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The holiday season is typically a time for gathering, celebrating, and unwinding with family and friends—not necessarily a time when most people think of listing their homes for sale. However, there are unique advantages (and some potential drawbacks) to selling your home during the holidays. If you’re contemplating putting your home on the market this season, here’s a comprehensive look at the pros and cons to help you decide.

Pros of Selling Your Home During the Holidays

1. Less Competition on the Market
The holiday season sees fewer homes on the market, meaning less competition for sellers. If you list your home now, it will stand out among fewer listings, increasing the chances of attracting serious buyers who need to make a move quickly. This can result in more focused interest and, potentially, a quicker sale at a favorable price. This lack of competition can also help keep prices more stable, as buyers have limited choices.

2. Serious and Motivated Buyers
People shopping for homes during the holidays tend to be highly motivated. These buyers often have a pressing reason, such as job relocation, a new start for the new year, or a tax-related timeline. With only serious buyers in the market, you’re less likely to deal with casual lookers or “window shoppers.”

3. Emotional Appeal with Holiday Decor
Holiday decorations add warmth and charm to any home. A cozy, festively decorated house can help potential buyers envision celebrating their own holidays in the space. The emotional appeal of a well-decorated home can increase the chances of a sale, especially if the atmosphere makes a strong first impression.

4. Potential Tax Advantages for Buyers
For buyers, closing before the end of the year can offer tax benefits, such as mortgage interest deductions and property tax deductions. This incentive can motivate buyers to act quickly, giving sellers an edge in negotiations and possibly speeding up the closing process.

Cons of Selling Your Home During the Holidays

1. Limited Buyer Pool
While the buyers on the market are motivated, the pool is smaller compared to the peak spring season. Some buyers may choose to wait until after the holidays, so there’s a chance your home might see fewer showings. If exposure to a large audience is a priority, you might prefer to wait until spring.

2. Holiday Disruptions
Selling during the holidays can disrupt your own festivities. Preparing for showings, keeping the house clean, and scheduling around family events may add stress to an already busy season. If you’re hosting gatherings or traveling, managing showings and open houses can become a challenge.

3. Weather Challenges
In colder climates, the winter weather can make moving more difficult and might deter some buyers from venturing out to view properties. Snow, ice, and shorter daylight hours can impact curb appeal, and you may need to put in extra effort to keep your property accessible and visually appealing.

4. Potential for Lower Offers
Buyers may assume that homeowners listing during the holidays are more eager to sell, which could prompt some to submit lower offers. Additionally, some buyers view holiday listings as “off-season” and may expect to negotiate a better deal than they might in a more active spring market.

Tips for Selling Your Home Successfully During the Holidays

If you decide to sell during the holiday season, here are some tips to enhance your home’s appeal:

• Keep Decorations Minimal and Tasteful: Aim for classic, neutral decor that doesn’t overpower the space. This helps buyers focus on the home itself while still enjoying a touch of holiday warmth.
• Boost Curb Appeal: Clear any snow and ice, add tasteful outdoor lighting, and keep the entryway clean and welcoming. These small touches create a strong first impression.
• Optimize Indoor Lighting: Winter days are shorter, so ensure your home feels bright and inviting by adding warm lighting, especially in darker rooms.
• Be Flexible with Showings: Holiday schedules can be unpredictable. Being flexible with showings will accommodate serious buyers who may have limited availability.

Is Selling During the Holidays Right for You?

Ultimately, the decision to sell during the holiday season comes down to your priorities and personal situation. If you’re looking for motivated buyers and less competition, it can be a smart move. However, if you prefer to reach a wider audience and avoid holiday disruptions, waiting until spring might be the better choice.

Whatever you decide, remember that the holiday season can bring unexpected opportunities. With the right preparation and a strategic approach, selling your home during this festive time can be a successful and rewarding experience.

April 01, 2024 | CREB

March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month.

“We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month,” said Ann-Marie Lurie, Chief Economist at CREB®. “Moreover, we are entering the third consecutive year of a market favouring the seller as the two-year spike in migration has driven up demand and contributed to the drop in re-sale and rental supply. Given supply adjustments take time, it is not a surprise that we continue to see upward pressure on home prices.” 

