We had an absolutely crazy month in March registering a whopping 23 sales, 10 of which sold at or above list price!  This has been the busiest sales month since last July and the second busiest month since the beginning of 2019.

The Days On Market (DOM) numbers tracked slightly higher than February but this was influenced largely by a couple of listings that took over 130 days to sell.  The DOM came in at 33.9 for the entire sales group up from an unsustainable 18.8 last month, detached single family homes fared the best at 29.7 and apartment condominiums came in higher at 62.3 days.

The inventory level stayed flat just 24 currently active listings which based on the rolling 6-month sales average translates into just 1.7 Months Of Inventory (MOI), the same number we saw in February. The demand continues to outweigh the supply in Lake Bonavista and the conditions remain firmly entrenched in a strong seller’s market.

Looking at the overall Calgary market things are bustling to say the least with 2,903 completed sales marking the busiest March since 2007. Inventory levels pushed just above 5,400 total listings but the citywide MOI fell below 2 months marking the lowest months of supply since 2014 which has led to price gains in many categories.

As has been the case for the past few months, if you are currently searching for a home make sure you are working with a Realtor who can get your through properties as soon as they come on the market and prepare to encounter a competitive marketplace.  If you are thinking of selling, this is an excellent time to list your home and take advantage of the lower inventory and continued strong demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakebonavista.net

We had another busy month in March registering 13 sales and the detached single-family category once again led the charge with 9 transactions, 4 of which sold above list price.  This has been the busiest sales month over the past year and has pushed conditions even further into seller’s market territory.

The Days On Market (DOM) numbers were much lower this month with all but 3 sales firming up in under 21 days and 5 sales finalizing in less than 10 days.  The DOM came in at just 16.2 for the entire sales group, which is extremely low, detached single family homes fared the best at only 9.4 days followed by the lone semi-detached sale that spent 7 days on the market and the rowhouse category trended higher at 39.3 days.

The inventory level actually decreased with just 18 currently active listings which based on the rolling 6-month sales average translates into just 2.0 Months Of Inventory (MOI), down notably from 2.8 months in February.  As mentioned above, the community is firmly entrenched in a strong seller’s market.

Looking at the overall Calgary market things are bustling to say the least with 2,903 completed sales marking the busiest March since 2007. Inventory levels pushed just above 5,400 total listings but the citywide MOI fell below 2 months marking the lowest months of supply since 2014 which has led to price gains in many categories.

As has been the case for the past few months, if you are currently searching for a home make sure you are working with a Realtor who can get your through properties as soon as they come on the market and prepare to encounter a competitive marketplace.  If you are thinking of selling, this is an excellent time to list your home and take advantage of the lower inventory and continued strong demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakeview.net

The strong seller’s market conditions continued as we had 11 sales in the community in February, 4 of which sold over list price!  All of the sales were single family homes as the detached category continues to lead the charge in 2021.

The Days On Market (DOM) numbers were once again very positive as 6 of the 11 properties sold in less than 21 days, the average actual DOM for the detached category was 36.5 days.

The inventory level remains low with 23 currently active listings which based on the rolling 6-month sales average translates into 2.8 Month Of Inventory (MOI) and that once again remains entrenched in seller’s market territory.

Looking at the overall Calgary numbers it was more of the same as 1,836 sales were registered which was up a staggering 54.3% year over year, inventory was down 20.4% at 4,518 and the MOI for all categories was down 48.4% to 2.4 months.

Once again, if you are currently searching for a home make sure you are working with a Realtor who can get your through properties as soon as they come on the market and prepare to encounter a competitive marketplace.  If you are thinking of selling, this is an excellent time to list your home and take advantage of the lower inventory and continued strong demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakeview.net

The strong seller’s market conditions continued as we had 11 sales in the community in February, 7 of which sold over list price!  10 sales were detached single family homes and the remaining transaction was an apartment condominium in the Gateway South Centre complex.

The Days On Market (DOM) numbers were once again very positive as only 3 of the 11 sales spent more than 14 days on the market; the average actual DOM for the detached category was just 18.6 days and the lone condo sale firmed up in only 21 days.

