The September Calgary real estate numbers continue the trend from last month. A bit of an inventory increase has tempered the earlier uptick in pricing increases. General benchmark trends are down a touch and we are entering October with 1000 more listings than the same time last year.

The recent positive sales numbers and steady couple quarters may have provided folks enough stability in pricing to make plans. Sometimes it once we see past the worst that we hope for the best.
 
Supply and demand is what drives real estates. Perceptions drive decisions.
 
And numbers. I know they are boring. That's why you hire a realtor. Seriously. 
 
For example, many folks right now are looking for homes with less maintenance, newer homes. They don't want to worry about furnaces, roofs or major updates.  So let's look at newer homes across Calgary.
 
Detached homes built since 2010 under $500,000:
There are 113 active listings across the city. In the last 30 days 51 have sold. That is 2.2 or just over 2 months of inventory. Kind of a seller's advantage depending on the community. Surprised?
 
Detached homes built since 2010 between $500,000 and $600,000:
There are 184 active listings across the city. In the last 30 days 24 have sold. This is 7.6 months of inventory. This is a definite buyer advantage.
Does it depend where you are? The outskirts are where we find new inventory in this price point.
Let's compare North and South (sorry excluding east for now).
So North/Northwest there are 78 active listings in the $500,000- $600,000 category built since 2010.  7 have sold in the last 30 days. Absorption is 11.1 months of inventory. Hmm...
So South/Southeast there are 79 active listings in the $500,000-$600,000 category built since 1010. 13 have sold in the last 30 days. Absorption is 6 months of inventory.
So if you are a seller in this category in the north vs the south you may have to work a bit harder to get your home sold. Very good information to know. And as a buyer maybe you can ask for the washer/dryer included.
 
Buyers are very price sensitive right now and it important to understand the distinct variables to know if you are in a buyer's or seller's micro market when buying or selling. Who has the advantage in your market?
 
Calgary rocks. I mean it. Really. Calgary is a sensational place to live. Calgary is a young and vibrant city full of educated, caring, forward-thinking folks.  If you are considering Calgary, stop by for a visit and check things out. I'm happy to help.
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It has been a busy week with both of these great properties now SOLD!

 

Should you be looking for your new home or are planning a sale of your home then give me a call direclty at 403 850 2446 for a no obligation buyer or seller consultation.

 

The goal is not to List your home. The goal is to see it SOLD!

 

Sold - 404 280 Shawville Way SE

 

Sold - 37 10 Point Drive NW

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1. This has been an unusual year in Calgary with many days of smoke from the BC and Alberta fires. Inspect and potentially change your furnace filters earlier than normal to keep your furnace running efficiently. This is especially true if you run your furnace fan or an air conditioner in the summer. My own filters (only 1 1/2 months old) were clogged with ash from the smoke.
 
2. Request an inspection and service for your furnace and other gas appliances. ATCO provides an annual furnace inspection service which is free of charge. For cleaning or repair please contact your preferred qualified contractor. (If you are a senior please contact Alberta Senior and Housing for potential financing assistance before making any needed renovations.​)
3. Smoke detectors only work for approximately 10 years. After this time they will been and test green on a battery check but they may no longer be effective at detecting smoke. Check and replace any smoke detectors older than 10 years.
 
4. Drain your outside water lines and sprinkler lines and turn off the water lines to the outside taps inside your home. The lines to your outside taps are most susceptible to freezing in colder temperatures.
 
5. Should you be leaving your home unattended contact your insurance company to determine requirements. For example, many insurers require a property check every set number of days or require the water be shut off at the residence. 
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If you have school aged children or are yourself engaged in educational pursuits, then September is a big month. The 'new' of September often gets folks considering their real estate plans as we say goodbye to summer hot days and ponder how many days we have to spruce up the front porch before the snow hits. 
 
Since the weather changes around here every 10 minutes around now would be the time to touch up any exterior paint or repairs if you are considering a fall/winter sale.
 
Many of the conversations with folks I have these days is about timing the market. Folks considering a purchase or sale are trying to crystal ball things. We have a sense that the market is stabilizing with many indicators from various industry trends and numbers. At the same time, we have an increase in fall listings that are outshining the positive sales bumps.
 
