Friday, July 11, 2014

Calgary Market Update - July 11 2014

June was a busy month in the Calgary real estate market with increased sales numbers and pricing adjustments that continue the upward trend. New listings are coming on market to ease things, but looking at the details it isn't having much impact on single family homes under $500,000. The high end market is seeing the most inventory but even then we are seeing record sales numbers. The details of the adjustments are in the CREB stats, but the general numbers won't tell you much other than the trend because there is just a real variant across the city and year to year comparisons are not an accurate reflection due to the June 2013 floods.

 

The one item that I wanted to point out especially to buyers is that the number of active listings is deceiving. In the past when a seller accepted a purchase contract, a listing would be marked 'under contract' or 'pending' on the system so we would know how many were actually available and how many were in the pending state before they were officially sold. Now a large number of properties are kept as 'active' even in the pending state.

 

For example, last weekend a client sent me 12 properties she wished to view. Once screened, only 3 were actually active. The same for other clients though it depends on price point and area how quickly properties are moving. I've been successful in helping clients secure properties right on listing recently and I don't think the listing was even on the public MLS system before it was under contract.

 

In terms of condos there seems to be more available and a large number of projects proposed in the last few weeks so there are going to be good opportunities for buyers if they are willing to wait on new construction. As always, ask lots of questions especially about condo documents and fees so you understand your long term cost.

 

CREB Stats Package

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Friday, June 27, 2014

New Listing - 2131 Edenwold Heights NW

Top floor, south facing 2 bedroom, 2 bath unit in Edgecliffe Estates in Edgemont. This unit is well located and close to transit, market mall, hospitals and amenities. This open concept layout includes a kitchen with wrap around counter, south facing living room with a gas fireplace and a dining area. The living room provides sliding doors to the balcony with rooftop city views. Walking down the hall the first bedroom is on the right with the laundry room and full bath on the left. Beyond is the second bedroom with walkthrough closet and ensuite bath with standing shower. The clubhouse offers great amenities including a pool, hot tub, steam room, large exercise room and party room with pool table. Ask about the investor pool and the unique onsite rental management program. Parking Stall 123 just outside the front door is assigned to this unit.

 

This complex is unique in that it has an onsite rental management company that manages onsite rental units for owners and manages all as part of a rental pool program.  Call direct for more information about the program.

 

Property Details for 2131 Edenwold Heights NW in Edgemont.

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Saturday, June 21, 2014

Just Listed. Open House Today: 206 Arbour Meadows Close NW

Open House today, Sat, June 21 from 2-4pm.

 

206 Arbour Meadows Close NW

 

This bright and spacious home in Arbour Lake offer 4 bedrooms, 3 ? bathrooms, a fully finished walkout basement, detached double garage and sunny south exposured deck and backyard. Excellent location within the community close to transit, the LRT, Crowfoot Shopping Centre, schools and more. The main level offers a warm living room, dining room and the kitchen and eating nook beyond. Maple cabinets surround the extended island in this bright kitchen. Upstairs the master bedroom is spacious with separate ensuite. Two additional bedrooms and full bath complete the upper level. The walkout basement offers a rec room, bedroom, full bath and laundry. Exceptionally maintained. Book your showing today.

 

Full property details and photos for 206 Arbour Meadows Close NW.

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Monday, June 16, 2014

A good week to pay it forward

Today is June 16, 2014. It is days away from the 1 year anniversary of the June 21, 2013 floods which messed with the lives and homes of very many people in our awesome city.

 

It is starting to rain again, but even without the actual physical reminder, many people are feeling the stress of those days all over again. Yes, some folks are actively concerned with more flooding, but the realization that so much or so little has changed in 1 year can be hard too.

 

Some brave faces might not be showing the nervousness they feel as the day approaches.  Rebuilding can take a long time and it's pretty hard to recover even with the help of 30 volunteers clearing out all of your belongings covered in mud and left in a heap for a dump truck to haul away.

 

So this is the week that we all remind ourselves that it might be a good time to show some Calgary spirit. Say hi to your neighbour and ask them how they are doing, buy a friend a coffee or maybe just ring them to say hi. Pay it forward in small ways or big ways. 

