If you’re in the market for a home, you might be wondering whether buying a brand-new construction is the right choice for you. In my 3+ decades as a real estate professional, I’ve worked with many clients who’ve considered new builds, and it’s always a balance of weighing the benefits against the potential drawbacks. Let’s break it down so you can make an informed decision.

The Benefits of Buying a New Construction Home

1. Customization Options One of the biggest draws of new construction is the ability to customize. From floor plans to finishes, many builders offer a variety of options so you can design a home that fits your style and needs perfectly. Want an open-concept kitchen with quartz countertops? No problem. Prefer hardwood floors over carpet? You’ve got it.
2. Modern Design and Technology New homes are designed with today’s lifestyle in mind. Think open floor plans, large windows for natural light, and energy-efficient systems. Smart home technology, like programmable thermostats and built-in security systems, is often standard or available as an upgrade.
3. Lower Maintenance Costs Everything is brand new, from the roof to the appliances, meaning you’re less likely to face costly repairs in the near future. Plus, many builders include warranties, which can give you peace of mind for years to come.
4. Energy Efficiency New builds must adhere to current building codes, which means better insulation, high-efficiency windows, and energy-saving appliances. This can lead to lower utility bills and a smaller environmental footprint.

The Drawbacks of Buying a New Construction Home

1. Higher Initial Costs New construction homes can come with a premium price tag compared to resale homes. While you’re getting a brand-new product, it’s important to budget for potential upgrades and extras that may not be included in the base price.
2. Longer Wait Times Depending on the stage of construction, you may have to wait months—or even over a year—before your home is move-in ready. This can be a challenge if you need to relocate quickly.
3. Lack of Mature Landscaping One thing many new construction neighborhoods lack is mature trees and greenery. Landscaping can take years to grow, and in the meantime, you might feel like you’re living in a construction zone.
4. Location Trade-Offs Many new builds are located on the outskirts of cities, where land is more readily available. While these areas are often growing, they may lack the established amenities and shorter commute times that older neighborhoods offer.

Is a New Construction Home Right for You?

Choosing a new construction home is a highly personal decision. If you value modern design, energy efficiency, and the chance to personalize your space, it could be the perfect fit. On the other hand, if you’re looking for a shorter timeline, a central location, or a home with character, you might prefer a resale property.

If you’re considering a new build, I’d love to help you navigate the process. From understanding builder contracts to choosing the right upgrades, having an experienced real estate agent by your side can make all the difference. Feel free to reach out if you’d like to chat more about your options in today’s real estate market!

Sustainability is more than just a buzzword; it’s a way of life that helps protect our planet for future generations. But let’s be real—it can sometimes feel overwhelming. The good news? Living sustainably doesn’t mean you have to overhaul your entire life overnight. Small, consistent changes can make a big difference. Here’s a casual guide to help you ease into a greener lifestyle, one step at a time.

1. Reduce, Reuse, Recycle (But Mostly Reduce)

We’ve all heard this mantra before, but it’s worth repeating. The most impactful action you can take is to reduce what you consume in the first place. Here’s how:

• Say no to single-use plastics: Carry a reusable water bottle, coffee mug, and shopping bag.
• Shop intentionally: Buy only what you need and look for quality items that will last.
• Declutter responsibly: Donate items you no longer use instead of tossing them in the trash.

2. Go Local

Supporting local businesses and farmers isn’t just good for your community; it’s also better for the environment. Locally produced goods often require less transportation, which means fewer carbon emissions. Visit farmer’s markets, explore local boutiques, and enjoy farm-to-table restaurants when dining out.

3. Conserve Energy at Home

Saving energy doesn’t just lower your utility bills; it’s also a win for the planet. A few easy tweaks include:

• Switch to LED bulbs: They use less energy and last longer.
• Unplug devices: Even when turned off, electronics can use energy if they’re plugged in.
• Adjust your thermostat: Lower it in the winter and raise it in the summer by just a couple of degrees.

