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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

 

JUST LISTED- 352217 206 AVE WEST, MD FOOTHILLS

by Stewart J Lowe & Associates

C4135569  $849,000 4.11 ACRES. 2015

FOOTHILLS HIDEAWAY! Rare opportunity! Pristine NEW HOME in the Bragg Creek area! 4+ acres of peaceful privacy. Seasonal CREEK + groomed TRAILS. 5 min to restaurants/shops in Bragg Creek. Next door to Kananaskis Country! 9’ ceilings. Walls of windows for forest VIEWS + NATURAL LIGHT. Open plan. LVP + Ceramic tile flooring. CUSTOM HICKORY DOORS, CABINETS + CASINGS throughout! Stunning FIR PLANK staircase. King-sized MASTER RETREAT offers 4-pce ENSUITE with double tile shower + private S-FACING BALCONY. CHEF’S KITCHEN features HICKORY cabinets, QUARTZ counters, SS appliances + expansive ISLAND. Bright Dining area exits to S-FACING DECK + STONE PATIO. Family Rm showcases OSBORNE WB STOVE w/STONE back wall. Bathrooms feature Hickory cabinets, QUARTZ counters with under-mount sinks + artistic TILE BACKSPLASH. QUAD GARAGE w/professional WORKSHOP–30 Amp outlets! O/S SEPTIC MOUND system. 800 gall BACK-UP CISTERN. Circular driveway + lots of RV PARKING. You'll love the quiet country lifestyle this property offers! The property has beautiful woodlands, varied terrain and groomed trails throughout. The professional workshop offers the home-based business option, as well. So close to Calgary and K-Country, this is the perfect opportunity to live where you play and play where you live. Come take a peek! ALSO INCLUDED: Upright Freezer and metal Fireplace on Patio.  Call today! Sharon 403-554-8978

 

Creb: Mid-Year market update shows stability

by Stewart J Lowe & Associates


 

CREB® forecasts a process of recovery for the remainder of 2017

The first-half of 2017 marked a shift in Alberta's economy from recession to recovery, with conditions supporting stability rather than expansion.

"Economic challenges continue to exist, as high unemployment rates, weak migration levels and more stringent lending conditions are weighing on the housing market," said CREB® chief economist Ann-Marie Lurie. 

"This will continue to cause some adjustments in the housing market for the remainder of this year. However, this is not expected to offset earlier gains supporting general stability in 2017." 

Resale sales activity is expected to total 18,401 units in 2017, a 3.3 per cent improvement over last year. The pace of growth is slightly faster than originally anticipated, due to the stronger growth that occurred in the first half of the year.  

"We saw many of those consumers who delayed any purchasing decisions willing to re-enter the market as concerns regarding the economy eased," said CREB® president David P. Brown. 

"More potential buyers on the market helped move some of the product in inventory and started to create some price stability." 

Improvements in the supply demand balance, primarily in the detached and attached sector, caused prices to start to trend up. Demand growth through the remainder of the year is expected to ease relative to inventory levels. This should prevent further substantial shifts in pricing. Overall, annual city wide prices are expected to remain at levels comparable to last year.

Despite generally improving trends, difficulties continue to exist in the condo-apartment ownership market. Rising sales cannot keep pace with the growth in new listings, keeping supply levels high and placing continued downward pressure on prices. This area of the housing market will likely continue to face challenges well into next year, as it will take time to absorb additional inventory in the resale, new and rental markets. 

"Improvements in the labour market are supporting the shift in the housing market this year. However, activity over the past two years was amongst the weakest we have seen since the financial crisis," said Lurie.

"While the shift is welcome news for many, we continue to expect that process of recovery will be slow and dependent on the property type and location within the market." 

For more information, please refer to the CREB®'s 2017 Economic Outlook & Regional Housing Market Mid-Year Update below

ADT SECURITY- KEEP YOUR HOME SAFE WHILE YOUR AWAY

by Stewart J Lowe & Associates

Like most of us, you wonder if your home is safe whenever you’re away. Leaving for a long vacation or a short weekend getaway? In addition to your security system, these steps will help protect your home and ensure your peace of mind.

PICK A CALGARY NEIGHBORHOOD THAT HAS PRIDE IN ITSELF

by Stewart J Lowe & Associates

 

IF YOU ARE LOOKING TO BUY - PICK A Calgary NEIGHBORHOOD THAT HAS PRIDE IN ITSELF 


PICK A CALGARY NEIGHBORHOOD THAT HAS PRIDE IN ITSELF 

If you are looking for that new home, always check out the neighbourhood – or one that you can see has pride of ownership. Here are some things to look for:

  • People who have pride in their homes. Take a walk around the neighbourhood, get familiar with it. Looking at the homes, do you get a sense that people take good care of them? Are the yards looking good, with lawns mowed, landscaping trimmed and flowers planted? Remember homeowners are more likely to look after their properties when they like where they are living.
  • Home Improvements. What about homeowners spending money fixing their homes? Maybe they are getting their driveways re-done or putting in new windows. This is a clear indication that homeowners like the area enough to invest in their properties.
  • Recent  Home Sales. Is the neighbourhood in demand from buyers, and are the prices steady with homes selling quickly? If people want to live there, it's a desirable area.
  •  Retailers Setting Up. What about businesses are they investing in the area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable neighbourhoods?
  •  Community Events. Another good sign is a community activity. Look at the lifestyle of the area. Are there neighbourhood picnics, garage sales and other get-togethers? Go onto Facebook and if the neighbourhood you are interested in has a community page!
  • City Improvements. Has the City got plans for the area? Have there been road improvements done, or are there any major construction projects coming up, new schools or maybe a community centre?