 

One of the absolute best things you can do is support the businesses and people that were affected by the flood to help them get back.  Go for dinner in Mission, go visit High River or Canmore and check out the shops or find ways to buy local and support local. 

 

All the best.

 

 

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Friday, June 6, 2014

Just Listed - 30 Citadel Crest Link NW Calgary

Warm and move in ready family home in Citadel. Excellent location on a circle just off the walking path to the school and steps to the play park. The kitchen has been updated to add a huge island for hosting family and friends as well as new appliances including a gas stove. The custom floor is a high end URBN manufactured floor which resists scratches and looks amazing. A powder room/laundry and front dining room complete the main level. Upstairs the large bonus room is bright and open. The master bedroom with 4 piece ensuite, 2 bedrooms and additional full bath complete the upstairs. The finished basement includes a large rec room, 4th bedroom and excellent storage. The rough in for a basement bath is accessible for potential development. Outside you will find a gorgeous 3 tier deck ideal for meals and entertaining outside. New roof, updated exterior paint and touches throughout. Book your showing today. Double attached garage.

 

All property details and photos for 30 Citadel Crest Link NW.

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Tuesday, June 3, 2014

Real Estate Calgary Market - June 3 2014

In the recent weeks/months, the real estate market in Calgary has been very strong and anyone watching property listings will have noticed the number of sold stickers that appear quite quickly on signs around the city and the number of headlines regarding new records for sales and pricing.

 

The numbers are strong but are varied depending on property type (apartment, townhhouse or single family home) and across communities. Everything from the ring road, schools, transportation, office location moves and other criteria are impacting the micro markets.

 

If you are looking for a condo and have settled on a building, give me a call so we can watch specific properties so you don't miss out. Some properties are selling before they even show up on the public MLS system.

 

Pricing changes include a 10% increase since a year ago for single family homes. The change has been shocking for those that have been waiting for a deal yet watched pricing creep up. The market does fluctuate, but all indicators are pointing towards continued growth in the coming period.

 

Local news such as the announcement of new luxury towers in Eau Claire and other new condo projects in the city, the opening of the Tunnel and resulting industrial and commercial development, Ring Road details, the planned opening of new luxury brand stores and strong economic indicators are all signs of growth for Calgary. A huge influence on potential changes to the real estate market are the continued talks regarding secondary rental suites in the city and the debates regarding future land development and expansion. The current initiative to allow secondary suite in inner city zones goes to Council on June 9th. I'm very curious to see the outcome.

 

With mortgage rates again on a decline (didn't think that was possible) the incentives remain.

 

CREB Real Estate Housing Statistics

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Thursday, May 15, 2014

Will Bill 13 improve condominium living in Alberta?

Bill 13, the Condominium Property Amendment Act, is now before the legislature in Alberta.

 

Over 50 amendments to the Act are proposed which impact various aspects of managing condo disputes, documentation provided by builders, qualifications of condo managers, increasing standards of practice and improved governance for condo corporations. Specific changes outline protections for buyers, current owners and occupants.

 

The changes are welcome news and should serve to ease concerns in buyers minds when they buy a condo, both new and resale. Increased disclosure requirements and higher standards of practice for condo managers will help buyers and owners understand how a property is being managed. As well, owners have more confidence that their homes and investments are being well run with more transparency when issues do arise.

 

Approximately 20% of properties in Alberta are now sold as condos. They are not just apartments either. There are bareland condo styles for single family homes that share a common road, amenities or maintenance as well as townhouses, villas and apartments which are more traditionally thought of as conventional condos.

 

A condominium is not a property type, but rather a type of ownership where owners share a proportion of ownership of common property. Owners have the benefit of common items such as hallways, roads, elevators, roofs, lobbies, exercise rooms or even insurance and landscaping or other maintenance. Owners then also pay their proportion of costs and maintenance for those items.

 

When issues arise disputes would be managed under the new condominium dispute tribunal which will allow condo owners and boards to manage disputes outside of attending in court. Bill 13 is expected to pass by June with implementation soon to follow.

 

I'm personally happy to see the items that increase transparency for buyers and owners and required licensing for managers. As well, a specific note that the Act speaks to increased penalties for “particularly unfair actions by developers" caught my attention. In representing both buyers and sellers, I've heard the concerns and seen the outcomes when properties haven't been well built or managed and owners are left unaware. Looking forward to seeing the positive change brought forth by the legislation.