Our year to date sales total are up across segments (8.06% up year over year detached, 5.12% up year over year apartments and 11.06% year over year attached). This is a very positive sign. Our year over year numbers are indicating positive movement in most regards. However, the monthly numbers are pointing towards an uptick in inventory and a drop in sales of homes per listings than the same month last year. The yearly and monthly comparable (August 2016 to August 2017) are somewhat divergent.  An example is that our Year over Year Inventory level shows a decrease of 7.38% but a August 2016 to August 2017 comparable shows an increase of 20.23%. 
 
There is some seasonal here, but also potentially an opportunity to see a bump in an otherwise positive trending path.
 
At the same time the benchmark pricing continues to drop in the apartment sector and increase in the detached sector with some mixed numbers in the attached sector.
 
What does all that mean? Typically we are on a positive trend with a bit of up and down along the way. 
 
Curious to find our opportunity? So am I. If you are considering a purchase or sale please give me a call so we can review your specific details. 
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As we mark the mid-point of August 2017 I wish you all had the opportunity to enjoy this absolutely amazing summer. I can't remember another year full of so much sunshine and outdoor days. 

 

It has felt like a summer of taking a deep breath and a bit of relaxation after a difficult two years. The real estate market is showing signs of recovery. With a step forward, back, sideways and forward again, the adjustments ebb and flow depending on the supply and demand in various micro markets around the city. Folks first jumped on detached homes and continue to do so with attached homes and especially apartments still lagging behind.

 

That being said, the current political climate, unemployment rates, migration levels and impact of the fall's lending policies continue to keep folks from getting too excited.

 

The Calgary Real Estate Board released the mid year report earlier today and it is a very good summary of our market and the various economic factors that fuel our market. Have a read. 

 

In terms of buying and selling, right now is very much a time of adjusting expectations and ongoing review of market conditions.  I'm very curious how the sales numbers unfold once we all return from our summer break and realize we only have a few weeks before the winter begins to show itself. 

 

Remember, that if you are getting ready to list this fall or winter, now is the time to work on those minor repairs, paint the trim and touch up the curb appeal.

 

As always, please contact me directly if you wish some personal advice. I'm always happy to help.

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Are you enjoying Stampede this year? I hope you are enjoying the sunshine, weekend adventures camping or visiting all the amazing sites around Alberta, taking in Stampede and a great start to a Calgary summer.

It seems lots of folks are doing just that and as the usual trends, show, less folks are focused on real estate right now. Nothing too unusual. What is a bit more unusual is a bit of a surge in listings. The listing increase is good for buyers that were getting pushed out of the quick turnaround in detached homes at the lower price points. It isn't great news for sellers in an already challenged market in the apartment segment.  What we are seeing is a market in recovery and the ebb and flow that happens along the way.
 
News today is that the Bank of Canada has increased the 'overnight' rate by .25% to .75%. Each institution will now determine their adjustments and announcements are soon to follow. 
 
Not sure what the best move is for you? Give me a call and we can work out your specific situation. I'm helping lots of folks watch various markets to help them determine their next steps. It is really helpful when you see info just related to you instead of overall city statistics. AND I will make sure you know what you need to get your home and paperwork ready to list when the right time comes. Yes, the lighting, furniture placement, art on the wall, clean cupboards and 'pre-packing' really do make a big difference. :)
 
Have a great July everyone and enjoy everything that is great about Calgary and Alberta with the free park pass!
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Just listed in Point McKay. This little corner of Calgary is one of my favourite spots. It is just far enough and just close enough to downtown, right on the river pathway system and just has a great vibe. 


Tucked away in Point McKay just steps from the pathway systems, this renovated 3 bedroom townhouse is move in ready. Walk into the warm front foyer and up the steps to the living room with hardwood floors, corner fireplace and patio doors looking out to the fenced, south facing, private deck opening to greenspace and trees between the units. The bright renovated kitchen with extended butcher block counters and ample cupboards is a great space to entertain around the movable island. New hoodfan and dishwasher. A powder room is on this level. Upstairs are three bedrooms including a large master bedroom with hardwood floors and two newly upgraded closets with sliding doors. The renovated bathroom with cheater door offers a large shower, jetted tub and ample storage. The lower level offers laundry and utilities. New hot water tank and furnace (2014). Single attached garage. Excellent location close to Foothills Hospital, Children’s Hospital, U of Calgary, pathway systems and a quick trip downtown.


Full property details and photos for 37 10 Point Drive NW Calgary.

 

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CIR Realty recently announced a partnership with two great organizations in Calgary. As a mom to great kids and a couple of nutty canines I am very happy to make a contribution to the program at the closing of every transaction going forward. 

