Geoff Antrum &    Matt Antrum Welcome to Search Calgary Homes

Detached sales activity boosts February housing market Feb. 2017

Thu, 02 Mar by Geoff Antrum & Matt Antrum (Father & Son Team)

DetachCIR_newLogo_finaled sales activity boosts February housing market Feb. 2017

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.”

Calgary Housing Forecast: A slow transition for 2017

Thu, 12 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)

Calgary Housing Forecast: A slow transition for 2017

After calgary_skyline_bow2_0 updatea long period of economic downturn, Calgary’s housing market is expected to see some price stability in 2017, but not across all market segments and property types. Both detached and attached prices remain unchanged over 2016 levels, while apartment is forecasted to contract by another two per cent.

“The transition in the housing market will be a slow process,” said CREB®chief economist Ann-Marie Lurie. “We are entering the year with high unemployment rates and the possibility that job growth will not occur until the latter portion of 2017. These conditions will continue to weigh on housing demand, but supply is adjusting to weaker sales activity, which will eventually translate into price stability.”

City-wide sales are forecasted to total 18,335 units in 2017, a three per cent gain over 2016, but 12 per cent below long-term averages. This modest demand change will merge with declining listings and easing inventory in the new home market to support more balanced conditions and prevent further downward pressure on prices.

“This year is about moving away from extremely challenging conditions,” said 2017 CREB® president David P. Brown. “The transition is going to take some time, which means sellers need to stick with the fundamentals of pricing their homes correctly against other comparable product in the market. There’s still lots of choice out there for buyers, but major price declines are unlikely in most segments.”

http://www.creblink.com/News_and_Events/News/2017/January/CREB_forecasts_a_slow_transition_for_housing_in_2017/

What Are The New Canadian Mortgage Rules?

Wed, 02 Nov by Geoff Antrum & Matt Antrum (Father & Son Team)

What Are The New Mortgage Rules?  As of 17th October 2016.

  1. 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.
  2. 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%.
  3. 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.
http://www.firstfoundation.ca/blog/canadian-mortgage-rule-changes-august-2016-winners-and-losers/

Calgary Neighborhoods and the Best Rocky Mountain Views

Sun, 10 Jul by Geoff Antrum & Matt Antrum (Father & Son Team)

Calgary Neighborhoods and the Best Rocky Mountain Views
f1a87ec6-29d4-4b5a-b5d5-950116af7072Have you ever wondered which neighborhoods in Calgary have the best Rocky Mountain views?  And, how much additional that view may cost you?

Why is having the Rocky Mountain View important?  Having a spectacular view of the Rocky Mountains out your window not only increases the value of your property, it can bring a feeling of peace, serve as a reminder of the great outdoors and also be very pleasing to the eye.

Will the view in each neighborhood be made equal?  No.  Calgary being part of the rolling foothills has many communities built on hillsides giving the opportunity for some homes within a community to have impressive mountain views, while offering other residents perched lower on a hill to have walking pathways to view the mountains if they venture out for a stroll.  Neighborhoods on the north sides of Calgary such as Tuscany, Rocky Ridge, Royal Oak, Arbour Lake, Edgemont, Hawkwood, Scenic Acres and Silver Springs will all have a certain amount of homes with splendid views.   Neighborhoods along the west side of Calgary such as Valley Ridge, Cougar Ridge, West Springs, Aspen Woods and SpringBank Hill will also have many homes offering sprawling Rocky Mountain views.

Houses in these luxury neighborhoods in and around Calgary are almost all guaranteed a panoramic Rocky Mountain view:  Watermark, Bearspaw, SpringBank, and Elbow Valley – as these executive type homes are usually designed with the Rocky Mountain view in mind.

In downtown Calgary, you have a great chance of finding a Rocky Mountain view if you are on the west side of a condo building and at least 20 floors up.

Certain neighborhoods in Calgary are known for having a double whammy – Rocky Mountain views as well as a Calgary Downtown city skyline. Just north of the downtown core, and centrally located you’ll find: Crescent Heights, Briar Hills, St. Andrew Heights and Rosedale with houses perched on the ridge and containing homes with gorgeous Calgary city skyline views with the Rocky Mountains behind it almost covering the entire horizon, a photographers dream.  More unique is Edgemont, in NW Calgary, where the Rocky Mountain sights are off to the right while the City Skyline view is to the left.