 

An overview of changes is detailed on Service Alberta.

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Saturday, May 3, 2014

Calgary Real Estate Market Update - May 3 2014

The number of new listings are finally starting to increase. The lack of inventory and availability of properties has been a big challenge for buyers recently especially in the below $400,000 or $500,000 price point.  While the pressure may ease in some areas many of the new listings are in the higher price points so some pressure will remain.


This market is a challenge for both buyers and sellers. Understanding which offer to accept and how to manage timing is hard on sellers and buyers are making decisions very quickly. The 'did we do the right thing' conversation happens much more in this environment. The most important factor in managing is working with the right people and being prepared. Ask questions and look forward as it is very hard to explain and absorb everything you may need to know when you have only a few hours to submit or accept an offer.


With a shift coming in the the marketplace, only a crystal ball can predict whether things will ease or if the current growth pattern will continue at such a strong pace however some indicators such as the sales to new listing ratio have dropped a bit just from March to April which indicates more inventory availability and potentially a change in strategy.


In the coming months it will become mandatory for buyers to sign a buyers brokerage agreement with the Realtor they are working with. This is something in use already by many Realtors and explains how buyers are represented and what they can expect from their Realtor. Be prepared to meet you Realtor before viewing properties to go over the purchase process, your expectations and decide how you wish to pursue your purchase.  


Trends and strategies for buyers and sellers are very price and property type centric especially right now. Overall stats are great, but get the details you need.

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Monday, March 10, 2014

Recent School Announcements for Calgary

In the recent weeks and late in 2013 a number of announcements have been made by the Province of Alberta regarding the development of new schools and modernization or update or others.


The full list updated by the Province with future announcements can be found here: New School Capital Projects

I have just copied the announcements as of today's date. The volume of listings illustrates the major need for new school space. I spoke with another family just this weekend that is potentially delaying plans to move due to lack of school space in their preferred neighbourhood.  As the capacity issues are just coming to light in some areas this is a shock to many folks. School lotteries in capacity schools were held mid February.

 

These are the announcements for Calgary so far. I didn't include the Modular Classroom Allocations or Modernizations as there are too many.

 

Under 2013 Spring Projects Underway:

Calgary, Auburn Bay
School District: Calgary Roman Catholic Separate School District
Project: New Kindergarten-to-Grade 9 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 900/900 students
Anticipated Completion: 2016
 
Calgary, Copperfield
School District: Calgary School District
Project: New Kindergarten-to-Grade 4 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 600/600 students
Anticipated Completion: 2016
 
Calgary, Evanston
School District: Calgary Roman Catholic Separate School District
Project: New Kindergarten-to-Grade 9 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 750/900 students
Anticipated Completion: 2016
 
Calgary, Evanston
School District: Calgary School District
Project: New Kindergarten-to-Grade 4 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 600/600 students
Anticipated Completion: 2016
 
Calgary, Martindale
School District: Southern Francophone Education Region No. 4
Project: Kindergarten-to-Grade 6 Replacement for Ecole La Mosaique starter school
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 300/350 students
Anticipated Completion: 2016
 
Calgary, New Brighton
School District: Calgary School District
Project: New Kindergarten-to- Grade 4 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 600/600 students
Anticipated Completion: 2016
 
Calgary, Northeast
School District: Calgary School District
Project: New Grade 10-12 High School
Delivery Method: Design-Build
Opening/Final Capacity: 1500 students
Anticipated Completion: 2016
 
Calgary, Royal Oak/Rocky Ridge
School District: Calgary School District
Project: New Grade 5-9 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 900/900 students
Anticipated Completion: 2016
 
Calgary, Saddle Ridge
School District: Calgary School District
Project: New Grade 5-9 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 900/900 students
Anticipated Completion: 2016
 
Cochrane
School District: Rocky View School Division
Project: New Kindergarten-to-Grade 8 School
Delivery Method: Public-Private Partnership
Opening/Final Capacity: 800/900 students
Anticipated Completion: 2016

Under 2013 Winter Projects Underway: (No date yet.)

