New listing growth driven by higher-priced homes
Rising sales in the upper price ranges were not enough to offset the pullback occurring in the lower price ranges, as sales in September were 2,003, 17 per cent below last year's record high. Despite the decline, sales this month were still over 16 per cent higher than levels traditionally achieved in September.“We are starting to see a rise in new listings in our market. However, most of the listing growth is occurring in the higher price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “While demand has stayed strong across all price ranges, the limited choice for lower-priced homes has likely prevented stronger sales in our market. While the challenges in the lower price ranges are not expected to change, improved supply combined with lower lending rates should keep demand strong throughout the fall, but without the extreme seller market conditions that contributed to the rapid price growth earlier this year.”New listings in September rose to 3,687 units, the highest September total since 2008. This rise in new listings compared to sales did support some inventory growth. September inventory levels pushed up to 5,064 units, nearly double the exceptionally low levels reported in the spring, but remain below the 6,000 units we typically see in September.Improving inventory levels compared to sales is continuing to shift our market toward more balanced conditions. In September, the months of supply reached 2.5 months. While this is a gain over last year’s record low, conditions are still tilted in favour of the seller.Additional supply in the market has taken some of the pressure off home prices over the past few months, following stronger-than-expected gains throughout the spring. In September, the unadjusted benchmark price was $596,900, slightly lower than last month but over five per cent higher than last year’s levels. Year-over-year gains ranged from nearly nine per cent growth for detached homes to nearly 14 per cent gains in the apartment condominium market. The gains for each property type outpaced the growth in total residential prices, mostly due to the shifting composition of sales. Detached The nine per cent growth in sales over $700,000 was not enough to offset the steep pullbacks reported for homes priced below $600,000, causing September sales to total 942 units, a 17 per cent decline over last year. Improved sales for higher-priced homes were possible thanks to rising new listings, as that segment of the market is starting to demonstrate more balanced conditions for homes priced above $700,000.As of September, the unadjusted detached benchmark price was $757,100, a slight decline over last month, but nearly nine per cent higher than levels reported last year. It is not unusual to see some monthly adjustments in the fall, especially following stronger gains in the spring. With tighter conditions being experienced for lower-priced products, price growth has also ranged within the detached sector. The North East and East districts continue to report the largest year-over-year price gains. Semi-Detached September reported 299 new listings and 182 sales, causing the sales-to-new listings ratio to trend up over last month to nearly 61 per cent. Despite the gain over the past several months, the improvements in new listings relative to sales have supported rising inventory levels. However, with less than 400 units available, inventory levels remain nearly 33 per cent below long-term trends for September. Like the other property types, recent gains in new listings are causing the months of supply to improve over last year's levels. However, with just over two months of supply in September, conditions continue to favour the seller. Following strong gains in the spring, in September, the unadjusted benchmark price eased slightly over last month, but at a price of $678,400, levels are over nine per cent higher than last year at this time. Row Over 600 new listings came onto the market in September, where over 70 per cent of the new listings were priced above $400,000. While new listings improved across most districts, 34 per cent of the new listings were in the North and South district, likely a reflection of the new home activity occurring in those areas. Sales in September totalled 377 units, slightly lower than last year's levels.Inventories in September rose to 747 units, a significant improvement over the previous two years, but still below long-term trends. Nonetheless, the rise in inventory relative to sales did cause the months of supply to increase to nearly two months. Conditions continue to favour the seller, but improved choice did slow the pace of price growth. The unadjusted benchmark price in September was $459,200, 10 per cent higher than September 2023 levels. Apartment Condominium Strong gains in new listings continued into September, with 993 units entering the market. At the same time, sales dropped to 502 units, causing the sales-to-new listings ratio to drop to 50 per cent and inventories to rise to 1,623 units. Of the inventory in the market, over 72 per cent was priced above $300,000, a significant shift compared to last year, where less than 58 per cent of the listings were above that range. Gain in supply compared to sales caused the months of supply to rise to 3.2 months, the highest level seen since the end of 2021. Improving supply in the new home market is likely contributing to the rise in supply and has taken some of the pressure off home prices. In September, the unadjusted benchmark price was $345,000, 14 per cent higher than last year at this time. Year-to-date prices are still averaging a year-over-year gain of 17 per cent. REGIONAL MARKET FACTS Airdrie Thanks to a boost in new listings relative to sales, inventory levels trended up in September, reaching 349 units, an improvement over the persistently low levels reported over the previous three years. With 151 sales in September, the months of supply rose to 2.3 months. While conditions still favour the seller, it is a significant improvement over the under two months of supply that has persisted since the start of 2021.Improved supply choice has taken some of the pressure off home prices. However, with an unadjusted benchmark price of $551,000 in September, prices are nearly seven per cent higher than last year. Cochrane Over the past few months, easing sales did not offset earlier gains, as year-to-date sales were nearly six per cent higher than last year. However, like other areas, new listings in Cochrane have been on the rise, and the 50 per cent sales-to-new listings ratio this month helped support a gain in inventory levels. With 174 units in inventory and 58 sales, the months of supply in September rose to three months, the first time it has reached three months since the end of 2020.While supply levels are improving, they remain well below long-term trends. Nonetheless, the gain prevented any further upward pressure on home prices this month. In September, the unadjusted benchmark price was $578,300, similar to last month but nearly nine per cent higher than last year. Okotoks A boost in new listings compared to sales supported inventory gains. While inventory levels have trended up over the past three months, the 106 units still represent exceptionally low levels for the town. The months of supply reached two months in September, something we have not seen consistently since early 2021. While this is a significant improvement from levels seen in the spring, conditions still favour the seller. The unadjusted benchmark price in September reached $630,300, nearly one per cent higher than last month and nine per cent higher than levels reported last year.
