Calgary Dream Homes Real Estate News Blog

 

Feb. 10, 2020

2020 opens with a slight gain in sales - Creb

Housing market conditions continue to follow similar trends to last year, with gains in sales.

At the same time, there have been further reductions in new listings, inventory and more declines in prices.

January sales activity was 863 units, nearly eight per cent higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.

“A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market,” said CREB® chief economist Ann-Marie Lurie.

“We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability.”

Citywide unadjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels.

Benchmark prices eased, but there were some modest improvements in both the average and median prices. This is likely a reflection of some changes in the distribution of sales. 

HOUSING MARKET FACTS

Detached

·   Detached sales in January improved by six per cent, thanks to growth in all districts except the North East.

·   New listings declined by nearly 11 per cent due to pullbacks in all areas except the City Centre and the North districts. Combined with adjustments in sales, this caused inventories to ease by 15 per cent citywide.

·   Reductions in supply and gains in sales supported reductions in the months of supply from nearly six months last year to just under five months this January.

·   Detached benchmark prices eased by nearly one per cent compared to last year. However, the only two areas to record notable year-over-year declines were the City Centre and West, with price declines exceeding three per cent.

Apartment

·   Improving sales were met with gains in new listings, causing inventories to increase by 12 per cent compared to last year.

·   The gain in inventories prevented any significant adjustment in the months of supply, which remained elevated at nine months.

·   The persistent oversupply continued to weigh on benchmark prices, which eased compared to last month and declined by two per cent compared to last year.

Attached

·   Despite slower sales in the South and South east district, city-wide attached sales improved by four per cent.  At the same time new listings eased by nearly 18 per cent, causing inventories to decline by ten per cent.

·   Improving sales and a drop in inventory helped the months of supply to dip below seven months, a significant improvement compared to last year’s level of nearly eight months.

·   While this segment is trending toward more balanced conditions, persistent oversupply continues to weigh on prices, which trended down over the previous month and eased by over one per cent compared to last year’s levels.

REGIONAL MARKET FACTS

Airdrie

·   Improving sales and easing inventories helped push the months of supply down to 4.7 months. This represents levels that are consistent with longer-term trends and reflects relatively balanced conditions.

·   The improvements in the supply relative to demand have started to generate much more stability in prices, which have remained comparable to last month and slightly higher than last year’s levels.

Cochrane

·   January recorded a significant gain in sales and a significant drop in new listings. This resulted in a drop in the months of supply to four months, a significant improvement from the 14 months recorded last January.

·   If the improvements continue, this should start to support price stability. However, the recent change has not yet impacted prices, which remain nearly three per cent lower than last year’s levels.

Okotoks

·   Sales activity in town improved to levels consistent with longer-term trends. The improvement in sales helped offset the slight rise in new listings, helping reduce inventories and bringing the months of supply down to levels more consistent with balanced conditions.

·   The steady reduction in oversupply in this market is helping to generate more stability in prices. In January, benchmark prices remained comparable to levels recorded last year.

Click for : City of Calgary monthly stats package

Click for : Calgary region monthly stats package

Posted in Market Updates
Feb. 4, 2020

Prices in Calgary Higher than A Year Ago

 

MLS sales are on the rise in Calgary as listings and inventory of homes decline. Meanwhile prices are also on the upswing

Calgary’s resale housing market is experiencing a great start to the new year with MLS sales and prices in January higher than they were a year ago.

 

The Calgary Real Estate Board website reported that, as of Thursday, MLS sales in the city of 581 are up 10.88 per cent compared with the same period in January last year. There are 61 pending sales which represent a hike of 12.96 per cent from 2019.

https://calgarysbusiness.ca/business/positive-signs-for-calgary-resale-housing-market/?fbclid=IwAR2Vbcoc704wKpLW-FKyogcMmm3z23rTKKmL0m2kR9yP87UVm9EMtFx-GQ0

 

CALGARYBUSINESS.CA

Posted in Market Updates
Jan. 31, 2020

Calgary Mortgage Changes with The Stress Test

As you may be aware, any mortgage application must be approved at a 'stress test' interest rate which is higher than the actual contract rate you will be paying. This rate has been set, for years, by the 'big 6 charter banks' at their posted rate currently 5.19%  With increasing pressure (and lobbying) by the mortgage broker industry, OFSI (Office of the Superintendent of Financial Institutions)  has agreed to review the stress test which they admit, is not playing the role intended.

 

What this means is that OFSI may untie the stress test and set it at a more realistic margin. This may allow purchasers, and those looking to re-finance their homes the ability to qualify for a slightly higher mortgage.