Inventory levels have declined across properties priced below $1,000,000, with the steepest declines occurring for homes priced below $500,000. In March, there were 2,532 units in inventory, 22 per cent lower than last year and half the levels we traditionally see in March.

In March, the unadjusted total residential benchmark price rose to $597,600, a two per cent gain over last month and nearly 11 per cent higher than last year. Prices have increased across all property types, with the most significant year-over-year gains occurring for the relatively more affordable row and apartment-style homes.    

DETACHED
Detached home sales rose in March but were likely limited by the level of new listings coming onto the market. New listings in March were 1,386 units, compared to the 1,151 sales, causing the sales-to-new listings ratio to rise to 83 per cent. Inventories also remained relatively stable compared to last month but were 24 per cent lower than last year’s levels and nearly 60 per cent lower than long-term trends for March. Inventory levels dropped across all price ranges, but the most significant fall was in the lower price point. Overall, 71 per cent of the available inventory in March was priced above $700,000. 

Low inventories compared to sales caused the months of supply to drop below one month, driving further price gains. The unadjusted detached benchmark price rose to $739,700, a monthly gain of nearly three per cent and a year-over-year gain of 14 per cent. The largest year-over-year gains occurred in the most affordable North East and East districts.

SEMI-DETACHED
Supply availability continues to weigh on the semi-detached sector of the market. In March, 260 new listings were met with 250 sales, causing the sale-to-new listings ratio to rise to 96 per cent. This prevented inventories from improving, and the months of supply dropped below one month. Inventory declines have been driven mainly by properties priced below $600,000.

Limited supply and growing demand drove further price gains in March. The unadjusted benchmark price reached $658,000, nearly three per cent higher than last month and a 14 per cent gain over last March. Prices rose across all districts in the city, with year-over-year gains ranging from a low of 11 per cent in the highest-priced area of the City Centre to 25 per cent in the lowest-priced market in the East district.

ROW
Both sales and new listings rose in March. However, with 536 new listings and 449 sales, the sales-to-new listings ratio rose to 84 per cent, preventing any significant monthly change in inventory levels. With 355 units available, inventory levels were 12 per cent below last year’s and 53 per cent below long-term trends for March. The decline in inventory levels was driven by properties priced below $400,000, as inventory levels rose 35 per cent for units priced above $400,000. 

The unadjusted benchmark price trended up in March, reaching $448,700, a monthly gain of nearly three per cent and over 20 per cent higher than levels reported at this time last year. The higher-priced City Centre reported the slowest growth in benchmark prices, with the highest growth reported in the city’s most affordable districts.

APARTMENT CONDOMINIUM
Sales in March reached 814 units, contributing to the first quarter’s record-high sales of 1,940 units, nearly 31 per cent higher than last year. New listings also improved throughout the first three months of the year, but with a March sales-to-new-listings ratio of 82 per cent and a months-of-supply of one month, conditions favoured apartment condominium sellers. 

Demand for lower-priced homes has supported the growth of apartment-style properties, but the tight conditions have also contributed to further price gains. In March, the benchmark prices reached $337,700, over two per cent higher than last month and 17 per cent higher than levels reported last March.

REGIONAL MARKET FACTS

AIRDRIE
March reported 203 sales and 218 new listings. While both new listings and sales improved, with a sales-to-new listings ratio of 93 per cent, inventory levels were 22 per cent below last year and 56 per cent below typical March levels. 

With less than one month of supply, it is not surprising that we continue to see upward pressure on home prices. In March, the benchmark price reached $540,400, a monthly gain of two per cent and a year-over-year increase of over nine per cent. Prices improved across all property types, with stronger year-over-year gains for the relatively lower-priced row and apartment-style products.

COCHRANE
Following a slower start to the year, sales in March rose to nearly the same level of new listings coming onto the market, pushing the sales-to-new listings ratio up to 99 per cent. This also contributed to further declines in inventory levels, and the months of supply dropped to just over one month. 

