Goodbye 2022! 

As we approach the holiday season, it's a good time to reflect on the year that was. A ferocious January lead us directly into a hot seller's market. Almost zero supply and very tempting interest rates created a situation that we haven't experienced in many years. Working with buyers seemed like a complete guessing game frenzy and representing sellers was certainly a job for the qualified. Fast forward to December and here we sit - a calmer, more manageable market looks to be what we are closing out the year with. Not nearly as many multiple offers and more opportunities to fetch a deal but alas, our inventory still remains at a surprising sub 2 number across the board. Yes, the bank has raised its benchmark rate six times since…

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The current conditions are setting up for a competitive spring. After what was one of Alberta's strongest Novembers on record for sales, we are heading into December with the lowest inventory levels in November since 2005! The migration into Alberta continues as the population has grown to 4,543,111 which is just about 100,000 more people since the third quarter of 2021. This is putting pressure on the rental market with inventory levels well below the same time as last year, and rent prices climbing as a result. The affordability of housing compared to other major cities in Canada, along with the opportunity for jobs is continuing to keep our Province as a major draw for people to move to. Looking back at sales in Alberta over the top…

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2022 Q4 Calgary rent prices and how they compare to the rest of Canada

Depending on what site you visit or what statistician you reference, Calgary rent prices have gone up between 25-30% in the last calendar year.  For an average apartment condo, Calgary sits 15th on the list [tied with Montreal] when you compare across Canada. Vancouver then Toronto coming in 1-2, of course.  When looking at the 14 other cities ahead of Calgary, I'd still choose YYC over a lot of them from a lifestyle perspective. But that's just me.  Now if you're wondering how much rent can be increased at a time?  Landlords cannot increase the rent payable by a tenant under a fixed term or periodic tenancy agreement until a minimum of one year (365 days) has…

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