Your HVAC system is the heart of your home, keeping you comfortable year-round. As winter approaches, it’s crucial to ensure your system is in top working condition. Whether you’re a seasoned DIYer or just looking for a few tips, there are simple, cost-effective ways to maintain your HVAC system in the short, medium, and long term.

Short-Term Maintenance Tips

Regular maintenance can extend the life of your HVAC system, improve indoor air quality, lower energy bills, and keep your system running smoothly in every season. In the short term—weekly, monthly, or bi-monthly—you can perform these simple tasks:

1. Check smoke and carbon monoxide detectors monthly.
2. Inspect and replace air filters as needed. Dirty filters restrict airflow, making your system work harder and consume more energy. Invest in high-quality wired mesh filters with a MERV rating between eight and 13 for optimal filtration and efficiency.
3. Keep indoor vents and registers clear of clutter. Ensure they aren’t accidentally closed.
4. Clean registers, vents, and outdoor HVAC units every few weeks. Remove dust and debris, and maintain at least two feet of clearance around outdoor units.
5. Monitor monthly energy bills for spikes in consumption. This could indicate a problem.

Medium-Term Maintenance Tips

Yearly maintenance is equally important to avoid unnecessary breakdowns or repairs:

1. Invest in a programmable thermostat.
2. Clean the air conditioner’s evaporator coil and drain line yearly.
3. Check the heating system for leaks and seal gaps around windows, doors, and ductwork.
4. Hire an HVAC professional to inspect the entire system once or twice a year. This prevents serious problems before they occur.

After high winds or snowstorms, ensure outside vents, gas meters, propane tanks, and oil tank pipes aren’t blocked or damaged.

Long-Term Maintenance Tips

For long-term efficiency and low energy bills, consider these steps:

1. Have your furnace gas line inspected every few years.
2. Inspect and clean ducts every two to three years or after large renovations. Be cautious of unsolicited service calls.
3. Upgrade your HVAC system if it’s 15 to 25 years old. Modern systems are more efficient and reliable.
4. Explore energy-efficient options like heat pumps when replacing your system. Heat pumps can save hundreds on energy costs annually.

Warning Signs of Trouble

Even with diligent maintenance, issues can arise. Watch for these warning signs:

• Reduced airflow or uneven heating and cooling.
• Strange noises or smells from the system.
• Frequent cycling (turning off and on).
• Difficulty maintaining a comfortable temperature.
• Sudden increases in utility bills.

If you notice any of these, address them promptly to prevent further damage.

How to Troubleshoot Common Problems

While most HVAC issues require a professional, you can troubleshoot a few common problems:

• Clean or replace the air filter.
• Ensure vents and registers aren’t obstructed.
• Check the furnace’s power supply and reset the breaker or fuse if necessary.
• Verify the thermostat is on and set correctly; replace batteries if needed.

Know When to Call a Professional

While regular maintenance can prevent many issues, some problems are best left to certified technicians. Attempting to fix complex digital HVAC systems yourself can cause more harm. For anything beyond cleaning vents or changing filters and batteries, it’s safer to call a professional.

Taking these steps can keep your HVAC system running efficiently all winter long, ensuring a comfortable home and lower energy bills. Start your maintenance now and enjoy peace of mind throughout the colder months. Don’t forget to visit me on Facebook and Google!

The Calgary Real Estate Board (CREB®) has released its Q2 2024 housing market report, providing an overview of the real estate landscape in Calgary and surrounding areas. The report showcases trends in sales and pricing, offering valuable insights for industry professionals and prospective homebuyers and sellers.

The latest data reveals that new listings have risen for the fourth consecutive quarter compared to the previous year. Much of the gains have occurred in the upper price ranges of each property type, as rising prices and persistently high lending rates are encouraging more sellers to list their properties. The increase in new listings compared to sales caused the sales-to-new listings ratio to fall below 80 per cent for the first time since Q1 2023. While this shift has supported some inventory gains, it is important to note that the market continues to favour sellers with a Q2 sales-to-new-listings ratio of 75 per cent and a months-of-supply of one month.

In the second quarter, sales slowed by three per cent compared to the same period last year. The decline was driven by lower-priced properties, where supply levels are the lowest. Despite this slowdown, sales levels remained 29 per cent above long-term trends. After the first half of the year, sales were nearly six per cent higher than last year’s levels.

“The unexpected surge in migration over the past two years has contributed to the demand growth and supply challenges experienced in the Calgary market,” said Ann-Marie Lurie, Chief Economist at CREB®. “While we still have to work through the pent-up demand, slowing migration levels and supply gains in the resale and new home markets should start to support more balanced conditions, taking some of the pressure off home prices.”

So far this year, home prices have risen by 10 per cent, with the most significant gain occurring in row properties at 19 per cent and the lowest growth of 13 per cent in detached and semi-detached homes. Moving forward, increased supply generated through the new home sector will help support a better-supplied rental and ownership market, reducing pressure on home prices. Slowing price growth is anticipated throughout the second half of the year as supply levels improve. However, conditions will vary based on property type and price range. Much of the supply growth is expected to impact higher-priced properties, slowing their growth. Meanwhile, persistently tight conditions for the most affordable properties will continue to drive further price increases.