 

For more information, contact Cathy at 403-660-1169 or cathy@mortgagesbycathy.ca or click on the following link:   https://www.canadianmortgagetrends.com/2020/01/are-changes-to-the-stress-test-qualifying-rate-coming/

 

 #calgarydreamhomes #calgarymortgages #4calgarybuyers

Posted in Market Updates
Jan. 23, 2020

Get Your Calgary Home Ready to SELL!

February is nearly here, the market is starting to move, but it’s better than that!

Everyone seller waits for the Spring because you can see the grass and how nice the garden is. But with positive news now happening and inventory being LOW, buyers who need to get into a home have less to choose from. You still have to list at a competitive price but remember you can buy at a competitive price to!

Here are some tips:

·       Make your home stand out! Great professional photos, glossy thick brochures and excellent marketing on ours and our affiliate websites, with a local AND Global reach.

·       Attractive plants can help your home feel inviting and homely, and maybe add a vase of flowers in the foyer to make it feel welcoming, especially if they compliment the color scheme.

·       Why not buy a couple of conifers to put at the front of your home to add some definition to the front entrance.

·       Your garden will be dead after the winter but you can spark it up! Use winter pansies garden greenery can dramatically improve the attractiveness of your home from the kerb appeal aspect.

·       Don’t make your home feel cramped or messy- CLEAR THE CLUTTER! Don’t reduce the space for buyers to move around. Particularly with furniture left in hallways or places where the buyer(s) have to weave through.

·       Clear your work surfaces especially in the kitchen. Put toasters, pressure cookers and Vitamix appliances away. After kitchens, clear your bathrooms and add some nice fresh new white towels from Ikea, every designers favourite, and make sure the mirror (s) sparkle..

·       In the bedroom, smooth down the duvet, it will make it really make it look neat and clean.

·       Fix the little things! hunt for the minor issues, because a buyer will think – what else have they neglected if they can’t be bothered fixing that small item.

·       Lastly don’t make your home feel too personal with unique family heirlooms and the collection of dolls or records you amassed as a teenager. Use an area of the garage to store things, buyers are ok with a garage being full or used for storage, they can still see the size etc.

·       Take a walk through your home- think like a buyer – or better still call us and we will do it with no attachment, we are here to SELL IT.

·       Call us for a marketing consultation 403.850.0669  info@calgarydreamhomes.com

Posted in Market Updates
Jan. 23, 2020

Buying An Older Calgary Home

When you are searching for your next Calgary home, there are things to consider. If you are looking at older homes to increase your options make sure you have an in depth home inspection , they might be harboring issues beneath the surface. Here are some things to focus on when inspected. 

Foundation and Structural Issues
Obviously due to their age, older homes should be inspected thoroughly for foundational and structural damage. Cracks or unevenness in the foundation can lead to moisture damage and the shifting of the house.
 If your home inspector suspects structural damage, be sure to have the building inspected by a licensed structural engineer. 

Electrical and Plumbing Issues
Lots of older homes have their original plumbing and wiring. Updating these systems can be costly. But remember that older electrical can be a safety hazard and older plumbing can cause leaks  

Hazardous Material 
The older a home is, the more likely it is to contain hazardous materials. Asbestos 
is commonly found in homes built around 1978 and in plumbing installed before 1985. Asbestos can be found in gas fireplaces, roofing, and insulation that was installed before 1980. 

Outdated Heating and Cooling Systems
Some older homes will of had their heating systems upgraded and it's important to understand when and how these upgrades were made. Even a more up-to-date heating system can be inefficient and unsafe if it hasn't been maintained properly. 

#calgarydreamhomes #buyinganolderhome #homerenotips

Posted in Market Updates
Jan. 20, 2020

8 Things to Help List your Calgary home

 

Considering Listing Your Calgary Home? Here are 8 things to help you

1)    Firstly study a marketing plan with us and assess whether it is a good time to sell. You will need to consider your finances, and factor in expenses like moving costs.

2)    The second thing to do is to make sure that your property is ‘sale-ready’. January and February are good months to start, to be ready for early spring.

3)    Carry out the necessary improvements and upgrades through renovating or remodelling, so as to create a home that is free of defects and has the features to hold its own against the competition.

4)    Items left unfixed will for sure show up in a home inspection, and this can delay the sale or even cause it to fall through.

5)    Clear all the clutter and sell or give to Goodwill any extra furniture to free up the space and make your home look more open and spacious. Your home must be ready for “Showtime” don’t leave it till last minute.

6)    It is well worth your time and effort to give your home a thorough clean, we would even suggest hiring the services of professional cleaners.

