When it comes to securing a mortgage in Calgary, understanding current mortgage rates is crucial for making informed decisions. The mortgage rates can vary significantly based on the type and term of the mortgage. Let's dive into the latest mortgage rates and what they mean for you as a homeowner or potential buyer.

Current Calgary Mortgage Rates

Here's a snapshot of the current mortgage rates in Calgary as of May 31, 2024:

-  5 Year Fixed:  4.79%
-  4 Year Fixed:  5.04%
-  3 Year Fixed:  4.99%
-  5 Year Variable:  6.15%
-  Prime Rate:  7.2%

Fixed vs. Variable Rates: What's the Difference?

Understanding the difference between fixed and variable mortgage rates is key to choosing the right mortgage for your financial situation.

Fixed Mortgage Rates:

Stability:  Fixed mortgage rates offer stability as the interest rate remains the same throughout the term of the mortgage. This means your monthly payments will stay consistent, making it easier to budget.

Predictability:  With a fixed rate, you'll know exactly how much interest you'll pay over the term of the mortgage, protecting you from potential rate increases.

Example:  If you choose a 5-year fixed mortgage at 4.79%, your interest rate will remain 4.79% for the next five years.

 Variable Mortgage Rates:

Flexibility:  Variable rates can fluctuate based on the prime rate set by the Bank of Canada. While this can lead to lower initial rates, there's a risk of rates increasing over time.

Potential Savings:  If interest rates decrease, you could save money with a variable rate. However, if rates rise, your payments could increase.

Example:  A 5-year variable mortgage at 6.15% means your rate could change based on market conditions, impacting your monthly payments.

Prime Rate: What You Need to Know

The prime rate, currently at 7.2%, is the interest rate that commercial banks charge their most creditworthy customers. It serves as a benchmark for various loan products, including variable-rate mortgages. When the prime rate changes, it directly affects variable mortgage rates, lines of credit, and other loans.

How to Choose the Right Mortgage

Choosing the right mortgage depends on several factors, including your financial situation, risk tolerance, and future plans. Here are some tips to help you decide:

Assess Your Financial Situation:  Consider your current income, expenses, and how stable your financial situation is. If you prefer predictable payments, a fixed-rate mortgage might be the best choice.

Consider Your Plans:  If you plan to stay in your home for a long time, a fixed-rate mortgage offers stability. However, if you might move or refinance in a few years, a variable rate could save you money initially.

Evaluate Market Trends:  Keep an eye on market trends and economic forecasts. If interest rates are expected to rise, locking in a fixed rate now could be advantageous.

Consult a Mortgage Professional:  Speaking with a mortgage broker or financial advisor can provide personalized advice based on your unique circumstances.

Understanding the current mortgage rates in Calgary and the differences between fixed and variable rates can help you make an informed decision. Whether you opt for the stability of a fixed rate or the potential savings of a variable rate, make sure to evaluate your financial situation and future plans. For more detailed information and personalized advice, consider consulting with a mortgage professional.

If you're ready to explore your mortgage options or need further guidance, don't hesitate to contact us. We're here to help you navigate the mortgage landscape and secure the best rates for your needs.

Unlocking the Power of Data: Jerry Charlton’s Interactive Calgary Real Estate Visual in Power BI

In the ever-evolving world of real estate, information is power. Whether you’re a homebuyer, seller, or investor, making informed decisions is crucial to success. Jerry Charlton, a busy Calgary Realtor, has harnessed the power of data to create an extraordinary interactive visual in Power BI that offers unparalleled insights into the Calgary real estate market. This tool, with its comprehensive data and user-friendly interface, is designed to help you navigate the complexities of buying, selling, and investing in Calgary’s diverse neighborhoods.

The Comprehensive Overview: Exploring Over 200 Calgary Communities

The first page of this interactive visual is a treasure trove of information. It allows users to choose from over 200 communities in Calgary, offering a granular view of the real estate landscape. Once a community is selected, you can further refine your search by choosing the type of home: Detached, Attached, Apartments, or Half Duplexes. This specificity ensures that you get the most relevant data tailored to your needs.

