Higher cost of labour and materials, plus an increased risk of flooding or wildfires means homeowners can expect to pay more for insurance in 2025.

IBC (Insurance Bureau of Canada) is essentially warning that insurance rates, insurance premiums could very well spike in 2025. And the reason why is because the insurance industry is grappling with record breaking losses. So last year, insurers paid out 8.5 Billion dollars in insured losses alone. That’s actually over 2 Billion more than in 2016, the next worst year on record. That was back when the Fort McMurray wildfires happened. Now this is largely being blamed, on the weather.

2024 was the most devastating year on record in Canada for severe weather events, but also inflation and labour shortages in construction have something to do with it. They’re driving up costs for insurers. The claims have increased 115% over the last 5 years. And not only that, the costs for repairing and replacing personal property have risen nearly 500% in that time. So insurers are up against a wall here. And what they say is that really, Canada is not doing enough to help prevent not only the natural disasters, but that kind of damage that they can cause. So the Insurance Bureau is calling on government to do a few different things. They say that they need to invest in things like flood proof, infrastructure, the to adopt rules to make sure homes are not being built on flood plains, the in to facilitate firesmart programs for communities in high-risk zones. And lastly, RCMP need to implement building codes to not only protect Canadians and buildings or hope this country, but livelihoods. They say as well, how costly has some of these recent weather events ban? Quite costly, the most expensive back in 2024 was actually the Calgary hailstorm that hit on August 5. The viral videos that went around of windows being smashed and cars being absolutely destroyed. Given the severity and the increasing frequency of weather events like this, insurers are telling Canadians that the insurance is going to spike this year.

                                                                                                                                                                       by CTV News

By Joel Schlesinger  •  for the Calgary Herald

More than 60 per cent of new units under construction in November were apartment-style condos. Photo by Brent Calver /Postmedia

Calgary’s resale real estate market is poised for a strong year — though growth will be at a slower pace than recent years — but the threat of tariffs from the United States could dramatically change the outlook as the province’s economy might be thrown into a recession.

That’s the assessment of the Calgary Real Estate Board’s 2025 forecast, which envisions two possible outcomes — one good and one bad for the city’s real estate and economy this year.

“If it wasn’t for this risk, the outlook would have been a little different, probably brighter — though the market is in good shape heading into the year,” says Ann-Marie Lurie, chief economist with CREB.

Indeed, the outlook speaks to strong conditions for the real estate market should tariffs not become an issue.

Sales are expected to remain 20 per cent above the historical average, reflecting the strength of demand in the market, particularly for affordable single-family detached homes.

As well, interest rates are forecast to fall even more this year, expanding purchasing power for prospective buyers.

CREB predicts the city should see more than 26,000 sales this year, though activity will mark a slightly declining trend since the record high of 2022.

Supply is expected to expand with the report adding that increased supply from a record level of new home starts will shift the market into more balance between buyers and sellers. About 29 per cent of the more than 22,600 starts last year were single-family detached homes, but multi-family development has been very robust.

Of all the 23,700 housing unit types under construction in November, 30 per cent were rental and 61 per cent were apartment condo homes.

This activity will likely put downward price pressure on the resale apartment and rental market this year “That’s where we will likely see some adjustments with more choice, which will limit some of the price growth,” Lurie says.

Overall, prices in the resale market are expected to climb, especially for single-family detached homes priced under $1 million. As well, sales are expected to be slightly higher than last year due to rising supply of homes priced above $600,000 and pent-up demand.

Row and semi-detached homes should see modest price and sales growth. Increased supply will likely keep prices from exceeding three per cent growth year over year in all three segments. In contrast, significantly more supply in the apartment market — partly due to new construction — is likely to keep sales strong, but prices could fall about three per cent, CREB forecasts.

Much of the forecast is dependent on what happens south of the border. The report, in turn, also painted a more dire scenario involving the Trump administration implementing tariffs on Canadian exports to the U.S. — including oil and gas, Canada’s largest export to the U.S. — which could be in place as early as Feb. 1.