7)    We consider “Mental Prep” to be the most important step to take before listing your home. Becoming emotionally detached from your home is essential for a successful sale. This will help you at every step of the selling process – right from setting the right price for the property (not basing it on sentimental value). This mental preparation will also help you understand and help to formulate and execute an effective marketing campaign with our team.

8)    Before listing we can discuss home staging, we offer a complimentary 2 hour consultation with our stager, most times she will work with what you have, but you can discuss any finishing touches.

So arrange to meet us early in the process, that way we will discuss everything and explain our marketing plan. If this is done a few months before listing we will revisit the price later to see if we are still on the mark. With the right strategies and our selling your home can be a smooth process. Direct call/text : 403.850.0669 . info@calgarydreamhomes.com  CalgaryDreamHomes.com

#calgarydreamhomes #dreamhometips #calgaryhomeselling

Posted in Market Updates
Jan. 7, 2020

Members of your Calgary home buying Team

Pick your team

A licensed real estate agent.

While many of you browse the Internet for homes, then contact the listing agent, who works for the seller, it can be an all-consuming task, especially when you have other obligations like a job or children. You'll save time by working with your own Realtor, who gets paid by the seller, but you’ll also benefit from their expertise and knowledge of the local housing market to find the best matches for you.

An experienced real estate lawyer.

A real estate lawyer ensures your paperwork is correct and that the transaction is complete. They will review the contract and mortgage documents, conduct a title search, purchase title insurance on your behalf, register the property in your name, get signatures, prepare a Statement of Adjustments that shows the amount you will pay in closing costs, and collect and disburse fees. 

A professional home inspector.

I’m sure you’ve heard the horror stories about homeowners moving into their dream home and discovering that all is not what it seemed.  An experienced home inspector can help you avoid this nightmare. It might seem like a waste of money to pay for a home inspection for a newly-constructed home, but you might consider getting an inspection a few months before  the expiration of the New Home Warranty.  Better safe than sorry. 

The Insurance Agent.

Lenders will require you to have fire insurance.  An insurance agent will help you find the best coverage and the best price.

A Mortgage Professional.

I mention this last, but it could be listed first. There are so many reasons why. First, you need to know how much mortgage you can afford so your Realtor knows how much house you can buy. Second, you’ll save time and money. We know the lending landscape and have access to a variety of lenders to find the right fit for your needs, and we can negotiate rates and terms that work for you. 

Our job isn't done until your closing date goes smoothly. We'll help ensure your mortgage transaction takes place on time and to your satisfaction. And we are with you for the life of your mortgage.

Consider building your home-buying team early in the process -- their knowledge and expertise are your most valuable assets. I would be happy to refer some trusted partners at any time.

Call me today to get started. Cathy MCMurrich

Posted in Market Updates
Jan. 7, 2020

New Rules For Calgary Alberta Condo Owners Jan 1 2020

Calgary Condos

 

New rules that came into effect at the beginning of the year mean Alberta condo owners could be on the hook for upwards of $50,000 if damage is caused within their unit.

Effective Jan. 1, 2020, condominium corporations will be able to seek recovery of the deductible portion of the corporation’s insurance claim up to a maximum of $50,000, from a condo owner for any damage that originates in their suite or private area.

“That means that if something happens in the unit and it’s not your fault — the toilet explodes, there’s water loss, water damage goes through to the floors below — and there’s a $50,000 deductible or a $25,000 deductible, the owners are now responsible for the deductible,” Todd Shipley, of Reynolds Mirth Richards & Farmer LLP, explained at a recent Canadian Condominium Institute educational event.

This means the owner may be responsible to pay the corporation’s deductible amount regardless of whether there was any proven negligence, according to the CCI. “The typical example, and we’ve seen this in Edmonton in the past few years, is when someone is smoking on their balcony and they put out their cigarette in a flower pot and then within minutes or hours, the entire balcony is engulfed in flames and perhaps the entire building within an hour is engulfed in flames,” explained lawyer Robert Noce, who specializes in real estate and condominium law.

“In that case, because the fire originated in that owner’s unit or in an area in which that owner is responsible for, the condominium corporation would be entitled to go after that owner for the deductible that the condominium corporation will eventually be paying.

“The fact that you left your cigarette in a flower pot on the balcony of your unit, that may have been stupid but not negligent. They don’t have to worry about your stupidity or your negligence, all they have to show is that it came from your unit and the corporation can go after an owner for that deductible.”

Recent market corrections due to the amount and size of claims have seen deductibles rise “substantially” from around $2,500 to $10,000 to upwards of $25,000 to $100,000, according to the CCI.

