The decision to buy a home is one of the most significant financial moves you can make, and timing plays a crucial role. If you’ve been on the fence about purchasing a home, 2025 might be the perfect year to take the leap. Here are five compelling reasons why buying a home this year is a smart move.

1. Build Equity Instead of Paying Rent Renting may seem convenient, but every payment you make contributes to your landlord’s wealth rather than your own. Homeownership allows you to build equity—a form of forced savings that grows over time. Instead of watching your rent increase year after year with no return, investing in a home means you’re putting money toward an asset that will likely appreciate in value.
2. Stability and Control Over Your Living Space When you own your home, you have full control over modifications, renovations, and design choices. You no longer have to worry about landlords raising the rent or deciding to sell the property. Owning a home offers stability, particularly if you’re raising a family or planning to stay in one place for an extended period.
3. Home Values Are Expected to Appreciate Real estate has historically been a sound investment, and home values tend to increase over time. While market conditions fluctuate, buying a home now means you can benefit from future appreciation. Even if prices dip temporarily, long-term trends indicate growth, allowing homeowners to build wealth through property ownership.
4. Interest Rates Have Dropped Mortgage rates have been steadily declining and still remain competitive compared to historical averages. Locking in a mortgage now could save you money in the long run, especially if rates rise in the future. Working with a knowledgeable real estate agent and mortgage broker can help you secure the best financing options.
5. A Home Is More Than Just an Investment—It’s a Lifestyle Upgrade Beyond the financial benefits, homeownership enhances your quality of life. Owning a home means having a personal sanctuary, customizing your space to suit your needs, and feeling a stronger connection to your community. Whether it’s planting a garden, creating your dream kitchen, or simply enjoying the security of having a place to call your own, homeownership provides unmatched personal satisfaction.

Is This the Year You Buy? The real estate market presents opportunities for buyers, but acting at the right time is key. If you’re considering purchasing a home, I have decades of expertise and can help you navigate the process and find the perfect property for your needs.

Ready to take the first step? Let’s talk about your homeownership goals and make 2025 the year you find your dream home!

If you have an undeveloped basement, you may be sitting on untapped potential! Basement development is a smart investment that can significantly enhance your home’s value, functionality, and appeal. Whether you need more living space, want to generate rental income, or increase your property’s resale value, finishing your basement is a worthwhile project. Here’s why it makes sense and what options you have.

Why Develop Your Basement?

1. Increase Your Home’s Value

A finished basement adds usable square footage, making your home more attractive to buyers. In Calgary’s real estate market, homes with developed basements tend to sell faster and at higher prices than those without.

2. Create Additional Living Space

Whether you need a guest suite, home office, gym, or entertainment room, your basement provides endless possibilities. A well-designed basement can serve multiple purposes and adapt to your changing lifestyle.

3. Generate Rental Income with a Secondary Suite

A legal secondary suite is one of the most profitable ways to develop your basement. With Calgary’s growing demand for rental properties, a basement suite can provide a steady source of income while helping offset mortgage costs.

4. Accommodate Multi-Generational Living

If you have extended family members living with you, a developed basement can offer them privacy and comfort. Creating an in-law suite with a separate entrance and amenities ensures everyone has their own space while staying close.

5. Improve Energy Efficiency

A properly insulated and finished basement can help regulate your home’s temperature, reducing heating and cooling costs. Modern building materials and energy-efficient solutions can make your basement more comfortable and cost-effective to maintain.

Basement Development Options

1. Secondary Suite

A secondary suite is a self-contained living space with a separate entrance, kitchen, bathroom, and sleeping area. To be legal in Calgary, it must meet the city’s building code and zoning requirements. This option is ideal for long-term rentals or Airbnb opportunities.

2. Home Office or Business Space

With more people working remotely, a basement office is a great way to create a quiet and professional workspace. If you run a home-based business, this space can also serve as a client-friendly meeting area.

3. Home Gym or Wellness Space

Instead of paying for a gym membership, why not create your own fitness studio? Your basement can house exercise equipment, a yoga room, or even a sauna for a personal wellness retreat.

4. Entertainment and Recreation Room

A home theater, game room, or bar area can make your basement the perfect entertainment hub. Whether you love hosting movie nights or need a space for the kids to play, this is a fantastic option for families.

5. Guest or In-Law Suite

If you frequently have visitors or need a space for aging parents, a private guest suite with a bedroom and bathroom is a great solution. This adds convenience and comfort for both you and your guests.

Getting Started with Your Basement Development

Before starting your basement renovation, it’s essential to:

• Check Calgary’s building codes to ensure compliance, especially for secondary suites.
• Set a budget to determine the scope of your project.
• Hire a professional for design, permits, and construction to guarantee a high-quality finish.

A well-developed basement is more than just an upgrade—it’s an investment in your home’s future. Whether you’re looking to increase your property’s value, enhance your lifestyle, or generate rental income, transforming your basement is a strategic move. If you’re considering this upgrade, I’d love to help you navigate your options and find a property with basement development potential. Let’s connect and explore your real estate goals!

When it comes to real estate, there are plenty of terms and processes that can make your head spin—“short sale” might be one of them! But don’t worry, I’m breaking it down into simple, everyday language so you’ll feel confident if this term ever pops up in your home-buying or selling journey.

What Exactly Is a Short Sale?

Let’s start with the basics. A short sale happens when a homeowner needs to sell their property, but the sale price is less than the amount they still owe on their mortgage. Essentially, the homeowner is “short” on the funds needed to fully pay off their loan. For this to work, the lender (usually a bank) has to agree to accept less than the full amount owed.

