Calgary Housing Market Report , March 1, 2017 – After the first two months of the year, Calgary’s detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units, which is still 19 per cent below long-term averages, but an improvement over the past two years. As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. Unadjusted detached benchmark prices totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures. “There seems to be a new sense of optimism these days,” said CREB® president David P. Brown. “Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we’re going to see a higher than expected surge of listings. While there’s less product on the market right now, sellers still need to be realistic with their pricing.” The amount of excess inventory eased in the overall market in February, setting the stage for a transition to a more stable market this year. Months of supply totaled 3.4 months, down from five months over last February. At the same time, the sales-to-new-listings ratio trended from a near record February low of 39 per cent last year to 55 per cent this February. With sales improving and new listings and inventories contracting—two key measures of market balance, there’s good evidence to show that the housing market has started a trend toward more balanced conditions. “The transition in the housing market appears to be underway,” said CREB® chief economist Ann-Marie Lure. “However, it is important to note that this change is primarily being driven by improvements in the detached market and stability in the labour market.” “It will take some time for these conditions to translate into all housing segments and achieve price recovery,” said Lurie. “But all indicators continue to point toward a slow transition from a contracting market toward one that is stabilizing at lower levels.”
Posts in "Calgary Homes For sale"
Thinking of Selling Your Calgary Home?
Do I Buy first then sell? Or Sell then Buy?
There are three options to look at and choose.
Sellers need to think very carefull about the option they choose.
Option 1: Low Risk: Sell Your Home First then Buy Your Next Home
This option is the safe financial approach for most clients. Put your property on the market and wait for a firm sale, i.e. when all conditions have been removed. Ensure you have a 2 to 3 month possession date so you have time to find a new property.
This ensures you know what funds are coming from the sale of your home.
The sold price is fixed and you can make an offer on a home with confidence.
You only need to have two basic conditions when buying with Option 1:
1) Homes Inspection
2) Finance Condition
Sellers do not like a Sale of Buyers Home Condition and Option 1 does not require this condition.
Option 1 allows you to make an Offer that is more aggressive and the seller will more likely negotiate with you.
Option 2: High Risk: Buy Your Next Home and List your Home
If you have funds beyond your present home this option works.
However if the funds for the home you are buying come from your present home then this is high risk.
Option 3: High Risk: Make an Offer on your next home that is conditional upon sale of your home. Can cost you money and frustration! No Deal!
This can be costly since the seller will not generally drop price of home a significant amount. The deal does not usually go through due to sale of your home not completing on time. The seller may not even look at your offer due to this condition, especially in competing bids.
Need a Home Evaluation please click on this link:
What Are The New Mortgage Rules? As of 17th October 2016.
- The government will restrict insurance on mortgages to loans on owner-occupied dwellings with amortization periods less than or equal to 25 years, purchase prices (not loan amounts) of less than $1 million, and for borrowers who meet a minimum credit score standard of 600.
- All insured mortgages in Canada (i.e. any mortgage where the borrower puts less than 20% down OR portfolio insured mortgages – i.e bulk insured loans with MORE than 20% down) will be underwritten using posted rates to qualify borrowers based on their income. For perspective, based on today’s rates, that means a borrower that could qualify for a mortgage at a 5-year fixed rate of 2.29% now will have to qualify – as of the 17th of October – at the qualifying rate of 4.64%.
- Foreign buyers will need to prove that a home they sell is their primary residence to avoid capital gains tax exemption abuse.
For example, if you have an annual household income of $60,000 and all other variables remain the same, the difference between the old rules and the new rules are a $338,000 home vs. a $272,000 home. Your purchasing power just went down by $66,000.
Another example, a home buyer currently qualified to purchase with 10% down for a mortgage of $527,000. After October 17th, this home buyer would qualify for a $420,000 mortgage. This equates to a 20% drop in buying power. (All things being equal in terms of property taxes, income, debts, etc).
Useful Tip: If you’re a homebuyer and you have a pre-approval, then talk to your mortgage broker because the numbers you qualify for probably just changed. It maybe more difficult for Sellers to find a quailifed Buyer, and it may affect property prices in Alberta, we will have to wait and see.
Some of this information was provided by First Foundation, please check out this link for more information.
Looking for a Calgary Infill Home? Calgary Infill homes come in many shapes and sizes and are generally in the inner city communities, such as Altadore, West Hillurst, & Killarney. Infill homes can be new builds or homes that are built in the last 30 years. The advantage of the Infill over the suburbs is the closeness to down town, restaurants, shops, bike paths, walking to work, less commute time, etc. Infill homes range in price from $400k to $2,000,000 plus. This website has all the Infill Homes For Sale in Calgary on MLS®. Please check out this link:http://www.searchcalgaryhomes.ca/search/1406
The term “infill” describes a form of development where a new home is built on an older lot and the old structure is removed. Hence, the existing lot is “filled in” with something new.
As media outlets are currently busy focusing on Canada’s downturned market, technical recession, and the hit to our economy due to low oil prices, many Calgarians are receiving the message that “the sky is falling”. However, while we all need to sympathize with Albertans who are having difficult times, families also need to look at their own situation and if you need to “Move-Up” due to an expanding family then you should not be in a “hold mode” due to the negative news.
In reality, this is a very good time to move up in the Calgary housing market. For example, let’s take a young couple living in a townhouse or starter home that want to expand into the larger family home market. The townhouse may not have moved up in price over the past 12 months, however the family home you plan to buy has not moved in price, either. The “price differential” has not change from this time last year, i.e. the family home price minus the townhouse price is essentially the same. Even if home prices have dropped 2% or 3 % in past 12 months, the “price differential” is steady.