4. Green Up Your Diet

You don’t have to go fully vegan to make a difference. Start small with these steps:

• Meatless Mondays: Dedicate one day a week to plant-based meals.
• Buy organic when you can: Look for produce that’s grown without harmful pesticides.
• Avoid food waste: Plan meals, use leftovers, and compost scraps.

5. Embrace Slow Fashion

Fast fashion might be trendy, but it comes at a cost—both environmentally and ethically. Instead, consider:

• Thrifting: Find unique, pre-loved clothing at thrift stores.
• Quality over quantity: Invest in well-made, timeless pieces.
• Clothing swaps: Trade clothes with friends to refresh your wardrobe without buying new items.

6. Green Your Commute

Transportation is a major source of greenhouse gas emissions. Consider:

• Walking or biking: Great for the planet and your health.
• Public transit: A more eco-friendly alternative to driving alone.
• Carpooling: Share rides to cut down on emissions and costs.

Remember, sustainable living is a journey, not a destination. Don’t stress about being perfect; even small changes add up over time. Pick one area of your life to focus on, and build from there. Before you know it, you’ll be living a greener, more intentional life.

What are your favorite tips for sustainable living? Share them in the comments—let’s inspire each other to make a positive impact!

CREB® released the final stats package for 2024, saying the year ended with 1,322 sales in December, a three per cent decline over last year, but nearly 20 per cent higher than long-term trends. Overall sales in 2024 were just shy of last year’s levels, as gains for higher-priced homes offset pullbacks in the lower price ranges caused by supply challenges.

“Population gains over the past several years have supported sales activity that has outperformed long-term trends. In 2024, sales would likely have been higher if there was more supply choice, especially in the lower price ranges,” said Ann-Marie Lurie, Chief Economist at CREB®. “That being said, we did start to see shifts occurring in the market in the second half of the year as supply levels started to improve for higher priced homes.”

As of December, there were 2,989 units available in inventory, still below long-term trends for the month but a significant improvement over the lower levels reported last December and levels reported early this year. Improved rental choice and significant gains in new home activity helped boost new listings in the resale market, driving higher inventories in the year’s second half.

While conditions vary depending on price range and property type, more housing options have helped to take some of the pressure off home prices, which stabilized in the second half of the year following steep gains in the spring. Overall, on an annual basis, total residential benchmark prices improved by over seven per cent.

As we move into 2025, supply will continue to be a dominant theme. However, how they impact prices will ultimately depend on the type of supply being added and how demand holds up in the face of a changing economic climate. On January 21, CREB® will release its forecast report, highlighting the expectations and risks facing the market in the coming year.

Airdrie
Despite some recent pullbacks, sales activity reached 1,951 units in 2024, a gain of over four per cent compared to last year. The gain, in part, was possible thanks to a boost in new listings that helped add some much-needed supply to the Airdrie market. Much of the inventory gain occurred in the later portion of the year, causing the months of supply to push above two months in September and improve throughout the last quarter of the year.

The shift toward more balanced conditions took some pressure off prices over the last quarter of the year. However, on an annual basis, the benchmark price rose by nearly eight per cent, a faster pace than the previous year. Prices rose across all property types, with faster growth occurring for the relatively more affordable higher-density homes.

If there’s one thing we know about Alberta, it’s that our landscape is as diverse as our real estate market. From the towering peaks of the Rockies to the rolling prairies, Alberta offers more than breathtaking views—it’s a land of opportunity. As we gear up for 2025, let’s take a fun dive into the trends and predictions shaking up the real estate scene across the province.

1. The Rise of the “Hybrid Haven”

In 2024, we saw a significant shift toward remote workspaces, and 2025 is doubling down on this trend. Buyers are no longer just looking for a home—they’re seeking a “Hybrid Haven,” a place where they can seamlessly blend work, play, and relaxation. Expect to see a surge in demand for properties with home offices, high-speed internet access, and creative multipurpose spaces. Think “home office meets zen garden meets VR gaming lounge!”

