As winter sets in across Calgary and the surrounding communities, the real estate market is shifting in line with seasonal trends. Activity has naturally slowed compared to the fall months, but there’s still plenty of good news for both buyers and sellers. Year-over-year demand remains strong, and market conditions are balancing to provide opportunities across the board. Whether you’re looking to buy, sell, or simply stay informed, here’s a breakdown of the latest real estate highlights in Calgary, Airdrie, Cochrane, and Okotoks.

Calgary Highlights

The Calgary market continues to perform well, showcasing resilience and strength heading into the winter season:

Sales: November saw 1,797 sales, maintaining pace with last year and sitting an impressive 20% above long-term averages. This is a clear indicator of consistent demand despite seasonal slowdowns.

Inventory: Supply levels have increased to 4,352 units, up significantly from 3,000 units this time last year. While buyers now have more options, inventory remains below historical norms, keeping the market competitive.

Benchmark Price: The benchmark price for Calgary is now $587,900, marking a 4% increase year-over-year. Notably, row homes and apartment-style units have led the price growth, appealing to buyers seeking affordable and versatile housing options.

Airdrie: A Return to Balanced Inventory

Airdrie’s market is experiencing a return to pre-pandemic inventory levels while continuing to see solid price gains:

Supply: Available inventory has climbed back to 344 units, offering buyers a wider selection. Detached and row-style properties dominate the market, making up 84% of available supply.

Benchmark Price: Airdrie’s total residential benchmark price reached $543,300, reflecting a 4% increase year-over-year. Apartments are leading the charge with an impressive 16% price growth—a sign of strong demand for affordable housing options.

Cochrane: A Surge in New Listings

Cochrane’s real estate market is buzzing with activity, with record-breaking new listings fueling sales:

New Listings: November saw a record high for new listings, driven primarily by strong demand for detached homes. More options are creating opportunities for buyers ready to make a move.

Benchmark Price: Cochrane’s benchmark price rose to $568,600, marking a 4% year-over-year increase. Apartment-style properties are experiencing the fastest price growth, making them an attractive option for first-time buyers and investors.

Okotoks: Limited Inventory, Strong Price Growth

Okotoks continues to see tight inventory levels, but this hasn’t slowed price momentum:

Inventory: With only 47 new listings in November, inventory remains extremely limited, keeping competition strong for available homes.

Benchmark Price: Okotoks home prices reached $624,000, showcasing a 6% year-over-year increase. Row-style properties have led the way in gains, while detached homes remain highly sought-after, with an average price of $707,300.

What Does This Mean for You?

For Buyers:

With inventory levels rising in Calgary and surrounding areas, you now have more options to choose from. However, in some communities where inventory remains tight—like Okotoks—homes are still selling quickly, so acting fast remains key.

For Sellers:

Many market segments are still in seller’s market territory, meaning demand continues to outpace supply. This is especially true for well-priced, move-in-ready homes. If you’re considering listing, this could still be an excellent time to showcase your property and capitalize on strong buyer interest.

Thinking About Buying or Selling This Winter? Let’s Chat!

Whether you’re looking to upgrade, downsize, or invest, the winter market in Calgary and its surrounding areas offers unique opportunities for both buyers and sellers. Let’s work together to create a plan that meets your real estate goals.

Contact me today to discuss your next move!

One of the biggest challenges sellers face when listing their homes is managing the constant flow of showings. Finding time to keep your home spotless, coordinate schedules, and deal with interruptions can quickly become overwhelming.

If you’re looking to minimize stress, reduce disruptions, and attract serious buyers, these 5 tips will help you streamline the process and sell your home efficiently while maximizing profit.

1. Optimize Your Listing Photos

First impressions are everything in real estate, and for most buyers, that starts with listing photos. High-quality, professional photos allow buyers to get an accurate look at your home and decide whether it’s worth seeing in person.

Investing in well-done photos not only highlights your home’s best features but also attracts serious buyers—those who already know your home fits their criteria. This means fewer unnecessary showings and more efficient use of your time.

