Sat, 03 Oct
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.
Wed, 06 May
One major tax that Jim Prentice was planning went under the RADAR for most Albertan’s.
It was part of the PC Budget and dramatic fee hikes coming to Alberta real estate market.
This was one major over reaction by Prentice and would of hit first time buyers very hard.
The tax will rise six times its current level. (What gave anyone the right to raise them by this amount!)
Here is what it will mean for a buyer who purchases a $500,000 new home this summer.
The average price for a standalone house in Calgary for Buyer who takes out a $400,000 mortgage.
Currently, Buyer pays $150 for New Land Title and $140 for Mortgage Registration. Total of $290.
Proposed PC (Prentice) Budget:
Buyer pays $675 for New Land Title and $555 for Mortgage Registration. Total of $1,230.
This major tax increase was not called for!
Notley (NDP) makes buying a home more affordable by cancelling PC Mortgage Tax hike!
Rachel Notley’s NDP will make homes more affordable for Buyers and families by cancelling the PC plan
to increase Mortgage and Land Title Taxes by 600 percent!
Sat, 24 Jan
CREB® 2015 Forecast for City of Calgary
Concerns over Energy Sector could impact consumer confidence in the market. If energy prices stay low throughout the year, this can further damage confidence and cause consumers to delay any unnecessary changes regarding housing. This could further impact the sales and price growth for 2015, as reported below.
City of Calgary – Overall Summary (As of 14 January 2015)
2014: Sales 25,545 Price Growth 9.85%
2015: Sales 24,503 Price Growth 1.58%
City of Calgary Detached Homes
2014: Sales 15,097 Price Growth 10.1%
2015: Sales 14,372 Price Growth 1.8%
City of Calgary Attached Homes
2014: Sales 5,647 Price Growth 9.61%
2015: Sales 5,435 Price Growth 1.50%
City of Calgary Apartments
2014: Sales 4,801 Price Growth 10.57%
2015: Sales 4,695 Price Growth 1.00%
Mon, 29 Dec
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