The first-half of 2017 marked a shift in Alberta's economy from recession to recovery, with conditions supporting stability rather than expansion.
Resale sales activity is expected to total 18,401 units in 2017, a 3.3 per cent improvement over last year. The pace of growth is slightly faster than originally anticipated, due to the stronger growth that occurred in the first half of the year.
More potential buyers on the market helped move some of the product in inventory and started to create some price stability.
Improvements in the supply demand balance, primarily in the detached and attached sector, caused prices to start to trend up. Demand growth through the remainder of the year is expected to ease relative to inventory levels. This should prevent further substantial shifts in pricing. Overall, annual city wide prices are expected to remain at levels comparable to last year.
Despite generally improving trends, difficulties continue to exist in the condo-apartment ownership market. Rising sales cannot keep pace with the growth in new listings, keeping supply levels high and placing continued downward pressure on prices. This area of the housing market will likely continue to face challenges well into next year, as it will take time to absorb additional inventory in the resale, new and rental markets.
Improvements in the labour market are supporting the shift in the housing market this year.
While the shift is welcome news for many, we continue to expect that process of recovery will be slow and dependent on the property type and location within the market.
Selling your home can be an exciting time because it means that there will be new opportunities available for you. However, it can be quite stressful as well. This article will give you some simple guidelines to use to help you get your house sold at the best price possible.
1. Decluttered the entire house
2. Brought in a cleaning crew
3. Had the carpets cleaned
4. Touched up paint
5. Fixed broken items to give a better overall impression of the house.
6. Added missing finishes
7. Weeded and landscaped outdoor areas
8. Neutral-ized. Make things a little more neutral, calm-feeling, and easy for the eyes to take in.
9. Eliminated busy-ness. Get rid of a busy patterned rug in living space.
10. Made each space look as large as possible
11. Created consistency in feel and color scheme throughout the house
12. Gave each space a defined purpose
13. Added plants– faux and real
14. Staged simply
15. Used trays for easy staging
16. Had clean white towels in bathrooms
17. Depersonalized– somewhat
18. Made kids’ toys look as clean and neat as possible
19. Had professional photos taken
20. Cleared off surfaces. Make spaces look uncluttered and as large as possible.
21. Created a space for everything. Because there were some things that we used on a regular basis (like our toaster and cooking utensils) that would need to be put away for every showing.
22. Kept all cabinets, drawers, and closets neat and tidy
23. Kept beds as easy to make as possible
24. Kept up with the dishes
25. Kept up with the laundry
26. Wiped down counters daily
27. Swept/vacuumed daily
28. Cleaned bathroom mirrors daily
29. Kept a laundry basket handy for “extras.”
30. Opened all curtains and blinds.
31. Turned on all lights.
32. Left house in “show condition” any time we left for an extended period of time.
As you can see, there are some simple things that you can do in order to make your home more appealing. If you follow these guidelines, you will draw the attention of many interested buyers toward your home. The next thing you know, you will have an offer and your house will be sold.
Market sees modest inventory gains, but overall prices inch up
Sales exhibited stable growth through the first half of the year in the Calgary housing market, but the number of transactions slowed slightly in July compared to last year.
City-wide sales totaled 1,637 units, six per cent below July 2016 levels. Year-to-date sales activity totaled 11,957 units, nine per cent above last year.
Sales growth exceeded expectations so far this year. Clients were re-entering the market after delaying decisions until there were some signs of economic improvement.
However, this recovery will require patience. There continues to be many new and resale ownership options available. This reduces the sense of the urgency for many consumers.
Easing sales were met with higher new listings, causing further gains in inventory levels. City-wide months of supply rose to four months, as inventory levels reached 6,675 units this month. This is 17 per cent higher than last year, but still below July highs recorded in 2008.
Modest improvements in the labour market and net migration were necessary to support the turnaround in the housing market.
Driven by detached and attached housing sales, city-wide prices in July improved over the previous month and the previous year. However, it is nearly four per cent below previous monthly highs. Year-to-date benchmark averages remain 0.44 per cent below last year's levels.
Despite the current month activity, the detached sector continues to demonstrate conditions that are more balanced compared to last year.
Apartment condominium product continues to face oversupply in the resale and new home sector, causing further price declines. In July, the apartment benchmark price was $266,200.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.