My Mortgage Blog

December is almost here and with that, holiday festivities are getting underway. It also means we expect to see seasonal dips in the in activity in the Calgary Real Estate market.

Calgary Real Estate Market

October saw further decreases in sales but also decreases in inventory. This eased downward pressure on price, slightly, but we're still seeing the average price decrease, across most segments. The good news for buyers: whether you're looking for a detached home or a condo, it's a strong buyer's market!

Potential buyers should still be able to find ample inventory meeting their search criteria. We also expect this trend to continue into the 2019 spring market. Sellers, however, need to temper their expectations.

We get these preconceived notions about what our home "should" sell for, but in this market, that might not be reasonable. If the decreased value has you underwater with your current mortgage, and you are not in a rush to sell, be patient. The market will recover, as it always does, but it takes time.

If you are under pressure to sell your property, make sure you're doing everything you can to make it as marketable as possible. From staging, to inexpensive improvements to make it stand out from comparable properties, it could go a long way to getting more traffic through your door.

Hiring an experienced REALTOR® is also key. I know I've said it before, but I'll say it again, going it alone using comFree or one of the low cost brokerages, will only hurt your chances of getting your property sold quickly.

From helping you stage your property to good qualify photos, an experienced REALTOR® will ensure your property is the best it can be.

To see current CREB stats, visit their website. If you're looking to be introduced to a REALTOR® that can position your home well for sale, let me know. I'm privileged to work with some of the best REALTORS® in the City and would love to connect you with them.

Interest Rate Update

We're also seeing rates on the rise, again. We saw Prime increase again in October. Some are predicting that we could see as many as three more Prime rate increases in 2019. I'm not sure three is sustainable given our current economic climate but we are so tied to the US. How their economy fairs in the coming months will be a good indicator on what we can expect here at home.

If analysts are correct, the US could slip into a recession in 2020. This would certainly have an impact on interest rates in Canada.

If you are currently in a variable with a discount of 0.40-0.60% off Prime, you may want to consider a refinance. We're seeing discounts as high as 1% off Prime which will make a huge difference if Prime continues to rise.