The inventory level remains low with 23 currently active listings which based on the rolling 6-month sales average translates into 1.7 Month Of Inventory (MOI) and that once again remains firmly entrenched in seller’s market territory.

Looking at the overall Calgary numbers it was more of the same as 1,836 sales were registered which was up a staggering 54.3% year over year, inventory was down 20.4% at 4,518 and the MOI for all categories was down 48.4% to 2.4 months.

Once again, if you are currently searching for a home make sure you are working with a Realtor who can get your through properties as soon as they come on the market and prepare to encounter a competitive marketplace.  If you are thinking of selling, this is an excellent time to list your home and take advantage of the lower inventory and continued strong demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakebonavista.net

If you haven’t been paying close attention to real estate or watching the 6 o’clock news lately you may not have seen the latest headlines or know about all the activity and commotion that is currently taking place in the Calgary real estate market.

We have gone from the absolute doldrums of the initial lockdown a little less than a year ago to an incredibly hot seller’s market where multiple offers, sales over list price and line-ups to view properties have returned with a vengeance.

The numbers from last month are in and they reached some rather lofty heights with 1,841 total sales representing a dramatic 58% increase year over year and marking the busiest February since the peak of the market in 2014.

The initial sales momentum originated in the affordable detached single family home category and it is still the busiest segment of the market however the activity has started to spill over into other categories, except for apartment condominiums that are still dealing with inflated inventory and continued downward pressure on pricing.

The very valid question that begs to be answered now is “How is this happening?” We are in the midst of record-breaking levels of government debt, ultra-high rates of unemployment and an unprecedented number of business closures and bankruptcies…how are we setting real estate sales records at the same time!?

There is not a single smoking gun culprit that produced the conditions we are experiencing right now, rather, it is a combination of factors that have created a ‘perfect seller’s market storm’ of sorts. This is certainly not an exhaustive list given how many variables play into any given market, however it covers the primary drivers we have researched and experienced first-hand that have led us to where we are today.

Interest Rates

This is one of the more obvious sources of momentum behind the increase in sales activity and demand, banks and lenders are offering historically low mortgage interest rates which makes home ownership more attainable. Buyers who are taking advantage of sub 2% rates are able to obtain the homes they want at a far more affordable monthly rate.

Inventory

This is a simple case of supply and demand. Inventory levels are lower due to several factors including scaled down home starts and new build activity in 2020, buyers who do not want to have their homes listed during a pandemic and the traditional seasonal trend that generally sees lower inventory levels December through February before the flood of spring listings arrive.

Buyer Confidence

Although we are not out of the woods yet in regard to COVID, the light at the end of the tunnel is closer than ever with vaccines finally rolling out and the goal of some sort of normality presumably just around the corner. Additionally, as surmised by the most recent CREB market update “…some of the worst fears concerning the energy sector are easing with recent gains in energy prices.” 

Space at Home

This is a unique underlaying trend that has contributed to the scenario as many individuals, couples and families simply need more space! With a drastic increase in working and schooling at home it has become glaringly apparent that the dining room table alone is not big enough to accommodate numerous workspaces and simultaneous Zoom calls. In addition, previously designated recreation spaces have also been squeezed with more bodies at home for longer periods of time. 

COVID Cash

Finally, one of the most intriguing side effects of the pandemic lockdown has been the record level of household savings in 2020 as most stayed home and tightened the purse strings. Canadians are currently sitting on the largest cash hoard in recorded history, forecasted by BMO’s chief economist to be close to $200 billion when the final numbers are calculated for the fourth quarter. Statistics Canada indicates household savings rates peaked at almost 28% in the second quarter of last year up from just under 4% pre-pandemic. Simply put, a greater number of buyers were able to save enough for a down payment in 2020 and are now purchasing homes.

Now that you know why we are here…what is the best strategy moving forward? The answer to that question depends on whether you are looking to sell or buy.

If you are thinking of listing your home this year, getting it on the market in the short term is definitely something to consider to take advantage of the current market. The red-hot conditions were unexpected to say the least, there were signs that the market was gaining momentum heading into 2021 but you would be hard-pressed to find anyone in the industry who forecast the current level of activity. Predicting how long this scenario will last falls along the same lines, the expectation is that inventory will eventually catch up to the demand but it almost impossible to predict when that will occur.

