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Fall is Here!
 
As the leaves begin to change and the air turns crisp, the real estate market and our team is transitioning into an exciting season.
 
Fall is often considered one of the best times to buy or sell a home, with motivated buyers and sellers making the most of the cooler weather and making moves before the upcoming holidays. If you have spent the summer getting organized and fixing up your property, now could be the best time to get your home on the market and finding your dream place!
 
In other exciting news, the Smith & Griffith Real Estate Team with CIR Realty is excited to announce that in addition to our four Calgary CIR offices, we are officially opening an office location in the Town of Olds! You can find our Olds location immediately upon exiting the east Tim Hortons drive thru just off Highway 27. If you are in the Olds area and want to discuss your real estate needs, let’s set up a time to meet at our office.  
 
Our family is in the office, the field and even back to school for some. Back to our regular routines and ready to assist you with buying or selling real estate in whatever season you are in. In this newsletter, we’ll explore the latest trends in the market, understand what the Bank of Canada is up to with mortgage rates and more! 
 
 
REAL ESTATE MARKET - The Latest from the Calgary Real Estate Board
 
Housing activity continues to move away from the extreme sellers’ market conditions experienced throughout the spring. Easing sales, combined with gains in supply, pushed the months of supply above two months in August, a level not seen since the end of 2022.
 
“As expected, rising new home construction and gains in new listings are starting to support a better-supplied housing market,” said Ann-Marie Lurie, Chief Economist at CREB®. “This trend is expected to continue throughout the remainder of the year, but it’s important to note that supply levels remain low, especially for lower-priced properties. It will take time for supply levels to return to those that support more balanced conditions.”
 
  • Home Sales: Sales have slowed down a bit, with a 20% drop compared to August last year. It seems like the market is taking a little breather after a pretty busy few years.
  • Inventory Levels: There are more homes on the market this year. Inventory has shot up by 37.3% from this time last year, though it’s still not quite at the levels we usually see.
  • Prices: The overall price for homes is holding steady. The benchmark price is sitting at $601,800, which is up by 6.3% from last August. Prices took a tiny step back from last month, but nothing too dramatic.
 
The market seems to be moving towards a more balanced spot. There’s enough activity to keep things interesting, but we’re also seeing signs that the market is  stabilizing. Whether you’re buying or selling, staying informed and flexible will help you make the most of the current conditions.
 
UPDATE ON INTEREST RATES
 
The federal government has made two changes to insured mortgages in Canada.  
 
1) 30 year amortization for all inserted mortgages 
2) Insured mortgages can now be up to 1.5 million purchase price (will still have 5% on first $500,00 and 10% on balance of mortgage).  This will be in effect December 15, 2024. Learn more in the article below by mortgage brokers, Patricia McKean & Stacey Scott.
 
REAL ESTATE TIPS
 
For Buyers:
  1. More Choices: With more homes available, especially in the pricier segments, you’ve got some room to explore. Don’t rush—take your time to find a spot that really suits you.
  2. Stay Ready: Keep that mortgage pre-approval handy! Markets can shift quickly, and you’ll want to be ready to jump on the right home when you find it.
  3. Check Out All Your Options: With the market being a bit varied, some areas and home types might offer better deals than others. Keep an open mind and look around—you might be surprised at what you find.
For Sellers:
  1. Price Smart: With the market cooling slightly, setting the right price is crucial. You don’t want to scare off potential buyers by aiming too high right out of the gate.
  2. Market Well: Good photos and a solid online presence can really make your listing stand out. In a market with lots of options, you’ll want your home to shine brighter than the rest.
  3. Negotiate Wisely: Buyers might try to negotiate more aggressively with more options available, so prepare for some back-and-forth to get to a deal that works for everyone.
 
Thank you for choosing Smith & Griffith as your source for real estate expertise. We're dedicated to ensuring your success in this market.
 
Rees, Kari & Cassidy
“Opening Gates To The Country And Doors To The City”
 

 
 

 
NOW OPEN - Olds Office Location - 4517 55 Ave
In addition to our 4 Calgary CIR office spaces, we are excited to offer a new office space for our clients in Olds!
 

 
 

Amish Cinnamon Bread
baked by kari, approved by rees & Cass

 
Our business is growing because of referrals from clients and friends like you and we thank you for passing on the 
Smith & Griffith name. 
 
We would love to assist others, so please send colleagues, friends and family our way. We promise to provide them with great service as we are committed to working with our clients to achieve their desired results!
 

 
The Smith & Griffith Real Estate Team with CIR Realty delivers a unique blend of residential and rural real estate expertise based on the western values of honesty, loyalty and integrity. The result is a top producing team working with you to deliver results.
 
 
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4517 55 Ave
Olds, AB T4H 1B9, Canada