Market Overview

In October 2024, the Mahogany SE Calgary real estate market experienced notable activity, with increases in sales across property types. Total residential sales for the month reached 46 houses, representing a 53% year-over-year increase. New listings were also up, reaching 54, an 8% increase year-over-year. Inventory saw a more significant rise, growing by 61% to 98 units. The sales-to-new-listings (S/NL) ratio stood at 85%, indicating a competitive market despite the growing inventory levels. The months of supply metric rose to 2.13, reflecting a balanced market yet trending toward a potential buyer's market if inventory growth continues.

The benchmark price for all residential properties in Mahogany rose by 4% year-over-year to $590,900.

Detached Homes

• Sales: 22 (up 57% year-over-year)

• New Listings: 29 (up 7% year-over-year)

• Inventory: 37 (up 9% year-over-year)

• Months of Supply: 1.68 (down 31% year-over-year)

• Benchmark Price: $809,100 (up 5% year-over-year)

Detached homes remained popular, with a 57% increase in sales and a tight supply of only 1.68 months, marking a slight seller's advantage in this category. The benchmark price rose 5% to $809,100, indicating steady demand for single-family homes in Mahogany.

Semi-Detached Homes

• Sales: 8 (up 300% year-over-year)

• New Listings: 7 (up 40% year-over-year)

• Inventory: 8 (no change year-over-year)

• Months of Supply: 1.00 (down 75% year-over-year)

• Benchmark Price: $568,200 (up 7% year-over-year)

Semi-detached homes saw the highest increase in sales at 300%, with a balanced supply level of 1.00 month. This segment is seeing strong buyer interest, as evidenced by the quick sales pace and a 7% increase in the benchmark price to $568,200.

Row Homes

• Sales: 4 (up 33% year-over-year)

• New Listings: 2 (down 50% year-over-year)

• Inventory: 20 (up 567% year-over-year)

• Months of Supply: 5.00 (up 400% year-over-year)

• Benchmark Price: $490,400 (up 7% year-over-year)

Row homes showed a mixed performance. Sales increased by 33%, but new listings dropped by 50%, leading to a spike in inventory, which now sits at 20 units, a 567% year-over-year increase. With a months of supply at 5.00, row homes are transitioning into a buyer’s market, despite a 7% increase in the benchmark price.

Apartments

• Sales: 12 (up 9% year-over-year)

• New Listings: 16 (up 14% year-over-year)

• Inventory: 33 (up 106% year-over-year)

• Months of Supply: 2.75 (up 89% year-over-year)

• Benchmark Price: $369,700 (up 13% year-over-year)

The apartment market has become more competitive, with inventory rising 106% to 33 units and the months of supply increasing to 2.75. Sales were up 9%, and the benchmark price rose 13% to $369,700, indicating resilient demand despite the increased supply.

Price Range Distribution

The distribution of sales by price range showed a concentration in the $400,000–$499,999 range, followed by a significant number of transactions in the $200,000–$300,000 and $300,000–$400,000 ranges. Higher price brackets, particularly above $700,000, also saw activity but to a lesser extent.

Year-to-Date Overview

As of October 2024, year-to-date sales totaled 373, reflecting a slight 1% decrease from the previous year. New listings year-to-date reached 550 (up 12%), while inventory rose to 76 units (up 29%). The year-to-date benchmark price increased by 7% to $595,180, underscoring steady appreciation in Mahogany’s residential market despite slight reductions in sales volume​.

Conclusion

Overall, Mahogany’s real estate market in October 2024 demonstrates robust demand and rising prices across most property types, with particular strength in detached and semi-detached homes. While inventory levels are increasing, especially in row homes and apartments, the area’s popularity supports ongoing price growth.

