding unnecessary demands that could complicate the transaction. A clean offer signals to the seller that you are a serious buyer who is ready and able to move forward quickly, which can give you an edge over competing bids.

Making Sure You Have Room in Your Budget to Bid Over:

When preparing to make an offer on a property, it's crucial to have a clear understanding of your budget and financial limitations. However, in a competitive market, it's also important to have some flexibility to bid over the asking price if necessary. Work with your real estate agent to determine how much you can afford to bid over and still stay within your budget. Having this extra room to maneuver can significantly increase your chances of winning in a multiple offer situation.

In conclusion, navigating multiple offers as a buyer requires a combination of strategic thinking, market knowledge, and financial preparedness. By changing your perspective, working with a knowledgeable professional, keeping your offer clean, and ensuring you have room in your budget to bid over, you can position yourself for success in today's competitive real estate landscape. Remember, patience and persistence are key, and with the right approach, you can find and secure your dream home even in the face of stiff competition.Your recommendation is the greatest compliment!