 

  • We are always here to advise you on the best neighbourhoods, and give you the information on past home sales and those currently on the market.

info@calgarydreamhomes.com  or direct  403-850-0669

 

BUYING OR SELLING- IN A CALGARY BUYERS MARKET

by Stewart J Lowe & Associates


BUYING OR SELLING IN A BUYERS MARKET

A buyer’s market can refer to the point in the market where sales have been low inventory is still low, but maybe sales are on the way back up. You need to step in and purchase whilst home selling guide are still more realistic.

As a seller, you do not need to be unhappy that it is a buyer’s market. A buyer’s market does not mean that your home won’t sell. It just means that your home may not sell for what you are expecting for it. Therefore, if you are planning on selling your home in a buyer’s market, abandon all sentiments and set realistic expectations by looking at recent sales of comparable properties.

If you are not happy with the statistics regarding recent sales of comparable properties, you might want to wait until the market turns in your favour. As a seller in a buyer’s market, you need to be very motivated from the beginning itself, otherwise, your property may end up languishing in the market. Only put your home up for sale in a buyer’s market if you are a very serious seller.

As a buyer, you will get to pick from many options in a buyer’s market. However, this does not mean you should skip your research. Evaluate all your options – in fact, during a buyer’s market, prized locations which were earlier not available within your budget may open up. You could choose to seize the opportunity and enter the best areas while you have the chance.

Our advice is that you should move forward with deals in a buyer’s market after having a team talk with us, we can provide real-time data that will help you find the best deals in today’s market.

Direct: 403-850-0669

http://calgarydreamhomes.com

 

Buying a home can be a very challenging and stressful time, especially when it comes to deciding whether to conduct a home inspection. As a professional real estate agent, my feeling is that it is part of the process, and shouldn’t be an option, regardless of the type or style of property being purchased. I feel so strongly about this topic that I decided to write about it, so that others can learn how important a home inspection is and why it is worth every penny.

Recently I had the good fortune to sit down with a professional home inspector based in Calgary and chat about what he does and how it is an important part of due diligence before waiving conditions on a home. Tyrone Mellon has a 19+ year background in residential and commercial construction, and has been a fully licensed inspector for several years in and around Calgary. I hope that this information adds weight to your decision to professionally inspect you investment. 

Why is a home inspection important to buying a home?

A home is most likely your largest investment in your lifetime. By having a bonded, insured and qualified inspector inspect the house components (roofing, structural, electrical, plumbing, cooling, heating, exterior and interior) will give the home seller the piece of mind and confidence when purchasing the home in question. This will also allow you and your family to sleep better at night knowing you have made the right decision.

Why is a home inspection important for a condo purchase?

Purchasing a condominium, either brand new or resale, can have water damage or construction defects. These concerns can and will equal a future cash call that may not be on your radar. Understanding the facts and ages of the components (including the air conditioning units on the condo property) allows you to budget or negotiate the purchase price to factor any surprises.

Of course, a condominium document review is strongly suggested to compliment the home inspection, as a way of understanding the condo corporation and if any special assessments are on the horizon for the building and the workings inside and outside. I will address the condominium document review in a future blog post.

What are three issues that you see come up the most in home inspections?

  1. Settling concrete foundations (small cracks, large cracks)
  2. Poor moisture management in homes - i.e. possible mold in the walls/ceiling
  3. Older components in furnaces, hot water tanks, boilers, humidifiers, electrical panels (i.e. aluminum wiring, loose connections, etc.) all requiring long overdue maintenance or replacement.

 

 

 

Homeowners can also call for an inspector to inspect their home prior to listing, as a way of knowing what state the home is presently and to give a sort of heads up and knowing what might come up with the buyer’s inspection.

Stay tuned for part two when we look at what a person should look for in a home inspector and why. 

If you would like to book a home inspection with Tyrone Mellon, please contact him directly:

403.993.8006

tyrone.mellon@me.com or melloninspection@gmail.com

http://mellonrealestateinspection.com

 

 

 

BUYING OR SELLING IN CALGARY - IN A BUYERS MARKET

by Stewart J Lowe & Associates

BUYERS MARKET :  BUYING OR SELLING IN Calgary - IN A BUYERS MARKET

A buyer’s market refers to a situation where there are plenty of homes for sale, but only a few buyers. Let us look at what buyers and home selling guide need to consider in a buyer’s market.

As a seller, you do not need to be unhappy that it is a buyer’s market. A buyer’s market does not mean that your home won’t sell. It just means that your home may not sell for what you are expecting for it. Therefore, if you are planning on selling your home in a buyer’s market, abandon all sentiments and set realistic expectations by looking at recent sales of comparable properties.

If you are not happy with the statistics regarding recent sales of comparable properties, you might want to wait until the market turns in your favour. As a seller in a buyer’s market, you need to be very motivated from the beginning itself, otherwise your property may end up languishing in the market. Only put your home up for sale in a buyer’s market if you are a very serious seller.

As a buyer, you will get to pick from many options in a buyer’s market. However, this does not mean you should skip your research. Evaluate all your options – in fact, during a buyer’s market, prized locations which were earlier not available within your budget may open up. You could choose to seize the opportunity and enter the best areas while you have the chance.

Our advice is that you should move forward with deals in a buyer’s market after having a team talk with us, we can provide real time data that will help you find the best deals in today’s market.

Displaying blog entries 1-10 of 34

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Photo of Stewart J. Lowe &  Associates Real Estate
Stewart J. Lowe & Associates
Real Estate Professionals Inc
202 5403 Crowchild Trail
Calgary AB T3B 4Z1
Direct: 403-850-0669
Fax: (403) 476-7608