Sales Overview
McKenzie Lake experienced a notable increase in sales activity in October 2024, with total residential sales rising by 44% year-over-year (Y/Y) to reach 13 sales. THEY ARE ALL DETACHED HOMES, $470,000-$960,000, with an average 26 Days on the market. 5 properties were SOLD at or above the asking price. This growth reflects increased demand in the area, particularly for detached homes, which saw an 86% increase in sales compared to October 2023.

New Listings and Inventory
New listings for October 2024 totaled 21 properties, marking a significant 75% Y/Y increase, suggesting that more homeowners are entering the market. However, inventory remains relatively constrained, with only 20 active listings.

Price Trends

• Detached Homes: The benchmark price for detached properties in McKenzie Lake rose to $749,800, reflecting an 8.4% increase compared to last year.

• Row and Apartment Prices: The row homes in McKenzie Lake averaged $423,900, a modest 8.1% Y/Y increase. Apartments showed no recorded transactions, which aligns with ongoing demand predominantly centered on detached properties.

Market Conditions
The market conditions remain tight in McKenzie Lake, with months of supply at 1.54, indicating a seller’s market. This low supply relative to demand continues to put upward pressure on home prices.

Conclusion
The McKenzie Lake real estate market remains robust with strong demand, rising prices, and limited inventory. While new listings are up, months of supply remains low, signaling continued demand and competition among buyers, especially for detached homes.

Market Overview McKenzie Towne’s real estate market continued to show moderate growth with sustained demand across different housing types, but it also experienced some variation in inventory and prices year-over-year.

Sales and Inventory

• Total Residential Sales: 33 properties, reflecting a year-over-year increase of 3%.

• New Listings: 35 properties, indicating no significant change from October 2023.

• Inventory: Increased by 56% year-over-year to 39 units, a sign of growing supply in response to steady demand.

• Months of Supply: Increased to 1.18 months, a 56% increase, showing a slight cooling from a highly competitive market.

• Average Days on the Market: 24 days

Property Types and Price Trends

1. Detached Homes:

   • Sales: 16 properties, up by 45% from last year.

   • Inventory: 13 properties, slightly down by 7%.

   • Benchmark Price: $650,200, a 3.1% year-over-year increase.

   • Price range: $500,000 - $950,000.

   • Average Days on the Market: 23 days

2. Semi-Detached Homes:

   • Sales: 2 properties, unchanged from last year.

   • Inventory: 5 properties, marking a 25% increase.

   • Benchmark Price: $482,500, reflecting a robust 9.7% price increase year-over-year.

   • Price range: $450,000 - $505,000.

   • Average Days on the Market: 9 days

3. Row Homes:

   • Sales: 5 units, down by 29% compared to October 2023.

   • Inventory: 8 units, a significant 167% increase.

   • Benchmark Price: $432,900, up by 9.3% from last year.

   • Price range: $319,500 - $435,000.

   • Average Days on the Market: 24 days

4. Apartments:

   • Sales: 10 units, decreasing by 17%.

   • Inventory: 9 units, down by 36%.

   • Benchmark Price: $343,000, up by 9.6% year-over-year.

   • Price range: $230,000 - $450,000.

   • Average Days on the Market: 28 days

Price Trends

• Total Residential Benchmark Price: $503,200, representing a 6.4% increase year-over-year, indicating overall appreciation in property values across McKenzie Towne.

Conclusion McKenzie Towne’s real estate market remains active and largely balanced. The slight increase in inventory and months of supply suggests a shift toward a more balanced market, with home prices continuing to appreciate across property types. Buyers can expect a moderate pace in the market, with slightly less pressure compared to previous months.

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.

Auburn Bay Community Statistics Summary

Auburn Bay is a vibrant lake community located in Calgary’s southeast quadrant, known for its family-friendly atmosphere and appealing amenities. As of 2023, the neighborhood continues to attract a diverse range of residents, from young professionals to families.

Population and Demographics: Auburn Bay has a population of approximately 10,000 residents. The community is predominantly made up of families, with a significant percentage of residents aged 30 to 40. This demographic is drawn to the area for its excellent schools, recreational facilities, and safe environment.