On the buying side of the coin, be prepared to be very active and very competitive as you are look for a new home, when quality properties hit the MLS they sell extremely fast so you need to ensure you get in to see listings as quickly as possible. Although this can be stressful, actively searching is likely still in your best interest as we have seen notable price increases recently which means the homes you are browsing through today may very well be priced higher in the weeks and months to come.

As always, we are here to answer all your real estate questions so don’t hesitate to reach out to us with any queries you have.  Our goal is to ensure you have all the resources and advice you need to help you make your best and most informed real estate decisions in 2021.

- Geoffrey, Shirine, Trista, Ryley & Sara

The seller’s market conditions that have recently taken over the detached single-family category continued to gain momentum last month with 8 completed sales - almost double than what we saw at the same time last year!

Detached homes accounted for the majority of the sales with 7 to go along with 1 row house condominium transaction, the ‘actual’ average Days On Market (DOM) numbers came in at 52.3 for SFH detached homes although this was skewed higher by one property that spent 201 days on the market, and the lone row house sale took 28 days to firm up.

There are currently only 19 active listings across all property groups in the community and the seller’s market conditions continue in Lakeview with 2.6 months of available inventory.

Switching to the overall Calgary numbers, the story was much the same with 1,208 completed sales last month which once again marked an increase of just over 40% year over year.

If you are currently searching for a home make sure you are working with a Realtor who can get your through homes almost as soon as they come on the market and prepare to encounter a very competitive marketplace.  If you are thinking of selling in 2021 this is an excellent time to list your home and take advantage of the limited inventory and strong buyer demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakeview.net

The crazy seller’s market conditions that have recently taken over the detached single family category continued to gain momentum last month with 14 completed sales - double what we saw at the same time last year!

Detached homes accounted for the majority of the sales with 10 to go along with 4 apartment condominium transactions, the ‘actual’ average Days On Market (DOM) numbers came in at 65.2 for SFH detached homes and a much higher 108.5 for the apartment group.

There are currently only 20 active listings across all property groups in the community which has pushed Lake Bonavista further into seller’s market conditions with just 1.5 months of available inventory.

Switching to the overall Calgary numbers, the story was much the same with 1,208 completed sales last month which once again marked an increase of just over 40% year over year.

If you are currently searching for a home make sure you are working with a Realtor who can get your through homes almost as soon as they come on the market and prepare to encounter a very competitive marketplace.  If you are thinking of selling in 2021 this is an excellent time to list your home and take advantage of the limited inventory and strong buyer demand.

Don’t hesitate to reach out to us for a free comprehensive market evaluation on your property or to set up a professional property search.

We look forward to hearing from you!

www.mylakebonavista.net

The sales numbers were down slightly from the flurry of activity we saw leading into the end of the year but this was due in large part to a relative lack of available inventory rather than a slowdown in the market or a decrease in buyer demand.  This shortage of properties remains at the forefront of the discussion as there are currently just 23 active listings across all categories which has pushed Lake Bonavista further into seller’s market conditions with only 1.5 months of available inventory.

The affordable single family home category has been the hardest hit as far as shortages are concerned and Lake Bonavista is no exception with just 6 detached homes under $600,000 currently on the market. This has created some very tight and competitive conditions in this range as buyer demand remains very strong due to a number of factors, most notably the historically low sub 2% interest rates being offered right now.

The luxury market in the community also mimics the conditions we see in many other areas as there is greater supply and overall a lower level of buyer demand compared to the more affordable range.

Looking a bit closer at the community numbers we saw the ‘actual’ average Days On Market (DOM) increase dramatically however this was due mostly to one luxury home that spent over 600 days on the market.  The overall DOM increased from just 13.8 days to 104.4 days in December; the detached home category came in at 134.8 days while apartment condominiums took an average of 58.7 days to sell.

Switching to the overall Calgary market, the story was much the same with 1,199 completed sales last month which is an incredible 40.1% higher year over year and marks the busiest December since 2007.