 

 

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The regular market update is usually posted the first week of the month, but I let things play out a few days longer this time. I was noticing a bit of a surge in new listings at the end of May and wanted to see if it was a blip or still continuing.
 
So far this last week there has been a noticeable surge in listings. This is coupled with trying to show property and being told many are already under contract.  This results in things being quite interesting and folks pull out their crystal balls and try and play the market.
 
With school winding down this is the optimal time to list for folks that want to move after school ends but before the new school year. It is also easier for busy sports families as many events are winding down. Maybe folks were waiting for positive market news which is now more consistent or maybe then wanted to show off their landscaping. With the flowers starting to bloom many homes have beautiful curb appeal.
 
We are in a climate of slow but consistent stabilization and slow pricing growth in our market for detached homes. Benchmark pricing is up from last year in all areas of the city except the northeast. Semi attched homes are catching up. Townhouses and apartments are a bit further behind and pricing is down compared to benchmark pricing last year most everywhere (except townhouses in the inner city). it is all logical really. Month over month pricing is in the positive though so that's a good sign meaning things are slowly moving forward even though they have a bit of ways to catch up from previous sales periods. 
 
If you are considering the sale or purchase of a new home I would be very happy to assist you. Let us find you a great home at a great price. Give me a call direct at 403 850 2446.
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Just steps from the LRT this large 2 bedroom plus den unit could easily be utilized as 3 bedrooms. This is one of the larger units in the building. Located on the top floor looking west, the open layout allows for a great flow and lots of natural light. The open plan kitchen and living room allow for ample living space plus there is a separate open dining area to host friends and family. The den is just to the right of the living room. To the left down the hall is the master bedroom private ensuite, an additional bedroom, main bath, laundry room and storage. This unit provides two titled parking spots just outside the elevator (22, 24) and titled storage (9). Pets permitted with restrictions. In suite air conditioning unit included.


View all photos and property details for 303 280 Shawville Way SE.

 

 



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For many years an acerage in Arbour Lake, NW Calgary, remained as a large private parcel of land with a private residence on scenic property. The land is now sold to Hopewell and a new development is in the works in the very popular community of Arbour Lake. Walking distance to Crowfoot shopping and the LRT, this development is one to watch.

 

Hopewell's Arbour Lake

 

The 43 Acres of land is expected to house approximately 2200 new residents in approximately 890 homes and condo units. Construction is expected to start September 2018.

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As we approach the construction season of 2017, it seemed a good time to get caught up on some of the major development and transportation projects in NW / West Calgary especially so much happening around Canada Olympic Park (COP) and the Trans Canada Corridor. This is a longer post than intended but I have so much to share with you!

 

Transportation:

You may have also noticed signage regarding some of the new communities soon to be starting construction in the area. The stages of development and detailed information vary for each site. As well, the names for some areas on the City of Calgary website differ from the advertised community or project names.

 

New Development Projects/Communities:

 

Trinity Hills / Medicine Hill / Paskapoo Slopes:
The first zone is the area in the SW corner of the Trans Canada and Sarcee Trail interchange between the interchange and COP. This area is called Medicine Hill/East Paskapoo Slopes on the City of Calgary site. The main name from a community perspective seems to be Trinity Hills. This area is currently proposed to include a supermarket, retail and residential properties.
City of Calgary: City Information for East Paskapoo 
Developer Information: Trinity Hills

 

  

Ripley Site:

Developement of the area right beside Canada Olympic Park to the east. The application is by Winsport which runs Canada Olympic Park.

City of Calgary: City information for the Ripley Site

 

Parkside / Greenbriar / Greenwich:
The second zone is the area on the NW corner of the Stoney Trail and Trans Canada interchange between the interchange and Bowfort Road. This area is currently cleared on the west section and looks to be close to start of development. This area is expected to include retail, office and residential properties.
City of Calgary: City Information for Parkside (west section)
Developer information: Melcor's Greenwich Calgary

 

 

Shape / Calgary West:
This area is located just south of the Trans Canada on the east side of the community of Crestmont. The developer site notes: "This mixed-use open air regional shopping centre calls for 650,000 square feet of retail, and some 800-1,000 on-site residences."
Ciyt of Calgary: City Information for Shape 
Developer information: Shape Properties's Calgary West 

 

Loblaws / BVX Corp:

