If water use in Calgary keeps rising, the city may have to enforce mandatory indoor water restrictions, Mayor Jyoti Gondek warned Friday, calling the situation "urgent and catastrophic."

Gondek made this announcement during an update on the recent water main break, urging residents to conserve water.

"We don't know what mandatory restrictions would look like, and I hope we don't get there," Gondek said. "But if we can't reduce water usage together, we might have to impose restrictions."

The Bearspaw south water main, 11 kilometers long and up to two meters wide, broke on June 5, leaving hundreds of homes and businesses in the city's northwest without water. This led to a fire ban and mandatory outdoor water restrictions. Water use has been increasing daily since Saturday, three days after the break. On Thursday, the city used 480 million liters, the sustainable limit.

This was slightly less than the previous day's use, but still not enough, according to the mayor.

"If our water use keeps increasing and we can't keep up, taps will run dry eventually," Gondek said.

There's no timeline for when this might happen or how many days of water supply remain, but the mayor emphasized the urgency.

"The more water we use, the sooner we run out," Gondek said. "We can't stop our conservation efforts now. We must do better." Work on the water main paused overnight Wednesday when two workers were injured. Repairs resumed Thursday afternoon.

The delay has pushed back the timeline for fully restoring water to the city.

On Thursday, Francois Bouchart, director of capital priorities and investment with the city's infrastructure services department, reported progress on the repairs. Crews are also investigating the cause of the break.

The main priority remains to restore full water service.


Opinion: Bank of Canada Rate Cuts Might Not Lower Mortgage Costs

Variable-rate mortgages should respond quickly to rate cuts. However, the 2024 CMHC Mortgage Consumer Survey shows only 23% of mortgages are variable rate, 5% are a fixed/variable combination, and 69% are fixed rate. Most fixed-rate mortgages are for five years, though three-year terms are becoming more popular.

Fixed-rate mortgages are linked to bond yields. People expect rate cuts to boost the housing market, assuming bond yields will drop with Bank of Canada rate cuts. However, a big drop in bond yields is unlikely. This would extend the inverted yield curve, where long-term rates are lower than short-term rates. Normally, long-term rates are higher due to the increased risk over time.

Predicting the exact timing of Bank of Canada rate cuts is difficult. Let’s imagine a future, a year or two from now, when rate cuts are done. If the economy meets the Bank’s goals, the policy rate should be “neutral,” currently estimated at 2.25–3.25%. Focusing on the midpoint of 2.75%, the Bank still has 200 basis points to cut. What would bond yields be if the bank rate is 2.75%? Looking at history, during the 1996–2005 period, when the Bank aimed for neutral policy, the bank rate averaged 3.98%, which is higher than 2.75%. During that period, the spread between the bank rate and bond yields was 84 basis points for three-year bonds and 112 basis points for five-year bonds. Adding these spreads to a 2.75% bank rate, future three- and five-year bond yields would be 3.64% and 3.87%, respectively. Currently, the three-year rate is 3.80% and the five-year rate is 3.43%. So, three-year bonds have a little room to drop, but five-year rates would need to rise to reach normal levels. If five-year rates rise, mortgage rates might also rise, contrary to common predictions.

In summary, a return to normal monetary policy is unlikely to lower most mortgage costs. Longer-term mortgage costs might even increase. Current bond yields are low relative to the current bank rate and neutral rate estimates. Bond markets are forward-looking and may factor in successful inflation targeting. Bank rate cuts might still indirectly boost the housing market by lowering the cost of auto loans, lines of credit, and other consumer borrowing, and by providing greater certainty of economic growth. @iammanpreetsinghrattan #iammanpreetsinghrattan #calgaryrealestate #calgary #friendandrealtor


Understanding the Impact of Bank of Canada’s Interest Rate Cut on the Real Estate Market

As a realtor, staying informed about economic changes is crucial to providing the best service to my clients. Recently, the Bank of Canada made headlines by cutting its key interest rate to 4.75%, marking the first cut since March 2020. This decision has far-reaching implications, especially for the real estate market, and it’s essential to analyze its potential impact.

Assessing the Current Situation

The reduction in the interest rate is a response to several factors, including a significant improvement in the fight against inflation. Bank governor Tiff Macklem noted that confidence in inflation nearing the two percent target has increased, with recent months showing promising signs of progress.

Additionally, weaker-than-expected quarterly GDP numbers and a desire to prevent unnecessary economic downturns have influenced this decision. The Bank of Canada aims to strike a balance between stimulating economic growth and ensuring inflation remains in check.

Impact on Mortgage Rates and Homeowners

One of the most immediate effects of the interest rate cut is the potential reduction in mortgage rates. Major banks, including RBC, Scotiabank, BMO, TD Bank, and CIBC, have already adjusted their prime lending rates in response. For homeowners, this presents an opportunity to secure lower mortgage payments, potentially saving hundreds of dollars each month.

For those looking to enter the housing market, decreased mortgage rates may make homeownership more accessible and affordable. As a realtor, it’s essential to communicate this benefit to potential buyers and guide them through the process of finding their dream home at a more affordable price point.

