Feb 2025 Newsletter

I hope you and your family are keeping well and happy!  I hope you had a sweet Valentines Day, and you are enjoying the Family Day long weekend!

If you only knew me in the past four years, you never knew I used to write newsletters.  Many realtors oursource their newsletters, but I actually write them myself, so when market gets busy, I missed one; then it's hard to get back.  There have been many times some of you said to me you liked those newsletters and encourgaged me to continue.  I really appreciate all your comments!

The Market

If you sensed the market is cooling off, you will be right.  After a long runing up, there are more listing coming to the market, less sales happening, and properties are staying on market for longer.  Technically we are still in a seller's market, because the supply is still under 3 months.  You also remember we used to see all types of properties being sold for over 100% asking price, not that has definatelly changed, all of the sale price are now under asking price.  

I started making these monthly charts many years ago, I designed it to capture most info.  For years and years, it used to show red downwarding arrows all over; then starting in summer 2020 we started to see upwarding greens, then greens all across the board for four solid years. Now we started to see reds again.  There are so many factors at play now, I don't think anybody can predict much of a future.  But I do suspect if the trend of more listings and less sales continue, sooner or later prices will be affected.  By looking at the Month of Supply numbers, we are still in a seller's market, the "magic" number of Month's supply is 4, under it we are in seller's market; over it, we are in buyer's market. 

You are seeing the chart for January 2025 at the top. 

​​Topic of the Month - Owner's Insurance

If your property is not a condominium and you have a mortgage, you most certainly already have an insurance policy for your property, against damages caused by fire, hails, etc.

If you own a condominium unit, either a downhome or apartment style units, your condo corporation will be the one carries an insurance policy like that, and everybody pays into it via condo fees.

However, as the owner of an unit within condominium, you should still obtain additional insurance to cover possible liabilities.  Owner's liability insurance protects them from financial responsibility in the event of accidents or damage that occur within their property or common areas. For example, incidents like burst pipes in winter, which can cause water damage to both the unit and neighboring properties, may lead to costly repairs and potential lawsuits. In Calgary, a condo owner could face significant financial liability if a burst pipe floods several units, with repair costs easily ranging from $10,000 to $50,000 or more. Additionally, slip-and-fall accidents in hallways or common areas could result in medical expenses, legal fees, and compensation claims. A real case in Calgary involved a condo owner being sued after a guest was injured in a common area, with legal expenses and settlements adding up quickly. Without liability insurance, owners could be personally liable for these damages, potentially putting their assets at risk. Liability insurance helps cover such costs, ensuring the owner’s financial security and providing peace of mind in the face of unexpected incidents.

I hope all of my clients who owns a condominium unit, townhouses or apartment style, make sure you get this insurance to protect yourself. 

What have I been Doing All These Time?

I started my own brokerage, Golden Keys Realty, in 2022!  It was an idea I had since 2016, I got my broker license in 2019, and finally acted on it.  My vision for Golden Keys is, we are a boutique brokerage where realtors feel like they are in a big family, and we help people buying and selling homes for their families. 

And I just welcomed my second associate, Imran Junaid.  Imran and his extended families have been my clients for many years,  he worked in corporate world for 25 years and he finally made up his mind and pursued real estate career that he had thought about for a long time. We all had doubts about ourselves and fears for the unknow, being a realtor is kind of self employment, there are many challenges with that, but one thing we don't have to worry is being laid off.  

I also have collected a few more industry designation since, and I started to list them all in my email signatured. I do this not only to "brag", but also because one of the instructors said to us: you should educate the public about our industry designations, they are not just a pretty titles, they show our industry's dedication to our professionalism, and our commitment to our clients.  I like to improve my knowledge base and skill set to become a better realtor. You will see the whole list in my email signatures! 

I have been doing a lot more volunteer work.  I am in two committees at CREB - Calgary Real Estate Board, one is called Government Relations Standing Committee, which is an advocacy body.  We identify issues that affects our members (realtors) and communities, and advocate about it. I am also in the Professional Standard Assurance Team, which is our own administrative justice body.  I joined CHAS - Children's Hospital Aid Society, which is actually the oldest charity in the province.  There are about seventy old ladies doing all sort of volunteer work raising money to help Children, not only in hospital but also other organizations helping children.  We just raised over $150,000 last month at a real estate conference in Banff, that was a wild story I have to tell another time!  I was also appointed as a director of the advisory board of a charity that helps seniors, and what's amazing is, the creator of the charity was a client!  

If you are thinking about anything related to real estate, please feel free reaching out! 

Thank you for reading!