Key Metrics at Your Fingertips

On this page, the tool presents crucial metrics, including the number of sales, property style, minimum and maximum sold prices, average sold prices and average sold prices per square foot. Additionally, a map shows the exact locations of these homes within the chosen community, providing a visual representation of the market distribution.

This wealth of data is invaluable for understanding the market dynamics in any given community. Whether you’re curious about the price range of detached homes in a specific area or want to see where most apartments are selling, this page offers a clear and detailed overview.

Recent Sales: Diving into the Details

The Recent Sales page takes the data a step further, offering a list of actual sales. This page is particularly useful for those who want to delve into the specifics of recent transactions.

Detailed Transaction Data

For each sale, the visual provides the sold date, original list price, sold price, percentage of sold price to list price, days on the market (DOM), sold price per square foot, size, address, number of bedrooms and bathrooms, whether there’s an ensuite, if there’s a garage, and the style of the home.

This detailed breakdown allows you to see how individual properties are performing relative to their list prices and how quickly they’re selling. It’s an excellent resource for both buyers and sellers looking to gauge market activity and trends.

Historical Trends: Average Prices Over Time

For investors and analysts, understanding historical price trends is essential. The Avg Prices page provides a comprehensive view of the market over the past decade, showing yearly high, low, and average prices for both sale prices and sale prices per square foot.

Visualizing Market Trends

This page features a graph that tracks these prices over time, offering a clear picture of how the market has evolved. This historical data is particularly useful for identifying long-term trends and patterns, helping investors make informed decisions about where and when to invest.

Size vs. Price: The Scatter Chart

The Size/Price Chart is another powerful tool within this interactive visual. It shows sales from the past 180 days on a scatter chart, with size in square feet along the bottom and sold prices along the side. Each dot on the chart represents an actual sale, providing a visual representation of the relationship between home size and sale price.

Insights at a Glance

This scatter chart is incredibly useful for identifying outliers and trends in the market. For instance, you can quickly see if larger homes are consistently selling for higher prices or if there’s a wide range of prices for homes of similar sizes. This information can be crucial for pricing strategies and understanding market value.

A Tool for Everyone

Combined, these four pages offer a wealth of information to home buyers, sellers, and investors looking to make better-informed decisions in the Calgary real estate market. Jerry Charlton’s interactive visual in Power BI is not just a tool; it’s a comprehensive resource that brings transparency and clarity to the real estate market.

Empowering Home Buyers

For home buyers, this tool provides a detailed understanding of the market dynamics in their desired communities. By exploring the number of sales, property styles, and price ranges, buyers can make informed decisions about where to purchase. The Recent Sales page offers a glimpse into what similar homes have sold for, helping buyers set realistic expectations and make competitive offers.

Supporting Sellers

Sellers benefit immensely from this tool as well. By understanding the average sold prices and market trends, they can price their homes more accurately and strategically. The detailed transaction data provides insights into how quickly homes are selling and at what prices, enabling sellers to position their properties effectively in the market.

Guiding Investors

Investors, perhaps more than anyone, rely on data to make profitable decisions. The historical price trends and scatter charts offer valuable insights into market fluctuations and potential investment opportunities. By identifying communities with stable or rising prices, investors can make informed choices about where to allocate their resources.

Jerry Charlton’s interactive visual in Power BI is a game-changer for the Calgary real estate market. By providing detailed, accurate, and up-to-date information, this tool empowers home buyers, sellers, and investors to make smarter decisions. Whether you’re looking to buy your first home, sell a property, or invest in Calgary’s vibrant real estate market, this interactive visual offers the insights you need to succeed. Explore it today and unlock the power of data in your real estate journey.

As we welcome the warmth of spring in Calgary, the real estate market is showing signs of renewed activity. In this article, we'll delve into the current state of the market, exploring trends, statistics, and expert insights to help you make informed decisions.

Market Overview

The Calgary real estate market has experienced a steady recovery since the pandemic. According to the Calgary Real Estate Board (CREB), April 2024 saw a 12% increase in sales compared to the same period last year. This growth is largely driven by the detached home sector, which accounts for over 60% of total sales.