The forecast notes the tariffs are likely to harm the province’s economy, possibly pushing it into recession, negatively affecting employment and consumer confidence.

The resale market would also be hit, Lurie says

“You’d have all this supply coming on just as demand is negatively affected.” Still, it’s likely that any ill outcome from the tariffs would not send prices below pre-pandemic levels, she adds.

As well, the report notes the tariffs could be fleeting or may never emerge at all. In either case, the housing market would then be on track for a strong year that reflects more balance for buyers and sellers.

“Despite that one risk, market conditions are still pretty good by historical norms,” Lurie says.

For Calgary Real Estate summary in January, please read the link here.

By Sammy Hudes, The Canadian Press

As the calendar flipped one year ago, Canadian real estate watchers were optimistic a sluggish 2023 would give way to a rebound, with hopes of renewed demand as soon as the spring.

But the lag in 2024 lasted longer than some expected, with the Bank of Canada waiting until June to deliver the first of the year’s five interest rate cuts. While buyers stormed back to the market this fall, experts noted the first few rate cuts hadn’t been enough to motivate everyone to leave the sidelines quite yet.

Now heading into 2025, economists and real estate agents believe activity is poised to remain strong amid much lower borrowing costs and more favourable rules for buyers, despite an overall challenging affordability picture.

The Canadian Real Estate Association reported earlier this month the number of homes sold in November jumped 26 per cent year-over-year, marking the second straight month of gains at that level. For the first 11 months of the year, cumulative home sales were up 6.9 per cent compared with 2023.

“The big thing is first-time homebuyers are back and are going to continue to get into the market,” said Re/Max Canada president Christopher Alexander in an interview.

“We expect, overall, a much more robust year as far as activity goes and consumer confidence, especially with further anticipated rate decreases.”

The Bank of Canada lowered its policy rate by a half-percentage point earlier this month, bringing it to 3.25 per cent, while signalling a more gradual approach to future cuts in the new year.

Alexander said high interest rates — the central bank’s policy rate stood at five per cent before its cutting cycle — have been a major barrier of entry for would-be buyers.

Re/Max’s 2025 housing market outlook report said it is expecting home sales to rise in 33 of 37 Canadian regions, including increases of up to 25 per cent, along with the national average residential price rising by five per cent.

Alexander said the market didn’t really take off after the bank’s first few cuts in part due to messaging that it expected to decrease rates even further as the months rolled along. He said that caused many would-be buyers to hold off “in anticipation of more affordability.”

“But the challenge with that strategy is at a certain point, you hit the point of no return where rates have come down so it’s a little bit less expensive on a monthly basis, but then it becomes more competitive, so prices go up,” he said.

Hamilton, Ont., broker Mike Heddle said for the better part of two years, it’s felt like the “pendulum has swung” from the strong seller’s market of 2021 and 2022.

“There’s just been a real big pause and the masses are just kind of waiting and seeing,” said Heddle of Royal LePage State Realty.

“I’m predicting that we’re going to see a much stronger and resilient 2025 where we’ll probably hover around a balanced-to-a-seller’s market.”

He said buyers’ confidence has been evident in recent weeks, having personally seen an uptick in offers on homes. That could carry over into January after a holiday period that is often fairly quiet.

While pent-up demand should translate to more homes changing hands in the coming months, “it’s not going to be a force forever,” said TD economist Rishi Sondhi. He cautioned that rush will likely be exhausted “relatively soon, probably the first half of next year.”

The national average sale price stood at $694,411 in November, according to CREA.

The initial demand boom should push housing prices higher, though Sondhi noted markets in Canada’s two largest provinces, Ontario and B.C., are still dealing with big supply backlogs that will take time to clear.

Along with falling interest rates, Sondhi said the federal government’s recent mortgage rule changes, which kicked in Dec. 15, should help lift home sales and prices.

Those measures included extending the maximum mortgage amortization period for first-time homebuyers to 30 years from 25, and the cap for which a potential buyer can obtain an insured mortgage being raised from $1 million to $1.5 million.

