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As we transition into winter, Calgary's housing market is following typical seasonal trends, with activity slowing compared to the fall. However, year-over-year demand remains relatively strong. In November, increased sales in detached, semi-detached, and row homes offset a decline in apartment condominium sales. The 1,797 sales for November mirrored last year’s levels and remained 20 per cent above long-term trends for the month.The significant shift lies in supply. Inventory levels rose to 4,352 units in November, a notable increase from the 3,000 units reported last year. Despite the recent gains, inventory levels remain below long-term trends for the month.“Housing supply has been a challenge over the past several years due to the sudden rise in population,” said Ann-Marie Lurie, Chief Economist at CREB®. “Rising new home construction has bolstered supply in rental, new home and resales ownership markets. However, supply improvements vary significantly by location, price range, and property type.”The months of supply have increased to over two months, representing a shift away from the extremely low levels seen earlier this year and in the past three Novembers, which reported under two months of supply. While these more balanced conditions are promising for potential buyers, many market segments still favour sellers.   Improved supply options have tempered the pace of price growth. Year-over-year gains range from nearly seven per cent for row homes to nine per cent for apartment-style units. The total residential benchmark price reached $587,900, reflecting a year-over-year increase of just under four per cent. This slower growth reflects a shift toward more affordable row and apartment-style units. Seasonally adjusted prices have remained stable over the past four months despite unadjusted prices trending down in line with seasonal patterns.   Detached Rising sales for homes above $600,000 offset the declines in the lower price ranges caused by limited supply choice. While inventory levels did improve, 85 per cent of the supply was priced above $600,000. Improving supply caused the months of supply to push above two months in November, with higher months of supply reported for homes priced above $700,000 and less than two months of supply for homes priced below that level. This variation within the market is likely to result in different price pressures. The unadjusted detached benchmark price was $750,100, slightly lower than last month but over seven per cent higher than prices reported last year at this time. Year-over-year gains have ranged across the city, with slower growth reported in areas with the most competition from newer homes.    Semi-Detached There were 173 sales in November, an improvement over last year and contributing to the year-to-date growth of nearly five per cent. This was possible thanks to gains in new listings and higher supply levels. With two months of supply, conditions are not as tight as earlier in the year but still favour the seller, especially for properties priced below $700,000.As of November, the unadjusted benchmark price was $675,100, nearly eight per cent higher than last November. The pace of price growth has eased over the past several months, primarily due to seasonal factors. Benchmark prices ranged from $926,800 in the City Centre district to $409,300 in the East district of the city.  Row Row home sales improved in November compared to last year, contributing to nearly three per cent of year-to-date gains. Sales have remained exceptionally strong over the past three years as purchasers seek more affordable options. At the same time, new listings have also improved relative to sales, supporting year-over-year gains in inventory levels. Despite inventory improvements, conditions remained relatively tight with nearly two months of supply.Following steep gains earlier in the year, the pace of price growth has eased. As of November, the unadjusted benchmark price was $454,200, nearly seven per cent higher than last year. Year-to-date average benchmark prices have improved by nearly 15 per cent. Row prices in the City Centre were the highest at $620,000, while the North East and East districts were the only areas to report benchmark prices below $400,000.  Apartment Condominium Sales in November slowed over last year's record high. However, the 429 sales were still 47 per cent higher than long-term trends. New listings for apartment-style units have been on the rise. With 1,482 units available in November, more supply is available now than during the spring, and it is the only sector to see levels rise above long-term trends for the month.The additional supply caused the months of supply to push above three months and is taking some of the pressure off home prices. As of November, the unadjusted benchmark price was $337,800, down over last month, but still nine per cent higher than last year. Supply has improved for units priced above $200,000, but most gains have been in the $300,000 to $500,000 range.    REGIONAL MARKET FACTS Airdrie With 344 units available, Supply in Airdrie is returning to levels more consistent with activity reported prior to 2020. Supply levels have improved across all property types, with detached and row-style properties accounting for 84 per cent of the supply. While sales have remained strong relative to long-term trends, recent gains in new listings helped support improvements in supply levels.Improved supply choice is taking some of the pressure off home prices. In November, the total residential benchmark price was $543,300, four per cent higher than last November. Apartment-style properties reported the largest year-over-year change at nearly 16 per cent.  Cochrane New listings in the town reached a record high for November. The rise in new listings was met with a surge in sales, as November sales were amongst the highest levels reported in November. Much of the growth in sales was driven by detached activity. Strong sales activity prevented a significant shift in inventory levels, which remain 18 per cent below the month's long-term trends.The pace of price growth has eased over the past few months, which is not uncommon for this time of year. As of November, the unadjusted benchmark price was $568,600, nearly four per cent higher than levels reported last year at this time. While prices grew across all property types, the largest price gains were reported for apartment-style homes.  Okotoks Unlike other centres, Okotoks reported a pullback in new listings to 47 units this month. At the same time, there were 52 sales, preventing any significant change to the low inventory situation in the area. Okotoks has struggled with supply since the end of 2020, keeping the months of supply low below two months throughout most of that time.In November, the unadjusted benchmark price was $624,000, six per cent higher than last year's levels. Prices have improved across all property types, with the largest gains occurring for row-style properties. Detached prices have also been on the rise and, in November, pushed up to $707,300.

