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CREB
HOUSING MARKET FACTS
Both the North and Southeast have reached record high inventory levels for September. This is likely related to the new construction activity as these districts are in areas with significant amounts of new housing projects.
Despite city wide easing, third-quarter sales improved in the East, West, South and Southeast areas of the City.
September detached prices eased in most districts compared to last year. However, on a year-to-date basis, only the Northeast, South and East districts have prices just below last year's levels.
City-wide inventory gains occurred across all price ranges. The gains were more broad based in the detached and apartment sectors. However, most the gains in the attached sector occurred in the $300,000 - $399,999 range.
For the second month in a row, attached prices remained relatively unchanged at $336,000, keeping year-to-date figures just below last year's levels. However, yearly price changes do vary between the semi-detached product, which remains four per cent higher than 2016. The row product is nearly four per cent lower than last year's levels.
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The Calgary Sun
By Myke Thomas
CALGARY HOUSING MARKET RECOVERING, EXPERT SAYS
New home starts are up, sales on the MLS system are increasing and the average price of a resale single-family home is slowly edging higher in Calgary.
This information and more comes with the release of the Fall 2017 The Market Manuscript from Fortress Real Developments Inc., compiled by senior vice-president of market research and analytics, Ben Myers.
Myers uses original survey content, independent third-party data and expert analysis from economists, academics and industry-specific professionals for his report, which includes a focus on activity for the first six months of 2017 in the City of Calgary.
Here is Myer's take on Calgary.
"The new housing market is showing signs of recovery in Calgary. Housing starts through six months in the Calgary CMA are up 43 per cent year over year to 5,525 to the end of June. However, starts are still trending well below the 12,000 to 14,000 annual pace that prevailed in most of the years between 2002 and 2005, and 2012 and 2015 when the Calgary market was strong.
"Just under 30 per cent of the starts were for condominium apartments, 10 per cent for rental apartments, with the remaining share being ground-oriented housing (singles, semis and row).
"Despite the improvement in new construction activity, there is still an inventory overhang. In March of 2017, the level of built and unsold developer inventory topped 2,000 units, the highest level in over 25 years. Unsold inventory has declined over the last couple months but remains very high historically.
"New single-detached and semi-detached house prices continue to trend downward in the CMA, as developers have not been introducing large luxury product to the market.
"In the resale market, single-family prices increased annually for the first time in two years in April, and were up 1.4 per cent year over year in June to just under $490,000. Condominium apartment prices have yet to recover and were down another 3.5 per cent annually in June to about $264,300 (the market peak value was $298,000 in October 2014)."
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Below are some great links to some useful mortgage calculators.
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The Calgary Herald
By Josh Skapin
6 THINGS IN REAL ESTATE: Calgary versus Edmonton
Demand has increased for new and resale single-family homes in both Calgary and Edmonton this year compared to 2016.
Here are six comparisons of activity between the two markets this year.
1. Both centres have seen a busier period for new construction of single-family homes in 2017 compared to the same time a year ago, with a slight edge in growth going to the Calgary area.
Eight months into 2017, shovels were in the ground for 2,834 of these homes in the Calgary census metropolitan area, rising 25 per cent year over year, says Canada Mortgage and Housing Corp. At the same time, the 3,350 starts in the Edmonton census metropolitan area was a 22 per cent lift from a year ago.
The census metropolitan area includes work in neighbouring cities and towns. For Calgary, this means Airdrie, Cochrane and Chestermere.
2. People looking for an immediate possession single-family home had 34 more options to pick from in Calgary than in Edmonton last month. In August, the most current data available, there were 434 constructed and unabsorbed single-family homes in the Calgary area, up from 341 a year ago. In the Edmonton area, inventory of new single-family homes slipped to 400 from 429 year over year.
3. The average cost of single-family homes absorbed last month was more than $36,000 higher in the Calgary area than the Edmonton area, says CMHC. In Calgary, the average was $681,500, jumping from $645,231 in August 2016. Edmonton's average increased to $604,262 from $586,838 year over year.
4. For resale of single-family homes between Jan. 1 and the end of August, Calgary outpaced Edmonton by 636 transactions.
There were 8,523 single-family homes sold through Calgary's resale market, up from 7,887 during the same time in 2016, says the Calgary Real Estate Board. In Edmonton, sales improved to 7,206 deals from 7,151 year over year, says the Edmonton Real Estate Board.
5. While new resale listings of single-family homes slipped in Edmonton, they ramped up in Calgary compared to the same time in 2016.
Through eight months in 2017, there were 12,914 additions to the Edmonton market, down from 12,978 year over year. Meanwhile, Calgary posted 13,950 new listings, a 4.5 per cent hike from 13,349 a year ago.
6. Between Jan. 1 and the end of August, the median resale price on single-family homes was nearly $20,000 higher in Calgary than it was in Edmonton.
CREB says the median price was $499,800 in Calgary, jumping from $480,000 year over year. In Edmonton, the median eased to $402,500 from $405,000.