Under the legislation, the maximum amount a corporation can make the owner liable for is $50,000. This means if the deductible is $25,000, then the owner’s liability would be $25,000. If the deductible is $100,000, the owner’s liability would be the maximum $50,000.

Noce said there are some defences available to owners in the event of a loss, but added they are “very small and insignificant.”

“If I were an owner in a condominium building anywhere in Alberta today, I would immediately be calling my insurance broker or insurance provider and asking them how much will it cost to get some form of insurance deductible insurance so in the event of a loss in my unit and the corporation comes after me for that deductible, at least I have insurance that can cover those costs. Because those costs could be as much as $50,000,” Noce explained.

“So there’s an added expense to owners to get that level of insurance… but the peace of mind and the safety that will flow from that additional cost is undeniably a necessity for owner’s today.”

There are three important things all condominium owners need to do to ensure they have

proper coverage:

1. Ensure you have a unit owner’s insurance policy

2. If you have a unit owner’s policy, make sure you have deductible coverage. If you do not,

ask to have it added to your coverage

3. Ask your condo board, manager or corporation for a copy of the corporation’s certificate

of insurance that outlines the current deductible amounts, specifically for water damage

and ensure the deductible coverage is at least that amount

“If you have $10,000 worth of coverage from your insurance provider and a $25,000

water deductible, you’ve got a problem to the tune of $15,000,” Shipley said.

 

The changes were made under Section 62.4 of the Condominium Property Regulations.

 

Al Nenshi

Quantas Mortgages 

403.540-3000

Posted in Market Updates
Dec. 20, 2019

Making A Good Strategic Offer

 

So we have done all the current research - looked at homes that are available in Calgary and Area. Compared the area and community actives and solds, price per sq ft, days on the market and history of the home. And we have narrowed down your top six! - one of them could be yours – as long as you make the right offer!

So how do we make the right offer? That’s a very important question to consider.

Consider that even in a Sellers market in Calgary, if you offer too low, you risk the seller turning you down flat. You may not even get a chance to make a second offer. No counter from the seller means  your offer is dead. If there is a lot of interest in the home, yours may be at the bottom of the pile!

If your offer is too high, you could leave a few thousand dollars on the table... money that you could have been used for other important things, like renovations or a family vacation.

So before deciding how much to offer for a home you would like, it is time for a team talk! With 17 years in Calgary Real Estate you can have the comfort of knowing you are in good, experienced hands.

We will discuss what goes into a good offer and other ways to strengthen your offer. Sometimes a slightly lower offer that has good conditions that work for the seller (possession date etc.) can be more appealing. A pre-approved mortgage letter from your lender is huge, to go with your finance condition.

Remember, it is good to work with the seller to make it a win-win for both parties. 

So we need to talk

 

Stu:   403.850.0669

info@CalgaryDreamHomes.com

#calgarydreamhomes  #4calgarybuyers  # makingagoodoffer

Posted in Market Updates
Dec. 4, 2019

Tips to Sell Your Calgary Home - Flooring

TIPS TO SELL YOUR CALGARY HOME– FLOORING

If you have noticed certain problems in your Calgary home’s flooring – due to wear and tear, there are certain economical fixes which you could try before deciding on new floors. Carpet is a different fix, here we look at Hardwood and Laminate.

1)     How about using nail polish with a shade that resembles the colour of the tile to cover up with scratches. But remember it is always best to have spare tiles safely stored away – after all, problems may crop up which simple glue or nail polish cannot fix.

2)     Laminate flooring is strong and durable, you could use floor fillers provided by the manufacturer to fix the scratches. For marks left by furniture, you could use nail polish remover or Glue Gone. If the marks are a little too stubborn, try using a pencil eraser. If it’s vinyl flooring, you could use a spare piece of vinyl and sand it to produce a little powder. Mix clear nail polish with this powder and apply it on the burns in vinyl flooring.

3)     If you are planning on selling your home in the near future, and you feel that flaws in the flooring may be beyond economical floor-fixing, you could consider re-flooring. However, you do not need to re-floor the entire house, but only a few key areas. But if you do go for re-flooring the key areas, do not try to attempt cost-cutting by compromising on quality. It is a good investment.

4)     Re-flooring key areas of your home is one of those few home improvement projects which come with high chances of recouping the costs of investment. For the other areas of your Calgary home, you could go for simple and economical floor-fixing.

We can always advise you before if you are thinking of selling 403-850-0669

#CalgaryDreamHomes.com  #DreamHomes #4calgaryBuyers

 

Posted in Market Updates