Check out the full report here, including information on Calgary’s surrounding communities www.creb.com/-/media/Public/CREBcom/Housing_Statistics/Quarterly_Reports/Q22024ForecastReport.pdf. Keep on top of all the latest real estate news and information, join me on Facebook and Google!

On July 24, 2024, the Bank of Canada announced another reduction in its target for the overnight lending rate, lowering it from 4.75% to 4.5%. This move, widely anticipated by financial markets, marks the second rate cut since the onset of the pandemic four years ago, bringing rates back to their levels from April 2023.

Economic Context and Reasons Behind the Cut

In its announcement, the Bank highlighted that while Canada’s economy saw growth in the first half of 2024, this growth was outpaced by population expansion. Consumer spending and the housing market are currently showing signs of weakness. Employment has been increasing, but at a slower rate compared to the growth of the working-age population, which is now expected to rise more quickly than previously anticipated.

The Bank of Canada forecasts that economic growth will gain momentum throughout the rest of 2024 and into 2025 as borrowing costs decrease. This easing of monetary policy is expected to boost exports, household spending, and both business and residential investments.

Inflation and Housing Market Challenges

The Bank remains focused on high shelter costs, which significantly contribute to inflation. Despite this, both headline and core inflation measures have moderated and are now close to historical norms.

In its Monetary Policy Report, the Bank also addressed several issues hindering housing supply growth, including:

• Municipal zoning restrictions
• High development fees
• Lengthy and costly permitting processes
• Shortages of skilled construction workers

Although excess supply in the economy is currently helping to lower inflation, the Bank is keeping a close watch on shelter and services costs, which are pushing inflation in the opposite direction. The Bank emphasized that future monetary policy decisions will be informed by incoming data and their implications for the inflation outlook.

Looking Ahead

The next scheduled interest rate announcement from the Bank of Canada is set for Wednesday, September 4, 2024. Additionally, the Bank will release its comprehensive economic and inflation outlook in the next Monetary Policy Report on Wednesday, October 23, 2024.

Stay tuned for more updates as the Bank of Canada navigates these complex economic conditions, balancing efforts to support growth while keeping inflation in check. I’m always here to help navigate the real estate waters and you can join me on Facebook and Google for the latest news!

CREB®  released the July statistics saying, with the busy spring market behind us, we are starting to see some shifts in supply levels. With 2,380 sales and 3,604 new listings, the sales-to-new listings ratio fell to 66 per cent, supporting a gain in inventory.

Inventories rose to 4,158 units, still 33 per cent below what we typically see in July, but the first time they have pushed above 4,000 units in nearly two years. Although the majority of supply growth occurred for homes priced above $600,000, the rise has helped shift the market away from the extreme sellers’ market conditions experienced throughout the spring.

“While we are still dealing with supply challenges, especially for lower-priced homes, more options in both the new home and resale market have helped take some of the upward pressure off home prices this month,” said Ann-Marie Lurie, Chief Economist at CREB®. “This is in line with our expectations for the second half of the year, and should inventories continue to rise, we should start to see more balanced conditions and stability in home prices.”

July sales eased by 10 per cent over last year’s record high but were still higher than long-term trends for the month. Like last month, the pullback in sales has been driven by homes priced below $600,000. Nonetheless, the gain in inventory combined with slower sales caused the months of supply to rise to 1.8 months, still low enough to favour the seller but a significant improvement from the under one month reported earlier this year.

Improved supply helped slow the pace of monthly price growth for each property type. In July, the total residential benchmark price was $606,700, similar to last month and nearly eight per cent higher than last year’s levels.

Airdrie

New listings in July rose to 287 units, the highest level ever reported for July. At the same time, sales slowed to 186 units, supporting some gains in inventory levels. While inventories have improved, the 298 units are still 26 per cent lower than typical levels seen in July.

Inventory gains have occurred across most price ranges in Airdrie but conditions continue to remain relatively tight, especially in the lower price ranges of each property type. Overall, the unadjusted benchmark price in July was $553,900, similar to last month but eight per cent higher than last year’s levels.

Cochrane

July sales improved over last year’s levels, contributing to the year-to-date gain of nearly eight per cent. While new listings also improved compared to last year in July, it was not enough to cause any significant shift from the low inventory levels.

With a sales-to-new-listings ratio of 83 per cent and months of supply of 1.5 months, the market remained relatively tight, and prices continued to rise. In July, the unadjusted benchmark price reached $576,600, nearly one per cent higher than last month and nine per cent higher than last year’s levels.

Okotoks

A pullback in sales relative to new listings helped support gains in higher inventory levels in Okotoks. While inventory levels are 25 per cent higher than last year, the 85 units still reflect exceptionally low inventory levels and are half the levels typically seen in July.

With a sales-to-new listings ratio of 78 per cent and months of supply of 1.3 months, conditions continue to favour the seller. While there have been some monthly price fluctuations, the unadjusted benchmark price in July reached $622,200, over six per cent higher than last July.

Read the full release here www.creb.com/News/Media_Releases/2024/August/Supply_levels_improve_taking_some_pressure_off_prices/ and connect with me for more about the real estate market in and around Calgary. Join me on Facebook and Google to be a part of the action!