sherryjohnston

[sherryjohnston]

Calgary Real Estate Market Update: July 2024

As we move through the summer of 2024, the Calgary real estate market presents a picture of stability and gradual growth. Here’s a detailed look at the current state of the market:

Market Overview: July 2024 has seen the Calgary real estate market maintain its equilibrium. Home sales have shown steady performance, with both buyers and sellers actively participating in the market. This balanced activity reflects a healthy market environment, with no extreme fluctuations in either direction.

Price Trends: Median home prices in Calgary have risen modestly by approximately 2% compared to the same time last year. This gentle increase is a sign of continued buyer interest and a stable economic environment, contributing to a slow but steady appreciation in property values.

Inventory and Supply: The market’s inventory levels are holding steady. The number of homes available for sale is well-matched to the current demand, preventing any significant shifts in market conditions. This equilibrium helps maintain price stability and ensures that buyers and sellers are both finding what they need.

Interest Rates: Mortgage rates have remained relatively stable in July, offering a predictable landscape for homebuyers. With rates holding steady, there is an encouraging environment for both new buyers and those looking to refinance or invest in property.

Buyer Trends: The profile of buyers in the market remains diverse. First-time homebuyers are actively seeking affordable properties, while investors continue to explore opportunities in Calgary’s rental market. The presence of these different buyer groups contributes to a dynamic and robust market.

Neighborhood Dynamics: Interest in various neighborhoods across Calgary is shifting, with particular attention on areas that offer excellent amenities and accessibility. Neighborhoods such as the Beltline, Bridgeland, and Inglewood are seeing increased buyer interest due to their vibrant communities and convenient locations.

New Developments: The city is witnessing a range of new residential projects that cater to varying buyer needs. From upscale condominiums to family-oriented housing developments, these new projects are adding to the market’s diversity and offering more options for prospective buyers.

Economic Factors: Calgary’s local economy remains a positive influence on the real estate market. With steady economic growth and job creation, the housing market benefits from increased consumer confidence and financial stability.

In conclusion, the Calgary real estate market in July 2024 reflects a period of balanced activity and moderate growth. With stable prices, consistent inventory, and diverse buyer interests, the market remains favorable for both buyers and sellers. The steady mortgage rates and a strong local economy further support a positive outlook for the coming months.

[sherryjohnston]

Whether you're searching for your first home or looking to invest, Calgary provides numerous opportunities to find a property that fits your budget without sacrificing quality of life. The combination of affordable pricing, strong community vibe, and excellent amenities makes Calgary an ideal place to settle down.

Ready to explore the possibilities? Start your journey today by browsing houses for sale in Calgary and connecting with a local expert. To make the process seamless, it's crucial to find a realtor who understands the nuances of the Calgary market. With the right guidance, you can navigate the Canada real estate landscape and find the perfect home or investment property in this dynamic city.

[sherryjohnston]

Common Mistakes to Avoid When Buying Your First Home in Calgary, Alberta

Buying your first home is an exciting milestone, but it’s easy to make mistakes that could cost you time, money, and peace of mind. The Calgary real estate market, with its unique challenges and opportunities, requires careful planning and informed decision-making. Here’s a detailed guide to help you navigate the process and avoid common pitfalls.

1. Skipping Pre-Approval for a Mortgage

Why It’s a Mistake: Many first-time buyers dive into house hunting without securing mortgage pre-approval. This can lead to disappointment when you find your dream home but can't secure the financing.

How to Avoid It: Start by getting pre-approved for a mortgage. This not only helps you understand what you can afford but also strengthens your offer in a competitive market like Calgary's.

2. Not Considering Additional Costs

Why It’s a Mistake: Focusing only on the purchase price can lead to unexpected financial strain. First-time buyers often overlook closing costs, property taxes, home insurance, and maintenance expenses.

How to Avoid It: Budget for all potential costs. Work with a real estate agent or financial advisor to get a full picture of what homeownership will truly cost you.

3. Falling in Love with a Home Without Considering the Neighborhood

Why It’s a Mistake: The excitement of finding a beautiful home can sometimes overshadow the importance of location. A great house in a poorly suited neighborhood could lead to regret.

How to Avoid It: Research the neighborhood thoroughly. Consider factors like schools, commute times, crime rates, and future developments. Visit the area at different times of the day and week to get a feel for the community.

4. Overextending Financially

Why It’s a Mistake: It's easy to get carried away with a bigger, more luxurious home. However, overextending your finances can lead to stress and even financial trouble down the road.

How to Avoid It: Stick to your budget. Use your mortgage pre-approval as a guide and resist the temptation to stretch beyond your means. Remember, you’ll need a financial cushion for unexpected expenses.

5. Neglecting a Home Inspection

Why It’s a Mistake: Waiving the home inspection to speed up the buying process or to save a few hundred dollars can be a costly mistake. Hidden issues like structural damage, faulty wiring, or mold can lead to expensive repairs.

How to Avoid It: Always insist on a home inspection. It’s a small price to pay for peace of mind and could save you from buying a property with serious flaws.

6. Ignoring the Resale Value

Why It’s a Mistake: First-time buyers often focus on what they want right now, without considering how the property will appreciate or appeal to future buyers.

