Could this possibly be the BEST Real Estate blog in Calgary? Perhaps! Either way, we sure know how to throw a good blog.
The March numbers are in! For the second month in a row, sales activity not only reached a monthly high but also hit new all-time record highs for any given month. Gains occurred across all property types as they all hit new all-time record highs. #buysellinvest #askthecret #thecalgaryrealestateteam #yyc #alberta
Calgary's Monthly Snapshot is hot off the press!! The total residential benchmark price for the city rose by nearly six per cent over January levels and was over 16 per cent higher than levels recorded last February. Much of the growth has been driven by the detached segment of the market which has not seen conditions this tight in over 15 years. In other words, we're still in a sellers market. #thecalgaryrealestateteam #buysellinvest #askthecret #yycrealestate #yyc #alberta
Thanks to persistently strong sales, inventory levels in the city eased to 2,620 units, the lowest levels seen since 2006. This caused the months of supply to remain exceptionally low for this time of year at 1.3 months.
The tight market conditions contributed to further upward pressure on prices. The unadjusted benchmark price in January reached $472,300, a monthly gain of nearly two per cent and a year-over-year gain of 12 per cent. “Expected gains in lending rates are contributing to persistently strong demand in the housing market, as purchasers are eager to get ahead of any increases,” said CREB® Chief Economist Ann-Marie Lurie. “We did see more listings this month, but it did little to change the market balance or take any pressure off prices. This was expected, as these conditions should persist for several more months.”
There were 2,009 sales in January, well below record levels, but over 98 per cent higher than long-term trends. At the same time, 2,476 new listings came onto the market, resulting in a sales-to-new-listings ratio of 81 per cent. This is far higher than levels traditionally recorded in January.
The Bank of Canada today held its target for the overnight rate at the effective lower bound of ¼ %, with the Bank Rate at ½ % and the deposit rate at ¼ %. With overall economic slack now absorbed, the Bank has removed its exceptional forward guidance on its policy interest rate. The Bank is continuing its reinvestment phase, keeping its overall holdings of Government of Canada bonds roughly constant.
The global recovery from the COVID-19 pandemic is strong but uneven. The US economy is growing robustly while growth in some other regions appears more moderate, especially in China due to current weakness in its property sector. Strong global demand for goods combined with supply bottlenecks that hinder production and transportation are pushing up inflation in most regions. As well, oil prices have rebounded to well above pre-pandemic levels following a decline at the onset of the Omicron variant of COVID-19. Financial conditions remain broadly accommodative but have tightened with growing expectations that monetary policy will normalize sooner than was anticipated, and with rising geopolitical tensions. Overall, the Bank projects global GDP growth to moderate from 6¾ % in 2021 to about 3½ % in 2022 and 2023.
In Canada, GDP growth in the second half of 2021 now looks to have been even stronger than expected. The economy entered 2022 with considerable momentum, and a broad set of measures are now indicating that economic slack is absorbed. With strong employment growth, the labour market has tightened significantly. Job vacancies are elevated, hiring intentions are strong, and wage gains are picking up. Elevated housing market activity continues to put upward pressure on house prices.
The Omicron variant is weighing on activity in the first quarter. While its economic impact will depend on how quickly this wave passes, it is expected to be less severe than previous waves. Economic growth is then expected to bounce back and remain robust over the projection horizon, led by consumer spending on services, and supported by strength in exports and business investment. After GDP growth of 4½ % in 2021, the Bank expects Canada’s economy to grow by 4% in 2022 and about 3½ % in 2023.
CPI inflation remains well above the target range and core measures of inflation have edged up since October. Persistent supply constraints are feeding through to a broader range of goods prices and, combined with higher food and energy prices, are expected to keep CPI inflation close to 5% in the first half of 2022. As supply shortages diminish, inflation is expected to decline reasonably quickly to about 3% by the end of this year and then gradually ease towards the target over the projection period. Near-term inflation expectations have moved up, but longer-run expectations remain anchored on the 2% target. The Bank will use its monetary policy tools to ensure that higher near-term inflation expectations do not become embedded in ongoing inflation.
While COVID-19 continues to affect economic activity unevenly across sectors, the Governing Council judges that overall slack in the economy is absorbed, thus satisfying the condition outlined in the Bank’s forward guidance on its policy interest rate. The Governing Council therefore decided to end its extraordinary commitment to hold its policy rate at the effective lower bound. Looking ahead, the Governing Council expects interest rates will need to increase, with the timing and pace of those increases guided by the Bank’s commitment to achieving the 2% inflation target.
The Bank will keep its holdings of Government of Canada bonds on its balance sheet roughly constant at least until it begins to raise the policy interest rate. At that time, the Governing Council will consider exiting the reinvestment phase and reducing the size of its balance sheet by allowing roll-off of maturing Government of Canada bonds.
