Real Estate blog Calgary

Blog

Displaying blog entries 1-10 of 41

Finding That Affordable Home in Calgary

by Stu Lowe & Lora Greco

For many people owning a home is still a dream, and finding an affordable home these days is even more of a dream!. You will need a good team behind you, you can get most information on the internet, but you can’t get experience!

With today’s changing mortgage requirements and the down payment you will need buying is becoming more difficult, even with interest rates low. As a new buyer you may have to compromise, here are a few things we can suggest.

  • The Price is the biggest sacrifice you can make. It is always good to consider buying a home that is 15-20% less than your mortgage person tells you that you can afford.  The impact that will have on your monthly outgoings will be huge.
  • Build Up Your Spare Cash.  Ok this has a huge positive impact on affordability for you. Cut out lots of things you just don’t need and force yourself to save a good down payment.  It means lower monthly payments, a lower interest rate, and it could avoid any private mortgage insurance.
  • The Community.  With your favorite community you may need to give up a little.  We could help you look for a home that is just outside your ideal community. Near public transportation and with schools within a short walk or drive. If you want to have easy access to work you might have to stay out of the communities where home prices are higher, i.e. Central South West if you work Downtown.
  • Home Styles.  This can make a big difference when you buy. If you don’t want to compromise on the location, but the single family homes are too much of a financial stretch, maybe consider a condo townhouse, but keep your options open. These housing types make finding an affordable home easier, and may still put you in the right community.
  • Square Feet.  Look out for a good floor plan that can make a home look a lot bigger. Most homes in Calgary are priced on square footage, so a smaller home with a great layout can be really good on price.
  • All You Have To Do Is Move In. Sometimes it is good to look for homes that need a little TLC, and if you are not afraid of work, why not consider improving the home yourself after move-in, over a period of time. Everything doesn’t have to be done as soon as you move in.
  • Get the Right Amount Of Bedrooms. Try not to buy what you don’t really need,  look for extra space maybe in the basement. An undeveloped basement in a home can really bring the price down, but maybe you can develop it further down the road.
  • Outdoor Space: This can make a great home and enhance your pleasure, and make it feel a lot bigger. Big lots cost more though so consider compromising with a deck or patio. Homes backing onto green space and usually more expensive.
  • Setting up The Mortgage: We like to give you Mortgage options with one of our experts who can really help our clients and talk them through it. Usually a bank Mortgage person can only offer what the bank offers!  But we like Mortgage experts who have the ability to compare the best rates, giving you more options and advice. If you need help in this area, just ask.

​​Stu: 403,850.0669

Lora: 403.512.1316

stewartjlowe@gmail.com

Loramgreco@gmail.com

 

 

 

Andrew Galler - Mortgage Alliance

by Stu Lowe & Lora Greco

The Bank of Canada left its trendsetting overnight rate unchanged at 1.25%. There are many names for this rate including the benchmark rate and key interest rate, so it can be confusing. Whatever it is called, this rate influences bank prime rates upon which variable rate mortgages and lines of credit are priced.

Bank governor, Stephen Poloz, announced the rate would be unchanged citing uncertainly over trade further stoked by this week’s U.S. tariffs on steel and aluminum. While broad strength in Canada and the global economy may have justified a rate increase, caution over a potential trade war warranted a wait-and-see approach.

Existing borrowers with variable rate mortgage and lines of credit have a reprieve and new applicants are seeing significant discounts for variable rate mortgages as lenders compete for business.

Andrew Galler

Mortgage Associate
Cell: 403-771-0134

Andrew@gallermortgages.com

A BUMPY ROAD TO RECOVERY - CREB MARCH 2018

by Stu Lowe & Lora Greco

A BUMPY ROAD TO RECOVERY

By CREBMar 9, 2018

Calgary housing market prices hold, but sales fall.

Watch CREB® president Tom Westcott as he recaps the key influencers that shaped the market in February.

 

CITY OF CALGARY STATS PACKAGE


CALGARY REGION STATS PACKAGE ​

#CALGARYHOMETRACKER

A Bumpy Road to Recovery - Creb March 01, 2018

by Stu Lowe & Lora Greco

Calgary housing market prices hold, but sales fall


 

City of Calgary, March 1, 2018 –

Residential home sales declined in February, but a decline in new listings helped keep prices steady this month.

Sales totaled 1.094 units in February, 18 per cent below last year’s activity. Easing sales occurred across all property types this month, which outpaced the sales growth that occurred in January. After the first two months of the year, sales activity remains well below longer-term averages.

“Housing market conditions are still adjusting to rising lending rates and changes in lending requirements. This process is expected to be bumpy, with demand adjustments leading the changes,” said CREB® chief economist Ann-Marie Lurie.

“However, it is important to remember that it is early in the process and the impact on prices will ultimately be dependent on the supply response.”

A decline in new listings was not enough to prevent further gains in inventory levels, but it offset some of the impact of slower sales activity. In the detached sector, one of the largest declines in sales occurred in the $600,000 - $999,999 range, while this price range also recorded gains in new listings.  

“This is a market where the fundamentals of a sound pricing strategy need to be understood by Home selling guide. At the same time, savvy buyers typically have a clear understanding of how much of a mortgage they can get,” said CREB® president Tom Westcott.

