All Blog Entries by JoAnne Purcell

Found 18 blog entries published by JoAnne Purcell.

We originally published this article in June 2018, however, with the recent interest rate increases by the Bank of Canada we thought it would be prudent to publish it again. Please note that the interest rates and calculations in the article are those that were in effect in June 2018. Since then, the qualifying rate has remained at 5.34%, however the best 5 year contract rate available has increased to 3.59% - meaning that while you still qualify for the same mortgage amount today as in June, the monthly payment in the examples has increased by $42/month. These rates are on approved credit and are subject to change without notice.  


Maybe you’re thinking “if I wait a while longer in this market, home prices will go down and

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We like to call it a buyer’s market when there is an inventory of homes listed for sale that is beyond the demand of buyers. Typically speaking in Calgary, we consider it a buyer’s market when the absorption rate is in excess of four months.   When this happens, as a buyer you will see a great selection of homes and a shift in leverage favouring buyers. These advantages include:

  • Greater opportunity for prices in your favour
  • Greater flexibility for negotiating terms in your favour
  • You may get more house or value for your money

Warning: the following article contains information that may be sensitive for some readers. The intention of this article is not to scare anyone. The information is what it is, however; and the facts are

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Calgary Market Summary - june 2018

While economic indicators continue to show improvement, and Alberta's GDP out paces the rest of the country by over 30%, our real estate market continues to have it's challenges.  The impact of the tightening of mortgage rules and higher interest rates has had an impact on slower residential resale markets nation wide.  It seems to have compounded in the Alberta markets as we continue to see lower than normal sales volume, which in turn is allowing the listing inventory to grow. The sales in May 2017 were 19% below last years numbers, and 24% below longer term averages. 

 As a result of the lower sales and climbing inventory, our absorption rate has climbed to 4.9 months which moves us into a buyers market.

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Monthly Market Update


If we focus primarily on CREB's numbers from Aprils sales, the message can look a bit bleak. The inventory is up 32.73% year over year and sales are down -20.11% year over year compared to April of 2017. This has resulted in the absorption rate rising to 4.82 months which is territory for a buyers market. Some segments and areas of the market are seeing larger slow downs than others. The largest slow downs appear to be in the Detached Single Family Home sector, and the North, Northeast and East Districts are all experiencing the greatest declines. However, pricing remains relatively stable even with all of these factors in place.

If we want to take a larger

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The first quarter of 2018 has definitely been an interesting one in the Calgary Real Estate Board! While sales continue to improve month over month, they are 18% below what they were during the same quarter in 2017. Even with the slower sales, the average days on market has been dropping and is currently at 45 days, and the benchmark price is slowly rising to $435,600 which are all good signs of an improving market.

 The most notable aspect in our current market is that while most sectors and price ranges are seeing declines in sale volume; it is the luxury market that is seeing the greatest improvements!  The sales in the $1M+ range have increased 16% year to date in 2018 over and above 2017's numbers.  With

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Data released today by the Canadian Real Estate Association (CREA) show a second consecutive dip in home sales across much of the country. Rising mortgage rates and tighter mortgage qualification rules have hit first-time homebuyers particularly hard, and activity was pulled-forward late last year in advance of the new OSFI rules.

Existing home sales dropped 6.5% nationally in February, deepening the decline that began in January. February's sales figure posted the lowest monthly reading in nearly five years. Home purchases over the first two months of this year plunged 19.4%. Sales fell in almost three-quarters of all local markets, with out-sized declines in and around Greater Vancouver (GVA) and Greater Toronto (GTA).
On a year-over-year (y/y)

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We have lived in the Calgary, AB community of Silverado since 2014.  We love Silverado for many reasons - Here are just a few of the reasons we love Silverado:

  • Close proximity - but not to close - to the C-train which has reduced the daily commute to down town Calgary by at least twenty minutes each way compared to other communities we have lived in.
  • On a nice evening or on the weekends we love to escape to Bragg Creek or mountain trails west on Hwy 22X. It's a short drive without fighting any city traffic and you are in the amazing Rocky Mountains. 
  • It is quiet. Guest to our homes often comment on how quiet it is here, even though it's close to all the amenities.
  • The residents of Silverado that we have met are very friendly, community
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We’ve all heard the unfortunate stories. Someone with not enough insurance coverage is injured or killed in a tragedy leaving behind a mountain of debt for their loved ones. Often, you don’t want to spend the extra money on insurance, but when something happens it’s the best investment of your life.

The same can be said when you buy a home. It’s easy to get caught up in the moment when you’re looking for your forever home. You see all the glitter, but maybe fail to see not everything is gold. And that’s where a home inspection can come into play. For a roughly $500 investment on the biggest purchase of your life, it should be a no-brainer to have a home inspection, whether the home is 100 years old or brand new.

In many cases, people don’t bother to

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JoAnne & Joseph Purcell at are thrilled and honored to be named the Top Producing Partnership at CIR Realty for December 2017. Thank you to our clients, friends and family for supporting us in a career that allows us to help our clients while doing something we enjoy so much!

Calgary real estate market report

It was a pleasant surprise in December that the Holiday Season brought with it higher sales numbers than we have seen in the previous couple of years in the same month.  While sales increased, so did the number of listings which helped push our absorption rate up to 4.29 months, slightly in range of a Buyer's Market.  the Calgary Benchmark price remained stable at $ 433,200 and average days on market increased slightly

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Many people choose to celebrate the holidays by decorating the interior and exterior of their homes with a variety of different lighting options. Here are a few tips to ensure any extra lighting you put up is done safely.

  • Only purchase UL-listed lights and extension cords.
  • If you are decorating outdoors use products that are rated for outdoor use.
  • Before placing your lights (inside or outside) inspect them for any damage that may have occurred in storage.
  • Unplug lights before you change bulbs.
  • If you need to get on a ladder to hang lights, try to use a wooden or fibreglass-reinforced plastic one instead of a metal one.
  • Do not connect too many strings of lights together. The general rule is 3, but check with the packaging.
  • Do
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