This area is located immediately southwest of the Trans Canada Stoney Trail interchange. Proposed use is 1325 residentail units, grocery store and supporting commerical, retail and office space. To be developed by Loblaw Properties West and BVX Corporation.
City of Calgary Information: Proposal Summary Only

 
Crestmont Phase 4:

To be developed by Qualico Communities. Within this space, there will be approximately 516 dwellings ranging from single-detached, semi-detached and townhouses.
City of Calgary: City Information for Crestmont Phase 4 

 

Bearspaw in Haskayne:
The Haskayne Area Structure Plan was approved in 2015. This covers the area south of Tuscany, north of the reservoir and west to Rocky View County.
City of Cagary: City Information or Haskayne 
Developer information: Brookfield's Bearspaw

  

University District:
A unique development located surrounding the Alberta Children's Hospital and west of the University of Calgary. Numerous residential projects will be developed in this large project. A unique difference in our market is that University District will offer leases on parcels for a 99-year term. The conclusion of this term will either see an extension of the lease or a purchase back at fair market value.
West Campus Development Trust
Developer Information - University District Discovery Centre

 

Stadium Shopping Centre:

This area will be redeveloped by the property owners, Western Securities. Redevelopment Plan

 

Calgary is building. Where are you going to call home? Contact Monika at 403 850 2446 to help you make your best move. 

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The headlines read that the housing market is stabilizing as we enter spring. That does seem to be the case for detached homes in general and attached homes in some areas. However, it also seems to mean that some folks selling are feeling that since the turnaround has begun that prices have followed. They have not. Not yet. Inventory remains low with less homes on the market than last year with sales numbers increasing, but those overpriced homes are not selling. Pricing appropriately for today's market is key to getting your home sold, not just listed.

 

Unfortunately the apartment sector is not seeing the stabilization. As of today's numbers sales are up significantly and listings are starting to edge up. Until the supply/demand numbers are stabilized we won't see pricing stabilize in this sector especially given the volume of new construction which is not reflected in the MLS listing numbers.

 

From the CREB stats report:

 
Unadjusted detached benchmark prices totaled $503,900 in March, 0.4 per cent above last month and similar to levels recorded last year. Meanwhile, Apartment and attached prices continue to remain well below levels recorded last year.

 

The spring/early summer market is the most active in the city. Having the right strategy is key to take best advantage of this period.

 

A couple other items to note this month:

 

- If you are moving between similar priced properties in the city and you do not have much equity in your current home, please PLEASE contact your lender before you list your home. The current mortgage rules may dictate that while you qualified for the $480,000 property you live in a couple years ago, you now may qualify for less. This is very important information before you list your home.

- Developers and lot hunters are back in the market. If you are considering the sale of a lot with redevelopment potential there are strategies to improve your marketability. Contact me for details.

- There are some effects throughout the city due to the start of construction for the remainder of the Calgary Ring Road. Should you be considering neighbourhoods along the corridor be sure to review the short/long term plans so you know what to expect. Some short term disruptions in some areas, but also some amazing long term transportation and commute time improvements.

 

As always, please contact me with any questions or plans. I'm happy to help. Reach me directly at 403 850 2446 or monika@monikafurtado.com.

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Guest post by Tammie Redelback, Mortgage Advisor, MortgageLine Powered by Dominion Lending Centres

 

Thinking of buying a property, but don’t know where to start? One of the inital steps is to speak to your lender about your mortgage pre-approval.

 

The steps:
1. Get your pre-approval in place.
2. Look at property in your price point.
3. Sign an offer to purchase with a financing condition.
4. Complete your financing for a formal approval. (Usually within a few days.)
5. Complete your purchase.

 

A pre-approval is the best way to get started, but you should understand what a pre-approval is and what it isn’t.

 

What is a pre-approval?

 
- a formalized review of your financial status to give you information regarding mortgage options, mortgage rates offered to you and your mortgage maximums.
- allow you to understand all the documents you have to gather to formalize your mortgage approval. If you are self employed, new to Canada or requesting maximum amounts this paperwork can take some time.
- provide an understanding of your monthly costs so you can budget accordingly
- prove you peace of mind that you are searching for homes in the correct price bracket
- allows you to manage any issues before your dream home is on the line.

 

What is a pre-approval not?