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Canadian Cities Where You Can Afford A House On $50,000 A Year
Huffington Post
By Daniel Tencer
A recent report from Royal Bank of Canada painted a scary picture of home affordability - it's the worst it's been in 27 years nationwide, and in Toronto, it's the worst on record.
But all this talk about declining affordability masks the reality of today's market: It has rarely, if ever, been cheaper to take out a mortgage.
Even with the Bank of Canada hiking rates twice this past summer, rates remain near historic lows, and many lenders are offering fixed-rate mortgages at around 3 per cent.
What this means is that, despite record-high house prices in many markets, there are actually many places where you can afford a home today on a modest income. (If the Bank of Canada keeps hiking rates, that may not be the case for long.)
Using Ratehub's mortgage affordability calculator, we determined that a household income of $50,000 a year will buy you a house of up $364,360, assuming a 3-per-cent mortgage rate, a 30-year amortization period and a 20-per-cent down payment.
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25 Furniture Sites With Free Shipping
Huffington Post
By Brittany Nims
Free shipping is more common than you think.
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29 Budget-Friendly Sites To Find Cheap Home Decor
Huffington Post
By Brittany Nims
Because nobody needs to know how much you pay for toss pillows and wall art.
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Food For Thought... And Pumpkins
Falls' arrival in our city means that another Pumpkin Giveaway is just around the corner.
I look forward to this event, which has become a tradition for so many in Tuscany and northwest Calgary.
It's always great to see families with kids in costume (and dogs too), having fun searching our "pumpkin patch" for what will become the perfect jack-o-lantern for their home.
It is especially gratifying to see so many familiar faces, as well as new ones, coming out to support a great and worthwhile cause.
The need for your generosity has not lessened
This year marks the 19th year we have been handing out pumpkins in exchange for a Food Bank donation of non-perishable food items (or cash). Together, we have helped to alleviate the challenge that some Calgarians have experienced putting food on the table for themselves and their families.
Supporting The Calgary Food Bank
Last year the Food Bank received 20% more requests for assistance than the previous year. This year, they have been getting 20% more requests on top of that.
The Food Bank
assesses client needs, books emergency food hampers and refers clients to agencies and resources. All food hampers meet or exceed Canada's Food Guide.
Check out the brief video of the work that the Food Bank does on a scale that is quite staggering.
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We can all be proud of what we have done as a community to aid individuals and families in need. Bear in mind though, that it is impossible to give too much.
The following is an excerpt from a letter (one of many) the Food Bank has received from people who benefited from their services and your support.
When Louise went through her first lay-off, she thought she could get through it on her own. She exhausted her credit and savings supporting her husband and daughter. And then they had to come to the food bank.
"There is no shame in asking for help.
That's what I learned from my first go around. So this time I am using the
tools that are out there like Opportunity Knocks and the Walk-In Closet
(where she volunteers every Wednesday as well).
There is so much you can do with a little support."
We can all look forward to helping create more stories of people getting back on their feet by helping them when they need it.
Pumpkin Day comes together each and every year with the help of so many people and organizations.
A heartfelt thank you to our great community supporters:
- Tuscany Sobeys
- Tuscany Starbucks
- The Tuscany Club
- Homes & Land Magazine
- The Tuscany Sun/Suburban Journal
- FarWest Outdoor Advertising
As well, huge thanks must be given to everyone at The Calgary Food Bank for the outstanding work that they do.
And last, but not least, to all my team members and friends and family who volunteer - you exemplify what contribution is all about. Thank you, thank you, thank you!
Reminder:
Kids should make sure to enter the colouring contest (see our home page for details) to win prizes.
On behalf of the McKelvie Group team, I look forward to seeing you on October 21
st
in the Tuscany Club parking lot from 9am to 1pm-or until all the pumpkins are gone!
Best regards,
Kelly and Team
Kelly McKelvie
403-247-9988
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Inventory increases and sales drop in September, but overall sales for the year remain higher than last year.
Sep. 2017 City of Calgary, October 2, 2017 - Strong gains in the first-half of 2017 has put the Calgary year-to-date sales at seven per cent above last years' levels and 11 per cent below long-term averages, but challenges remain with easing sales and rising new listings. Inventories rose across all property types to 6,861 units, while both apartment and attached-style properties saw the highest inventory on record for the month of September. "The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold," said CREB® chief economist AnnMarie Lurie. "Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than expected gains that occurred in the first-half of the year." New listings in September totaled 3,266 units, a year-over-year gain of nearly 10 per cent. "There are several factors influencing new listings. Given the falling prices over the past two years, some sellers were waiting for market conditions to improve prior to listing their homes. More stability in the market has prompted many of those sellers to no longer delay their listing decision," said CREB® president David P. Brown. "In some segments, rising new home inventories are also impacting total housing supply. Ultimately, prices are affected. However, this inventory also opens up opportunity for buyers to step up into a home that was financially unattainable." As of September, unadjusted benchmark prices totaled $441,500. This is 0.2 per cent below last month, but nearly one per cent above last year. Downward price pressure this month occurred across most product types. However, year-to-date benchmark prices in the detached sector remain comparable to last year. Prices in the detached sector remain relatively stable compared to last year. Condominium apartment prices remain four per cent below 2016 levels and twelve per cent below 2014 highs. This sector continues to struggle with price declines resulting from excess supply as months of supply pushed above eight months
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The team at the McKelvie Group is comprised of a group of professionals who provide you with the support, follow-through and assistance you deserve when it comes to your important investment.