2. Host an Open House

Individual showings can disrupt your week and leave you feeling like you’re constantly on standby. Instead, work with your agent to host a well-marketed open house.

An open house allows multiple buyers to view your home at the same time, saving you from the inconvenience of frequent one-on-one showings. By creating a single, scheduled event, you’ll give buyers the opportunity to tour your home, ask questions, and generate excitement—all while minimizing interruptions to your daily life.

3. Offer Virtual Showings

In today’s digital age, virtual tours are becoming an essential tool for home sellers. By providing a virtual showing option, you can appeal to buyers who may not be able to view your home in person right away.

A virtual tour allows buyers to preview your home’s layout and features online, helping them decide if it’s truly worth scheduling an in-person visit. This not only widens your potential buyer pool but also ensures that the buyers who do come for a showing are genuinely interested.

4. Set Up Scheduled Showing Blocks

Instead of allowing showings at all hours of the day, coordinate with your real estate agent to set specific showing blocks throughout the week. For example, you might allow showings only on certain afternoons or weekends.

This structured approach makes it easier for you to plan ahead and limits disruptions to your routine. Rather than scrambling to prepare your home at random times, you’ll know exactly when showings are scheduled and can focus on making your home shine during those key windows.

5. Prepare with a Showing Checklist

Having your home in pristine condition for showings is critical, but keeping it that way can feel overwhelming. A simple showing checklist can be a lifesaver.

Include tasks like decluttering countertops, making beds, and ensuring lights are on to create a warm, inviting atmosphere. By following the same checklist every time, you’ll reduce the stress of last-minute preparations and ensure your home is always show-ready for potential buyers.

Streamline your Selling Experience

By implementing these 5 strategies, you’ll minimize disruptions, attract serious buyers, and make the showing process more manageable. Selling your home doesn’t have to mean constant interruptions and stress—with the right approach, you can simplify the process and keep your focus where it matters most.

Want more tips for selling your home quickly and with minimal stress? Let’s connect! Whether it’s staging advice, pricing strategies, or marketing tips, I’m here to help you every step of the way.

Lately, there’s been a lot of misinformation floating around online, especially on social media, regarding interest rates in Canada. You’ve probably seen posts mentioning that the Bank of Canada rate is 3.75%, which might sound low and encouraging if you’re considering a mortgage or refinancing. But here’s the thing: that’s not the rate that affects your mortgage or line of credit. The rate that truly impacts you is the prime lending rate, which currently sits at 5.95%.

So, what’s the difference between these two, and why is it causing so much confusion? Let’s break it down.

Bank of Canada Rate (3.75%) – What Is It?

The Bank of Canada rate, often called the overnight rate, is the rate at which banks borrow money from each other. It’s a benchmark used by financial institutions, and while it has a big influence on the economy, it’s not the rate you’ll see when applying for loans, credit lines, or mortgages.

When the Bank of Canada raises or lowers this rate, banks follow suit by adjusting their own lending rates. But it’s not the rate you, as a consumer, borrow at. It’s more of a behind-the-scenes figure that impacts the overall economy, influencing things like inflation, economic growth, and financial stability.

Prime Lending Rate (5.95%) – This Is What Matters to You

The prime lending rate is the rate banks use to determine the interest rates on consumer loans, including variable-rate mortgages, home equity lines of credit (HELOCs), and personal loans. This is the number you need to pay attention to because it’s the rate that directly affects what you pay.

When the Bank of Canada adjusts its rate, banks typically adjust the prime rate in response, but they don’t do so at a 1:1 ratio. That’s why the prime lending rate is currently 5.95% while the Bank of Canada rate is much lower at 3.75%.

Why the Confusion?

The confusion comes from the fact that many people assume the Bank of Canada rate is the same as the rate they’ll get from their bank. When you hear that the Bank of Canada’s rate is 3.75%, it’s easy to think that this is the interest rate that applies to your mortgage or line of credit. But that’s simply not the case.