“With all the recent changes, potential purchasers should be obtaining pre-approvals so they understand exactly what they can afford prior to making an offer on a home. It also provides them flexibility in this market.”

Citywide benchmark prices totaled $434,300 in February, which is just above levels recovered last month, but comparable to levels recorded last year. While year-over-year price growth remained relatively stable in both the detached and attached markets, apartment prices remained three per cent below last year’s levels. 

Creb Calgary region monthly stats package.​

Creb City of Calgary monthly stats package.

 

#calgarydreamhomes

3D WALKTHROUGH - 224 6A STREET, BRIDGELAND

by Stu Lowe & Lora Greco

3D WALKTHROUGH FOR 226 6A STREET BRIDGELAND

​MLS# C4165451

COMING SOON - 224 & 226 6A STREET, BRIDGELAND

by Stewart J Lowe & Associates

31090 MORGANS VIEW, MORGANS RISE, SPRINGBANK - NEW PRICE

by Stewart J Lowe & Associates

New Price: 4 Bedroom, 2 Acres, Quad Garage, Amazing Mountains Views.Morgans Rise Home C4162603 $2,450,000.


December sales activity rises again, but so does supply

Sales activity for all product types improved in December and pushed monthly sales to long-term averages for the second month in a row.

However, new listings also rose, keeping inventory elevated compared to typical levels for December. With more supply remaining compared to sales, benchmark prices edged down for the fifth consecutive month.

“Many of the economic indicators continue to post modest improvements, including improving sales. However, demand gains have not outpaced the additional supply coming into the housing market. This is creating some of the bumpiness in terms of price recovery,” said CREB® chief economist Ann-Marie Lurie, who added that prices have stayed comparable to last year.

The gap between detached supply and demand closed in the first half of 2017 and supported early price growth. As prices improved, this was perceived as a signal for many who delayed selling their home, and caused a late rise in inventory that limited price growth.

Overall, the detached benchmark price in 2017 averaged $504,867, 0.63 per cent above last year’s levels.

Challenges continue to face the apartment sector, with elevated supply in the resale market. The new-home and rental markets weighed on this sector. The excess supply caused average annual benchmark prices to decline by four per cent this year. This is a total annual adjustment of nearly 12 per cent since the start of the recession.

In the attached sector, the first half of the year saw an improvement in sales relative to inventory levels. This supported stronger price gains in the second and third quarter. However, a late rise in inventory levels took some of the momentum away from price growth. On an annual basis, attached prices totalled $332,325, comparable to last year’s levels.

“This year, we saw a rise in the number of consumers willing to purchase in the market with the expectation that the economy had already shifted. There were also many who waited to list their property until prices showed more stability,” said CREB® president David P. Brown.

“Those who acted were typically driven by long-term plans that best suit their current lifestyle. We are ending the year with stronger sales in the last quarter, but supply levels are holding back price gains. The year played out as expected, with a transition from price declines to general price stability in most sectors of the market.”

For more information on the 2017 housing market, CREB®’s 2018 Forecast Conference & Tradeshow (crebforecast.com) will be on Jan. 31.

 

Watch CREB® president David P. Brown as he recaps sales activity and the key influencers that shaped September’s housing market.

 

#calgarydreamhomes.com

JUST LISTED - 227 HAMPTONS TERRACE NW

by Stewart J Lowe & Associates


Take a good look at this beautiful and bright Hamptons Walkout home. 5 BEDROOM, 5 BATHROOM, WEST REAR, SIDING ONTO THE 10th HOLE AT HAMPTONS GOLF COURSE. 3,156 SF ABOVE GRADE. As you enter this Goldmark custom built home you are drawn to the great sized rooms and stunning stairway connecting all three levels. Main level includes Living and formal dining rooms (with California Shutters) Study, Family room & spacious large Kitchen with granite tops & center Island. The upper level has 4 large bedrooms all ensuite. The second East bedroom with a Jack n Jill bathroom also has a large loft area (for sleepovers!) The Master with upgraded Spa is the whole width of the home and looks over the 10th. The Walkout has huge windows with Rec room, Wet Bar & Shower 3pc. The 5th bedroom which is currently used as a very large office would be the perfect size for the in-laws. A charming Brick gas fireplace and underfloor heating complete the picture for those winter nights watching a good movie. Double insulated att garage.
Large glass-front Duradeck looks West over the 10th hole with stairs down to a full fenced finished garden and patio, Clay Tile roof. Treed and very private. The Hamptons School, Hockey rink, Tennis Courts, Co-op and Superstore are minutes away. The Hamptons is one of the North West/'s most desirable established areas with well laid out homes, no back lanes and lots of parking making it a great family community.  Courtesy of Real Estate Professionals Inc

info@calgarydreamhomes.com  Direct: 403-850-0669

 

Displaying blog entries 1-10 of 41

Syndication

Categories

Archives

Contact Information

Photo of Stu Lowe & Lora Greco Real Estate
Stu Lowe & Lora Greco
Real Estate Professionals Inc
202 5403 Crowchild Trail
Calgary AB T3B 4Z1
Direct: 403-850-0669
403.512.1316
Fax: (403) 476-7608

Presented by Stu Lowe & Lora Greco. Licensed Realtors at Real Estate Professionals Inc