As of March, the total residential benchmark price reached $555,300, a monthly gain of over one per cent and a year-over-year increase of nearly 12 per cent. Prices rose across all property types, and detached prices pushed above $650,000 for the first time.

OKOTOKS
Okotoks continues to struggle with supply as the 71 new listings that came on the market this month were met with 65 sales, preventing any improvement in inventory levels. There were only 54 units available in March, a year-over-year decline of 10 per cent and nearly 70 per cent below long-term trends for the month. 

Limited supply and strong sales caused the months of supply to fall below one month, and March was the lowest March reported since 2006. Persistently tight conditions drove further price growth this month, as the total residential benchmark price rose to $610,700, a monthly gain of one per cent and a year-over-year increase of nine per cent. Prices have been rising for all property types, with the most significant year-over-year gains occurring for semi-detached and row properties.

 
Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Nov. 01, 2023 | CREB

October sales activity slowed over the last month in alignment with typical seasonal patterns. However, with 2,171 sales, levels were 17 per cent higher than last year and amongst the highest levels reported for October. Sales activity has been boosted mainly through gains in apartment condominium sales as consumers seek affordable housing options during this period of high-interest rates.

New listings also improved this month compared to last year, reaching 2,684 units, reflecting the highest October levels reported since 2015. Despite the gain, relatively strong sales prevented any significant shift in inventory levels, which remain over 40 per cent lower than levels traditionally available in October.

“Despite some recent improvements in new listings, supply levels remain challenging in our market,” said CREB® Chief Economist Ann-Marie Lurie. “It will take some time to see a shift toward more balanced conditions and ultimately more price stability.”

With a months of supply of one and a half months, we continue to experience upward pressure on home prices. The unadjusted benchmark price in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October.

Detached
Both sales and new listings improved over levels reported last October. However, with 1,302 new listings this month and 976 sales, inventory levels slowed over the last month. Inventory levels remain the lowest ever reported for October. Inventory levels have declined for all homes priced below $700,000, leaving conditions exceptionally tight for lower-priced homes. The only area where conditions are not as tight as last year is for homes priced above $1,000,000, where the months-of-supply has risen to 4.3 months.

Persistently tight conditions continue to cause further price gains in the detached market. As of October, the unadjusted benchmark price reached $697,600, a slight increase over last month and 12 per cent higher than last October. Prices trended up over the last month across every district except the South East. Year-to-date benchmark prices have increased the most in the North East and East districts.

Semi-Detached
New listings in October improved over the low levels reported last year. However, with 235 new listings and 179 sales, the sales to new listings ratio remained relatively high at 76 per cent, preventing any significant change in the inventory levels. Inventory levels are nearly half the levels traditionally seen in October and have not been this low since October 2005.

Persistently tight conditions have continued to support price growth. In October, the unadjusted benchmark price increased over the last month, reaching $628,700, a year-over-year gain of 13 per cent. Prices trended up over September across most districts, with the most significant monthly gain occurring in the City Centre district. Like the detached sector year-to-date, the highest price growth has happened in the most affordable districts of the North East and East.

Row
The 420 new listings this month were met with 375 sales, keeping the sales-to-new listings ratio high at 89 per cent and preventing a significant shift in inventory levels. Row inventory levels have not been this low since October 2005. At the same time, October sales reached a record high for the month, keeping the months of supply low at one month.

Persistently tight market conditions have supported further gains in prices this month. In October, the unadjusted benchmark price reached $425,200, a monthly gain of over one per cent and nearly 19 per cent higher than last October. Prices have risen across most districts, but this month, the largest monthly gain occurred in the City Centre, which has also seen the lowest year-to-date price growth compared to the other districts.

Apartment Condominium
Record high sales in October were possible thanks to the steep gain in new listings. However, with 727 new listings and 641 sales, the sales to new listings ratio remained high at 88 per cent, and inventories continued to trend down. The decline in inventory levels has been driven mostly by condos priced below $300,000, which now represent only 38 per cent of all inventory, a significant decline compared to the 53 per cent reported last year.