 
-A pre-approval is not binding to you. A pre-approval is not the same as a final approval to purchase a specific property. It is not a guarantee of financing. There are a number of factors that come into play after the pre-approval is in place that can send your dreams of homeownership sideways. A couple of examples are:


• An approval requires a property to be scrutinized. Since a pre-approval cannot review the property (as you haven’t found it yet), it can’t be guaranteed the lender or insurer will approve the property.
• A secondary credit report can be pulled by the lender or insurer after the pre-approval is in place, if there are discrepancies, or your credit history changes they could decide not to proceed with financing.
• Mortgage rules can change and sometimes come into effect with no grandfathering.


If you make a large puchase, finance a car, change jobs, add significant funds to your credit card or fail to make regular payments on your accounts between pre-approval and purchase, you may be jeopardizing your formal approval for your home purchase.

 

So if things change why get a pre-approval?


A pre-approval is simply a formalized gathering of your information, and reviewing it. It won’t guarantee you will get the mortgage, but it will certainly uncover any major obstacles that might be in your way. Consider a pre-approval a pre-screening, where we take a look at your employment, credit history, your down payment, and figure out the maximum mortgage amount you can qualify for. Mortgage professionals that do a more thorough pre-approval verification are able to determine where you might get flagged by lenders and how and what to submit in order to satisfy lender mortgage requirements.

 

A pre-approval usually comes with a rate-hold, which is a good thing. Rates fluctuate and go up and down from time to time. Lenders will typically offer a rate hold for 90 days on a specific mortgage term. This means that if you find a property to buy in the allotted time, even if rates have gone up, you will get the rate that was guaranteed. If rates go down, you get the lower rate. It’s a win win.

 

The Process:

 

Buying a home is a process, a process that has a lot of steps that come into play. A pre-approval is one of the first steps you take. A pre-approval allows you to collect all your documentation ahead of time, handle any obstacles that may come up, have a look at your mortgage options, secure a rate hold, and will give you peace of mind as to the next steps in the process. Regardless if this is your first time buying a place or your tenth, a pre-approval is the best place to start.

 

For more information regarding your next preapproval contact:
Tammie Redelback, Mortgage Advisor, MortgageLine Powered by Dominion Lending Centres
Phone: 403.816.0218
E-mail: tammie@mymortgageline.ca
Web: tammieredelback.ca; mymortgageline.ca

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Centrally located in Evanston within walking distance to schools, shopping and local parks, this modern and exceptionally cared for home is move in ready. The open concept main level with large windows, hardwood floors and great sight lines takes advantage of light and flow and highlights the kitchen with tall dark cabinets, granite counters, stainless steel appliances, sparkling tile and lighting accents. Tucked behind the walkthrough pantry is the main floor laundry/mud room and powder room. Upstairs offers 3 large bedrooms including the master bedroom and ensuite with master bath including separate tiled shower and large tub and the main bath. The other two bedrooms are well sized. Just down the hall is the bright bonus room for family fun. The landscaped and fenced backyard backs to a community pathway. Double attached garage. Unspoiled basement. Extended structural warranty to 2024 with Alberta New Home Warranty. Call for your private showing today.


View all photos and details for 221 Evanspark Gardens NW



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Guest Post by Jason Dodd, Vice President, Verico Maximum Mortgages Inc.


Doing your research and talking to the right people can help you save thousands of dollars on your largest debt obligation, your mortgage. Surprisingly many clients are unaware of options, terms, rates and conditions that are attached to their mortgage financing. This summary will help with ideas on how to go about getting a mortgage and show you how to save money on your mortgage.


1) Consult multiple people/sources before deciding -

Many times it starts with your realtor making a recommendation for a broker or banker. The important part is to at least contact a couple people who deal in mortgage financing. Many people ask me why I would suggest this when I am trying to earn their business? Well I feel it is important for clients to experience the advice and expertise of more than one person before jumping into a large debt obligation. Mortgages are more than just rate, you need to understand the options, terms, rates and conditions which cumulate to give you a full mortgage package. Many clients are surprised at restrictions or high penalties that were not explained initially, that come back to cause high cost and aggravation in the back half of their mortgage term. Initially you should talk to and work with someone who can fully explain the process and the mortgage and is able to provide you with multiple options.
Knowledge is power and peace of mind when getting into a mortgage and home ownership. Many clients who are just comfortable with their bank are surprised to find out the large amount of good offerings that are available elsewhere in the market.