Housing Market: The real estate market in Auburn Bay remains robust, with various housing options available. The average home price is around $480,000, with properties typically ranging from $350,000 for townhomes to over $700,000 for larger single-family homes. The average days on market for homes is about 30 days, indicating a competitive market.

Amenities: Auburn Bay features a private lake, parks, and numerous walking and biking trails, promoting an active lifestyle. Key amenities include:

• Schools: Several highly-rated schools serve the community, making it an attractive choice for families.

• Recreation: The Auburn Bay Residents Association offers access to community events, activities, and the lake, enhancing community engagement.

• Shopping and Services: Residents enjoy convenient access to shopping centers and services within a short drive.

Transportation: Auburn Bay is well-connected to major roadways and public transit options, providing easy access to downtown Calgary and surrounding areas.

Overall, Auburn Bay combines natural beauty, modern conveniences, and a strong sense of community, making it a desirable place to live in Calgary. As the area continues to grow, it remains an attractive option for potential homebuyers and investors alike. 

Contact us for a Free Home Evaluation.

For latest community market report, SIGNUP HERE.

Contact us for a Free Home Evaluation.

For latest community market report, SIGNUP HERE.

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.

Auburn Bay Calgary Q3 2024 Real Estate Community Report

As of Q3 2024, Auburn Bay continues to be one of Calgary's most sought-after communities, thanks to its appealing blend of urban amenities and natural beauty. Nestled around a picturesque lake, the neighborhood offers a unique lifestyle that attracts families and young professionals alike.

Market Overview: The real estate market in Auburn Bay remains robust, with a steady increase in both home sales and property values. Average home prices in Q3 reflecting a 5% increase compared to the same period last year. The demand for single-family homes has been particularly strong, driven by the community's family-friendly environment and proximity to schools and parks.

Inventory and Sales: There has been a slight decrease in inventory, with around 120 active listings at the end of Q3. This tightening of available homes has led to quicker sales, with properties often selling within weeks of listing. The average days on market have decreased to 25 days, indicating a competitive market. Total 106 sales.

1. Detached Homes

   • Price Range: $565,000 - $1,370,000.00

   • Sales: 46 homes sold

   • Days on Market (DOM): 25 days

2. Duplex Homes

   • Price Range: $510,000 - $669,500

   • Sales: 6 homes sold

   • Days on Market (DOM): 25 days

3. Townhouses

   • Price Range: $345,000-$535,000

   • Sales: 22 townhouses sold

   • DOM: 27 days

4. Condos

   • Price Range: $245,000-$435,000

   • Number of Listings: 15

   • Sales: 32 condos sold

   • DOM: 35 days

Community Amenities: Residents enjoy a variety of amenities, including access to the Auburn Bay Lake, recreational facilities, and numerous walking trails. The community is well-serviced by local schools, shopping centers, and healthcare facilities, making it a convenient choice for families.

Future Outlook: Looking ahead, the community is expected to maintain its upward trajectory, supported by ongoing development and infrastructure improvements. With continued interest from buyers and a strong local economy, Auburn Bay remains a vibrant community poised for growth.

Overall, Auburn Bay's real estate market in Q3 2024 reflects a healthy balance of demand and supply, making it an attractive option for both current residents and prospective buyers. 

Contact us for a Free Home Evaluation.

For latest community market report, SIGNUP HERE.

Auburn Bay Community Market Report

Overview

As of September 2024, Auburn Bay continues to be one of Calgary's most sought-after communities, known for its beautiful lake, parks, and family-friendly amenities. The real estate market in this area shows a mix of stability and growth, reflecting broader trends in Calgary’s housing market.

Market Performance

• Average Home Price: The average home price in Auburn Bay has risen to approximately $632,500, marking a 1.5% increase from the previous year.

• Sales Volume: There were 34 homes sold in September 2024.

