Hot Calgary real estate market has buyers getting creative – Calgary

In a heartwarming twist in Calgary’s real estate scene, a young couple successfully secured their dream home by attaching a heartfelt love letter to their offer for Carellyn Pitre’s family home.

The emotional touch not only captured Pitre’s heart, but also clinched the deal for $20,000 over the asking price.

“The difference was that these people mentioned how much they loved the house. They had been looking for quite a while. And it ticked all the boxes,” Pitre said.

“It recognized all the handiwork that my husband put in because he was a craftsman. And let us get to know them. It just puts a personal touch on it.”

Justin Havre of eXp Realty says in this climate, buyers and sellers sometimes have to make decisions very quickly.

“What we’re seeing in the Calgary real estate market is a very hot market, very fast-paced. Buyers have gotten truly exhausted with the competing situations when they are trying to secure property in a low-inventory market.”

Havre says as we enter the colder months, we will see a seasonal slowdown in home sales. In October, the Calgary Real Estate Board said Calgary home sales were up 17 per cent year over year, but he is not seeing the same pace in November.

“We are starting to see some slowing in the marketplace as of November,” Havre said. “So, if you are that buyer who’s looking for an opportunity and a deal – you may want to look here in the winter months.”

While a love letter might seal the deal, the most important detail for buyers and sellers to remember is financing.

“We do see a lot of people can’t get approved for financing. We see that roughly about 20 per cent of the time, believe it or not,” Havre said.

According to ratehub.ca, current mortgage rates in Calgary as of Nov. 2 are 5.95 per cent for a five-year variable rate and 5.64 per cent for a fixed. Until rates come down, Havre says this will be a barrier to home ownership for some, and a barrier to selling for homeowners who don’t want to look for a new place.

After selling her home, Pitre is officially back into a buyer role, and is bidding her time while she waits for a perfect fit. Her plan is to downsize, something Havre says is a trend his team is seeing in 2023.

Pitre says she has no regrets about the route she took, and believes her home of 26 years is in good hands.

“I lived in an amazing neighborhood, so I thought, ‘They’re going to fit in, they love the house.’

“It made me feel really good that the house was going to go to a couple that really appreciated it too.”

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