A Quick Story About Calgary’s Buyers' Market

Posted by Tim Olynik on Monday, October 29th, 2018 at 12:49pm.

First, you might want to check out this blog I wrote to learn why Calgary has a Buyers’ Market

Over a month ago, I met up with new clients and their five month old baby to start their home search.

It was a beautiful day. The sun was bright but it wasn’t hot. Weekdays in Calgary’s older neighbourhoods seem to have a sleepy small town vibe during the summer. Everyone was in good spirits and moving slowly, enjoying the exciting process of buying a home.

Their price range was just barely enough for an entry level home in an established family neighborhood. At any other time in my real estate career, we would’ve had a conversation about how they, at their price range, can’t be too picky if they wanted to live one of these communities, and we’d have to be ready to act quickly if a great house came on the market.

We leisurely looked at 10 homes that day. I narrowed down their original list of 16.

There was one attached home on their list that seemed quite promising to me. As we walked up the driveway he said, ‘Wait… is this a duplex?’

‘Yep.’

‘Oh no, we don’t share walls. We have loud sex.’

We didn’t talk about sound proofing, designating a room far from the shared wall for loud activities, and I didn’t joke that the legal term is party wall for good reason.

Not in this market. I didn’t even try to open up their options. I noted their need for a secluded master bedroom and moved on. We didn’t bother going inside.

One house was the clear winner by the end of the day. A character home with just enough character, move in ready, on wide lot, with a huge garage, and master bedroom with significant distance from the neighbour and backing onto greenspace.

We saw three more homes that they could see themselves living in.

They drove back to Edmonton that night and put their current home on the market, hoping for a quick sale that still hasn’t materialized.

No problem. The house they loved isn’t just still for sale, the price has dropped significantly. I get a euphoric text every time the price falls.

I haven’t followed the other homes they liked. More impressive options have come on the market since then.

They’re going to be very happy, and likely make a huge profit, with the house they buy. They certainly won’t be forced into late night volume adjustments.

Two years ago, their home search wouldn’t have gone like this at all. I’m quite certain it won’t be this easy two years from now.

It’s the best time that I’ve ever seen to buy a house in Calgary.

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