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  There’s no doubt about it: Buying a home might be one of the biggest purchases you make in your lifetime. It certainly could be one of the most life-changing. When it comes to something as meaningful as this, taking advice from a nosy colleague or well-meaning family member is not the way to go, unless they happen to also be an experienced luxury real estate agent! Here’s our best advice for today’s house hunters: Don’t buy the worst house on the best luxury street. Some savvy buyers opt for this strategy, thinking it’s the best way to score their dream home and add value. Unless you’re an experienced investor, however, this is also one of the easiest ways to blow your renovation budget and end up cancelling out that added value. Instead, opt for a luxury home that meets your needs in a neighbourhood you love. Don’t take financial advice from people without money. Some people feel like they’ve watched a couple of episodes of House Hunters and are qualified to give advice when it comes to home finances. When you’re investing in a property, however, this is not the time to take advice from anyone who wants to give it to you. Instead, work with a trusted lawyer, mortgage broker and financial planner to reach your homeownership goals. Don’t let starting be a hurdle. If you’re ready to make a change in your life, remember that the first step is the hardest. If you spend precious time over-analyzing and obsessively working out the details of your home-buying plan, you risk never getting the ball rolling at all. While a certain amount of planning is healthy, make sure you reach out and take action. A good rule of thumb is to add deadlines to your goals. For example, instead of just “I want to buy a luxury home,” tell yourself, “I want to buy a luxury home in two years.” Be motivated by failure. It can be hard to search for your dream home and feel like you just can’t find what you want or seem to lose out on every bidding war. Keep in mind, however, that every negotiation that doesn’t go your way or showing that ends up in disappointment is an opportunity for you to gain a better idea of what you want. Keep your eyes on your goal and remember that your dream luxury home is out there for you.

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  When it comes to buying your first home, making an offer that meets all your criteria is a big deal. You are committing to a huge financial investment, and it needs to be taken seriously. While some things may differ from province to province or from city to suburbs, there are some factors that are important to consider no matter which part of Canada you’re looking to buy in. Make sure your financial situation is where it needs to be. Before you can even start looking, you need to know how much you are pre-approved for so you can consider neighbourhoods and homes in your price range. It’s time to meet with a financial advisor who will go over your financial situation, see exactly how much you have available for a down payment, consider your credit score, income and the type of home you want to purchase in order to calculate how much you will be pre-approved for. Without pre-approval, you run the risk of not being able to put in an offer on your dream home. Pre-approvals only last 60 to 90 days and can be revoked at any time should your income suddenly change. Also, tempting as it may be, don’t accept a pre-approval offer you know you can’t actually afford. No one enjoys being house poor. Ask the right questions. Many provinces are considered “buyer beware,” which means the seller can’t hide active problems on purpose, but they aren’t required to tell you about any past issues. This is why having a home inspection and lawyer-assisted searches before you make an offer are so important. The last thing you want to do is rush into signing anything before you know about any potential problems that aren’t immediately obvious. If a problem was discoverable by a home inspector but you didn’t bother to get the inspection before buying it, you are responsible for the repair cost. But even with an inspection, home inspectors can’t move furniture or get behind walls, so there may still be problems you might end up inheriting despite these efforts. Understand exactly what you are signing. It is vital to read the agreement of purchase and sale thoroughly before signing, so you know exactly what you have agreed to buy. People tend to skim over the section that lists included fixtures (attached items such as chandeliers) and chattels (appliances) and just assume that these items are all included, only to be disappointed to find them missing on closing day.

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