The market has really taken a hit in the last quarter. The first quarter didn’t seem so bad as we saw properties moving for a fair price. But due to some stringent, new mortgage rules and much higher interest rates this isn’t so much the case. As a result of this situation, it would appear that the housing market with prices above about $500,000.00 is taking a harder hit, leaving people with larger, more expensive homes with the most difficulty selling at a reasonable price.
That being said when we look at the median price for Bel-Aire I don’t want anyone to panic. If you are like me, the first thing you look at is the price things are going for, then process the rest of the information. There was only one sale in Bel-Aire in the second quarter and it went for $3,600,000.00. It would appear that the median price has been driven up, but we have to look at how many houses are being sold as well. In total for the two quarters we have moved through thus far the Median Price for this community is actually well below that, sitting at $1,690,000.00. Year-to-year this is down 14% from 2017. Those pesky interest rates are such a drag sometimes because the way I see it this would be a great time to buy and invest in a dream home. Taking a bit of a deeper look into what Alberta is doing, we have finally come out of the recession and things are in slow recovery. There is some serious issue with high and on-going unemployment rates at this point and this would be a cause of the delay in buying up some of the market. If you are a new buyer with some money in the bank or someone new to the city it would be a great opportunity. Remember that things will change over time as they always do. I have an optimistic outlook on the future and believe we can pull through this.
Bel-Aire is a residential community of wealth. The neighbourhood was annexed to the City of Calgary in 1954 and became an established neighbourhood in the early 1960s. It is located north of Mayfair and west of Meadowlark Park. East of the community is the Glenmore Reservoir and the Elbow River. The Calgary Golf and Country Club is its furthest northern border and is one of the reason why it is such a prestigious neighbourhood.
This is the same story for Mayfair, as it too is a higher-end neighbourhood. With Bel-Aire being exclusively high-end and Mayfair following closely, it would be reasonable to say that sales are down. Although sales in Mayfair are low as are new listings the average days on market are short in this community. I believe this is because of its access to downtown and its more manageable price range.
Mayfair in itself is a very cute and small neighbourhood. It is backed by Bel-Aire to the north and the same as Bel-Aire, east by Elbow Drive and west by the Glenmore Reservoir and south by Glenmore Trail. Because of its proximity to this major road system it is a more affordable community but is none-the-less just as beautiful as its neighbouring community of Bel-Aire. The area was annexed to the City in 1956 and was established just a little earlier than Bel-Aire in 1957. It is a great area to raise up children as it is quiet and has many established playgrounds and parks.
Considering either one of these great neighbourhoods in which to settle is a wonderful plan. They are both beautiful communities close to Chinook Center, the Downtown Core, the Elbow River and public transportation. There are fun parks within both neighbourhoods and a church in between them both. It is conveniently located close to both Britannia, which has many bike paths close by, and Elboya K-9 school. Call me up and we can go take a look at some of the homes in these two areas. Now is a great time take a peek and see if this is where you want to settle, as the trees in these mature neighbourhoods are stunning this time of year.