2) Utilize pre-payment options -

There is more to this than most people even consider and each client is very different. Many lenders offer varying degrees of pre-payment options and some are better suited to specific borrowers. This is a great discussion piece and you can literally save a lot of money by having the correct pre-payment options that align with your borrowing and home goals. This is why selection becomes important when deciding on a lender, if you just look at one option how will you know what is out there? By making small adjustments to monthly payments and choosing accelerated biweekly/weekly options you can dramatically reduce interest over the life of your loan. I find April is a great time to decide if you would like to make lump sum payments as spring is coming(home repairs) and also the tax man will either give or take away some money at that time. This might determine how much or little you can put towards your home.

 

Consider a mortgage of $400,000.  5 year fixed rate of 2.59% and monthly payments. 

Your Monthly payment would be $1809.84 and you would pay $47753.89 in interest over the term and $60836.51 principal pay down.

Utilizing some pre payment options that are manageable can make a significant difference under the same scenario.

Changing payments to Bi Weekly accelerated $904.92.  Applying a lump sum payment annually of $1200 (or increase payments $100 each month).

Interest is reduced to $46467.79 but you increase your principal pay down up to $77,171.82.  A significant difference with making minor changes to your overall monthly budget.

 

3) Choose the correct term-

I have lost count over my 14 years in the industry of times I have seen clients aligned with incorrect terms. Discussing life changes, job movement, home ownership goals starts to uncover the best options for financing. 5 year fixed terms are popular because of stability and security (good points) but some clients are  saddled with large penalties if they have to break early due to life changes or circumstance. Often this can be prevented by picking a shorter term or variable (closed or fixed) or open term that can accommodate more readily some uncertainty for future plans. This alone could save you thousands of dollars down the road if you anticipate some uncertainty of plans in the future. Good brokers will give you options on shorter terms as well as an option so you can consider them as well, certainly a worthy discussion.


Feel free to contact me if you have questions on various lenders and options and rates.
Happy to talk about this important subject
Regards, Jason Dodd, Vice President-Associate, Verico Maximum Mortgages Inc.
F: 403-451-1660, C: 403-815-0565, Jason@maxmort.ca, www.jasondodd.ca

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As we enter the spring market on the start of what seems to be a strong upswing in our market, we are once again seeing more multiple offers on property. Surprised aren't you?

 

It is about inventory, numbers and affordability.

 

Considering the mortgage rule changes that came into effect in the fall of 2016 and the pricing in our market, it isn't surprising in the starter and mid size home detached home segment especially.

Mortgage changes:
The mortgage rule changes reduced the buying power of anyone utilizing a mortgage with less than 20% of purchase price for a downpayment. Where previously folks utilized the bank rate for their mortgage for qualifying (example 2.79%), they now must qualify using a benchmark rate (4.64%) set by the Bank of Canada. This can reduce buying power up to 20% for some folks.

Detached homes:
With most detached homes in our market starting in the $400,000s and quickly moving up from there, there is a large segment of folks looking in the pricing zone. When you line up typical incomes, mortgage approval ratings based on those incomes and the price of typical detached homes in our city, it is no small surprise that more folks are being squished into a smaller pricing zone than previously.

More buyers + less inventory = Multiple Offers

How do you stand out when putting forth an offer in competition?

 

As a seller you are looking for security of the transaction. Let us say Mr and Mrs Seller have a home for sale in NW Calgary for $450,000. It is in great shape, in a great community and presents well. After going on market they receive 4 offers. They are all somewhat similar. How do Mr and Mrs Seller choose? Their home is going to be conditionally sold for over a week waiting out someone completing their financing and completing a home inspection. Is it a strong offer from a prepared buyer or a buyer on a whim that hasn't done their due diligence?

The first place to review is financing. What is the amount each potential buyer is borrowing? It would seem someone with 5% downpayment is in a stronger financial position than someone with a 20% downpayment and more likely to complete their qualifications but is that true? What if they ar all purchasing with a 5-10% downpayment? As a seller's realtor, my first question to each buyer's realtor is if the buyers are pre-qualified to purchase. As a buyer it is your choice what you disclose. Do you think having a prepared letter confirming your preapproval from your lender could help you? I'd recommend having that in your back pocket. It might just be what wins the purchase when sellers are looking at 4 similar offers. Peace of mind can be worth a lot.

