May 2024 Monthly Newsletter
Holy Hot Damn has May proven to be another wild month in Alberta Real Estate.
The year-over-year sales trend is tremendous - sales are up 7% in Calgary and 54% in Edmonton! The sales-to-new-listings ratio in Calgary moved below 90% (thank god, as some of our clients were able to secure homes this month), but the sales-to-new-listings ratio moved above 80% in Edmonton. Buckle up, Northern Friends, we predict that you're about to see some major price increases!
Bond yields continue to react violently to micro announcements in the media. If you're in the mortgage market, rate holds are everything.
The blanket R-CG rezoning changes in Calgary just added 750 net new homes a year, but (in our opinion) they just made every single family home in Calgary a little bit more valuable.
The next Bank of Canada Rate Announcement is coming on June 5, 2024 (despite what my video says 🙄)
Capital Gains Tax rule changes June 25th, 2024:
For individuals who own real estate in their personal name and realize more than $250,000 in capital gains in a year, taxes will increase from 50% to 66.67% of the capital gain. The first $250,000 will still be taxed at 50%, while anything over $250,000 will be taxed under the new rules (66.67%).
There will be no threshold for corporations and trusts. The tax rate will increase to two-thirds (66.67%), for all realized capital gains.
As a result of these impending changes, we've seen a massive uptick in private sales between family members and landlords and tenants.
Watch Renée's May Update:
Alberta Real Estate Market Updates
Mortgage Renewals
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