Calgary Real Estate Blog

One of the many great things about Calgary is its extensive pathway system, and it is well used. Offering riverside views and protection from the wind, thanks to densely planted trees, the paths present a place to walk, run, bike, and toboggan in almost every community. Sadly the Great Flood damaged nearly one hundred kilometres of pathway, to the extent that these sections had to be closed. Thanks to well coordinated efforts by city staff, a whopping 57 kilometres have been reopened. The remaining portion, however, will take some time to fix up. There are a number of factors slowing things down, including eroded riverbanks, fish habitats, and ownership considerations, but as the province continues to inject money and staff continues to work exceptionally hard, things will be back to how they were as quickly as possible.

When you’re taking your next fall stroll after supper, have a look around at our great pathway system and consider how fortunate we are to have had city planners take greenspace so seriously.

With relatively low inventories – and not just because of flood damage – the Calgary real estate market is on fire right now. The Calgary Herald reports that condos, bungalows, and two-storey homes have all increased in price by 6 to 7 percent in the second quarter, year-over-year, as listings regularly receive multiple offers. The flood certainly didn’t help with the inventory crunch, but the overall trends shouldn’t be affected long-term by that mess; this isn’t a short term blip, it’s a larger trend.

And it’s not just the common-man homes that are moving: a record number of $4 million-plus homes have been sold so-far in July (and it’s only the 9th). There’s more inventory available in the luxury market, and the higher prices and low availability of mid-range homes, combined with interest rates that look like they’ll stay low for another couple of years, are all factors encouraging people looking to move up.

So, if you’re thinking about selling your present home and move into something larger, be prepared to act fast once you find that perfect place. And have a solid idea of the maximum you’re willing to spend – those susceptible to getting caught up in a bidding war could take a hit in today’s market. Smart buyers approaching transactions logically and not emotionally, however, should still be able to find the right home at the right price.

After the absolutely devastating flood that hit Calgary, the title of this post may seem self-explanatory, and indeed, it is: the unforeseen happens, property can be wiped out with little warning and even less that you can do about it, and rebuilding is expensive. Yet, so many people have less insurance coverage than they should on their home and contents.

A standard homeowner’s policy will insure the cost of the home (not the cost you paid for it – that included the price of the land – but the amount to rebuild the property) and the contents within. It is important, however, to conduct an inventory to be sure, should the worst case scenario happen, you have sufficient coverage, rather than just assuming the standard amount will be fine. Have an extensive collection of something, or some specialized equipment? Make sure it’s covered. Bumping up the amount of coverage often incurs an insignificant increase in premiums, even when increasing by thousands of dollars.

Same goes for personal liability, which covers you and your family for property damage or injury inadvertently caused against others. Most insurance brokerages will only write policies with at least $500,000 in coverage, and $1 million is the standard low-end recommended. In this day and age, though, $1 million wouldn’t go that far in the event of a serious lawsuit or major accident. Increasing liability coverage to $2 million, $3 million, even $5 million, will hardly affect your monthly premiums while giving much greater protection.

Homeowners insurance policies can range from comprehensive (the most coverage, with the highest premiums) to ‘no frills’ (the least coverage, with the lowest premiums). Compare all of your options, and shop around. Some insurance companies offer additional perks, like emergency babysitting services or legal assistance, while others are bare bones. If we’ve learned anything recently, it’s that disaster can indeed strike, and unexpectedly. For your and your family’s sake, review your policy and be sure it will protect you when you need it most.