November 2024 Real Estate Market Update
Sano Stante Real Estate Inc.
Calgary’s real estate experts. Contact us today for all of your real estate needs.
There were a ton of important changes last month in real estate news.
The Bank of Canada once again lowered its key interest rate - this time by 50 basis points to 3.75%. There were also some interesting changes to mortgage rules that will allow homeowners to refinance up to 90% of their property value to build a secondary suite.
Alberta also increased their land transfer tax and mortgage registration fees.
In this month’s newsletter, we’ll share tips and resources on how you and your family can prepare for an unforeseen emergency in the city. You’ll also learn how to prepare a 72-hour kit with important items in case disaster strikes.
Additionally, we’ve included a quick guide to the various types of door locks available. From traditional deadbolts to smart locks, understanding the options can help you secure your home more effectively and give you peace of mind.
As always, if you have any questions, feel free to reach out to us!?
Stante Real Estate Marketing
Ph: (403) 289-3435 | Email:?[email protected] | Web:?www.sanostante.com
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 p
er 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?...READ MORE
REAL ESTATE NEWS FEED
UPCOMING EVENTS & FESTIVALS
Remembrance Day at Studio Bell (Nov 11) Experience a special Remembrance Day service at 10:40 am, featuring the Central Alberta Chamber Players, Bill Hawes, and Tim Isberg. Veterans and active service members receive free admission to Studio Bell, available at the Visitor Experience desk.
Grape Escape (Nov 15 – 16) Meet and sample from a variety of third-party liquor and food vendors, featuring a range of wine, spirits, beer, and more. Enjoy unlimited samples and explore the offerings from these select vendors, with limited merchandise available at select booths.
Spruce Meadows International Christmas Market (Nov 15 – 17, Nov 22 – 24, Nov 29 – Dec 1) Experience the magic of the holiday season at this world-renowned market, featuring unique gifts, festive atmosphere, and delicious food and drink options. With over 300 local businesses and special events, this Christmas Market is a must-visit destination for families and friends.
Locked Library: Force of Nature (Nov 22) Are you ready for an adventure? The Calgary Public Library Foundation is hosting a super fun "Locked Library" event with a "Force of Nature" theme, where you'll get to solve puzzles and escape the iconic Central Library before time runs out!
The Polar Express? Train Ride (Nov 22 – Dec 24) Join the Polar Express journey to the North Pole with your loved ones, featuring a 1-hour train ride with hot chocolate, cookies, and a special gift. Departing at various times in November and December.
Candy Cane Gala 2024 (Nov 29) Join a magical black-tie event benefiting the Alberta Children's Hospital. Enjoy a night of activities, entertainment, and inspiration, all in support of writing the next chapter in child health.
Granary Road Christmas Market (Nov 30 – Dec 15) Visit Granary Road's Christmas Market in the Foothills, featuring local vendors, family activities, and a festive atmosphere. You can also book their Festive Goat Yoga while in the market.?
Stocking Stuffer Holiday Walk/Run (Dec 1) Get ready to kick off the holiday season with a fun 5km-ish event where you'll collect items for your stockings along the route. Finish the course and enjoy a special treat bag with a Christmas medal, donut, hot apple cider, and holiday cheer!
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FEATURED LISTINGS GALLERY
CANADIAN REAL ESTATE UPDATES
Quick Summary:
? Effective Date: January 15, 2025 ? Refinancing Limit: Up to 90% of property value ? Eligibility: Properties valued under $2 million ? Unit Cap: Maximum of four units per property ? Restrictions: Additional units cannot be used for short-term rentals (e.g., ? ? ? ? Airbnb) ? Purpose: Loan funds must be dedicated to creating self-contained rental units
Quick Summary:
? Effective Date: October 20, 2024 ? Land Transfer Fees: Increased to $5 per $5,000 of property value ? Mortgage Registration Fees: Increased to $5 per $5,000 of the mortgage amount ? Impact: Higher costs for property purchases, though Alberta’s fees remain lower than in other provinces
Quick Summary:
? New Rate: Reduced by 50 basis points to 3.75% as of October 23, 2024. ? Previous Rate History (Last 3 Years): ? ? ? ?- 2022: Rates increased aggressively from 0.5% in March to 4.25% by December to control inflation. ? ? ? ?- 2023: Rates peaked at 5.00% in July. ? ? ? ?- 2024: Shifted to cuts with reductions in June (4.75%), July (4.5%), September (4.25%), and October (3.75%).
This recent cut aligns with Canada’s ongoing efforts to balance inflation control with economic stability, potentially lowering mortgage payments for variable-rate borrowers in the near term.
CALGARY'S EMERGENCY PREPAREDNESS: STAYING INFORMED & READY
If you think back to one of the most significant emergencies in Calgary’s history, the 2013 Calgary Flood likely comes to mind. This disaster caused over $6 billion in damages, affecting southern Alberta and forcing 80,000 people to evacuate. It was a sobering reminder that disasters can happen at any time, dramatically altering our lives.??
? Alberta Emergency Alert: By downloading this app (available for iOS and Android), you’ll receive alerts on potentially life-threatening situations in your area, such as tornadoes, floods, or wildfires. ? Calgary Disaster Risk Explorer: This website lists the top hazards that can affect Calgarians. ? Calgary Police Service: You can follow Calgary Police Services on X (twitter) at @CalgaryPolice for regular updates about potential dangers in Calgary.?
A well-stocked emergency kit ensures you’re ready for the unexpected. Here are essential items to include:
? Water: At least two liters per person per day for drinking and sanitation. ? Non-Perishable Food: Include canned items, energy bars, and other ready-to-eat foods for three days, plus a manual can opener. ? Battery-Powered or Wind-Up Radio and Flashlight: Essential for staying informed and safe during power outages; pack extra batteries. ? First Aid Kit: Basic supplies for treating minor injuries, along with necessary medications. ? Warm Clothing and Blankets: Calgary’s winter can be harsh; pack extra layers, gloves, and blankets. ? Personal Documents: Copies of IDs, insurance papers, and medical information in a waterproof container. ? Other Essentials: Hygiene items, cash (small bills), a whistle for signaling, and extra phone chargers or battery packs.
For a complete list of items for a 72-hour kit, visit Calgary’s 72-hour kit guide.
NEIGHBOURHOOD PROFILE: GARRISON WOODS
Garrison Woods is a sought-after Calgary community offering a range of housing options, including single-family homes, townhouses, and condos. Blending new builds with renovated military homes, the neighborhood has a unique character that appeals to many. Its tree-lined streets, playgrounds, and walking trails create a welcoming, family-friendly atmosphere, complete with a basketball court and other amenities.
With several schools in the area, including Altadore School and Lycée Louis Pasteur, Garrison Woods is a popular choice for families. Adjacent to the vibrant Marda Loop district, it provides easy access to shopping, dining, and services, balancing urban amenities with a quiet suburban feel. Overall, Garrison Woods offers a charming and convenient lifestyle in a prime location.