How to Avoid It: Think long-term. Choose a home that not only meets your current needs but also has features that will be attractive to future buyers, such as location, layout, and neighborhood amenities.

7. Not Working with a Real Estate Professional

Why It’s a Mistake: Some first-time buyers think they can save money by not hiring a real estate agent. However, the complexities of the Calgary market and the buying process can be overwhelming.

How to Avoid It: Work with a qualified real estate agent who knows the Calgary market. They can help you find the right home, negotiate the best price, and guide you through the entire process.

8. Making Emotional Decisions

Why It’s a Mistake: Buying a home is a significant emotional and financial commitment. Allowing emotions to dictate your decisions can lead to overpaying or choosing a home that doesn’t fit your needs.

How to Avoid It: Approach the process logically. Set clear criteria for what you need and want in a home, and stick to them. Take your time to evaluate each option objectively.

9. Rushing the Process

Why It’s a Mistake: The pressure to buy quickly, especially in a hot market, can lead to poor decisions. Rushing might mean missing out on better opportunities or overlooking potential issues.

How to Avoid It: Take your time. Ensure you’re making informed decisions at every step. Remember, it’s better to wait for the right home than to rush into a decision you’ll regret.

10. Underestimating the Importance of a Legal Review

Why It’s a Mistake: Skipping a legal review of the purchase agreement can lead to misunderstandings or missed contractual obligations.

How to Avoid It: Hire a real estate lawyer to review all contracts before you sign. They’ll help ensure that your interests are protected and that you fully understand the terms of the agreement.

Conclusion

Buying your first home in Calgary can be an incredibly rewarding experience if you avoid these common mistakes. By taking the time to plan, seeking professional advice, and making informed decisions, you’ll be well on your way to finding a home that suits your needs and your budget. Remember, this is likely one of the biggest investments you'll ever make, so approach it with care and caution.

For more expert advice and tips, be sure to consult with a local real estate professional who can guide you through the unique aspects of the Calgary market.

[sherryjohnston]

What You Need to Know About Calgary's Property Taxes

Navigating the intricacies of property taxes is essential for homeowners and prospective buyers alike. Calgary’s property taxes can impact your budget and long-term financial planning. Here’s a detailed guide on what you need to know about Calgary's property taxes in 2024.

Understanding Property Taxes

Property taxes in Calgary are levied annually by the municipal government to fund various public services such as education, emergency services, infrastructure maintenance, and public transportation. The tax amount is based on the assessed value of your property, which is determined by the City of Calgary's Assessment Department.

How Property Taxes Are Calculated

Property Assessment: The City of Calgary assesses properties each year to determine their market value as of July 1 of the previous year. This assessed value reflects what your property would likely sell for in an open market.

Mill Rate: The mill rate is a figure set by the City Council and the Provincial Government, representing the amount of tax payable per $1,000 of the assessed value of the property. For 2024, the combined municipal and provincial mill rate has been updated to reflect the latest budget requirements and economic conditions.

Calculation: Your property tax is calculated by multiplying the assessed value of your property by the mill rate. For example, if your property is assessed at $500,000 and the mill rate is 0.0085, your property tax would be $4,250 annually.

Changes in 2024

Several changes have been implemented in 2024 that homeowners need to be aware of:

Assessment Updates: The assessment process has been refined to ensure more accurate valuations, considering factors such as market trends, property renovations, and neighborhood developments.

Mill Rate Adjustments: The mill rate for 2024 has been adjusted to accommodate the city’s budget requirements, including increased funding for public transportation and infrastructure projects. This adjustment may result in a slight increase in property taxes for some homeowners.

Provincial Education Tax: The provincial portion of the property tax, which funds education, has seen a minor increase. This change aims to support the rising costs of education and ensure quality schooling for Calgary’s growing population.

Paying Your Property Taxes

Property taxes in Calgary are due annually, with several payment options available:

Monthly Payment Plan (TIPP): The Tax Instalment Payment Plan allows homeowners to pay their property taxes in monthly instalments, making it easier to manage finances.

One-Time Payment: You can also pay your taxes in full by the due date, typically at the end of June.

Online Payments: The City of Calgary provides an online portal for convenient tax payments.

Appeals and Disputes

If you believe your property assessment is incorrect, you have the right to appeal:

Review Your Assessment: Carefully review the assessment notice sent by the City. Ensure that all details, such as property size and features, are accurate.

File an Appeal: If discrepancies are found, file an appeal with the Assessment Review Board before the specified deadline. The appeal process includes a review of the assessment and an opportunity to present evidence supporting your claim.

Tax Relief Programs

Several tax relief programs are available to assist eligible homeowners:

Senior Property Tax Deferral Program: Seniors can defer all or part of their property taxes through this program.

Low-Income Property Tax Assistance: Homeowners with low income may qualify for assistance to reduce their tax burden.

Conclusion

Staying informed about property taxes is crucial for Calgary homeowners. With the changes in 2024, it’s important to understand how assessments, mill rates, and tax relief programs affect your finances. By staying proactive and informed, you can effectively manage your property tax obligations and take advantage of available resources.

For further details, visit Sherry Johnston Exp Realty official website or contact Sherry Johnston realtor directly.