  11 SOLD Detached houses $590,000-$1,207,500;

  3 SOLD Duplex houses $520,000-$669,500;

  9 SOLD Townhouses $354,900-$535,000;

  11 SOLD Apartment $292,000(1-bedroom) - $425,000 2-bed-2-bath.

• Days on Market: Homes in Auburn Bay are averaging 28 days on the market before selling, which is consistent with trends from earlier this year.

Inventory and Demand

• Active Listings: There are currently 58 active listings in Auburn Bay, providing a range of options from townhouses to single-family homes. Inventory levels were increased compared to last year, as we saw more sellers put their homes on the market.

• Buyer Demographics: The majority of buyers in Auburn Bay remain young families and first-time homebuyers, drawn by the community’s amenities, schools, and access to outdoor activities.

Market Trends

• Pricing Trends: The upward trend in prices can be attributed to the limited inventory and continued demand for homes in family-oriented communities. While interest rates have risen, many buyers are still motivated by long-term investment potential and lifestyle benefits.

• New Developments: Several new developments are underway, with a focus on sustainable living and community-oriented design. These projects are expected to further enhance the appeal of Auburn Bay.

Conclusion

Overall, Auburn Bay remains a resilient market with solid growth potential. While challenges such as rising interest rates and inventory shortages persist, the community’s attractive lifestyle and amenities continue to draw buyers. Stakeholders are advised to keep a close watch on emerging trends and shifts in buyer behavior as the market evolves.

Recommendations

• For Sellers: Consider pricing competitively to attract buyers quickly, given the current average days on market.

• For Buyers: Act promptly when suitable properties arise, as inventory remains limited and competition is strong.

This report provides a snapshot of the Auburn Bay real estate market as of September 2024, highlighting key metrics and trends that define this vibrant community.

Contact us for a Free Home Evaluation.

For latest community market report, SIGNUP HERE.

By CREB®

Starting Oct. 20, 2024, buyers in Alberta will face increased closing costs due to a new Land Titles Registration Levy.  

This change, announced in Budget 2024, will replace the current variable fees for transferring land and registering mortgages with a flat levy of $5.00 per $5,000 of property or mortgage value, along with a $50 flat fee. This new structure applies to transfers of land, mortgage registrations, and some caveats. 

Key details 

• Current vs. new fees 

  • Previously, land transfers incurred a fee of $50 plus $2.00 for every $5,000 of property value, while mortgage registrations cost $50 plus $1.50 for every $5,000 of the mortgage amount. Starting Oct. 20, these variable charges will be replaced by the levy: $5.00 per $5,000, plus a flat $50 fee. 

• Submission timing 

  • If a lawyer submits all required documents to the Land Titles Office before Oct. 20, the old variable fees will apply—even if the registration is completed after that date. However, any submissions made on or after Oct. 20 will be subject to the new levy.

  • Incomplete submissions may be rejected and, if resubmitted after Oct. 20, will be charged under the new levy. Additionally, extensions beyond 30 days may also trigger the new levy. 

How the levy impacts buyers 

A typical real estate transaction, such as purchasing a $750,000 home with a $650,000 mortgage, would currently cost about $595 in fees. After the levy is implemented, that same transaction will cost $1,500—more than double the previous amount. This increase may surprise buyers, so it's crucial to inform them ahead of time to manage expectations. 

Calculating the difference 

If a property is purchased for $750,000 and the buyer will be getting a mortgage for $650,000, the fees for the Land Titles Office costs are compared below.

For demonstrative purposes only, final fee calculations should be quoted by the buyer's lawyer. 

What REALTORS® should do 

Working with buyers during this transition period is essential to ensure a smooth process. Sharing this information early can help alleviate stress and foster trust by providing your clients with a clear understanding of the updated fees. Even after the new levy takes effect, Alberta will continue to have Canada's lowest title transfer fees. While this may not be welcome news, transparency is key to navigating the complexities of home buying.