Given the state of the market at the moment this is an excellent time to list your home, if you are thinking of selling in 2021 don’t hesitate to reach out to us for a free comprehensive market evaluation on your property.

We look forward to hearing from you!

www.mylakebonavista.net

Welcome to My Lakeview!

So why a community and real estate website?  Good question.

The answer is simple...because there wasn't one!  The goal of My Rpyal Oak is to be the primary source for all community and real estate news and information for the neighbourhood.

This online community hub is brought to you by the Gordon Group at CIR Realty, we feel the best way to serve our clients and prospective clients is to provide value and relevant content and resources so this is just another step in that direction.

if you have a community event to promote, a great neighbourhood photo to pass along or if you have any questions about the community real estate market, whether you are looking to buy or sell in the community just let us know!  We are easy to reach using the contact tab on the right of the page, the Message Us form at the bottom of the page or through our My Lakeview Facebook Page...we'd love to hear from you!

The sales numbers were down from the flurry of activity we saw leading into the end of the year but this was due to a relative lack of affordable available inventory rather than a slowdown in the market or a decrease in buyer demand.  This shortage of properties remains at the forefront of the discussion as there are currently just 16 active listings across all categories which means Lakeview still falls into seller’s market conditions with 2.2 months of available inventory.

The affordable single family home category has been the hardest hit as far as shortages are concerned and Lakeview is no exception with just 2 detached homes under $650,000 currently on the market. This has created some very tight and competitive conditions in this range as buyer demand remains very strong due to a number of factors, most notably the historically low sub 2% interest rates being offered right now.

The luxury market in Lakeview also mimics the conditions we see in many other areas as there is greater supply and overall a lower level of buyer demand compared to the more affordable range.

Looking a bit closer at the community numbers we saw the overall ‘actual’ average Days On Market (DOM) drop from 45 to just over 32 days with the totals for the individual properties ranging from 12 days on the bottom end to 49 days on the high end of the spectrum.

Switching to the overall Calgary market the story was much the same with 1,199 completed sales last month which is an incredible 40.1% higher year over year and marks the busiest December since 2007.

Given the state of the market at the moment this is an excellent time to list your home, if you are thinking of selling in 2021 don’t hesitate to reach out to us for a free comprehensive market evaluation on your property.

We look forward to hearing from you!

www.mylakeview.net

We had another solid month of sales in the community with 9 completed transactions, which continues a rather consistent streak of activity and marks the 4^th time in the past 6 months that 9 sales have been registered.

The biggest difference this month is the level of inventory that continues to plummet and is currently sitting at 16 active listings across all categories which has pushed the community further into seller’s market territory with just under 2 months of available inventory.

A portion of this reduction is seasonal as traditionally many sellers take their properties off the market over the holidays and then re-list in January, however this year we have a higher number of withdrawals and terminations as well a number of potential sellers who have chosen not to enter the market at all given the pandemic and the current restrictions in place.  This has created some very tight conditions and represents a full 180-degree turnaround from what the market was doing during the first wave of COVID this past spring.

Looking closer at the activity, all of the sales were in the detached single family home category and we saw the actual average Days On Market (DOM) drop precipitously from 114.8 days to just 45.0 days due in large part to the fact that 5 of the 9 sales firmed up in 17 days or less.

Switching to the overall Calgary market we saw stronger activity continue with 1,437 sales which was 25% higher year-over-year and again marked the highest level of November activity since the peak in 2014.  Many communities and categories are still experiencing inventory shortages and Lakeview is no exception as mentioned above, these conditions have made this an excellent time to get your property and information organized for a post-holiday launch if you are looking to list and sell your home in early 2021.

We are still in the midst of the new COVID restrictions however showings are still taking place and instead of visiting with friends and family over the break, individuals looking for a new home appear to be spending far more time on their searches and viewing properties.

This entire year has been anything but normal and we are always here to provide you with the information you need, so please don’t hesitate to reach out to us with any real estate questions you may have.

We look forward to hearing from you.

www.mylakeview.net

We saw the sales activity drop dramatically in Lake Bonavista last month as there were just 5 completed transactions falling well short of the 6-month rolling average of 18.3 sales heading into the month.