How to Use Interior Design to Create Long-Lasting Family Traditions
A home is the backdrop for many treasured family traditions. A home’s design isn’t all about making a beautiful space but creating an atmosphere to grow these traditions year after year. From the spaces you create to how the home feels, there are many ways to leverage design to create memories that will last a lifetime. Here are some ways to use interior design to create long-lasting family traditions. Create a Game RoomHaving a game room in your home is one way to have a spot for the family to gather for regular or impromptu game nights. Transforming an area of your home into a game room, with a table, enough chairs, and easily accessible storage to house the games, can give your household a spot to gather and connect (and have a screen-free zone). Consider the Kitchen IslandKitchen islands are more than a place to prepare food. They often become a home’s central gathering spot, from having coffee in the morning, after-school snacks in the afternoon, an evening glass of wine, and a palace where many meaningful conversations occur. Comfortable counter stools will provide a place to sit back, relax and gather. Or, building a banquette off the island will create a cozy gathering spot right in the middle of the kitchen action. Build a Pizza OvenIf your family is a group of pizza connoisseurs, installing an outdoor pizza oven can take your Friday night tradition to the next level. It’s a place you can gather around as you cook, eat, and enjoy your homemade pie. Facilitate Movie NightsWhether in a home theater or a family room filled with an oversized sectional for gathering, family movie nights aren’t complete without plenty of blankets, a place to set your snacks and beverages, fresh popcorn, and good views of the screen. Honor Your Family HeritageIncorporating elements of your family heritage throughout the home can help your family feel connected to previous generations. Weaving in old family photographs and pieces that honor your family’s heritage, such as textiles, art, or mementos, can bridge the gaps between generations. Consider the BackyardSome of the best family nights are spent gathered outside. Creating an outdoor living room for your family is a palace where you can connect outdoors, whether making s’mores around an outdoor fireplace, having family movie nights under the stars, or having an annual summer yard game day. Cooking NightsIf your family loves to cook together, having a kitchen that accommodates multiple cooks in the kitchen will create a space for everyone to enjoy. Ample walkways, plenty of counter space, comfortable stools, and easily accessible utensils will give everyone a chance to contribute. Family traditions are important because they strengthen family bonds and create long-lasting happy memories.
3 Small Design Strategies That Make a Big Impact
If you’re looking to upgrade your home’s interior design, it may surprise you to know that it doesn’t necessarily require investing in new furniture or installing new flooring. In fact, according to the home design editors at Real Simple, focusing on a few key details is often all it takes to upgrade your home’s overall design. Here are three easy and relatively inexpensive steps you can take to instantly elevate your home decor. 1. Restain wooden furniture. A new coat of stain can make a piece of furniture go from old and shabby to brand new and dazzling. The key to success, however, is selecting the right shade, as the stain you choose will either enhance the existing undertones of the wood, or make the wood tones appear warmer or cooler. This is why the editors say it’s critical to test any stain before you proceed with your project. You’ll also need to take opacity into consideration—some stains allow more of the wood grain to shine through, while others provide a denser coverage. Do your research and test! 2. Replacing light-switch covers. You probably don’t give your white plastic switch plates a second thought. But once you upgrade them, you won’t believe the difference it makes in your home’s overall look and feel. There’s a plethora of options to choose from, too, in a variety of shapes, colors and patterns. The editors advise that just switching from standard builder’s grade to chrome or brass covers will instantly add some luxe to your home. 3. Getting serious about lighting. No matter the quality or design factor of an existing room, when it’s strategically lit, everything looks more stylish. Editors recommend taking a layered approach to lighting, providing a variety of options within a room, from small task lighting to tabletop lamps to overhead lights. Editors also advise taking your lighting a step further by adding a few statement pieces to a room, such as a vintage table lamp or stylish wall sconces. The bottom line? There’s no need to wait until you’ve saved enough money for that statement couch. Focus on a few, key details and start enjoying an elevated interior decor.
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