For consumers, the prime lending rate is what determines borrowing costs, not the Bank of Canada rate. Social media posts or articles that suggest otherwise are misleading and can cause a lot of unnecessary confusion.

Why Does This Matter?

Understanding the difference between these two rates is crucial because it affects your financial decisions. If you’re looking at taking out a mortgage or refinancing, it’s the prime rate that will dictate your costs, not the Bank of Canada rate.

So, while it’s great to keep an eye on economic news and be aware of the Bank of Canada’s decisions, remember that the prime rate is what directly impacts your borrowing.

What You Can Do

Before making any decisions about mortgages or loans, it’s important to be clear about the rates that apply to you. If you’re ever unsure, reach out to a mortgage broker who can help explain the details and make sure you’re working with the right information. Don’t rely on social media or headlines to guide your financial choices—always go to a trusted source.

In short, while the Bank of Canada rate gets the headlines, it’s the prime lending rate that dictates your mortgage payments and borrowing costs. Keep this in mind, and don’t let misleading information cloud your judgment.

This blog is proudly brought to you by:

Patricia McKean
Lead Planner | Mortgage Architects

Phone: 403-875-2969
Email: patricia@patriciamckean.ca
Website: www.PatriciaMcKean.ca

For expert advice on mortgages, refinancing, and navigating Canada’s lending landscape, reach out to Patricia today!

When house hunting, many buyers overlook new construction homes, assuming their only advantage is that they’ve never been lived in before. While that’s certainly a perk, it’s far from the only benefit.

In fact, new construction homes offer a range of features and advantages that make them a fantastic choice for many buyers in Airdrie, Cochrane, Calgary and the surrounding area. Here are five compelling reasons to consider new construction homes:

1. Strong Resale Value

New construction homes are highly desirable due to their modern designs, layouts, and amenities. These homes typically maintain a strong value from the moment you purchase them and often appreciate over time. This makes them a sound investment for anyone looking to secure their financial future.

2. Minimal Maintenance

Since everything in a new construction home is brand new, you won’t need to worry about costly repairs or replacements for years. No leaky roofs, outdated plumbing, or surprise fixes—just a home you can enjoy stress-free.

3. Energy Efficiency

New construction homes are built to meet today’s energy efficiency standards, often featuring eco-friendly appliances, upgraded insulation, and advanced heating and cooling systems. This not only lowers your utility bills but also helps reduce your environmental footprint.

4. Peace of Mind with Warranties

Most new construction homes come with builder warranties and other coverage that protect you from unexpected expenses. Whether it’s a structural issue or an appliance hiccup, these warranties provide peace of mind, ensuring your investment is protected.

5. Skip the Bidding Wars

In today’s competitive market, bidding wars can be a stressful part of buying a resale home. With a new construction home, you avoid the pressure and instead work directly with the builder to design the home of your dreams. No rushed offers or compromises—just a smooth path to your perfect property.

Is a New Build Right for You?

If you’ve been house hunting and haven’t considered new construction yet, this is your sign to add it to your list. Whether you’re looking for a modern design, lower maintenance, or the freedom to customize your home, a new build could be the perfect solution. A realtor can guide you through the various options and can save you thousands in the form of price adjustments, upgrades and avoiding costly mistakes when choosing your home that could bite you when you go to sell later.

Curious about new construction homes in Airdrie or Calgary? Let’s explore your options together! Reach out anytime, and I’ll help you find the perfect home for your needs.

I had the pleasure of being invited into Air106.1 to speak with Claire Spencer about all things real estate this week and we discussed a very timely topic (given that it is snowing like crazy out there). How to ensure you set yourself up for success as a seller thinking of listing your home in these cold and snowy wintery months

Selling your home in the winter can be uniquely challenging especially on snowy & chinook-y days! However, with thoughtful preparation and a few strategic touches, you can showcase your property to potential buyers, making it inviting and appealing despite the cold and mucky conditions. Here are some practical tips to ensure that your home shines in winter’s icy embrace.