TD forecasts home sales will rise by 16 per cent across Canada in 2025 on a year-over-year basis, while Canadian average home prices will go up eight per cent.

“You have falling interest rates, you have the likelihood of continued economic growth, and you have these federal measures, all of which should support a good year for housing,” said Sondhi.

Another advantage for buyers is the national banking regulator’s recent move to remove a stress test for uninsured mortgages, said Ratesdotca mortgage and real estate expert Victor Tran.

The Office of the Superintendent of Financial Institutions announced in September it would end the policy for lenders to apply the minimum qualifying rate to straight switches when uninsured mortgages are renewed at a different institution under the borrower’s current amortization schedule and loan amount.

“The spring market will be really hot because of all these recent changes with affordability,” said Tran.

Other factors, such as the labour market and political uncertainty — both domestically and in the U.S. — could play a role in determining the housing picture next year, he said.

But Tran said it’s premature to start comparing the market to 2021 and early 2022 when activity skyrocketed.

“The rates are still not low enough yet compared to what they were before,” said Tran.

“Affordability is improving a little bit, but qualification is still very difficult for a lot of Canadians. So house prices do need to come down a little bit more to really spur a lot more activity.”

For those who find themselves on the verge of entering the market, Alexander said waiting until the perfect time could be a risk in itself.

“You won’t see 2021 activity for a long time. Prices were going up almost by the day,” he recalled.

“I don’t see that happening for a long time, but my advice always is, ‘Buy within your means.’ Timing the market usually ends up in disaster.”

For more Auburn Bay Real Estate market reports, CLICK HERE.

We hope this holiday season is filled with sweet moments with your loved ones. Wishing you a Merry Christmas and a Happy New Year.

We would like to express our sincere gratitude to our valued clients and everyone who plays a role in the growth and success of our dynamic property portfolio. Our unwavering commitment is to provide exceptional service and deliver outstanding results for all those we have the privilege to serve.

As we look to the future, we wish you continued joy, good health, and prosperity in the years ahead. Your trust in our team is truly priceless, and we are deeply appreciative to have you as an integral part of our journey.

Written by Clay Jarvis, nerdwallet.com

The Bank of Canada’s aggressive December rate cut should add fuel to Canada’s re-ignited housing market.

The Bank of Canada handed down another aggressive interest rate decision today, shearing 50 basis points from both the overnight lending rate and the country’s variable mortgage rates. 

Not long ago, these supersized cuts were seen as risky. Enticing home buyers with lower borrowing costs threatened to inflame the housing market and drive inflation higher. With GDP struggling and dark clouds looming over the economy, jolting the housing market might be the Bank’s only way of generating some immediate economic traction. 

October’s rate cut, also a 50-pointer, invigorated housing markets across the country, with sales in Vancouver, Montreal and Toronto all notching significant annual gains. Today’s cut is a little different, though, as it comes days before two potentially disruptive new mortgage rules come into effect. 

The combined impact of lower rates and less stringent lending guidelines could be a game-changer — for some buyers, anyway. 

What does the December rate cut mean for mortgages?

Once the Bank’s decision is absorbed by the country’s lenders, variable mortgage rates will fall by 0.5%. By this time tomorrow, brokers’ lowest advertised variable rates should be around 4.3%. They’ll be considerably higher at Big Six banks.  

In terms of improving mortgage affordability, a 0.5% rate reduction won’t move the needle for most buyers. The difference between how much home you can afford at 5% and 4.5% might be around $30,000, depending on your income and the size of your down payment. 

If you’re a homeowner paying off a variable-rate mortgage, you’ll get some relief from today’s rate cut. On a $400,000 mortgage with a 25-year amortization, your monthly payment should drop by at least $100 — and that’s on top of the savings generated by the Bank’s previous four cuts this year. 

How will the BoC’s rate cut affect home prices?

It might not be realistic to expect the same sales bump from the December rate cut that October’s created in November.