2. Urban Meets Nature: The Green Boom

Sustainability is the buzzword for 2025. Alberta’s urban centers like Calgary and Edmonton are leading the charge in green initiatives. More developers are incorporating eco-friendly designs—solar panels, green roofs, and geothermal heating. Buyers are increasingly conscious of their carbon footprints, and properties that balance modern living with environmental stewardship will be hot commodities.

3. Alberta’s Rental Revolution

The rental market is evolving. With economic growth forecasted for Alberta’s energy sector, the influx of workers will fuel a rental boom. Investors, take note: multi-family units and condos will be a prime opportunity in 2025. Expect to see more co-living spaces designed for young professionals and students seeking affordability without compromising on lifestyle.

4. Tech-Driven Transactions

Virtual showings, drone tours, and AI-driven property matchmaking are no longer just novelties—they’re becoming industry standards. In 2025, buyers and sellers in Alberta will rely heavily on tech for streamlined transactions. The days of paper-heavy contracts are dwindling. Digital signatures, blockchain security, and VR open houses will be the new normal.

5. Calgary’s Luxury Market Boom

Calgary’s luxury market is poised for growth, fueled by international buyers seeking a slice of Alberta’s prime real estate. From penthouse condos downtown to sprawling estates in Springbank, high-end properties will see increased demand, particularly from overseas investors drawn to the stability and beauty of Alberta’s market.

6. The Alberta Advantage Lives On

Despite economic fluctuations, Alberta remains a magnet for newcomers due to its strong job market, lower taxes, and quality of life. Predictions indicate steady population growth in 2025, fueling continued demand for housing across all sectors. Whether you’re a first-time buyer, investor, or looking to upsize, there’s room for everyone in Alberta’s thriving real estate market.

Final Thoughts

As we step into 2025, Alberta’s real estate market promises to be dynamic and diverse, just like its people. Whether you’re looking to buy, sell, or invest, the opportunities are endless. So, buckle up—2025 is shaping up to be an exciting year in Alberta real estate, and as always, I’m here to guide you every step of the way!

What are your thoughts on Alberta’s real estate future? Let’s chat in the comments below!

The holiday season is upon us, and while travel plans may be tempting, there’s something magical about staying cozy at home. Whether you’re solo, with family, or hosting friends, here’s a list of holiday activities to keep the festive spirit alive without stepping outside your front door!

1. DIY Holiday Décor Extravaganza

Who needs store-bought decorations when you can create your own? Gather some pinecones, twinkly lights, and ribbons, then unleash your inner artist. Try making a garland with dried oranges or crafting homemade ornaments. Bonus: it’s a fun way to involve the kids or bond with friends over hot cocoa.

2. Cozy Movie Marathons with a Twist

Take your holiday movie marathon up a notch by turning it into a themed event. Host a “Home Alone” pizza party or a “Harry Potter” hot chocolate bar. Everyone dresses in cozy PJs, blankets everywhere, and don’t forget the popcorn topped with festive sprinkles!

3. Bake-Off: Holiday Edition

Ready, set, bake! Challenge your household to a friendly baking competition. From gingerbread houses to holiday cookies, let everyone showcase their sweet (or savory) skills. For an extra festive touch, add a blind taste test and let the winner enjoy the last slice of pie guilt-free.

4. International Holiday Night

Bring the world to your dining table by cooking dishes from different cultures. Maybe start with a French bûche de Noël, move on to Italian panettone, or try a Swedish smorgasbord. It’s a fun way to learn about global traditions and enjoy delicious food without leaving your home.

5. Indoor Winter Wonderland

Turn your home into a snow-free winter wonderland. Use fairy lights, cotton batting for faux snow, and paper snowflakes. You can even set up a “sledding” course using cardboard boxes and pillows for kids (and the young at heart).

