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Calgary Homes Prices are Expected to Moving Up This Year! 5% to 7% Increase

Fri, 25 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

Calgary Homes Prices are Expected to Moving Up This Year!  5% to 7% Increase

CALGARY — Short-term year-over-year price growth is expected to be in the five to seven per cent range for Calgary, according to the Conference Board of Canada.

In releasing its monthly Metro Resale Index on Wednesday, the board said Calgary’s real estate market is currently classified as being under balanced conditions.

In February, the average residential resale price rose to $406,216, up from $401,743 the previous month and $394,850 in February 2010.

The board also said that sales, on a seasonally-adjusted annual basis, were up by 6.1 per cent in Calgary to 23,784 following a 2.2 per cent hike in January to 22,416. But that is still down from 23,820 in February 2010.

“It’s a reasonably balanced market. That’s what we’re seeing,” saids Robin Wiebe, senior economist with the board. “Sales are on the upswing. They rose six per cent in February from January and that builds on a two per cent growth the month before. And that’s starting to eat away at the stock of listings.

“Sales are bouncing back from a bit of a tough spot later in 2010. They’re coming back . . . There seems to be a little bit of momentum building in the Calgary market which is why we are forecasting a decent price outlook.”

The sales to new listings ratio in Calgary increased to 0.558 from 0.547 in January and 0.531 in February 2010.

The board also said that new listings were 46,812 in February on a seasonally-adjusted annual basis compared with 44,748 the previous month and 48,576 a year ago.

“Over the last couple of months, we’ve definitely seen sales pick up,” said Dan Sumner, economist with ATB Financial in Calgary. “I still think all in all sales aren’t really strong. We are seeing kind of a recovery from really low levels.

“In Calgary, it’s been stronger than other areas of the province. The Calgary resale market has been better than most of the rest of Alberta but it’s still nothing to get too excited about.”

Sumner said preliminary data indicates that March “has not been a blockbuster month”  MLS® in the city.

In its Metro Resale Index, the board classified Saskatoon, Gatineau, Montreal, Quebec, Sherbrooke, Trois-Rivieres and Saguenay as having short-term price growth expectations in the seven per cent and higher range.

Victoria, Vancouver, Fraser Valley, Edmonton, Regina, Winnipeg, Halifax and Newfoundland joined Calgary in the five to seven per cent range followed by Thunder Bay, Sudbury, Hamilton, St. Catharines, Kitchener, Kingston, Ottawa, and Saint John in the three to five per cent range.

Toronto, Oshawa, London and Windsor can expect short-term year-over-year price growth of zero to three per cent.

The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license

GDP Growth of 3.2% Forecast for Alberta for 2012

Thu, 17 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

CALGARY – Alberta’s economic growth will lead the nation in 2012, says a new report released Wednesday by TD Economics.

The report forecasts GDP growth of 3.2 per cent for the province in 2012 with the national average at 2.5 per cent.

For this year, TD Economics predicts Alberta’s economic growth to be 4.2 per cent, behind Newfoundland and Labrador at 4.7 per cent and Saskatchewan at 4.3 per cent.

At the national level, economic growth for Canada this year is expected to be 3.0 per cent.

Dan Sumner, economist with ATB Financial in Calgary, said the TD forecast is in the same range with what many other economists have been saying recently.

“It’s in the realm of what we’re expecting and it shows that things have improved a lot in the last four months particularly,” he said, adding that energy prices are the key to the provincial economic growth.

“We’ve had high oil prices for quite a while now. That’s going to underpin investment in the oilsands and these kind of decisions take a while . . . Now they’ve been steadily higher it’s going to filter through.”

Sumner said Alberta has been slow to see recovery in the labour market although it has picked up in the last two months.

“But in 2010 as a whole employment actually fell. It was down 0.4 per cent. In 2011, we’re expecting to see pretty strong employment growth. Employment is typically considered a lagging indicator. GDP growth happens first. Then employment happens after,” said Sumner.

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Planning to Buy a New Home in Calgary? Save Your Money & work with a REALTOR®

Wed, 16 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

Many Buyers think of buying a new home instead of a resale home when their search begins for finding the next property. The buyer may walk into a show home and speak with a sales person or the builder.

Buyers please think before you act and make sure your REALTOR®  is there at the first meeting with sales staff & builder. Don’t forget the Show Home sales people work for the builder not the buyer.

How can the Buyer best protect their interests when buying a new home?
Buyers who work with a REALTOR® when buying a new home can have independent advice on important aspects that they may not think of:

• Price of new home is negotiable (appliances, basement development, land scaping, fencing, decking and features of home)
• Who gets the GST rebate? The builder or the buyer? Typically the builder will take the rebate, but the rebate belongs to the buyer. Th eREALTOR® will negotiate the rebate for the buyer and can save you thousands of dollars.
• Builders are not all the same and the buyer may not know their options.
• Basement development & permits are key areas to be aware of.
• New Home Warranty of home: 1 year, 5 year, 10 year. What type of warranty are you getting?
• What is written in the Purchase Contract is important? Verbal agreements with sales person/builder can lead to disappointments for the buyer.
• Negotiating move in day is important.
• Deposits for builder can be high and need to be negotiated for the buyer.
• Lawyer; The salesperson/builder will say you can save money by using the builder’s lawyer. This can happen, however if things do go wrong, who will the lawyer side with?
• Buyer’s REALTOR®  is paid by the building company, not from the Buyer.
• Home Inspection on a new home? Why would a buyer do this?
It’s essential to check out the builders work and ensure the electrical, gas and plumbing codes have been met, and permits are in place.

Buyers please think before you act and make sure your REALTOR®  is there at the first meeting with the sale’s person and builder, so you can be protected and have independent advice. This will save you money, allow for informed decisions, and give you piece of mind.


The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license

Calgary Real Estate: Sellers must be Realistic !

Sat, 05 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

CALGARY – Sellers of residential property in Calgary need to adjust their expectations when they list their homes for sale and potential buyers, waiting for a U.S.-style housing crash, won’t see it happen, says a leading North American real estate expert.

U.S.-based Steve Harney, who was in Calgary Thursday to speak with CIR Realty, said there is a big disparity in the local market between the average list price and the average sale price.

“What those two things mean is what the average buyer is willing to pay for a house in this market is a different number than what the average seller right now is willing to sell it for,” said Harney. “And your sales won’t go until the seller starts to realize, because the buyer usually can buy at whatever they can afford to buy, in order to sell their house … they might have to get somewhat more realistic on their price. Anything in the world is only worth what someone’s willing to pay for it.”

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The trademarks REALTOR®, REALTORS®, MLS®,  are controlled by The Canadian Real Estate Association (CREA). Used under license