While both cuts were equally significant, Christmas is a-coming, which brings with it multiple days of downtime for buyers, sellers, real estate agents and mortgage professionals. The market will be far busier than it was last December, but it might struggle to compete with November 2024 in terms of sales increases. 

Price appreciation over the next several weeks should be minimal. Between rising inventory in major markets and holiday commitments, bidding wars should be kept to a minimum. Price increases following the Bank’s October rate cut were generally modest. The benchmark sale price in Calgary, for example, was up 3.5% year-over-year in November. The average price in Toronto grew by only 2.6%. 

That doesn’t mean you should sit back and wait for January before moving on a home purchase. The market’s only going to get busier, so consider dedicating a few hours of your holiday to squeezing in a mortgage pre-approval.

December 15: When rates and rules collide

Parsing the effect the Bank of Canada’s latest decision will have on winter home sales could be tricky, as it comes only days before new mortgage rules intended to improve affordability kick in. 

On December 15, 2024, the insured mortgage limit will increase from $1 million to $1.5 million, while 30-year amortizations will be available for first-time and pre-construction home purchases. The former will create smaller down payment requirements for expensive properties, the latter will lower short-term mortgage costs for eligible buyers.

These new rules will make buying a home more attainable, but not necessarily more affordable.

Buyers might be able to get into a million-dollar house with a $75,000 down payment (instead of the $200,000 currently required), but only high-earning households will qualify for the resulting mortgages. Longer amortizations will shrink mortgage payments and make qualifying easier, but they’ll also generate tens of thousands of dollars in additional interest costs.

On their own, these rules would likely have a modest impact on the winter housing market. Million-dollar-plus properties aren’t common in most markets; slightly lower mortgage payments won’t be enough to get all first-timers over the finish line.

But combine them with five rate cuts and whatever further reductions the Bank has in store for early 2025  and the winter market looks set to be busier than it’s been in years.

If you’re considering buying a new home in Calgary, new data has revealed which neighbourhoods had the slowest property sales.

The online real estate platform Wahi shared data with Daily Hive that rounded up the neighbourhoods in YYC where properties were selling the slowest in the third quarter of this year. This means you can weigh your options for longer when looking for a place to buy in these areas.

According to the data, the Calgary neighbourhoods that saw properties sell the slowest in the third quarter of 2024, excluding anything fewer than five sales, were as follows:

• #4. Wildwood, with an average of 47 days on the market and a median sold price of $1,042,500

• #4. Belmont, with an average of 47 days on the market and a median sold price of $529,947.50

• #4. University Heights, with an average of 47 days on the market and a median sold price of $330,000

• #4. Pine Creek, with an average of 47 days on the market and a median sold price of $684,950

• #3. Christie Park, with an average of 48 days on the market and a median sold price of $1,144,500

• #3. Downtown East Village, with an average of 48 days on the market and a median sold price of $327,500

• #3. Cliff Bungalow, with an average of 48 days on the market and a median sold price of $220,000

• #2. Eau Claire, with an average of 71 days on the market and a median sold price of $745,000

• #1. Rosscarrock, with an average of 77 days on the market and a median sold price of $860,000

If these neighbourhoods don’t take your fancy, there are plenty of other areas in Calgary to continue your house search. But be quick if you’re interested in areas like Rosemont or Chinook Park, as those neighbourhoods are leading the list of where properties are selling the fastest.

If you’re planning on purchasing a home in Calgary, new data has revealed which neighbourhoods in the city are seeing properties sell the fastest.

According to data provided to Daily Hive by Wahi, the online real estate platform rounded up the five neighbourhoods in Calgary that are seeing properties sit on the market for the shortest amount of time in the third quarter of this year.