6. Virtual Carol Karaoke

Invite friends and family for a virtual holiday karaoke night. Belt out your favorite carols or modern holiday hits. Add a prize for the best performance or most creative holiday outfit to keep the energy high.

7. DIY Holiday Photo Booth

Create a holiday-themed photo booth with a festive backdrop, props, and a camera (or just your phone!). This is perfect for capturing memories, especially if you plan on sending out digital holiday cards or posting a cheerful update on social media.

8. Sip & Paint Night

Set up a holiday-themed paint night with festive drinks. Whether you’re sipping mulled wine, eggnog, or mocktails, this is a relaxing way to unwind while creating something unique. You could follow a holiday painting tutorial or let your imagination run wild.

9. Giving Back from Home

Make the season brighter for others by organizing a charity event from home. Host a virtual fundraiser, gather donations, or put together care packages for local shelters. Spreading holiday cheer has never been easier—or more meaningful.

Staying home this holiday season doesn’t mean missing out on festive fun. With a little creativity and a lot of cheer, your home can become the ultimate holiday destination. What’s on your at-home holiday activity list this year?

The Calgary Real Estate Board released the latest statistics, saying, 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.

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.

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.

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.

Read the full release here www.creb.com/News/Media_Releases/2024/December/Supply_on_the_rise_but_not_across_all_price_ranges/ 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!

Ah, the holiday season is upon us! There’s nothing quite like the cozy warmth of a decorated home, the smell of fresh-baked cookies, and twinkling lights to get us all in the festive spirit. But getting your home ready can sometimes feel like a task worthy of Santa’s elves. Don’t worry, though—I’ve got you covered with some easy, fun ways to make your home holiday-ready without breaking a sweat!

Step 1: Declutter and Clean (Yes, really!)

Let’s start with the not-so-fun part: decluttering. I know, I know—it’s tempting to skip this step, but trust me, it’s essential. Imagine unboxing your holiday decorations and trying to squeeze them into an already-packed space. Instead, take an hour or two to go through your main living areas, stashing away things that might clutter up your holiday look. You’ll be glad you did when you have space to show off those cute snow globes and that heirloom menorah.

Step 2: Set the Mood with Lighting

One of the quickest ways to transform your home into a winter wonderland is with the right lighting. Grab a few strings of fairy lights or even some LED candles and scatter them throughout your space. These little touches create a cozy, magical vibe—without having to plug in the inflatable reindeer just yet.

For outdoor lighting, go as simple or as extravagant as you like! If you want to avoid Griswold-level electricity bills, try focusing lights around entry points like your front door and porch, or drape them over bushes for a simple but stunning effect.

Step 3: Style Your Entryway

First impressions count, even for your home! Take a few minutes to create a welcoming holiday scene in your entryway. A festive wreath, a small table with some seasonal décor, or even a holiday-scented candle can make a big difference. This doesn’t have to be an expensive makeover—many stores have adorable, budget-friendly holiday decorations to choose from.

Step 4: Add Seasonal Scents

Ever noticed how certain smells just make you think of the holidays? Whether it’s the scent of pine, cinnamon, or gingerbread, adding a bit of holiday aroma can bring out all the cozy feels. Light a scented candle, throw some cinnamon sticks in a pot with water on the stove, or try out an essential oil diffuser.

Step 5: Bring on the Greenery

Add a touch of greenery for an easy win. Whether you go with a real pine wreath, some fresh garland, or even a few sprigs of eucalyptus, a bit of greenery makes any room feel festive and inviting. If you’re not into the maintenance of real plants, plenty of realistic faux options can do the trick too!

Step 6: Prep the Guest Room

If you’re expecting overnight guests, give the guest room a little holiday love! You don’t need to go all-out, but adding a cozy throw, a few holiday pillows, and maybe a mini wreath above the bed can make guests feel extra special. A welcome basket with a few snacks, bottled water, and toiletries can also make them feel right at home.