Despite the limited activity, the level of inventory is still the biggest part of the story in the community with 31 properties currently listed across all categories, that works out to just 1.8 month of available inventory and marks the continuation of the seller’s market conditions that have been in play over the past few months.

A portion of this reduction is seasonal as traditionally a good number of sellers take their properties off the market over the holidays and then re-list in January, however this year we have a higher number of withdrawals and terminations as well as many sellers who have chosen not to enter the market at all given the pandemic and the current restrictions in place.  This has created some very tight conditions and represents a full 180-degree turnaround from what the market was doing during the first wave of COVID this past spring.

Looking a bit closer at the numbers we saw the actual average Days On Market (DOM) drop substantially from 31.7 days to 13.8 days however much of this can be attributed to the fluctuation we tend to see when dealing with such a small group of sales.  The DOM for detached homes was just 6 days as both homes sold immediately and the apartment category was higher but still very healthy coming in at 19 days.

Switching to the overall Calgary market we saw stronger activity continue with 1,437 completed transactions which was 25% higher year-over-year and again marked the highest November sales total since the peak in 2014.  Many communities and categories are still experiencing inventory shortages and Lake Bonavista is no exception as mentioned above, these conditions have made this an excellent time to get your property and information organized for a post-holiday launch if you are looking to list and sell your home in early 2021.

We are still in the midst of the new COVID restrictions however showings are still taking place and instead of visiting with friends and family over the break, individuals looking for a new home appear to be spending far more time on their searches and viewing properties.

This entire year has been anything but normal and we are always here to provide you with the information you need, so please don’t hesitate to reach out to us with any real estate questions you may have.

We look forward to hearing from you.

www.mylakebonavista.net

We had yet another busy month in October with 21 sales, marking the fourth time in the past 6 months with 20 or more completed transactions.  This past month’s total is also a dramatic 83% improvement over the 12 sales in Lake Bonavista in October 2019.

The relatively low number of active listings in the community continues to be the big headline here as there is currently less than 2 months of available inventory on the market which puts things firmly into seller’s market territory.

The overall actual Days On Market (DOM) numbers dropped from 51.4 days to 31.7 days, of note we did exclude one listing from the statistical summary that spent just under a full year on the market as it skewed the numbers higher and is not indicative of the current market conditions.  The DOM for detached single family homes was 29.8 days while the DOM for the apartment condominium category came in at 42.0 days, it is again worth noting that 8 of the 21 sales were completed in 16 days or less.

The current number of active listings remained static at 36 which is still relatively low for the community, this is in step with seasonal trends as we enter the colder months however it has been further dampened by the rise in COVID cases as some sellers are simply not comfortable having their homes on the market at this time.  The current Months Of Inventory (MOI) continues to fall further into a seller’s market, coming in at just 1.9 months based on the rolling sales average from the past half year.

Switching to the overall Calgary statistics we saw a continuation of the recent trend from the past few months with very healthy numbers as there were 1,764 sales which was 23% higher year-over-year and marked the strongest October total since the peak of the market back in 2014.  Many communities in Calgary are experiencing relative inventory shortages right now and Lake Bonavista is no exception with just under 2 months of available inventory as noted, there is still healthy buyer demand out there so if you are looking to sell your property now may be a good time to consider it.

The recent drastic rise in COVID cases in the city and the province has definitely affected the real estate market but not in the same way we saw things play out this spring when everything was shut down as we continue to see higher than normal showing activity and the increased sales numbers to go along with it.

As always, we’re here as a trusted professional resource and are more than happy to assist you with your real estate needs whether you are selling or buying and to answer any questions you may have, so please don’t hesitate to reach out to us.

We look forward to hearing from you soon.

www.mylakebonavista.net

October marked another strong month of sales in the community with 9 completed transactions, once again matching the September and June numbers as the highest monthly totals to-date in 2020 and 1 higher than the 8 sales registered last October.

The activity was again concentrated in the detached single-family home category as it usually is in the community with 8 sales and the other transaction was a row house condominium in Lakeview Green I.  The overall actual Days On Market (DOM) numbers increased again to a lofty 114.8 days for the month which was skewed higher by 4 sold  listings that spent over 140 days on the market; the DOM for detached single-family homes was 121.4 days while the DOM for the lone row house sale was 62.0 days.