Considerations for Sellers

On the other hand, sellers may need to adjust their expectations in response to changing market dynamics. While lower interest rates can stimulate demand, economic uncertainty and cautious consumer behavior may temper the pace of transactions. As a realtor, it’s crucial to provide sellers with realistic pricing strategies and innovative marketing tactics to attract buyers in a competitive market.

Navigating the Market

As we navigate these changes, it’s essential for realtors to stay agile and proactive in serving their clients’ needs. Whether you’re a buyer looking to capitalize on lower mortgage rates or a seller seeking to maximize your property’s value, having a knowledgeable and resourceful realtor by your side can make all the difference.

At Friend & Realtor Group, we’re committed to keeping our clients informed and empowered throughout their real estate journey. Contact us today to learn more about how the recent interest rate cut may impact your buying or selling experience, and let us help you achieve your real estate goals in today’s dynamic market.


Canada’s financial system has shown remarkable resilience.

In the past 12 months, financial system participants have taken measures to bolster their resilience against higher interest rates.

Households and businesses have cut their demand for credit while maintaining higher liquid assets from the pandemic. Many borrowers with variable-rate, fixed-payment mortgages are making lump-sum payments or increasing regular payments ahead of renewal. Banks have raised their provisions for loan losses and kept large capital buffers. Some asset managers have improved their liquidity risk management processes. Certain pension funds and insurance companies have reduced exposure to commercial real estate or written down asset values in the high-vacancy office sector. These actions are mitigating risks to borrowers, lenders, and overall financial stability. Additionally, financial authorities have tightened regulatory and supervisory activities around risky exposures. For example, the Office of the Superintendent of Financial Institutions issued stricter regulatory guidance for lenders with negatively amortizing mortgages and commercial real estate loans. It also raised the domestic stability buffer, a capital reserve for large banks in times of stress. Market participants believe the likelihood of a shock that could impair Canada’s financial system has decreased. They also report high confidence in the system’s ability to withstand a severe shock if it occurs.

In summary, the financial system is well positioned to handle ongoing adjustments to high interest rates and market volatility. However, risks remain.


"Townhouse Living in Calgary: Explore the Ideal Neighbourhoods"

“Townhouse Living in Calgary: Explore the Ideal Neighbourhoods”

Have you ever dreamed of owning a home in Calgary, where affordability meets comfort and convenience? Well, if you have, you’re not alone.

With the real estate market buzzing, townhomes are emerging as the go-to choice for many.

But with so many options out there, how do you navigate the maze and find your perfect slice of Calgary?

Let’s dive into the fascinating world of Calgary neighborhoods and uncover the hidden gems waiting for you.

Imagine strolling through “ Serene “ streets, each corner adorned with the promise of a new adventure.

That’s the allure of Curry Barracks, a newer area where modernity meets charm.

With an average sale price of $717,000, you’ll find yourself amidst spacious townhomes built around 2019, offering a cozy haven to call your own.

Now, let’s venture into the University District, a vibrant community pulsating with energy and promise.

Here, townhomes beckon with an average price just over $700,000, boasting a blend of modernity and tradition, perfect for those seeking the best of both worlds.

But wait, there’s more!

Greenwood emerges as a shining beacon of hope, nestled around a bustling farmer’s market.

With an average price of $633,000, these newer townhomes, built around 2021, offer a fresh start amidst a vibrant community brimming with possibilities.

Yet, if the allure of history beckons, look no further than Altadore.

This inner-city gem, with its ever-changing landscape, invites you to embrace its charm. With an average price of $618,000, these townhomes, built around 2009, offer a timeless elegance that stands the test of time.

Or perhaps, you crave the tranquility of Douglas Dale, where time seems to stand still amidst the beauty of nature.

Here, townhomes, priced at $610,000 on average, offer a slice of serenity amidst a bustling city, built around 2015, a testament to enduring quality and craftsmanship.

Now, let’s explore the vibrant communities priced between $500,000 and $600,000, where Carrington and Cornerstone beckon with their promise of modern living.

With average prices ranging from $544,000 to $560,000, These newer communities, built in 2021, offer a blend of affordability and luxury, creating the perfect backdrop for your new chapter.

But if it’s the embrace of nature you seek, Point McKay, South Calgary, and West Springs welcome you with open arms.

From river pathways to lush greenery, these communities offer a sanctuary amidst the chaos, with townhomes priced between $558,000 and $542,000, built with care and attention to detail.

And as we journey into the realm of affordability, let’s not forget Panorama Hills, Evergreen, Oakridge, and Forest Heights, where townhomes priced under $500,000 offer a cozy retreat from the hustle and bustle of city life.

With prices ranging from $352,000 to $385,000, these neighborhoods, built between 1970 and 2010, offer a glimpse into Calgary’s rich history and promising future.

So, whether you’re seeking modern luxury or timeless charm, Calgary has something for everyone. And with the market on the rise, now is the perfect time to make your move.

With that said, Stay informed, stay persistent, and stay excited about the possibilities. Until next time, happy house hunting!”