1. Enhance Curb Appeal

The exterior of your home is the first impression buyers will have, so make sure it stands out even under a blanket of snow.

• Clear Walkways and Driveways: Keep paths leading to your home clean and safe by shoveling snow and applying ice melt as needed. This not only makes it easier for prospective buyers to access your property but also demonstrates your commitment to maintenance and it shows you are considering their safety.

• Lighting: Shorter days mean more showings in the dark. Add exterior lighting to highlight pathways, entryways, and any architectural features of your home. Consider using soft white lights for a warm, welcoming feel.

• Decorate with Seasonal Touches: Use winter-themed decorations like wreaths, potted evergreens, or tasteful holiday decorations to create a cozy atmosphere. Avoid cluttering with too many decorations to keep the focus on the home itself.

2. Focus on Warmth Inside

Creating a warm and inviting environment indoors will help potential buyers feel at home, even when it’s cold outside.

• Temperature Control: Ensure your heating system is functioning efficiently and maintain a comfortable temperature throughout the home during showings. A warm space feels more inviting and can help mask the chill outside.

• Natural Light: Open curtains and blinds to let in as much natural light as possible. This brightens the space and creates an illusion of warmth, making rooms feel more cheerful.

• Use Cozy Textiles: Add soft throws, area rugs, and plush pillows to living areas. These touches not only enhance comfort but also make the spaces feel more lived-in and welcoming.

3. Highlight Key Features

Emphasize the selling points of your home that can be particularly appealing during winter.

• Fireplaces: If you have a fireplace, ensure it is clean and functional. A crackling fire can create a warm ambiance that invites buyers to linger. Provide seating nearby to encourage social interaction.

• Kitchen Appeal: Showcase your kitchen as a hub for winter gatherings. Consider Offering warm drinks like cider or cocoa during showings, if feasible, to create a welcoming experience and highlight the kitchen’s potential for entertaining.

• Basement and Storage Spaces: In winter, potential buyers may appreciate additional indoor space. Make sure areas like basements are clean and accessible, showing off storage solutions and any potential for usable space.

4. Maintain a Clean Environment

Keeping your home immaculate is crucial in any season but can be particularly impactful in winter when mud and snow can create messes.

• Regular Cleaning: Frequently clean and maintain floors to prevent dirt from accumulating. Consider using mats at entry points to help minimize the mess. And make sure to choose mats that are large enough for a group of 4 to enter the home to comfortably take their shoes off to avoid melded snow and muck to accumulate on the floor while they are touring and having them step in wet puddles on the way out.

• Fresh Scent: Ensure your home smells inviting. Use air purifiers and light candles with seasonal scents like pine or cinnamon to give a cozy feel.

• Don't forget about pets!: Winter months mean pets "business" can become highlighted in the white snow... make sure to pick up after your pets so you don't have to deal with melted slush and then yellow and brown ice - yuck!

5. Market the Right Way

Use the winter season to your advantage when marketing your property.

• Seasonal Listings: Highlight winter amenities in your marketing materials, such as nearby ski resorts, sledding hills, or other seasonal activities. This demonstrates the lifestyle that comes with living in your area during winter months.

• High-Quality Photography: Invest in professional photography that captures your home in its winter glory. Properly lit photos that embrace the season can attract more potential buyers.

Selling your home in the snowy winter months may present its challenges, but with the right strategies, you can make your home stand out. From enhancing curb appeal to creating a warm interior, every detail counts. By embracing the season and presenting your home as a cozy retreat, you can attract the right buyers and make your property shine. With a little effort, winter can be a magical time to showcase your home’s charm.

Stay warm!

Attention First-Time Homebuyers: This is Essential! 

Navigating the journey of buying your first home can be one of the most exciting yet daunting experiences of your life. You may find yourself picturing your dream home, only to soon realize that the mortgage payments can leave you with little to no budget left for personal touches, desired upgrades, or maintaining the lifestyle you've grown accustomed to. This unsettling situation is commonly referred to as being "house-broke." 