The number of active listings remained static at 28, this is in step with seasonal trends as we enter the colder months however it has been further dampened by the rise in COVID cases as some sellers are simply not comfortable having their homes on the market at this time.  The Months Of Inventory (MOI) did improve slightly from 4.4 months to 3.8 months currently based on the rolling sales average from the past half year.

Switching to the overall Calgary statistics we saw a continuation of the recent trend from the past few months with very healthy numbers as there were 1,764 sales which was 23% higher year-over-year and marked the strongest October total since the peak of the market back in 2014.  Many communities in Calgary are experiencing relative inventory shortages right now however Lakeview is not among them as the conditions are rather balanced if not just slightly favouring buyers considering the amount of available inventory currently listed.

The recent drastic rise in COVID cases in the city and the province has definitely affected the real estate market but not in the same way we saw things play out this spring when everything was shut down as we continue to see higher than normal showing activity and the increased sales numbers to go along with it.

As always, we’re here as a trusted professional resource and are more than happy to assist you with your real estate needs whether you are selling or buying and to answer any questions you may have, so please don’t hesitate to reach out to us.

We look forward to hearing from you soon.

www.mylakeview.net

We saw another solid month of sales activity in Lakeview last month with 9 completed transactions matching June’s numbers as the highest monthly total to-date in 2020 and just 1 shy of the 10 sales registered in September of 2019.

The activity was concentrated in the detached single-family home category with 7 sales, the final 2 transactions were rowhouse condominiums in the Lakeview Green I & II complexes.  The overall actual Days On Market (DOM) numbers increased with a number of lingering properties selling that pushed the averages higher, the DOM for detached single-family homes was 104.0 days up from 70.6 last month while the DOM for the 2 rowhouse properties came in at 46.5 days.

The current number of active listings once again remained almost static at 28 as did the Months of Inventory (MOI) that came in at 4.4 months compared to 4.2 months in August, based on the rolling sales average from the past half year. A factor to keep in mind with the rolling average is that we have passed what is traditionally the busiest part of the year as far as sales are concerned so the current MOI will likely climb moving forward.

Switching to the overall Calgary market we saw a continuation of the same recent trend with very healthy post-COVID lockdown resiliency as there were 1,702 sales last month which was almost 25% higher year-over-year and marked the strongest September total since 2014.

The real estate recovery after the COVID lockdown is still at very different stages depending on the price range and property type, however overall it has been faster and stretched out longer than expected.  This activity is being fuelled by many factors including historically low interest rates, a dramatic increase in personal savings by individuals not negatively affected by the pandemic and a relative lack of inventory in many categories.

The outlook moving forward is quite difficult to determine at this point and forecasts from pundits and experts are truly all over the map.  Only time will tell what the full ramifications of COVID will be, if a second wave leads to further shutdowns that will affect the market and if these higher sales numbers are the tail end of the pent-up demand or if this is the beginning of some longer term improvement.

As always, we’re here as a professional resource for all our clients and contacts and are more than happy to answer any real estate questions so please don’t hesitate to reach out to us.

We look forward to hearing from you soon.

www.mylakeview.net

September was yet another busy month in the community with 20 sales, marking the third time in the past 6 months with 20 or more completed transactions.  This past month’s total also outpaced the September sales numbers over the past 2 years, eclipsing the 15 transactions in 2019 and the 9 registered in 2018.

The activity was overwhelmingly concentrated in the detached single-family home category with 19 sales, the final transaction was an apartment condominium in the Bonavista Estates II complex.  The overall actual Days On Market (DOM) numbers dropped rather dramatically from 66.1 days to 51.4 days, the DOM for detached single family homes was 50.5 days while the DOM for the lone apartment condominium property was 68.0 days.  The DOM numbers spanned quite a wide range with several lingering properties selling that pushed the averages higher and it is worth noting that 7 of the 19 sales were completed in 10 days or less.