Step 7: Don’t Forget the Kitchen

The kitchen might just be the heart of the holiday season. After all, this is where the magic (aka cooking and baking) happens! To keep the festive spirit going, consider adding a few simple decorations, like holiday-themed towels, a cute cookie jar, or a seasonal centerpiece for the dining table.

Step 8: Final Touches

Now that your home is looking fabulous, add those last little details that make all the difference. Arrange a few holiday pillows on the couch, drape a cozy throw blanket, and place holiday knick-knacks where they’ll shine. Don’t be afraid to mix and match; the holidays are all about having fun!

There you have it—your guide to holiday home prep that’s light on stress and big on joy. So, grab a cup of hot cocoa, turn on the holiday tunes, and get to decorating. Here’s to a season full of warmth, laughter, and the magic of home! Happy Holidays!

I know many of you have probably already seen my name on many Facebook pages, real estate sites, many national & local news stories as well as Google searches. However, I wanted to share a little bit more about myself and my real estate journey.

When it comes to real estate, I like to keep things simple—because I’m a real person just like you. I have a home, two wonderful daughters, and all the day-to-day responsibilities that come with life. Calgary has been my home for over 35 years, and I take great pride in staying on top of the ever-changing real estate market to offer valuable insights to my clients.

With more than three decades of experience as a full-time real estate agent, I’ve seen it all—the ups, the downs, the booms, and the recessions. This extensive experience has equipped me with a deep understanding of market trends and pricing strategies. As a skilled negotiator, I’m here to make sure you get the best deal possible, whether you’re buying or selling. I take your goals as seriously as my own, ensuring that your interests are protected from start to finish.

Having lived in France, Africa, and now Calgary, I’ve been fortunate to experience and embrace diverse cultures. My life journey has also helped me build a strong connection with Calgary’s African French, French Parisian, and French-Canadian communities. I’m fluent in both French and English, making it easier for me to serve a broader range of clients.

I understand firsthand the stresses and complexities of buying, selling, and moving. I know what it’s like to juggle family life, pets, and house showings. That’s why I provide straightforward, no-nonsense information and guidance. My goal is to help you get top dollar for your home and make the entire process as smooth and stress-free as possible.

Over the years, by treating clients the way I’d like to be treated, I’ve earned the trust of many families across generations. Whether you’re a first-time buyer, a seasoned investor, or selling a family home, my commitment to personalized service and attention to detail remains the same.

I’ve been passionate about real estate since becoming a REALTOR® in 1993. My love for helping people and my dedication to this field shines through in everything I do. Whether you’re ready to make a move or just exploring your options, I’m here to provide a five-star experience. Let’s work together to make your real estate journey memorable and successful.

Give me a call and let’s get started! And visit me on Facebook and Google for the latest in all things real estate.

On October 23rd the Bank of Canada (BoC) cut interest rates to 3.75% and it’s more than just a headline in the financial news. For homebuyers and homeowners alike, a rate cut can significantly impact their financial decisions and the cost of owning a home. But how exactly does it affect you? Let’s break it down.

1. Lower Borrowing Costs for Homebuyers

If you’re in the market to buy a home, a Bank of Canada interest rate cut is generally good news. Here’s why:

• Cheaper Mortgages: A reduction in interest rates often leads to lower mortgage rates, especially for variable-rate mortgages, which move in tandem with the BoC’s benchmark. If the rate cut is substantial enough, you might see a drop in fixed mortgage rates as well. This means that your monthly mortgage payments could be more affordable, making it easier to qualify for a mortgage.
• Increased Buying Power: With lower rates, you may qualify for a larger loan amount, giving you more flexibility in the type of home you can buy. For example, a 1% decrease in interest rates could save you thousands of dollars in interest payments over the life of the loan, which can allow you to consider homes that were previously just out of your budget.
• A More Competitive Market: The downside? More buyers can afford homes when rates drop, which may increase competition, especially in hot markets. This demand could drive home prices higher, potentially offsetting the benefits of a lower interest rate.