The next scheduled date for announcing the overnight rate target is March 2, 2022. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the Monetary Policy Report on April 13, 2022.
“The Calgary Real Estate Market is hot and doesn’t look to be cooling anytime soon.’ says Matt Mychajliv, with The Calgary Real Estate Team (TheCalgaryRealEstateTeam.com). With just 3 weeks into the new year, the Calgary Real Estate Market is showing no signs of slowing down. With continued growth, low inventory and interest rates holding steady, house prices continue the upward trend seen during the pandemic. From multiple offers on new listings and many properties selling for more than the asking price, it brings back memories from 2005 when Calgary had record growth and house prices seemed to double overnight
Calgary is seeing record numbers in all categories. From listing inventory and monthly sales to sale prices and absorption rates. If these numbers hold steady, we will outpace a record 2021 which saw sales climb during the beginning of the pandemic.
October was on 🔥. There were 2,186 sales in October, a record high for the month and over 35 per cent higher than longer-term averages. Year-to-date sales are on pace to hit new record highs and are currently 61 per cent higher than average activity recorded over the past five years and 42 per cent higher than 10-year averages. #thecalgaryrealestateteam #buysellinvest #askthecret #yyc #alberta
1. For the 1st time in Calgary! Experience Canada’s award-winning largest outdoor Halloween event! Featuring over 6,000+ hand-carved pumpkins, witness the magic of pumpkins coming to life during this nighttime family-friendly walk-through experience. The lit pumpkin sculptures and displays include everything from classic Halloween characters, dragons and dinosaurs, to movie and pop culture icons, there is something for everyone to enjoy!
Site: Pumpkins After Dark
2. Scream Fest is coming back to haunt Calgary! Experience haunted houses, food trucks, carnival games and creepy entertainment.
Check out these Outdoor Haunted Houses that WILL make you SCREAM!
Site: Scream Fest
3. For those movie lovers out there! The annual CUFF tradition! This Halloween, the Calgary Underground Film Festival returns to Globe Cinema for our annual 12-Hour Horror Movie Marathon. 7 movies from 7pm until 7am the next morning, including a costume contest, and other surprises throughout the night. This year’s event is presented by RISE UP Weekends.
Come for one film, or stay for them all
Costume contest at midnight
Giveaways and surprises throughout the night.
Site: Calgary Underground Film
4. Hockey and Halloween!?!? HDC's 2nd Halloween Howler is a fun 3 on 3 tourney that takes place Halloween weekend! From the customized scary uniforms to the grand candy trophy, this event is sure to become the most popular in all of Calgary!
Site: HDC's Hockey Halloween Howler
5. Dash of Doom Halloween Run 2021. Run Calgary invites you to be a part of Calgary's only Halloween Night Race. This is a family-friendly and pet-friendly event and a beloved Halloween tradition for families. Dogs and Strollers are Encouraged to Take Part! Fundraising is in support of AARCS.
Site: Dash of Doom Halloween Run
6. Calling all Goblins and Ghouls!
Come join everyone for a SPOOKtacular time at the YouthLink Calgary Police Interpretive Centre on October 30! We’re hosting a monster mash Halloween Party that’ll be fang-tastic for the whole family.
🎃 Gross out stations
🎃 Solve the mystery of the floor board mummy
🎃 Costume Contest
🎃 FREE CANDY
Site: Youthlink Calgary
7. Halloween fun at the Willy Wonka Cocktail Party. What a great way to spend the evening – IN A CHOCOLATE FACTORY! Featuring TEN Degrees in house Chef Jonathon Mang. Chef Mang is a SAIT Professional Cooking Honours Alumni and graduate. He is also pursuing his diploma in Baking and Pastry Arts. Jonathon won 1st place in a WestJet dessert creation competition as well as received a Culinary Award of Excellence in high school.
CHEF’S MENU
Appetizers
- TEN Degrees sausage rolls with TEN Degrees Aztec chocolate sauce & cherry tomato jam
- Pickled heirloom carrot salad rolls with cashew caesar dressing
- Golden egg nest in asparagus soup
- Pairing: Pink Fizzy Lifting Drink
3 Course Dinner Gum
- Tomato gazpacho with garlic focaccia
- Savoury pancakes with shredded short rib and fresh horseradish cream
- Mascarpone whipped mini baked potato with prosciutto crumble
Desserts
- Blueberry Cheescake
- Pairing: "The Blue Berry Cocktail"
- TEN Degrees Ecuador 65% Chocolate mousse
- Fizzy lifting macaron
- Pairing: Tiramisu Chocolate River Martini