The current number of active listings dipped to 36 from 50 which is to be expected as we enter into the latter portion of 2020 and the Months Of Inventory (MOI) also dropped from 3.5 months to just 2.2 months based on the rolling sales average from the past half year.  The factor to keep in mind with the rolling average is that we have passed what is traditionally the busiest part of the year as far as sales are concerned so the current MOI will likely climb moving forward.

Switching to the overall Calgary market we saw a continuation of the same recent trend with very healthy post-COVID lockdown resiliency as there were 1,702 sales last month which was almost 25% higher year-over-year and marked the strongest September total since 2014.

The real estate recovery after the COVID lockdown is still at very different stages depending on the price range and property type, however overall it has been faster and stretched out longer than expected.  This activity is being fuelled by many factors including historically low interest rates, a dramatic increase in personal savings by individuals not negatively affected by the pandemic and a relative lack of inventory in many categories.

The outlook moving forward is quite difficult to determine at this point and forecasts from pundits and experts are truly all over the map.  Only time will tell what the full ramifications of COVID will be, if a second wave leads to further shutdowns that will affect the market and if these higher sales numbers are the tail end of the pent-up demand or if this is the beginning of some longer term improvement.

As always, we’re here as a professional resource for all our clients and contacts and are more than happy to answer any real estate questions so please don’t hesitate to reach out to us.

We look forward to hearing from you soon.

www.mylakebonavista.net

We saw a decent amount of activity in the community last month with 5 completed transactions although lower than the few months and also slightly below the same period last year.

Of the 5 sales, 4 were detached single family homes once again spanning a large price range from $535K on the low end to $3.05M on the high end and the remaining sale was a residential semi-detached/duplex home that sold for $351K.  The overall actual Days On Market (DOM) numbers dropped noticeably to 70.6 days from 99 in July, this number has fluctuated a fair bit over the past few months which is prone to happen with smaller sales groups.  The DOM for detached single family homes was 82.3 days while the DOM for the single duplex sale was just 24 days.

The current number of active listings remained identical to last month at 26 and the months of available inventory followed suit nudging up ever so slightly to 4.2 months based on the rolling sales average from the past half year.

Switching to the overall Calgary market we continued to see post-COVID lockdown resiliency with 1,573 total sales down just 7 transactions from August 2019 which is quite positive considering the challenges 2020 has presented.

Looking forward, it will be very interesting to see what the Fall and Winter markets look like after the remainder of the pent up COVID-shutdown demand subsides and the longer-term effects and trends begin to emerge.  Speaking to this, the Financial Post published an article recently regarding mortgage payment deferrals indicating banks believe there is not be a looming ‘Deferral Cliff’, contrary to what other media reports have suggested.

“We’re not looking at seeing a big spike in foreclosures,” Bolger (RBC CFO Ryan Bolger) said at the Barclays conference. “We expect that these mortgages, as they come off the deferral programs, to remain the homes of our clients.”

This echoes sentiments we have had about the deferral period with Canadians’ historically steadfast commitment to hold on to their homes at all costs.  Hopefully, this is the case as a large spike in defaults and foreclosures is never a good thing, for the real estate market, the overall economy or the individual homeowners themselves.

We are always here for all our clients and contacts and are more than happy to answer any real estate questions so please do not hesitate to reach out to us with any questions you may have.

We look forward to hearing from you soon.

www.mylakeview.net

We had another solid month of sales in August with 13 completed transactions despite the fact the activity was well below July’s stellar numbers (25) and also lower than the same period last year (22).

Of the 13 completed sales, 10 were single family homes spanning a smaller price range between $505K-$815K and 3 were apartment condominiums, 2 in Bonavista Estates and one from Gateway Southcentre.  The overall actual Days On Market (DOM) numbers dropped marginally from 70.8 to 66.1 days, the DOM for detached single family homes was 62.3 days while the DOM for the condominium apartment category was again higher at 78.7 days.

The current number of active listings remained virtually the same with 50 properties available on the MLS and the months of available inventory also remained static at 3.5 months, based on the rolling sales average from the past half year.

Switching to the overall Calgary market we continued to see post-COVID lockdown resiliency with 1,573 total sales down just 7 transactions from August 2019 which is quite positive considering the challenges 2020 has presented.