2. Impact on Homeowners with Mortgages

For current homeowners, the effects of a Bank of Canada interest rate cut depend largely on the type of mortgage you hold.

• Variable-Rate Mortgage Holders: If you have a variable-rate mortgage, you’re in luck. Your monthly payments could decrease as your mortgage rate drops in line with the BoC’s cut. This can free up extra cash for savings, home improvements, or paying down other debts. Keep an eye on your lender’s rate announcements, as they typically adjust their rates soon after the BoC makes a move.
• Fixed-Rate Mortgage Holders: If you’re locked into a fixed-rate mortgage, you won’t see an immediate impact from the rate cut. However, if your mortgage is up for renewal soon, you could benefit from refinancing at a lower rate. This can reduce your monthly payments or allow you to pay off your mortgage faster by keeping the same payments at a lower interest rate.
• Line of Credit & HELOC: For those with a home equity line of credit (HELOC) or other variable-rate loans, the rate cut can lower the cost of borrowing. Since HELOCs are typically tied to the BoC’s rate, a decrease can result in lower interest payments, making it cheaper to tap into your home equity.

3. The Impact on Housing Prices

One of the more indirect, but critical effects of a Bank of Canada interest rate cut is its impact on housing prices. Lower interest rates often spur demand for housing, as more people are able to afford mortgages. This increased demand can push home prices upward, especially in cities or neighborhoods with limited housing supply.

While this is good news for homeowners looking to sell, it can be a challenge for prospective buyers. In some cases, the price increases may outweigh the savings from lower mortgage rates, particularly in high-demand markets.

4. The Bigger Picture: Inflation and Economic Stability

It’s important to remember that the Bank of Canada cuts interest rates to stimulate the economy. Lower borrowing costs encourage spending and investment, which can lead to economic growth. However, rate cuts can also lead to inflation if too much money enters the economy too quickly.

For homeowners, inflation can be a double-edged sword. On one hand, the value of your home might rise as housing prices inflate. On the other, the cost of living, including everything from groceries to utilities, may also increase, which could put a strain on your budget.

Final Thoughts

Whether you’re a prospective homebuyer or a current homeowner, a Bank of Canada interest rate cut can have significant implications for your financial decisions. Lower borrowing costs can make homeownership more affordable and give you more purchasing power, but rising home prices and inflation may counterbalance these benefits.

Stay informed about mortgage rates, consider your long-term financial goals, and if in doubt, consult a financial advisor or mortgage broker to determine how best to navigate rate cuts in your own home-buying journey.

By understanding how these rate changes work and affect you, you can make more informed decisions and potentially save a significant amount of money. Thinking about making a move? Let’s chat! And don’t forget to visit me on Facebook and Google!

The Canadian government is shaking things up for homebuyers with some major changes to mortgage rules, set to roll out in December 2024. Here’s a rundown of what’s changing and how these updates might impact you if you’re looking to buy, build, or renew your mortgage.

What’s New?

Higher Insured Mortgage Cap
For years, buyers needed to put down at least 20% on homes over $1 million if they wanted mortgage insurance. But starting December, the threshold jumps to $1.5 million. This is a nod to soaring housing prices, especially in cities like Toronto and Vancouver, where even modest homes often exceed that old cap.

30-Year Amortization for First-Time Buyers and New Builds
First-time homebuyers and those purchasing new builds will soon have the option of a 30-year amortization period. This means lower monthly payments, though it does lead to more interest paid over time. It’s designed to help more buyers get into the market without overwhelming monthly mortgage costs.

Easier Lender Switching at Renewal
Perhaps one of the most impactful changes, insured mortgage holders will now be able to switch lenders at renewal without having to undergo a stress test again. This opens up more competition among lenders, which could mean better deals for homeowners.

Why These Changes?

The changes aim to make housing more affordable, particularly for young and first-time buyers. With home prices still high and interest rates creeping up, it’s become harder for Canadians to step into homeownership. By increasing the insured mortgage cap and introducing longer amortization periods, the hope is to make housing more accessible.