The top five neighbourhoods that saw properties sell the fastest in the third quarter of 2024, excluding anything fewer than five sales, were as follows:

• #5. Ranchlands, with an average of 16 days on the market and a median sold price of $560,000

• #5. Millrise, with an average of 16 days on the market and a median sold price of $525,000

• #5. Deer Run, with an average of 16 days on the market and a median sold price of $590,000

• #5. Elboya, with an average of 16 days on the market and a median sold price of $1,117,500

• #5. Queensland, with an average of 16 days on the market and a median sold price of $560,000

• #5. Red Carpet, with an average of 16 days on the market and a median sold price of $265,000

• #4. Vista Heights, with an average of 15 days on the market and a median sold price of $316,500

• #4. Willow Park, with an average of 15 days on the market and a median sold price of $713,750

• #3 Oakridge, with an average of 14 days on the market and a median sold price of $617,000

• #2. Chinook Park, with an average of 12 days on the market and a median sold price of $790,100

• #1 Rosemont, with an average of 11 days on the market and a median sold price of $939,500

(The list of where properties are selling the slowest)

Peter Mitham @ Western Investor

Calgary is Canada’s top market to watch when it comes to real estate in 2025, according to PricewaterhouseCoopers, with strong domestic and international interest.

“Canada has discovered Western Canada, and international markets have discovered Western Canada,” sources told the team preparing the 2025 Emerging Trends in Real Estate report, produced in partnership with the Urban Land Institute.

With a diversifying economy and a growing technology sector, including more than 300 clean-tech start-ups, Calgary is experiencing strong population growth that’s in turn driving demand for housing and services.

Office vacancies remain high, with downtown reporting a rate slightly below 30% according to CBRE Ltd., but Calgary is offering incentives to encourage the conversion of space to help address an oversupply of older B and C class space.

The recent sale 635 8th Avenue SW also signals renewed confidence among investors in office space in its own right.

Despite having some of the fastest-growing residential construction costs in Canada through the second quarter of this year, PwC noted that both rent and sale prices have kept pace with the increases. This is preserving margins and helping ensure ongoing investor interest.

These factors are also what sets Calgary apart from Vancouver, which placed second in the annual ranking of appeal to investors.

“Condo development in Vancouver is subdued due to financing challenges and high construction costs,” the report stated. “Several interviewees said land prices still haven’t come down enough to create a clear path to development since interest rates and construction costs remain high.”

The recent extension granted to Grosvenor on the Oakridge transit centre site illustrates the challenges. The ambitious makeover of the former bus depot has been delayed, with the city recently giving Grosvenor until 2033 to meet its commitments to the city for elements such as social housing and community amenities.

Cost is a big issue, a point made by those PwC interviewed for the trends report. The considerations even dog the rising number of sites being sold through court-ordered processes.

“We looked at over 50 land purchase deals over the last 12 months, and none made financial sense,” one source told PwC.

While some developers have launched new multi-family projects for sale as well as purpose-built rentals, market reception doesn’t mean it’s been easy to pull the trigger. Some have been in the planning stages for a while, such as Fraser Mills in Coquitlam. Presales have accelerated in recent months as lower interest rates drew in buyers, and Beedie Living broke ground on the first two towers in October.

In Vancouver, Prima Properties is set to launch Monogram, a 49-storey tower at Burrard and Davie, on a site whose low land costs make economic sense today. The site was purchased in 2005 for $13.4 million, which works out to $46 per buildable square foot as rezoned in 2021 (not including holding costs).

Others, such as a 141-unit multi-family rental development PC Urban and Fiera are building in Vancouver, broke ground in October having secured Canada Mortgage and Housing Corp. funding.

“It’s never been more difficult,” said Brent Sawchyn, founder and CEO of PC Urban. “We’re seeing a moderation in construction price but we’re still dealing with a 35% or 40% increase over the past few years.”

Throw in taxes, development cost charges (including Metro Vancouver’s plans to quadruple rates over the next three years) and other demands, and developments quickly become unviable.

Sawchyn notes a “recession of capital” has limited the financial resources of developers, which is where CMHC financing becomes key.

“It’s a huge, huge challenge to get a rental building under construction without CMHC financing,” he said.

However, CMHC has also changed its financing requirements over the last nine months, increasing affordable housing and energy efficiency requirements.

To address the challenges, PwC says Vancouver is seeing a trend of developers looking to partner with retail chains to occupy space in multiple properties to animate at-grade space.