#CalgaryHomes #TownhouseInvestments #RealEstateYYC #CalgaryNeighborhoods #ManpreetSinghRattanProperties #AffordableHousing #HomeBuyingTipsYYC #InvestingInCalgary #DreamHome #YYCCommunity #PropertyMarket #YYCRealEstate #CalgaryLiving #HomeOwnership #InvestmentOpportunities #CalgaryRealtor #PropertySearch #CalgaryTownhouses #ManpreetSinghRattanRealEstate, Looking for investment opportunities in Calgary’s real estate market?

Look no further than Manpreet Singh Rattan’s expertise. With a keen eye on the trends and insights, Manpreet Singh Rattan can guide you through the process of finding your dream home or making lucrative property investments in Calgary. Whether you’re searching for affordable housing options, exploring different neighborhoods, or seeking expert advice on home buying, Manpreet Singh Rattan is your go-to realtor in YYC. Dive into Calgary’s vibrant community living and discover the best properties suited to your needs with Manpreet Singh Rattan’s assistance. From townhouses to single-family homes, unlock the potential of Calgary’s real estate market with Manpreet Singh Rattan by your side.


Unveiling the Truth: The Journey to Finding the Perfect Infill Home

Have you been keeping up with Calgary's real estate scene? It's a dynamic market, especially when it comes to infill homes. Today, let's dive into the world of Calgary infills, separating myths from realities and guiding you on your quest to find the perfect one.

Picture this: you've just settled into your new infill in Calgary, brimming with anticipation. But soon, you encounter unexpected issues, like drainage problems or structural quirks. It's a scenario many Calgarians face, leaving them to ponder: are all infill homes created equal in our city?

So, what exactly are infill homes in Calgary? Well, they come in various flavors, from sleek modern designs to charming heritage-inspired builds. But not all infills are crafted with the same attention to detail. In Calgary's diverse neighborhoods, you'll find attached infills snugly nestled between older homes, while detached infills stand proudly on their own lots. Each offers its unique appeal, but quality can vary significantly.

Detached infills often steal the spotlight with their spacious layouts and backyard retreats, perfect for Calgary's outdoor enthusiasts. However, attached infills have their own allure, offering a more affordable entry point into sought-after communities like Altadore or West Hillhurst. It's all about finding the balance between space, location, and budget that suits your Calgary lifestyle.

Speaking of communities, Calgary boasts an array of vibrant neighborhoods ripe for infill development. From the trendy streets of Inglewood to the family-friendly vibes of Brentwood, there's something for everyone. But don't overlook emerging areas like Bridgeland or Sunnyside, where infill homes are revitalizing the landscape and injecting new energy into established communities.

Now, let's talk about resale value. In Calgary's ever-evolving real estate market, quality is king. A well-built infill from a reputable builder can command top dollar, especially in desirable neighborhoods like Mount Royal or Elbow Park. However, shoddy craftsmanship or poor design choices can dampen resale prospects, leaving homeowners feeling the pinch. It's crucial to do your due diligence and invest wisely.

How do you safeguard your investment in Calgary's infill market? Start by partnering with a knowledgeable real estate agent who understands the nuances of local neighborhoods and builders. Take the time to research builders' track records and inspect completed projects firsthand. Additionally, carefully reviewing contracts and warranties can help you understand your rights and responsibilities as a homeowner. Don't hesitate to ask questions and seek clarification on any aspects of the purchase process that are unclear

In conclusion, buying an infill home is a significant investment that requires careful consideration and research. By understanding the different types of infills, exploring neighborhoods, considering resale value, and protecting your investment, you can make confident decisions that align with your lifestyle and financial goals. Remember, the journey to finding your dream infill home may take time, but with patience and diligence, you'll eventually find the perfect place to call home.

Thanks again for joining us on this exploration of infill homes in Calgary. We hope you found the information helpful, and we look forward to sharing more insights with you in the future. Until next time, happy house hunting!


Subdivisions and sales

Land subdivision is the process of dividing a parcel of land into smaller sections with separate titles. Before listing a subdivided section on the MLS® System, members must consider the stage of the subdivided property and learn if it is officially subdivided, registered at the Land Titles Office, and if the title has been issued. Selling a section of land without being officially subdivided and registered at Land Titles is illegal, as Section 94(1) of the Land Titles Act states that no lots shall be sold under agreement for sale or otherwise according to any townsite or subdivision plan until a plan creating the lots has been registered.

It is best practice to ensure the title registration is complete before listing subdivisions for sale on the MLS® System for several reasons, including legal implications for the seller and their agents. Applying for a plot of land to be subdivided does not guarantee that the application will be approved. Each application goes through several stages, which may include referrals to other government agencies or departments. It can take several months before a final decision is made and the subdivision is registered at Land Titles (if approved).

To successfully subdividing land, clients should contact a professional or local planning authority to understand the process’s duration, entailment, and cost. Start early, as successful subdivision completion can take anywhere from three months to over a year. Be prepared by providing more information on features such as existing property lines, proposed plans, water/sewage disposal plans, and locations of existing buildings. Informing neighbouring landowners about any subdivision application may also be helpful.

Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.