What It Means for You

• Lower Monthly Payments: The 30-year amortization could help new buyers lower their monthly payments, making homeownership a bit more manageable. Just keep in mind you’ll pay more in interest over the years.
• More Affordable Down Payments: With the new $1.5 million cap, you may qualify for a mortgage with as little as 5% down on homes that previously required 20% upfront. This change could open doors in pricier markets.
• More Lender Options: The ability to switch lenders without redoing the stress test is huge. It means you could shop around for better rates without worrying about disqualifying under the stress test, making mortgage renewals a little less stressful.

My Take on These Changes

Higher Cap on Insured Mortgages: This is bound to be helpful for homebuyers in high-cost areas, especially in Ontario and BC, who’ve been priced out by the $1 million cap. However, it might also fuel demand and potentially raise prices further. Personally, I’ve never liked the cap—it’s always felt like it unfairly favored certain markets over others due to the disparity in home prices across Canada.

30-Year Amortization: The idea here is that it might encourage builders to produce more homes, giving them a competitive edge by making new builds more affordable for buyers. It’s hard to say if this will work as intended, but any measure that can encourage supply growth is worth a shot. For first-time buyers, though, dropping the stress test entirely would likely have more immediate impact. Just as an example: a $400,000 mortgage with a 4.24% rate over 25 years has monthly payments of $2,156. Stretching that to 30 years reduces it to $1,957—a savings of nearly $200 a month, though you’d pay about $50,000 more in interest overall.

Stress-Test-Free Lender Switching: This is the change I’m most excited about. Allowing homeowners to switch lenders without going through the stress test levels the playing field and increases competition. Before, mortgage renewal offers were often less competitive since lenders knew it was hard for homeowners to shop around. Now, with easier lender switching, you can expect better rates, which should save money for many Canadians as they renew their mortgages in the coming years.

These updates represent some of the biggest changes to Canadian mortgage rules in a while, all aimed at tackling the housing affordability crisis. Whether you’re buying your first home, looking at a new build, or preparing to renew your mortgage, these changes bring more options and flexibility. Keep these new rules on your radar if you’re planning to jump into the market soon or have a mortgage renewal coming up. The full impact will become clearer as the rules take effect, but in the meantime, it’s a step towards making the Canadian dream of homeownership a little more attainable and I’ll be with you on your journey.  Don’t forget to visit me on Facebook and Google!

The October real estate statistics have been released by CREB® saying, sales gains for homes priced above $600,000 offset declines at the lower end of the market, resulting in October sales that were similar to last year. The 2,174 sales in October increased over September and stood 24 per cent above long-term trends for the month.

“Housing demand has stayed relatively strong in our market as we move into the fourth quarter, with October sales rising over last month,” said Ann-Marie Lurie, Chief Economist at CREB®. “However, activity would likely have been stronger if more supply choices existed for lower-priced homes. Supply levels in our market are improving relative to the ultra-low levels experienced last year, but much of the gains have been driven by higher-priced units for each property type. This results in conditions far more balanced in the upper end of the market versus the seller’s market conditions in the lower to mid-price ranges of each property type.”

The gains in new listings relative to sales over the past six months have supported inventory gains in the city. As of October, 4,966 units were available, a significant improvement over the near-record low of 3,205 units reported last October. While inventories are starting to reach levels more consistent with long-term trends, the inventory composition has changed as nearly half of all the residential inventory is now priced above $600,000.

Adjustments in supply are helping move the market away from the tight market conditions experienced in the spring. However, conditions remain relatively tight, with 2.3 months of supply and a 67 per cent sales-to-new listings ratio, and the months of supply does vary significantly by price range and property type. For example, detached homes priced below $700,000 are reporting less than two months of supply, while homes priced over $1,000,000 are reporting over three months of supply. This is likely resulting in different price pressures depending on price range and property type.