 

Calgary, Aspen Woods
School District: Calgary Roman Catholic Separate School District
Project: New K-6 Elementary School - Aspen Woods
Opening/Final Capacity: 750/750
 
2014 New School Projects Underway: (These don't have any dates yet.)
 
Calgary, Auburn Bay
School District: Calgary School District
Project Type: New K-4 Elementary School
Opening/Final Capacity: 600/600
 
Calgary, Cranston
School District: Calgary Roman Catholic Separate School District
Project Type: New K-6 Elementary School
Opening/Final Capacity: 600/600
 
Calgary, Evergreen
School District: Calgary School District
Project Type: New 5-9 Middle School
Opening/Final Capacity: 900/900
 
Calgary, McKenzie Towne
School District: Calgary School District
Project Type: New 5-9 Middle School
Opening/Final Capacity: 900/900
 
Calgary, New Brighton - Copperfield
School District: Calgary Roman Catholic Separate School District
Project Type: New K-6 Elementary School
Opening/Final Capacity: 600/600
 
Calgary, New Brighton - Copperfield
School District: Calgary School District
Project Type: New 5-9 Middle School
Opening/Final Capacity: 900/900
 
Calgary, North Calgary
School District: The Southern Francophone Education Region
Project Type: New K-6 Francophone School
Opening/Final Capacity: 400/400
 
Calgary, Panorama Hills
School District: Calgary School District
Project Type: New K-6 Elementary School
Opening/Final Capacity: 600/600
 
Calgary, Southeast
School District: Calgary Roman Catholic Separate School District
Project Type: New 10-12 High School
Opening/Final Capacity: 1500/1500
 
Calgary, Tuscany
School District: Calgary School District
Project Type: New K-4 Elementary School
Opening/Final Capacity: 600/600
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Tuesday, March 4, 2014

Just Listed - 63 Sunset Point in Cochrane

Enjoy the unobstructed views of the valley and mountains from every level of this beautiful home including the fully finished walkout basement and south facing backyard. 63 Sunset Point backs directly on to the ridge, pond and park area in Sunset Ridge, Cochrane. Upgrades include hand scraped solid hardwood floors throughout the main level, stone faced fireplace, granite counters with raised island bar, granite sinks, stainless appliances, gas range, wired sound system, custom built-ins and more. The main floor open concept design with ample windows allows light to fill the space from all angles and allows for an office and separate laundry room and powder room. Upstairs is a large bonus room as well as 3 bedrooms and 2 baths including master bedroom with 5 piece ensuite. The walk out basement offers a 4th bedroom, full bath and large open rec room. Step out into the fully landscaped backyard with concrete patio and plantings designed to enhance view and privacy. View the video for additional photos.

 

View all property details for 63 Sunset Point.

 

View additional photos and property panoramas including the view!

 

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Monday, March 3, 2014

Calgary Real Estate Market Update - March 3

The number of listings on market continue to remain low. Are folks all waiting for the deep freeze to end or betting that prices will continue their climb? 

 

I'll be watching the listing numbers once the weather breaks.

 

The number of sales of condos and townhouses especially are up. CREB - "After the first two months of the year, both condominium apartment and townhouse sales increased by 28 per cent compared to last year." With such sales increases it won't be long before this segment also begins to surpass 2007 pricing as single family homes did last year.

 

With prices continuing the move, it isn't a surprise that more people are moving to condos and townhomes just due to affordability and availabilitiy since the rental market continues to be very very tight. With many older homes on inner city lots being purchased by developers rather than homeowners, the trend to tear down and build new also impacts available inventory.

 

As the market turns towards spring (and warmer weather I hope), there will also be a change to the rates for mortgages with less than 20% down. CMHC has increased the rates for mortgage insurance as of May 1, 2014.

 

One very bright note for the NW areas of the city, there has been a very recent announcement that work will soon begin on the sewer system upgrade and it will be completed earlier than expected. Bowness Sanity Trunk Upgrade.

 

Especially in this market many folks begin to ask whether they should buy first or list first when moving between homes and the decision on either side has its risks and rewards.

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Monday, March 3, 2014

List First or Buy First?

Unless you are a first time buyer, one of the big decision points when purchasing a new home is whether to buy first or list first.