Detached Homes

The detached home market is leading the charge, with a 13% year-over-year increase in sales. The benchmark price for detached homes rose 1.3% month-over-month to $749,000, and 13% year-over-year. This growth can be attributed to increased demand, particularly in the $500,000 to $1,000,000 price range.

Semi-Detached and Row Homes

Semi-detached and row home sales have also seen a significant uptick, with a 15% year-over-year increase. The benchmark price for semi-detached homes rose 1.5% month-over-month to $520,000, and 10% year-over-year. Row home prices saw a 1.2% month-over-month increase to $430,000, and a 9% year-over-year increase.

Condominiums

The condominium market is slowly gaining momentum, with a 5% year-over-year increase in sales. The benchmark price for condominiums remained stable, with a 0.5% month-over-month decrease to $270,000, but a 3% year-over-year increase.

Neighborhood Spotlight: Beltline and Downtown

The Beltline and Downtown areas are experiencing a surge in popularity, driven by the demand for inner-city living and proximity to amenities. Sales in these areas have increased by 20% year-over-year, with the benchmark price for detached homes rising 15% to $1,200,000, and condominium prices increasing 5% to $400,000.

Expert Insights

"Calgary's real estate market is showing promising signs of growth, particularly in the detached home sector," says Jerry Charlton, a seasoned real estate agent with years of experience in the Calgary market. "As the economy continues to recover, we expect to see increased demand and prices stabilizing. It's an excellent time for buyers to explore their options and for sellers to capitalize on the growing market."

What's Next?

As we move into the summer months, we anticipate the market to remain active, with continued growth in the detached home sector. Interest rates are expected to remain stable, making it an attractive time for buyers to enter the market. Sellers, on the other hand, should consider pricing their properties competitively to attract potential buyers.

Conclusion

The Calgary real estate market is poised for a strong summer season, driven by the detached home sector and growing demand in popular neighborhoods like Beltline and Downtown. Whether you're a buyer or seller, it's essential to stay informed and adapt to the changing market conditions. Contact Jerry Charlton and his team to navigate the market with confidence and expertise.

Stay Informed

Subscribe to our newsletter for regular market updates, expert insights, and exclusive listings. Follow us on social media for the latest news and trends in the Calgary real estate market.

Get in Touch

Contact Jerry Charlton and his team to discuss your real estate needs and goals. Call (403) 123-4567 or email jerry@jerrycharlton.com to schedule a consultation today!

Housing Stats like these for Acadia, Fairview, Haysboro and Canyon Meadows are available through me for every other community in Calgary as well. They are important and helpful to me everyday because that is my job. They might be important to you just a few times in your life. When you are ready to make your next move you want a better understanding of Calgary Real Estate Market conditions at that particular time from a wide angle view to a very narrow focused view and we are here to help you with that.
The questions we start with go something like this: What is the total market doing? What is a community doing? What is a property type doing? What is a property type in a price range doing? What other options are in that price range in Calgary and in closer proximity to the home your are selling or buying.
The answers to those questions and more are part of the process we go through to help buyers and sellers make more confident decisions. Most people only need to make these big real estate decisions a few times in their lives. And we know the more detailed information you have to consider the better!
Let us help you the next time you are ready to make a move. Contact Us Anytime.

Acadia
MLS® Stats April 2024

14.3% Overall increase year of year is pretty nice for current home owners and real estate investors.

Contacts us for more information on buying and selling Acadia Calgary Real Estate.

Fairview
MLS® Stats April 2024

Fairview Real Estate increased by 20% since last year. WoW

Haysboro
MLS® Stats April 2024

Kitty corner from Fairview is a much larger area with a wider range of home prices which makes the overall year over year look small. But then look at the 20% increase in detached homes.

Don’t wait to invest in Real Estate - Invest today and Wait..

Canyon Meadows
MLS® Stats April 2024

11% Increase would make most people happy. Look closer at the different categories of home types and you’ll see over 30% for Apartments in Canyon Meadows.