Spring is in the air, and with it comes my latest April Newsletter, carefully curated just for you. This month, I’m bringing you fresh insights and updates to help you stay ahead in real estate. Discover the latest trends with the March Market Statistics infographic, and mark your calendars with the selection of local events and news. For our savvy investors and homeowners, dive into my feature article on tax deductions for homebuyers and landlords in Canada. Looking for a spring refresh? The tips on revitalizing your bathroom decor are a must-read. And don't miss out on exploring this month’s neighborhood spotlight, where community charm meets unparalleled value.
If you're curious about the market, contemplating a change, or simply want to chat, I'm just a message away. Here's to a splendid month ahead!
March reflects strong seller's market and price increases
March sales rose to 2,664 units, a 10 per cent year-over-year gain and much higher than long-term trends. While new listings did pick up over last month, the 3,172 units were still below what we typically see in March and not enough relative to sales to drive any change in the supply situation. In March, the sales-to-new listings ratio rose to 84 per cent, and the months of supply fell below one month. “We have not seen March conditions this tight since 2006, which is also the last time we reported high levels of interprovincial migration and a months-of-supply below one month," said Ann-Marie Lurie, Chief Economist at CREB®...READ MORE
Locked Library Thrilling Heroics (Apr 13) Tackle puzzles and riddles in two hours at Calgary's Central Library. Team up for a night of mystery-solving and compete for prizes. Stay sharp, the next puzzle's details are a secret. Can you escape the Locked Library? The Spring Market at the Deerfoot Inn & Casino (Apr 14) Visit the 2nd annual spring market featuring 80 vendors to bring Spring into your home & spirit! Admission and parking are free. Calgary Underground Film Festival (Apr 18 – 28) Spanning 11 days, the festival at Globe Cinema offers a packed lineup including movie showings, discussion panels, the unique CUFFcade, and a variety of special happenings. Dalhousie Spring Farmers Market (Apr 20) Visit the spring farmer’s market featuring over 25 Alberta local vendors offering a diverse array of homemade, baked, grown, and crafted products. Supertrain 2024 (Apr 20 – 21) Discover Canada's largest train expo! Family-friendly fun with model trains, Thomas, Lego, historical displays, art, play areas, face painting, and more, all in a 50,000 square foot space. Calgary Comics and Entertainment Expo (Apr 25 – 28) Stampede Park transforms into a four-day spectacle of comics, sci-fi, horror, anime, and gaming, captivating fans with celebrity encounters, artist showdowns, workshops, and a shopping extravaganza. Triwood Spring Market (Apr 28) Enjoy a mix of vendors, live music, and tasty food and drinks for sale. Celebrate spring, shop for Mother's Day, and prep your garden for planting! Jane’s Walk Festival in Calgary (May 3 – 5) Join to explore the city through free walking tours featuring downtown murals, nature's poetry, and historic streets. It's a city-wide celebration open to all. Sign up and discover Calgary with us!
The Canadian government offers a variety of financial incentives designed to support individuals and families across different aspects of life, including housing, education, and employment. Each incentive comes with specific eligibility criteria, making it essential to understand which ones you may qualify for. To navigate these opportunities effectively and maximize your benefits, it's crucial to consult with an accounting professional who can provide tailored advice based on your unique circumstances.
First Home Savings Accounts (FHSAs) The First Home Savings Account (FHSA) is a tax incentive for first-time homebuyers, allowing them to save up to $8,000 annually, with a total limit of $40,000, for their first home purchase. The FHSA offers tax-deductible contributions and tax-free withdrawals, akin to RRSPs and TFSAs, aiming to facilitate homeownership.
Home Buyers’ Amount (HBA) The Home Buyers' Amount provides a $1,500 reduction in federal tax for first-time homebuyers who can claim up to $10,000. It covers various home types and extends to purchases for disabled individuals, helping alleviate the financial burden of acquiring a home.
Home Accessibility Tax Credit (HATC) The HATC allows claims up to $20,000 for accessibility enhancements in homes, offering a tax credit of up to $3,000. It benefits seniors and those with a disability tax credit, covering modifications like ramps and grab bars to improve accessibility and safety.
Rental Income Deductions Various expenses associated with managing your rental property can be deducted to reduce your taxable income. These deductions include advertising costs to find tenants, property taxes, insurance premiums for the property, and interest on loans taken out to buy or improve the property. Properly accounting for these expenses can significantly decrease your tax liability associated with rental income.
Moving Expenses If you move more than 40 kilometers for work or school, your moving expenses may be deductible. Eligible costs include moving company fees, travel expenses, and legal fees, providing tax relief for education- or employment-related relocation.
Multigenerational Home Renovation Tax Credit (MHRTC) The MHRTC offers up to $7,500 for creating secondary suites for seniors or disabled adults in family homes. This credit supports families in providing care and creating inclusive living environments while acknowledging the financial investment in home modifications.
Cranston, nestled in Calgary's southeast quadrant, offers a harmonious blend of urban comforts and natural beauty. Housing options range from single-family homes to townhouses and condos, accommodating diverse lifestyles. Residents enjoy stunning views of the Bow River Valley and the Rockies, complemented by well-maintained parks, green spaces, and pathways for outdoor activities.
The community provides convenient access to amenities like shopping centers, schools, recreational facilities, and dining options, fostering a high quality of life. Cranston's welcoming ambiance and abundance of amenities make it a prime choice for families and individuals seeking a balanced lifestyle in Calgary's thriving landscape.
