with the high mortgage rates and inflation surely there are more foreclosures today than
ever before right hmm well let's find out should you sell your home now or wait and how long would
it take to sell today and is the Calgary real estate market still a hot seller's market I had
a few people ask us about foreclosures given the high mortgage rates since mortgage payments for
variable rate mortgages have gone up by hundreds of dollars per month and people are asking are
there more foreclosures now today than during the pandemic I thought this was an interesting
question so I looked from January 1st to June 30th from the last four years hear the stats
in 2023 there was 124 sold foreclosures 2022 166 2021 196 and 2020 236. what's interesting
is the higher amount of fork closures in 2020 when the pandemic hit here's the thing though
it takes about nine months or so uh well it could be a little bit longer if courts are delayed from
the first missed mortgage payment to evicting the homeowners out of the home which means that
foreclosures in 2020 were actually from people who are delinquent from 2019. so why is there
a declining number of foreclosures since 2020 well I can only think of one possible reason and
that is homeowners have too much Equity to get foreclosed on plus it's a hot seller's market
banks are most likely working with homeowners to come up with a payment plan that can fit within
their budget and or extend their amortization if banks work with homeowners directly then it will
also save them legal fees for well both parties that said it is unlikely that foreclosures will
rise because of the increase in equity oh for the those that are new to the channel my name
is Fila Chan Calgary realtor and mortgage broker with real broker let's get started
foreign [Music] ER looking to sell your home should you sell now or wait now before I answer
that question I first need to give you some data as context let's look at the housing
market overall for Calgary real estate June was a record month for sales but it was only about 25
more sales than May here's the catch we also had a record number of new listings to the market just
slightly under 300. now the days on Market is the lowest this year and two days lower than May at 22
days despite having more sales and almost 300 more listings pricing stayed the same as last month
with an average price of about 552 000. this tells me that the market just gobbled up all of the new
listings with no problems at all and this shows the demand for Calgary real estate is still strong
pulling up this graph for prices you can see that from the last five years we are at the highest
price point you can pause the video to look at the graph for a longer period of time but you
can notice that the periods when prices go up they usually last four to five months before it starts
taking a breather this further makes me feel that as a homeowner look in a Cell now is the best time
in fact since the average price is exactly the same as last month and it didn't go up it gives us
an indication that we may have already passed our Peak and next month could result in lower prices
this is great news for buyers as a breather in the market may be coming I would caution
you buyers though from trying to time the market as the market can bounce back pretty quickly so
from a macro view it does make sense to put your Calgary home for sale because the pricing is still
the highest and it will take on average about 22 days to sell based on the data detached homes
in June we had record sales year to date about 150 more new listings and yet days on Market went down
from 22 days to 20 days from May and our pricing is hovering around 730 000. this is three thousand
dollars less than the average price in May and in April it was 728 000. looking at this graph for
average prices by the green vertical bars you can see that it is rounding off and losing a little
bit of steam this could mean that for July prices it could ease and maybe continue downwards but
may at may do it at a faster rate semi-detached homes semi-detached homes in Calgary are on fire
we didn't have record sales May was the highest month for that and although we had significantly
more new listings the diesel Market went from 25 in May to 19 in June and average price from 6
so 1 to 627 if you're a homeowner looking to sell you will get record pricing in the shortest
amount of time pulling up this graph for prices you can see that we are at the highest average
price for semi-detached homes in Calgary so get it while it's hot this will not last for buyers
this isn't great news but what goes up must come down right roll housing for Calgary town
homes or what we also call them as Row Housing we broke every record this year in June we had
record sales at 524 sales highest amount of new listings the least amount of days on the market
at 19 days and another record price at 409 000 looking at the pricing graph we actually need
to make the graph bigger so we can properly show the pricing our team saw some crazy activity for
this property type and and it's surprising how much town homes are actually selling for
now condos the condo Market was getting hot and a lot of June statistics were the same in May same
amount of sales similar amount of new listings days on Market is one day less at 28 days and
the average price went down from 307 in May to 301 in June we are feeling that this Market has
potentially hit its peak and we are not seeing as many offers on condos as we used to looking at the
pricing graph you can see that we did take a bit of a breather compared to last month but still
relatively High compared to the last five years so after reviewing the pricing for all these property
types for Calgary real estate I'm getting the feeling that we have peaked or will peak in
this month of June to July now I'm no wizard that can look in the future but like all Cycles in any
industry what goes up must come down homeowners are a little late getting into the game if they
were to put their home for sale in Calgary now but I don't think it's too late looking at the
numbers it seems like this could be the last hurray before price is stabilize or start to
come down even if they come down I'm not sure if it would come down like any other typical cycle
in the Calgary real estate market since we've been seeing extremely high inter-province migration not
only from people calling Alberta home but also for investors buying homes for sale if you are looking
to sell your home then feel free to reach out to our team so we can help you figure out how much
Equity you have and what you will pocket after the sale of your home and of course we can help
you find a home to buy during the same period of time I will leave our contact info in the
description below if you found this video helpful we would love your support if you hit the like
button and feel free to share it with anyone you think could use this information my name is Felix
Chan Calgary realtor and mortgage broker with real broker and we'll see you in the next video
[Music] thank you [Music]