Persistent seller market conditions have driven much of the recent gains in prices. The unadjusted October benchmark price reached $316,600 in October, a monthly gain of over one per cent and a year-over-year increase of 16 per cent. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

REGIONAL MARKET FACTS
Airdrie
Sales in the city eased in October, contributing to the year-to-date decline of 29 per cent. Much of the decline has been driven by detached home sales. Limited supply choice in the lower price ranges has contributed to some steep drop in home sales priced below $500,000. While Inventory levels have improved over last year’s low levels, the growth was driven by homes priced above $500,000.

While adjustments in both sales and inventory levels did cause the months of supply to trend up over the last month, with less than two months of supply, conditions remain tight, supporting further price gains. In October, the benchmark price rose over the last month, reaching $521,400, a year-over-year gain of nearly 10 per cent.

Cochrane
New listings improved over last month’s and last year’s levels, likely supporting some of the monthly gains in sales. Nonetheless, year-to-date sales have eased by nearly 22 per cent as sales have eased across all property types. While sales have slowed, levels remain far higher than long-term trends for the town. Despite the monthly improvement in new listings, inventory levels were lower than last year and remain well below long-term trends.

Persistently tight market conditions supported further price growth this month. In October, the unadjusted benchmark price reached $539,900, a monthly gain of over one per cent and a year-over-year increase of seven per cent. Price growth has occurred across all property types, with the largest year-over-year gains occurring in the apartment condominium sector.

Okotoks
The 48 new listings in October were met with 41 sales, keeping the sales-to-new listings ratio high at 85 per cent and preventing any adjustments to the exceptionally low inventory levels. Low inventory levels have likely prevented stronger sales activity, as year-to-date sales have declined by 26 per cent, primarily due to pullbacks in detached activity.

Despite some price adjustments over the last few months, the unadjusted benchmark price rose slightly over September and was over nine per cent higher than last October. Prices have increased across all property types, but the year-over-year gains have been highest for detached and semi-detached homes.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

The Calgary Real Estate Board (CREB^®) has released its Q2 2023 Housing Market Report. The report highlights a dynamic real estate landscape in the City of Calgary, showcasing strong trends in sales, demand and pricing.

As expected, sales activity has slowed from last year’s record-breaking pace while staying stronger than long-term trends. What was not expected was the robust demand in the higher price segments of the market despite higher lending rates.

“An influx of migrants coming from Ontario and British Columbia are likely contributing to some of the strength for higher priced properties, as the relative affordability could make migrants less sensitive to the recent gains in lending rates, said CREB^® Chief Economist Ann-Marie Lurie. “At the same time, continued strength in our labour market is supporting demand across all property types.”

However, the robust demand is met with a shortage in supply. Housing inventory levels have remained notably low across various segments, encompassing the resale, new home, and rental markets. Despite relatively strong new home starts, these have not been sufficient to alleviate inventory constraints, primarily due to the influx of migrants. Resale supply has also encountered unexpected challenges, as higher lending rates and limited choices in supply have deterred existing homeowners from making changes.

The prevailing shortage in supply has contributed to the continuation of tight market conditions, which has led to stronger-than-expected price growth across all property types in the city. This steady appreciation in prices throughout the year has effectively offset declines observed in the latter half of 2022, ultimately resulting in new record-high prices.

“Home prices have exceeded our expectations as supply challenges have persisted throughout the spring market, added Lurie. “While the pace of monthly gains is expected to slow in the second half of the year, limited supply choice is expected to keep prices elevated throughout the second half of the year.”

For the full report, please download CREB^®’s Q2 2023 Calgary & Region Quarterly Update Report here.

Summer Edition V.1

As we embark on the summer travel season, many of you will be including the non-traditional means of accommodation styles and will choose to go with an Airbnb or a Vacation Rental rather than a traditional Hotel. Whether it be for convenience, cost, size or location, more than not a Vacation Rental vs a Hotel makes a lot of sense. How many times after staying at a Vacation Rental Property have you thought to yourself, ‘I need to explore getting into the short-term rental market’.