 

In a strong market such as we have today, sellers won't often consider an offer 'subject to the sale of a buyers' home' so purchasers are left with a big decision before signing an offer and I've noticed a few folks deciding to just wait a bit because they find the decision somewhat daunting.

 

There are risks and rewards from both approaches, but finances ultimately dictate. With banks changing lending rules and putting limits on refinancing, the option to buy first sometimes isn't there. Have a conversation with a very good mortgage broker or your personal mortgage rep to ensure your numbers are clearly outlined as well as the purchase process, down payment options to avoid unneeded mortgage insurance costs and other details.

 

If you buy first, the risk is that you will be holding two properties without knowing your exact sale price or sale date. The benefit is that you can wait to find the right new property without being rushed to purchase just what is available during a given window of time. If you are looking for a unique property or one with specific characteristics such as view, walkout basement, specific area or homestyle or else a condo in a specific building, it is often these types of homes that are purchased prior to selling.

 

If you sell first, the risk is that you will not yet find a new home and need to find temporary housing between possession dates. You will have certainty that your home has sold, have a firm sale price and have full understanding of your budget and dates.

 

If you are deciding a plan forward then take the time to ensure you have the market data you need and that you know there are options out there when looking for a new home. Being prepared makes it much less daunting and much more exciting.

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Wednesday, February 26, 2014

Open House: March 1 and 2 at 2404 25A Street SW

Open House: March 1 and 2: 2:00 - 4:00

 

Stop by this weekend to preview 2404 25A Street SW. An exceptional home featuring 5 total bedrooms, 3 1/2 baths, and an open concept design. A well thought out floor plan and beautiful finishes complete this beautiful home located in Richmond just west of Crowchild.

 

Property Details

 

 

 

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Tuesday, February 4, 2014

Calgary Real Estate Market Update - Feb 4 2014

The sales and pricing numbers continue to show substantial growth across the City. While overall sales showed a 17% increase in sales from the same time last year, condominium apartment and townhouse sales totaled 466 units in January, a 33 per cent increase over the same period in 2013.

 

The lack of inventory is making it tough to find homes for some buyers especially under the $500,000 price point. With less than two months of inventory for single family homes and very small numbers of homes in some areas, folks are responding in big ways.

 

With our rental market remaining very tight, the low interest rates for mortgages and a growing city, the push to find homes is driving up prices. Multiple offer situations are becoming more and more common and may be the reason we are seeing more townhome sales just due to pricing and availability.

 

While multiple offers get folks fired up, it is essential that you have the information you need to not go beyond your own risk threshold.

 

Banks still rely on appraisals to determine how much they will lend on a property so even though you are willing to spend an extra $20,000 to get that house, the bank might still only lend on a lower appraisal value. Going forward without a financing condition can be very risky. Home inspections and review of condo documents are very important items of protection for buyers. It is in these markets that sometimes properties get purchased that would be passed over in a slower market.

 

The interesting thing is that I am noticing the lenders tighten up their review of each and every file. Get that paperwork ready as your bank is going to want to see it all.

 

Need some guidance so you feel comfortable about your move? Give me a call.

 

CREB Statistics Package

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Thursday, January 30, 2014

Just Listed - 2404 25A Street SW

Elegant and beautiful executive infill close to amenities, schools, LRT with easy access to the city core. With upgrades throughout and a well thought our floorplan this property stands out. Touches include custom built-ins, sound system, vaulted ceilings, granite counters, upgraded insulation and noise reduction, bamboo flooring, Italian tile and beautiful skylights. The main level provides a front open den or family room, stylish kitchen with stainless appliances and eating bar, dining area and living room beyond as well as a half bath. Upstairs is an open bonus room; laundry; master bedroom with stone surround gas fireplace and a 5 piece custom ensuite and walk in closet; additional full bath and 2 more bedrooms. The basement with in floor heat and built in custom bar in the rec room also provides a full bath and two more bedrooms with large windows throughout. The two tiered deck and low maintenance yard out back are perfect for entertaining or relaxing. Detached double garage. 