The other good news is mortgage rates have come down over the past 12 months. Right now Buyers have the best opportunity for very low mortgage rates. For example, a five year fixed rate has dropped down to 2.50% (today’s rate) from approx. 3.00% (12 months ago). These low mortgage rates can translate into large savings on your overall monthly payments. Are you curious just how much you may save? Please contact us for your pre-approval needs.
Obviously, as a seller you have to be realistic when you list your home and price is key to selling, as this also applies to the home you will be buying.
REALTOR© Tip for Calgary Move Up Buyers: It is optimal to have your home listed with a firm Offer in place before you buy your next home. This reduces stress and allows you to be in financial control. Speak to your REALTOR© about planning the sale of your home and purchase. The timing & planning of your “Move Up” is essential.
Renfrew: Calgary’s Inner City Hot Spot
Imagine being able to walk to work and save yourself the stress of the morning and evening commutes, not to mention the cost of downtown parking. Well, residents of Calgary’s inner city neighbourhood of Renfrew have this luxury.
Renfrew is a picturesque community perched atop an escarpment overlooking Calgary’s downtown core and beautiful Bridgeland area. This trendy neighbourhood has a lot to offer residents with lovely tree-lined streets, walking and biking trails and eclectic dining options, all just minutes from the city centre.
Real estate in Renfrew is a mix of single dwelling homes, condo style apartments, townhouses and luxury infill residences. With such a diverse mix of property, it is possible for even first-time home-buyers to own a home in the inner city. Regal Park, situated in the heart Renfrew, is a condominium townhouse complex that offers affordability, peace and proximity to a wide array of amenities.
Looking for something fun to do with the family? Renfrew is within walking distance of both the Telus Spark Science Centre and the Calgary Zoo. Renfrew also has a great playground area, outdoor tennis-courts, soccer-fields, indoor and outdoor skating rinks and a City-Of-Calgary Recreation Centre which offers fitness-classes and day-camps in addition to an indoor swimming pool, steam-room and hot tub.
Calgary Housing Inventory Up = More Choice for Buyers
It was about this time last year that Calgary’s hot real estate market was difficult for the average buyer to get into. With multiple offers and low inventory buyers felt the stress and frustration and often put their purchase on hold to wait out the frenzy.
Moving forward to the present, inventory has risen and buyers are being offered more choice. The average buyer is not looking to acquire rental properties and is therefore looking to purchase a home to live in and now with a balanced market coupled with low interest rates is a perfect opportunity for buyers to make a home purchase.
Real estate is typically a long term investment and with any investment it is best not to wait too long on a good deal or it could get snapped up. Short term fluctuations in the market are normal and some may argue that it’s best to get in while you can rather than wait for the market to sky rocket.
Buying a home for your family is something you can hold on to and know that your money is growing in the long term. It’s a place to come home to and create memories in and with Calgary’s balanced market it might be the right time for you.
Please check out this link for mortgage pre-approval:
Please check out: http://www.SearchcalgaryHomes.ca for Calgary Homes For Sale
Or Call Geoff Antrum at 403 608 5682 or Matt Antrum 403 608 5684.
We Educate Our Clients Before They Make A Move!
Breaking into Calgary Real Estate Market in Late 2014. What Do Buyers Need to Know?
World Oil Prices are beginning to slow the market and CREB (Calgary Real Estate Board) has indicated (Dec 10, 2014) that we are moving into a Balanced market where house prices will stabilize in 2015.
Please check out the Chart (see below) for “Average Sold Price” in Calgary.
Possible predictions for 2015 house prices in Calgary:
Oil price recovers to $100 a barrel: house prices will probably continue to rise, like 2014.
Oil price stabilizes at $70 a barrel: house prices will probably remain flat.
Oil price drops to $40 a barrel: house prices will probably decline.
CREB® is going to make a 2015 Calgary Housing Market Forecast in mid January 2015 for the up coming year. So we will provide a more accurate predictions once the CREB® 2015 Forecast is available.
Check out our website at www.searchcalgaryhomes.ca
Bungalow for Sale: 948 Mayland DR NE Calgary
Dwayne Morberg and Matt Antrum have listed this home in Mayland Heights in Calgary.
Price: $479,900 Bungalow on Large Lot close to downtown.
Bungalow with 4 bedroom 2 bath family home on quiet tree lined street.Fenced and treed very private backyard with 2 partially covered back decks. Main floor bedrooms with original oak floors,master with sliding patio doors to rear deck. Large mudroom with built in storage,perfect for families.Large detatched garage and two car covered carport. Close to schools and shopping and easy access to Deerfoot Trail and downtown.Charming oak country kitchen. Dining room with patio doors that lead to west facing patio deck. Den with built in book shelf,sliding patio doors to back deck. Living room with vaulted ceilings and bay window. Great value in Mayland Heights.
Matt Antrum & Geoff Antrum have a new listing this week. Call us at 403 608 5684 for more information.
Here is the Listing Link for : #1108 788 12 Av SW Calgary
Great value in the award winning building of Xenex on 12th located in Calgary`s downtown beltline. Spectacular, panoramic views of the downtown skyline, this executive 1 bedroom, 1 bathroom, sought after corner unit has all the high end finishing’s: Granite counters throughout, SS appliances, 9ft ceilings, central air conditioning, in suite laundry, built-in computer station, floor to ceiling windows & custom blinds throughout, and a spacious layout. Tons of storage both in suite and a separate storage locker. Anyone with a large truck or SUV will appreciate the oversized titled parking stall. Each unit equipped with separate utility meters for electricity, heat, and water. Xenex is in a fantastic location, easy walking to all amenities, C-train, shopping, restaurants, entertainment and the downtown core.
Check out our website at : www.searchcalgaryhomes.ca