Others are exploring joint ventures with long-term landowners to facilitate land acquisition and future development.

By CREB®

The time required to obtain condo documents from a condo management company can vary, but legally, a condominium corporation—often represented by a condo management company—must respond to a written request for condo documents within 10 days of receiving it.

As a REALTOR®, it’s essential to be proactive and request these documents as early as possible to avoid delays. 

Condo management companies generally operate only during business hours, so it’s crucial to know the company’s contact details and hours of operation when making your request. 

Best practices for requesting condo documents 

When representing a seller, request condo documents immediately. These documents are vital for listing a condo unit on the MLS® System, as they include essential information like: 

• Condo fees

• Legal description 

• Parking stall number 

• Storage locker number 

• Special assessments 

• Pet policies 

Having accurate and up-to-date condo documents ensures your MLS® listing is correct. Although sellers may already have some documents on file, verifying the information with the condo management company is still recommended to account for any recent changes, such as bylaw amendments or changes. 

Fees for condo documents 

Condo corporations are required to provide some documents at no cost, while others may have a fee associated with them. For example: 

• Documents like the annual budget, financial statements, and reserve fund reports must be provided free of charge when first distributed to owners. However, replacement copies may incur a fee of up to $10.

• For rush requests (documents needed within three days), corporations can charge up to $20 per document.

• The Estoppel Certificate and Information Statement are generally the most expensive, with fees reaching up to $200 for the Estoppel and $100 for the Information Statement. 

For a full list of allowable fees, please refer to the Alberta Government’s resource: Condominium documents: for owners, mortgagees, and prospective purchasers - Open Government. 

Coats for Calgary is hosting their 14th annual jacket drive in support of the Calgary Drop-In Centre—and CREB® is helping out. If you have warm jackets that you don’t reach for anymore, you can donate them at CREB® Campus from Oct. 30 to Jan. 21.

We are approaching the coldest months of the year and there are many Calgarians that don’t have winter jackets or the means to buy one.

By donating your previously loved winter jackets, you will spread the warmth and help the Drop-In Centre support more Calgarians in need.

Address: 300 Manning Road N.E. Calgary, Alberta T2E 8K4, Canada

With the Bank of Canada announcing yet another interest rate cut—a half-point reduction this morning—its key policy rate has now fallen to a two-year low of 3.75%. This is the fourth rate cut this year, continuing to lower interest costs for those with loans tied to the prime rate.

What this means for variable-rate mortgage holders

If you’ve got a variable-rate mortgage, your interest costs are about to drop—again.

Today’s rate cut works out to roughly $30 less in monthly payments per $100,000 of mortgage debt based on a 25-year amortization. For a typical $400,000 mortgage, that translates to savings of about $120 each month. If you add up the previous cuts this year, your monthly savings have likely grown to over $300 per month since the Bank of Canada started lowering its policy rate from its peak of 5%.

It’s important to note the difference between two types of variable-rate mortgages: fixed payment variable-rate and adjustable-rate.

Adjustable-rate mortgages: With an adjustable-rate mortgage, both your interest rate and your monthly payment change with fluctuations in the prime rate. This means you’ll see an immediate reduction in your next mortgage payment following today’s rate cut. For a $500,000 mortgage, expect to save about $150 per month after the prime rate falls.

Fixed-payment variable-rate mortgages: With this type of mortgage, your monthly payment stays the same even when interest rates fluctuate. However, the portion of your payment that goes towards interest versus principal will change. With today’s rate cut, more of your payment will go toward reducing your mortgage principal, meaning you’ll pay off your mortgage slightly faster.

What about fixed-rate mortgages?

For those with fixed-rate mortgages, today’s cut won’t directly impact your current payments, since your rate is locked in for the term.

But fixed rates have already seen their own reductions in the past few months. While the trajectory hasn’t been a straight line, lenders have steadily been cutting fixed mortgage rates, coinciding with the steady decline in Government of Canada bond yields, which lead fixed mortgage rate pricing.