 

View all property details and photos for 2404 25A Street SW

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Wednesday, January 29, 2014

New Listing - 20 Tuscany Reserve Green NW

Spacious home in Tuscany located on the inside of a cul-de-sac and backing onto environmental reserve greenspace. The main floor offers an office, laundry, open concept living room, dining room and very large kitchen with walk thru pantry. Custom cabinets surround the stainless steel appliances and 7 foot island. Large windows look out to the landscaped backyard, cedar shed and tree grove beyond. Upstairs is a vaulted bonus room, master bedroom with sitting area and 5 piece ensuite including soaker tub, separate shower and custom walk in closet. Two additional bedrooms and full bath complete the upper level. The basement is fully finished with a large rec room, media area, bedroom and full bath with in floor heating. Professionally developed with dricore subfloors, large windows, extra lighting and acoustical insulation. The tot lot is a short walk and the local school bus stops are just behind the home and up the path. Warm and inviting for your family, this home is a must see. Fully finished garage.


View all details and photos for 20 Tuscany Reserve Green NW


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Saturday, January 11, 2014

Are your renovations going to increase the value of your home in Calgary?

As Canadians we are spending more on renovations than ever before. TD recently released their renovation spending report. According to TD, "At 7% per year since 2003, spending gains in this area have outshone other components of household spending. During the 1990s, outlays for home renovations accounted for just over 25% of total residential investment. Currently, that share is almost 40%."

 

Many of us renovate for our own use and to add features we wish to have such as upgraded mud rooms and laundry rooms, media rooms, new fireplaces, spas, modern kitchens, high end showers, basement bars and rec rooms, new exterior finishes, sunrooms and even pools.

 

So when it is time to sell, are your renovations going to increase the market value of your home?

 

Well, it depends.

 

1. What did you renovate?


Typically a kitchen or bathroom renovation can see an increase up to 75% to 100% of the money spent, but it depends on what existed before and what was put in. The answer comes only from a review of other comparables homes in your area. If you have a 30 year old kitchen in disrepair you will see a large return on investment if you modernize to current standards. If you however, have a well maintained relatively new maple kitchen and you replace it with a different style or layout of a similar standard you won't see much change. As well, a poor installation of expensive materials will not be well received by buyers.

 

Replacing old carpet and worn wallpaper and paint with more new can have a huge impact on a home, but choose colours carefully. Pink carpet or paint is not popular no matter how new or expensive it was to install.

 

When already renovating, attention to future homeowners needs are well worth the planning and additional attention to detail. For example, changes to a bungalow that remove stairs, open up flow in the home and improve access to sinks, laundry and kitchen appliances will remain in high demand as will lot and home design that reduces maintenance and allows for easier access during the winter.

 

2. Where is the property?


Especially in some parts of Calgary, older homes are being torn down and replaced with new construction (infills). Putting money into smaller renovation projects in these homes requires careful review as it is builders and not home buyers that are buying these properties. A builder will not pay a premium for improvements that are just going to be demolished.

 

Depending on the community, holding the budget to stay within typical sales patterns in the area is key. If you add a $40,000 custom kitchen to a home worth $260,000 you will not see a $40,000 return on your investment. Each community and style of home has a ceiling of sorts as a 1600 sq ft two storey home will only sell up to a certain value before buyers start looking at larger homes or homes in more desirable areas no matter the finishings.

 

The recent flood events need to be acknowledged. Homes in flood fringe areas now require special attention to flood proofing and acknowledgement of potential future buyer fears.

 

3. Do you have your paperwork in order?

 

Buyers are asking more and more questions about renovations and permits than ever before. They are checking for asbestos in older homes as part of home inspection. Insurance companies and lenders are also asking more questions especially related to major renovations so ensure you have the required permits before you start your renovation. As of February 2014, the new home warranty rules will come into effect. Major renovations that require a building permit will also require a home warranty so even handy home owners will require documentation, permits and warranty to sell their homes.

 

At the end of the day, if you are making a substantial investment in renovations, do your homework. Very often sellers believe their home is worth more due to the actual cost of renovations and can be disappointed when it comes time to sell. At the same time, well thought our designs have fetched sellers sizeable increases in sale price.

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Friday, January 3, 2014

Prices are on the rise. Calgary Market Update Jan 2 2014

2013 was a year of larger than anticipated price increases and sales volume for both single family homes and condominiums. Will the trend continue for 2014?