Looking forward, it will be very interesting to see what the Fall and Winter markets look like after the remainder of the pent up COVID-shutdown demand subsides and the longer-term effects and trends begin to emerge.  Speaking to this, the Financial Post published an article recently regarding mortgage payment deferrals indicating banks believe there is not be a looming ‘Deferral Cliff’, contrary to what other media reports have suggested.

“We’re not looking at seeing a big spike in foreclosures,” Bolger (RBC CFO Ryan Bolger) said at the Barclays conference. “We expect that these mortgages, as they come off the deferral programs, to remain the homes of our clients.”

This echoes sentiments we have had about the deferral period with Canadians' historically steadfast commitment to hold on to their homes at all costs.  Hopefully, this is the case as a large spike in defaults and foreclosures is never a good thing, for the real estate market, the overall economy or the individual homeowners themselves.

We are always here for all our clients and contacts and are more than happy to answer any real estate questions so please do not hesitate to reach out to us with any questions you may have.

We look forward to hearing from you soon.

www.mylakebonavista.net

We had another solid month in July with 8 completed transactions tying the March total for the second busiest calendar month this year as far the number of sales are concerned.  The positive activity in the community followed in the footsteps of the Canada-wide numbers that saw the highest number of monthly sales completed since record keeping first began over 40 years ago!

That is definitely some pent-up demand.

Of the 9 sales, 6 were detached single family homes spanning a huge price range from $515K on the low end to $2.42M on the high end, while the remaining 2 transactions were row house condominiums in the Lakeview Green complexes.  The overall actual Days On Market (DOM) numbers increased noticeably up to 99 days from just over 70 in June, this number was pushed higher by 4 sales that spent well over 100 days on the MLS before selling.  The DOM for detached single family homes was 94.2 days while the DOM for the row house condominium category was much higher 113.5 days.

The current number of active listings remained virtually the same at 26 compared to 24 available properties at the same time last month.  The months of available inventory followed suit and remained exactly the same as June at 4.1 months based on the rolling sales average from the past half year.

Switching to the overall Calgary market we also continued to see improvement as the total number of sales jumped to 1,828 up from 1,747 in June marking the third month of solid gains.

Looking forward, it will be very interesting to see what the post-CERB/mortgage deferral market brings and whether the demand starts to wane or if the stronger numbers continue.  As always, we will continue to monitor the market and keep you updated.

We are always here for you and all our clients and contacts and are more than happy to answer all of your real estate questions and concerns so please do not hesitate to reach out to us with any questions you may have.

We look forward to hearing from you soon.

www.mylakeview.net

The positive momentum we saw in June continued in July as we had 25 completed sales marking the busiest sales month in Lake Bonavista over the past 2 years.  The heightened activity in the community fell in line with the Canada-wide numbers that saw the highest number of monthly sales completed since record keeping first began over 40 years ago!

That is definitely some pent-up demand.

Of the 25 sales, 20 were detached single family homes ranging from $458K to $1.138M and the remaining 5 transactions were apartment condominiums in the Bonavista Estates I & II buildings, spanning from $237K on the low end of the spectrum to $332K on the high end.  The overall actual Days On Market (DOM) numbers were almost identical to last month dropping just a fraction to 70.8 days from 70.9 in June.  The DOM for detached single family homes was 59.7 days while the DOM for the condominium apartment category was a much higher 115.2 days.

The current number of active listings also took a slight dip falling to 48 which is the exact same number as the same time last year.  The months of available inventory saw the biggest drop coming in at 3.5 months, down almost 30% from 4.9 last month based on the rolling sales average from the past half year.

Switching to the overall Calgary market we also continued to see improvement as the total number of sales jumped to 1,828 up from 1,747 in June for the third month of solid gains.

Looking forward, it will be very interesting to see what the post-CERB/mortgage deferral market brings and whether the demand starts to wane or if the stronger numbers continue.  As always, we will continue to monitor the market and keep you updated.

We are always here for you and all our clients and contacts and are more than happy to answer all of your real estate questions and concerns so please do not hesitate to reach out to us with any questions you may have.

We look forward to hearing from you soon.

www.mylakebonavista.net