While a rise in bond yields earlier this month caused some lenders to start raising fixed mortgage rates, experts think the downward trend will resume.

“Bond yields continued to fall last week as investors raised their bets on a 0.50% rate cut by the BoC…” wrote rate expert Dave Larock in his latest blog post.

“Lenders have already started to lower their fixed rates in response, and it shouldn’t take too much longer for the round of fixed-rate hikes we saw two weeks ago to completely unwind.”

HELOCs and personal lines of credit

Today’s rate cut isn’t just good news for mortgage holders. If you have a Home Equity Line of Credit (HELOC) or a personal line of credit, you’re in for some savings too.

These products are tied to the prime rate, which usually adjusts in line with the Bank of Canada’s rate changes. As prime rates drop, the interest costs on your line of credit will follow suit, putting more money back in your pocket each month.

Based on the average HELOC balance of $37,500, according to recent data from Mortgage Professionals Canada, borrowers would see a reduction in interest costs of around $18 per month following today’s 50-bps rate cut. This is assuming the prime rate falls to around 5.95% at most major lenders.

What’s next?

Most economists expect the Bank of Canada to keep cutting rates at its final policy meeting in December, and further into 2025.

As we recently reported this week, some big banks are adjusting their forecasts to reflect deeper rate cuts by the end of next year.

RBC, National Bank, and Caisse Desjardins are predicting an additional 175 basis points (1.75 percentage points) of rate relief by the end of 2025, which would bring the Bank’s policy rate down to 2.00%. That could translate into a prime lending rate of around 4.20% at most major lenders.

Now’s a great time to review your mortgage strategy. If you’re thinking about whether to stick with variable or lock into a fixed rate, your mortgage broker can help you decide what’s best based on your unique situation.

Here are some tailored tips for first-time homebuyers looking at the Auburn Bay area in Calgary:

1. Understand Auburn Bay’s Appeal

• Community Features: Auburn Bay is known for its lake, parks, and family-friendly atmosphere. Research community amenities like schools, shopping, and recreational facilities.

• Future Development: Stay informed about any planned developments in Auburn Bay that could affect property values and lifestyle.

2. Set a Realistic Budget

• Pre-Approval is Key: Start with mortgage pre-approval to determine your budget. This will give you a clear picture of what you can afford in Auburn Bay’s competitive market.

• Include Additional Costs: Factor in property taxes, condo fees (if applicable), and maintenance costs in your budget planning.

3. Research Current Market Trends

• Stay Updated: Monitor current listings and sales trends in Auburn Bay. Prices can fluctuate, so understanding the market can help you make informed decisions.

• Average Days on Market: Be aware of how quickly homes are selling in the area, as this can inform your offer strategy.

4. Engage a Local Real Estate Agent

• Local Expertise: Choose an agent who is familiar with Auburn Bay. They can provide insights into the community and help you find listings that meet your needs.

5. Visit Open Houses

• Explore Options: Attend open houses in Auburn Bay to get a feel for different properties and neighborhoods. This can help you gauge what features matter most to you.

6. Consider Future Growth

• Long-Term Value: Look for homes in areas that are likely to appreciate. Auburn Bay's development plans and community features can positively impact property values over time.

7. Be Prepared to Compete

• Make Strong Offers: In a sought-after area like Auburn Bay, you may face competition. Ensure your offer is strong, and consider including a personal letter to the seller.

8. Think About Lifestyle Needs

• Assess Your Lifestyle: Consider proximity to work, schools, and recreational facilities. Auburn Bay’s lake and parks are great for outdoor activities—make sure it fits your lifestyle.

9. Don’t Skip the Home Inspection

• Protect Your Investment: Always include a home inspection in your offer. This is crucial to uncover any potential issues with the property.

10. Explore Government Programs

• Utilize Incentives: Check for first-time homebuyer programs available in Alberta that could provide financial assistance or tax benefits.

By keeping these tips in mind, you'll be better equipped to navigate the Auburn Bay real estate market. Good luck with your home search! Contact us to assist you with your home purchase here.