Overall, the total residential benchmark price was $592,500 in October, over four per cent higher than last October and on a year-to-date basis, averaging over eight per cent higher than last year’s levels. The unadjusted benchmark prices did ease slightly over last month due to seasonal factors, as seasonally adjusted prices remained relatively stable in October compared to September.

Airdrie

While both sales and new listings improved over the levels reported last October, the monthly pullback in new listings was enough to cause the sales-to-new-listings ratio to rise over last month, reaching 67 per cent. While this slowed the growth in monthly inventory levels, the 365 units in inventory is a significant gain over the exceptionally low levels of 213 reported last year at this time. Following three consecutive years of low inventory levels, recent gains are helping shift the market toward more balanced conditions.

A shift away from the extreme sellers’ market has reduced the pressure on home prices. The unadjusted benchmark price was down over last month in October, but it was still five per cent higher than last October. Some of the monthly decline is related to seasonal factors, as seasonally adjusted data indicates prices remained relatively stable over the past four months.

Sales this month improved over last year, keeping above long-term trends for the town. At the same time, new listings also improved, reporting the highest October total on record. Recent gains in new listings relative to sales have helped support some steady gains in inventory levels. However, with 178 units available in October, inventories are still below long-term trends, keeping the months of supply relatively low at 2.3 months.

While conditions are not as tight as in the spring, the shift is slowing the pace of price growth. The unadjusted benchmark price in October was slightly lower than last month but still six per cent higher than last year’s levels. Overall year-to-date average benchmark prices are over nine per cent higher than last year’s levels.

Sales in October improved over last year’s levels as recent gains in new listings provided choices for many buyers struggling with supply options. While the sales gain relative to new listings prevented further monthly gains in inventory levels, the 103 units available in October significantly improved over the near-record low of 66 units reported last October.

With less than two months of supply, conditions continue to favour the seller. The persistent seller market conditions have driven price growth in this market throughout most of the year. While unadjusted prices did ease slightly over last month in October, levels are still over six per cent higher than last October and over eight per cent higher on a year-to-date basis.

Read the full release here www.creb.com/News/Media_Releases/2024/November/Supply_levels_improving_for_higher-priced_homes/ 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!

As of October 20, 2024, homebuyers in Alberta saw a change in their closing costs due to a new Land Titles Registration Levy introduced in Budget 2024. If you’re in the market to buy a property, this is something you’ll want to be aware of, as it affects the fees associated with land transfers and mortgage registrations.

What Changed?

Previously, Alberta’s land transfer and mortgage registration fees were calculated using a variable system, which included a base fee plus an additional amount based on the property or mortgage value. However, as of October 20, the structure was replaced by a new flat levy: $5.00 for every $5,000 of the property’s or mortgage’s value, plus a $50 flat fee.

Here’s a quick breakdown of the changes:

• Before October 20, 2024:
  • Land transfer fees: $50 + $2.00 per $5,000 of property value.
  • Mortgage registration fees: $50 + $1.50 per $5,000 of mortgage value.
• After October 20, 2024:
  • A flat levy of $5.00 per $5,000 (for both land transfers and mortgage registrations), plus a $50 flat fee.

What Does This Mean for Buyers?

Let’s look at a real-world example: If you’re buying a $750,000 home with a $650,000 mortgage, your previous Land Titles Office fees would have been around $595. Now that the new levy has come into effect, those fees jumped to $1,500 – more than double the old cost! This increase could catch buyers off guard, so it’s important to factor this into your budget.

Want to Know the Exact Fees?

While the above example gives you an idea of the changes, the exact costs will depend on your specific transaction, and your lawyer will be the best person to give you an accurate fee calculation. It’s also important to note that while the cost has increased, Alberta levies still remain the lowest in Canada.

It’s important to stay on top of the ever-changing real estate landscape, now is a good time to get in touch if you have any questions or need assistance with your upcoming home purchase. Let’s make sure you’re prepared for everything that comes with buying a home! Don’t forget to connect with my on Facebook and Google for the latest in real estate news.