Short-term rental properties can be lucrative and can provide a steady supplemental income. However, you do need to do your homework before jumping into being the ‘Hostess with the Mostess’. Before you make the decision of getting into the short-term rental market, let’s dive into listing and purchasing properties with Airbnb and VRBO capabilities.

Airbnb Terms & Conditions

• If purchasing a pre-existing Airbnb, the seller’s Airbnb account is not transferrable with the purchase of the property

Seems obvious but some people assume it automatically transfers over. Once the deal closes, the new property owners must create their own Airbnb profile or add the new property to their existing profile. The new property owners cannot assume any existing reviews or ratings from the previous owners.

• Sellers need to cancel any reservations made after the possession date

Sellers cannot transfer existing bookings to a buyer. Once the buyers have taken possession, they can do re-bookings. However, if the sellers take the furniture or shut off the utilities, the buyer must be informed as this could be a problem if unprepared.

• Some municipalities may require a permit

If a permit is required to operate an Airbnb, you will need to find out if that permit will transfer when the property sells or if a new one can be issued.

VRBO Terms & Conditions

• Use of site content, name or images is prohibited on marketing material

The platform name ‘VRBO,’ or any copied content, cannot appear on any marketing material used to promote the purchase or sale of a property. This includes the MLS^® System.

• Cannot list the contact information of another person

The VRBO profile cannot be used to advertise the property for sale nor direct potential buyers to contact a REALTOR^® for more information.

Short-term Rentals & Condominiums

With the increasing popularity of condominiums used as Airbnbs and VRBOs, some condo boards have felt the opposite appeal towards the rental trend.

In an Edmonton court ruling, Justice Paul Belzil issued a permanent injunction that includes short-term rentals such as Airbnb to be considered a “commercial transaction” and, therefore, in violation of this specific condo board’s bylaws. You can read more about that ruling here: Edmonton judge backs condo board in banning online rentals | CBC News

With the example of this court ruling, it is important to discuss this with your Realtor and make sure they or you investigate a condominium’s bylaws concerning short-term rentals before highlighting this as a feature of the property on the MLS^® System.

Short-term rentals & the MLS^® System

If you are considering selling your short-term rental, there are guidelines your Realtor needs to follow when listing on the MLS, essentially treating it as a normal residential listing:

• Property specific
• Avoid the use of self or third-party promotion
• Avoid using websites, phone numbers, or promoting any rental reviews in the public remarks
• Avoid promoting the potential of income, as this creates a high risk for misleading information
• CREB^® Rule Part III – 2.03(b) (24-hours to show rule) applies to short-term rentals and must be available to show. Therefore, if you have reservations during the sale period, it could be difficult to set up showings.

Quick tip

Remember, with any real estate transaction where it will be deemed an income earner, make sure to check in with an accounting firm concerning applicable tax. Depending on the business nature of their short-term rental or your intention when purchasing, seeking professional guidance in this area will be helpful.

May 1, 2023

Persistent sellers’ market conditions placed further upward pressure on home prices in April.

After four months of persistent gains, the total unadjusted benchmark price reached $550,800, nearly two per cent higher than last month and a new monthly record high for the city. 

“While sales activity is performing as expected, the steeper pullback in new listings has ensured that supply levels remain low,” said CREB^® Chief Economist Ann-Marie Lurie. “The limited supply choice is causing more buyers to place offers above the list price, contributing to the stronger than expected gains in home prices.”

In April, sales reached 2,690 units compared to the 3,133 new listings. With a sales-to-new-listings ratio of 86 per cent, inventories declined by 34 per cent compared to last year and are over 45 per cent below long-term averages for April.

While sales have eased by 21 per cent compared to last year, the steep decline in supply has caused the months of supply to ease to just over one month. This reflects tighter market conditions than earlier in the year and compared to conditions reported last April. 

To read the full stats release on April’s housing market for Calgary and surrounding areas, click here.

Click here to view the full City of Calgary monthly stats package.

Click here to view the full Calgary region monthly stats package.

Prices Rise as Conditions Favour the Seller