Each team member is well trained and an expert in his/her respective field. You can expect exceptional professionalism when working with the McKelvie Group.
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The Calgary Herald
By: SHELLEY BOETTCHER
FIND SPOOKY FAMILY FUN AT HERITAGE PARK THIS HALLOWEEN SEASON
Halloween is a big deal at Heritage Park Historical Village, but don't be scared - unless you want to be.
If you're looking for a fun, kid-friendly way to celebrate the upcoming season of spooks, check out the park's annual Ghouls' Night Out.
This year's party takes place in the evenings from Oct. 26 to 29, with an earlier evening offering on the 29
th. Each day features a Halloween dance, story time, crafts, a ghost train, witches' flash mob and more.
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Make it show is in Calgary, November 2 to 5, 2017 at the Big Four at Stampede Park.
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The Calgary Sun
By: Myke Thomas
UNIVERSITY DISTRICT TO INCLUDE A SAVE-ON-FOODS
When the residents of the University District move into their new homes in 2020, they will have a Save-On-Foods grocery store ready to serve them.
The West Campus Development Trust (The Trust), developer of the University District, and Save-On-Foods have unveiled plans for a 38,000-sq.-ft. store that will break ground in late 2017, with an anticipated opening in 2020.
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Calgary Herald - The Swerve
By: SHELLEY BOETTCHER
MEET THE MAKER: Sweetsmith Candy Co. built a solid business on a brittle foundation
Dannah Davies' culinary journey started early, but it hasn't always been as sweet as it is today.
Davies first sold her homemade candy at the age of 11. By 15, she was helping to pay her family's bills. It was 2008, and her parents had moved from Spruce Grove, Alta. to Arizona, where her father hoped to start a tutoring business. But the global recession was at its height, and the new business didn't work out. Davies' parents were forced to use food stamps to feed the family and couldn't pay their rent. "We were dead broke," Davies recalls. "It was really scary."
In an attempt to improve their situation, Davies and her mom began stirring up batches of candy with ingredients bought with food stamps. Her dad then sold it at churches and gas-station parking lots. The peanut brittle and toffees, which were based on the recipes of an old family friend, became wildly popular and-you know where this is going-the family paid the rent.
Davies, however, never got used to life in the U.S. and, at the first opportunity, moved back to Canada. But she never forgot the sweet taste of success and, in 2012, started Sweetsmith Candy Co. "We make old-fashioned brittle, with modern flavours," she says. "I'm a brittle fiend. Everything is based around peanut brittle and English toffee, recipes that I've been making all my life."
While classic peanut brittle is always popular, Davies has expanded her lineup to include some 30 flavours. There's the Grog Nog brittle, made with Appleton rum and white chocolate, as well as birthday cake brittle, bacon brittle ("it literally tastes like camping") and coconut brittle, Davies' personal favourite. "It's like a mini beach vacation in the middle of your workday," she says.
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Calgary Herald
By: Eric Volmers
Alberta film and TV industry gets government boost with new grant program
Members of Alberta's film and TV industry are applauding a new grant program introduced by the Alberta government as a "first step" in making the province more competitive when it comes to attracting productions.
Ricardo Miranda, minister of culture and tourism, made the announcement at the Calgary Film Centre Tuesday morning. The new Screen-Based Production Grant will replace the Alberta Production Grant, boosting the amount of money available from $30 million to $45 million per year and upping the per-project cap from $5 million to $7.5 million for productions that "provides significant contributions to Alberta's culture and economy."
Miranda stressed there would be tighter controls on what projects are approved, even suggesting that the old program was a "bottomless grant program with no financial accountability measures" that left the program over-subscribed and with "the province scrambling to keep up with demand." He presented the new grant program as one that would strike a balance between promoting economic diversity, creating new jobs and providing "cultural benefits" to Alberta.
But for members of the industry who were at the announcement, the big news was the change to the overall money available and the increase in the per-project cap. The grant will offer eligible productions up to 30 per cent of expenditures made in Alberta.
"Both the overall cap and the per-project cap going up are meaningful," said Tom Cox, of Seven24 Films, which produces Heartland and Wynonna Earp, and who is the Calgary producer of the upcoming American series Damnation. "It just means we can attract larger-budget productions with more episodes. Five million had value, but even Heartland exceeded that. If you start looking at shows like Hell on Wheels or Damnation, they exceed it quite a ways. So raising the cap definitely helps attract more production to the province and those larger productions have many more jobs than the smaller productions."
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