You may be tempted to simply exclude some conditions from your offer to win. I would highly discourage you from doing that. You never know what a home inspection could uncover on that 'great deal' or if your bank would withdraw a mortgage approval due to a unique history on a property. Win smart and be prepared instead. Having a great Realtor that knows how to negotiate a win helps too. Give me a call anytime. I am happy to answer your questions.

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For many people the word 'condo' means an apartment. But as development styles have evolved, the term condo or condominium can refer to any kind of property including detached homes, attached homes such as duplexes and townhomes and the typical apartment in Calgary. A condominium is a term that refers to legal ownership, not property style. Condominium ownership combines individual ownership of a living unit with shared ownership of the common property and shared participation in the condominium corporation.

 

Over the years some common condo examples include a complex of semi-detached duplexes such as villas or townhomes. Each owner owns their unit but shares common property such as the back greenspace, clubhouse, street, snow and lawn maintenance and other services. Often exterior maintenance is also part of the responsibility of the condo corporation. This concept appeals to those that enjoy owning their own home with the benefits of a lock and leave lifestyle without worrying who will cut the grass.

 

Another example is a street or community development where a number of detached homes are developed under a bareland condo structure. Each owner owns their home (their unit) and land, but share common property such as the road, snow maintenance, amenities, security, etc. All of the units (detached homes) form a condo corporation with set rules, responsibilities and condo fees.

 

A condominium structure, whether apartment, townhouse, duplex or detached dwelling, appeals to many. It is important to understand that when you purchase a condo that you purchase a unit and also a portion of the responsibility of the condo corporation. The value of similar units between different condo corporations can differ substantially even if the units seem similar due to the management and financial stability of the condo corporation.

 

As part of purchasing a condo, there are additional due diligence steps a buyer should take including a review of the condo documents.

 

Additional Resources:

Buying and Owning a Condo - Service Alberta

 

Condominium Buyers Guide - CMHC 

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It is March 2 in Calgary on a sunny and chilly day. I'm reading in detail the monthly statistics package released by the Calgary Real Estate board as it shows in numbers what we have been feeling out in the market place over the last few weeks. The market felt like it was turning. There was optimism regarding our economy, stabilization of markets and folks were starting to ask a lot more questions. More sold stickers were going up. Inventory numbers are lower compared to last year with sales trending much higher.

 

Now that the numbers are out, they speak to that change. The graphs and charts show curved lines across many metrics. Sales to date across the city are up 21.5% year to date and we have a 14% reduction in inventory so far compared to last year. Now don't get me wrong. We didn't just jump back to before the downturn in terms of sales or pricing but we are now consistently trending upward in sales. Whether pricing soon follows will depend on the supply and demand balance of the spring market. Year over year benchmark pricing for detached homes in the northwest and west have already moved to the positive.

 

The one segment that has been strongly negatively adjusted in terms of pricing over the last two years has been apartments. With pricing down the market responded in February with a jump in sales. In Feb 2016 only 168 apartments sold. Now in Feb 2017 we saw 236 sales. So far year to date the sales of apartment units in Calgary is up 29% compared to last year (as of 1 pm March 2.). That metric for February alone was an increase in sales by just over 40%. That is significant.

 

If you are considering a sale or purchase now is the time you really need to get some good advice and a responsive Realtor that answers their phone, makes calls, follows up and makes things happen for you. There are some communities that are seeing spikes and others are not. Why? Many folks are seeing the writing on the wall and jumping on those homes in preferred neighbourhoods. Folks looking for lots are back seriously considering. First time home buyers are making calls and getting pre-approvals locked down.

 

If you have been waiting for the bottom to make some decisions now is the time to crunch some numbers. Call me. I'm happy to help.

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Centrally located in Tuscany, this inviting bi-level with 4 bedrooms and 2 full baths has over 2000 sq ft across both floors. It is walking distance to the new Eric Harvie school, Twelve Mile Coulee School, local shopping including Sobeys as well as neighbourhood playparks, the Tuscany Club, transit and 15 min walk of Tuscany LRT. The upper level opens to a living room and dining room with hardwood floors and a large kitchen with classic white cabinets, concrete counters, modern black backsplash and cork floors. Three bedrooms are on this level including the master bedroom. The main bath is updated and fresh. Downstairs offers a bright, large 4th bedroom, full bath, open rec room and family room and a spacious laundry/utility room. The double detached garage and back shed provide ample storage and parking space. Attractive inside and out, this charming family home with the great front garden and red front door can be yours. Book your private showing today.


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