Being house-broke means you may struggle to enjoy the very home you worked hard to acquire, as high payments can limit your finances in various ways. Whether it’s fancy renovations, new furniture, or even the ability to indulge in hobbies and activities you cherish, overextending yourself financially can turn your dream into a burden. To help you avoid this common pitfall, here are three crucial tips to keep in mind:

1. Be Honest About Your Budget

The most vital step in the homebuying process is to be brutally honest with yourself regarding what you can genuinely afford. It’s easy to fall victim to online mortgage calculators and lender promotions that make homeownership seem attainable, but relying on assumptions or trying to cut corners can easily lead to overspending and unnecessary financial strain.

Before you start house hunting, take a close look at your overall financial picture. Consider all your monthly expenses, including utilities, insurance, maintenance, and any other financial obligations you have. Factor in a comfortable cushion for unforeseen costs and ensure you have room for savings or fun activities. By understanding your complete financial landscape, you’ll be in a better position to set a realistic budget that allows not only for your mortgage, but also for the enhancements and lifestyle you desire.

2. Work with a Knowledgeable Real Estate Agent

Your real estate agent plays a pivotal role in your home buying journey. A skilled agent can be your advocate and guide, armed with insight into the local market and access to properties that fit your budget and preferences. Take your time to choose an agent who listens to your needs and has a solid understanding of your financial constraints.

By collaborating with someone who understands both the real estate landscape and your personal goals, you can ensure that you find a home that aligns with your financial situation while not sacrificing your aspirations. A great agent will also provide invaluable advice on potential hidden costs that may arise, allowing you to make a well-informed purchase that will not compromise your financial future.

3. Consider Your Long-Term Happiness

By thinking beyond just the initial purchase, you're investing in your happiness in the long run. Ensure that your new home is not only a good fit today but also accommodates your future lifestyle, including any upgrades or changes you may want to make down the line. A property with potential or good resale value can contribute greatly to your overall satisfaction.

Ask yourself questions like: Will this home meet my needs in five or ten years? Can it adapt as my lifestyle changes? Does it have the potential for renovations if I want to invest in upgrades? By considering these factors, you can set yourself up for lasting happiness in your new space.

Don’t forget to share this information with a friend who’s embarking on the path to homeownership! Together, you can support each other in navigating this exciting and sometimes complex journey, ensuring that you both make informed decisions that lead to fulfilling and sustainable homeownership. 

With these tips in mind, you're well on your way to turning your dream of homeownership into a reality that enhances your life rather than constraining it. Happy house hunting!

Calgary and Airdrie Real Estate Market Update: October 2024

As we settle into the final quarter of 2024, Calgary and Airdrie’s real estate markets are showing signs of resilience, with both unique opportunities and ongoing challenges. October brought improvements in inventory for higher-priced properties, providing more balance for buyers in the upper market. However, demand in the lower- and mid-price ranges remains high, keeping those segments competitive.

In Calgary, the housing market showed strong activity in October, with 2,174 homes sold, especially in the segment priced over $600,000. This marked a 24% increase from the typical trend for October, signalling robust buyer demand despite high borrowing costs. Overall inventory rose to 4,966 units, a notable recovery from last year’s near-record lows, largely due to an increase in higher-priced listings.

Airdrie also experienced a rise in sales and new listings compared to last October, although a recent decrease in new listings has slightly limited inventory growth. The market is shifting away from a strictly seller’s environment, easing some price pressures.

Property values in Calgary and Airdrie remain stable despite a minor seasonal slowdown. Calgary's benchmark price for detached homes reached $753,900, up 8% from last year. Airdrie's unadjusted benchmark price rose by 5% year-over-year. However, condo sales face challenges due to a lack of lower-priced units, while row homes see steady demand, particularly those above $400,000.

As the year ends, both markets continue to evolve. Increasing inventory, especially in the higher ranges, may offer buyers more choices, while sellers can utilize strategic pricing to their advantage. Keeping an eye on these trends will be essential for buyers, sellers, and investors as the Calgary and Airdrie markets move toward stability.