It’s important to note that short sales are different from foreclosures. In a foreclosure, the bank takes ownership of the property because the homeowner hasn’t been able to keep up with mortgage payments. In a short sale, the homeowner still owns the property and is trying to sell it to avoid foreclosure.

Why Would Someone Opt for a Short Sale?

Life happens, and sometimes homeowners find themselves in situations where they can’t keep up with mortgage payments. Maybe it’s due to a job loss, unexpected medical expenses, or a drop in the property’s value. A short sale can be a way for homeowners to avoid the more severe financial and credit consequences of foreclosure. Plus, it’s a chance to start fresh without the burden of unpaid mortgage debt hanging over their heads.

What’s the Process Like?

Here’s a quick rundown of how a short sale typically works:

1. Homeowner Decision: The homeowner realizes they can’t afford their mortgage and decides to pursue a short sale as an alternative to foreclosure.
2. Contacting the Lender: The homeowner reaches out to their lender to request approval for a short sale. This usually involves providing documentation to prove financial hardship, like income statements, tax returns, and a letter explaining their situation.
3. Listing the Property: The homeowner works with a real estate agent to list the property for sale. It’s often priced lower than market value to attract buyers.
4. Receiving Offers: Once offers start coming in, the lender reviews them to decide if they’re acceptable. Remember, the lender has to approve the sale since they’re agreeing to take less than what’s owed.
5. Closing the Deal: If the lender approves an offer, the sale proceeds, and the property changes hands. The lender takes the proceeds from the sale, and the remaining balance on the mortgage is typically forgiven (though this can vary based on local laws and lender policies).

Pros and Cons of a Short Sale

For sellers the pros including avoiding foreclosure and its impact on your credit score as well as potentially walking away from the property without owing additional money. The cons are the process can be lengthy and complicated and your credit score will still take a hit, though it’s generally less severe than a foreclosure.

A pro for buyers is an opportunity to purchase a property below market value while the cons are the process can be slow since the lender has to approve the sale and properties are often sold “as-is,” meaning buyers may need to invest in repairs or renovations.

Tips for Navigating a Short Sale

• For Sellers: Work with an experienced real estate agent who knows how to handle short sales and can guide you through the process. Be upfront with your lender and stay on top of paperwork.
• For Buyers: Be patient and flexible. Short sales aren’t known for their speed! Have your financing in order and be prepared for potential repair costs.

Short sales might not be the easiest or quickest transactions in real estate, but they can be a lifeline for sellers in financial distress and a great opportunity for buyers looking for a deal. Whether you’re buying or selling, having a knowledgeable real estate agent by your side can make all the difference. After all, navigating the twists and turns of real estate is much easier when you’ve got an expert like me guiding the way!

CREB® has released the January stats, reporting that following three consecutive years of limited supply choice, inventory levels in January rose to 3,639 units. While the 70 per cent year-over-year gain is significant, inventory levels remain lower than the over 4,000 units we would typically see in January. Inventories rose across all property types, with some of the largest gains driven by apartment-style condominiums.

“Supply levels are expected to improve this year, contributing to more balanced conditions and slower price growth,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, the adjustment in supply is not equal amongst all property types. Compared with sales, we continue to see persistently tight conditions for detached, semi-detached and row properties while apartment condominiums show signs of excess supply for higher priced units.”

Citywide, the months of supply reached 2.5 months in January, an improvement over the one month of supply reported last year, but it is still considered low for a winter month. The month of supply ranged from under two months for semi-detached properties to 3.5 months for apartment-style units.

Rising supply resulted from a boost in new listings compared to sales. New listings rose to 2,896 units in January, compared to 1,451 sales. Sales in January were down by 12 per cent compared to last year. However, even with a pullback in sales, levels remained nearly 30 per cent higher than levels typically recorded in January.

The total residential benchmark price in January was $583,000, which is relatively stable compared to levels reported at the end of last year and nearly three per cent higher than last January. Price growth ranged across districts within the city as well as property types.

Airdrie
Sales in January remained in line with levels reported last month and last year, which were well above long-term trends. However, thanks to a boost in new listings, inventory levels improved, and the months of supply remained above two months for the fifth consecutive month. While 2.6 months of supply is below historical trends for Airdrie, it is a significant improvement over the under two months that has persisted since 2021. More supply in the resale and new home markets has taken some of the pressure off home prices. The unadjusted benchmark price in January was $537,300, down over last month but nearly four per cent higher than last year.

Cochrane
Like other areas, Cochrane is seeing improved levels of new listings and inventories in their market. There were 104 new listings in January compared to 71 sales, and inventories pushed up to 156 units. January inventory levels are better than levels reported over the past three years but still fall short of long-term trends for the month. Like Airdrie, it has been the fifth consecutive month with the months of supply above two months, easing the upward pressure on home prices. The unadjusted benchmark price in January was $565,900, down over last month but nearly five per cent higher than last January.

Okotoks
Unlike Cochrane and Airdrie, new listings in Okotoks remained relatively low compared to last year. While the pullback in sales did help support some improvements in inventory levels, the 68 units available in January are still half the levels that were available in January prior to the pandemic. Limited supply has driven much of the price gains in this market since 2021. As of January, the unadjusted benchmark price was $614,900, a slight gain over last month and nearly five per cent higher than last year.

Read the full release here www.creb.com/News/Media_Releases/2025/February/Jan_2025_stats/ and connect with me for more about the real estate market in and around Calgary. Join me on Facebook and Google for the latest in real estate news!