The month on month news calls of increased pricing have caused some sellers to unfortunately over price their properties. I've represented a few buyers that have offered strong values but were not successful as sellers decided to hold out for more. In almost all cases, the properties my clients offered on sold for less or have not yet sold and my buyers have moved on to purchase other homes. Potential sellers with homes close to new developments need to also consider builder options when evaluating their competition in the marketplace. Many buyers are newcomers to Calgary so are looking for a move in ready home. If they are coming to Calgary from cities with longer commute times they seem to be willing to travel the extra distance for a new home compared to purchasing an older home closer to their area of employment.

At the same time buyers do need to review recent sales to understand that pricing has gone up significantly in the last year. It is shocking to some folks that there are very few 'great deals' out there that don't have strings attached and it is in fact a seller's market.

I believe prices will continue to climb, but not as quickly as last year. Buyers are focusing more on the quality of homes and are willing to pay for preferred materials, best building practices, and quality renovations but they are also saavy and want to see information regarding flood history, permits, builder backgrounds, warranty information, and more. Builders have also responded to the lack of inventory so will have to wait and see how many new starts and build outs become available in the spring.

The numbers in the statistics package are a snapshot of history for the resale market only and I encourage you to review them. The future pricing growth depends on many factors including new listing availability, migration to our city, mortgage rates, and lender policies. I also believe that the school capacity issues around Calgary will begin to push folks either to or away from certain neighbourhoods.

 

Full CREB Statistics Update

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Thursday, January 2, 2014

Back from Holiday - Time for Winter Property Showings in Calgary

Over the last few weeks we've all been busy with the festivies of the season and listings slowly declined and sales slowed as the season came upon us.

 

Now that we focus again on the year ahead, many folks are going to start planning an upcoming move. If you are considering a sale give me a call now so you have time to make preparations and plan for your move.

 

If you are now listing your home and are ready for showings, here is some advice to make those showings count.

 

1. Folks that view properties in the winter tend to be serious buyers.  Those folks just having a look tend to look more during the spring / summer open house season. Try to accommodate showing times and requests.

 

2. Shovel your driveway and sidewalk or hire a service. This past weekend a home I showed required us to walk through 2 feet of snow with the side access frozen shut. 

 

3. Please provide a carpet or entry mat at your front door so we can leave our shoes and boots without creating too big a mess.

 

4. Leave the lights on outside. It is much more inviting and makes access easier in the cold.

 

5. Please allow your property lockbox to be at or very close to the front door. They don't fare well frozen into the ground, buried in snow, attached to side back fences and other fun places to access.

 

6. Leave the heat on. Cold floors and drafts aren't showing features. Please keep the heat on for comfort.

 

Thank you and good luck with your sale.

 

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Tuesday, December 3, 2013

Calgary Real Estate Market Update - Dec 3 2013

Until the last few days, we've been very fortunate with the fall and winter weather, but this kind of snow and cold is sure to put a damper on enthusiasm. Am I still showing homes today? You bet. Buyers willing to put on snow boots and get out in this weather are serious.

 

There is no doubt sales during this time of year are fewer than the warmer months. However year over year the seasonal numbers are up, pricing numbers are breaking records and single family home statistics show average prices higher than 2007 levels. We are not yet reaching 2007 total sales numbers (total number of properties sold) but the trends have been trending upwards since the summer. The number of luxury homes sold continue to break records month after month as well.

 

Single-family benchmark prices totaled $470,600 in November, 8.5 per cent higher than one year ago. Of course the value for each specific home is different based on property price range, style and location so your home may have gone down, gone up 4% or it may have gone up 14% but the general trends are holding strong.

 

The graphs show that there are now less sales at the lower price points and more sales at the higher price points. This points to availability of property but also buyer demand. Calgary is a city of folks that earn higher wages than in other parts of the country, we are a young city and we see opportunity. Our attitude, perspective, rental availability, net migration and general optimism create the environment of growth and we are seeing that in the real estate market. I hope all those enthusiastic new landlords have done their homework.

 

Ever changing is our market, just check out the roller coaster ride of the last few years. Timing is everything. Whether buying or selling, you never know the time was 'best' until it passed. 


Source for all numbers: CREB

 

 

 

If you want to crunch the numbers yourself, see the CREB Statistics Package or give me a call and I'll do that for you. ;)

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