Also, for a sweeping, uninterrupted Rocky Mountain View you can expect the price tag of a house to go up from 100K$ – 200K$ to a comparable house with no mountain view.  This number can vary greatly depending on community.  Contact your Realtor for more price specific information!

Living in Calgary and don’t have a Rocky Mountain view at home?  Try going for a stroll or bike ride along the Glenmore Reservoir, or drive out to walk through Glenbow Ranch Provincial Park, in these areas and you are sure to have a beautiful back drop of spectacular, rolling mountain peaks!

 

Mortgage Approval Pitfalls

Thu, 23 Jun by Geoff Antrum & Matt Antrum (Father & Son Team)

Mortgage Approval Pitfalls.  We work with Jencor Mortgage (Brooke Bartlett) for new and existing Buyers for mortgage approval. We recommend that buyers read this article about mortgages and approval.  There is a big difference between  “pre-qualification” for a mortgage and a “pre-approval” for a mortgage.

Pre-approval is a lot more detailed process, and includes you taking the time to complete a full mortgage application, providing documentation and allowing your lender to pull a full credit rating (or three). While you are unlikely to have a property in mind at this stage, you should have a general idea of how much you will need to include in your loan. During the pre-approval process, you might even be able to lock in your interest rate. This pre-approval is considered a conditional commitment that allows you to search for a home below the approved loan amount. This can provide a huge advantage to a home buyer, as some loan companies consider your pre-approval as “cash in hand” that you can provide to a potential seller to show your interest in the property and your ability to pay. Having your financing arranged upfront can offer you a tremendous advantage if you get into a competitive bidding situation with another buyer, as you’re one step closer to a mortgage.

http://www.jencormortgage.com/blog/jencor-news/mortgage-pitfalls-%C2%AD-ruin-chances/

 

284 Hawkwood Dr Nw, Calgary For Sale

Wed, 13 Jan by Geoff Antrum & Matt Antrum (Father & Son Team)
Family Homes For Sale with Finished Walk Out.

Hawkwood Family Homes For Sale with Finished Walk Out, in NW Calgary.

Hawkwood Real Estate, Matt Antrum & Geoff Antrum – CIR Realty  Call at Cell 403 608 5684 for details.

This home has sold. Contact us for the sold price. Welcome to this standout 2 Storey, well maintained home with finished WALKOUT, offering 4 bedrooms, vaulted knockdown ceilings, high efficient furnace, newer roof, central air and new intercom system throughout. Main floor boasts open concept living room w/ traditional fireplace, formal dining with bay window, main floor home office, and main floor laundry. Upstairs you will find 3 good sized bedrooms including a private master bedroom w/ walk-in closet, and 5pc ensuite. Walkout basement has been developed with Rec room, 4th bedroom, full bathroom, and gas fireplace. A bright spacious layout, this home is perfect for the growing family to surround yourself with all the amenities a community needs. Only a short walk to Schools, playgrounds & bus stops. Easy access to the Crowfoot Shopping Center, LRT & the University of Calgary. Don’t miss your opportunity to own this beautiful home at a great value in the established community of Hawkwood.

New Alberta Government – How Does This Affect Alberta Home Buyers? Its Good News!

Wed, 06 May by Geoff Antrum & Matt Antrum (Father & Son Team)

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!

 

Calgary Housing Inventory Up = More Choice for Buyers

Wed, 04 Feb by Geoff Antrum & Matt Antrum (Father & Son Team)

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:

http://www.searchcalgaryhomes.ca/mortgage_contact  and

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!

Calgary Renters Think About Buying? Interest Rates Are Down!

Sun, 01 Feb by Geoff Antrum & Matt Antrum (Father & Son Team)

Low Interest Rates Give Calgary’s Housing Market an Added Boost and Calgary Renters more choice to buy.

With the Bank of Canada lowering its prime lending rate, major banks are starting to follow suit and pass the savings onto consumers, making buying a home more affordable.

While January and February are typically slower months on the market there are definitely still buyers out there who are now able to make their purchase. Check out Jencor’s current rates below to see how much you can save.

Please check out this link for mortgage pre-approval:
http://www.searchcalgaryhomes.ca/mortgage_contact

JENCOR’S CURRENT RATES*
2.79%  

5 YR fixed rate MORTgage

Posted Rate: 4.94%

2.79%  

4 YR fixed rate MORTgage

Posted Rate: 4.54%

2.59%  

3 YR fixed rate MORTgage

Posted Rate: 3.75%

2.49%  

2 YR fixed rate MORTgage

Posted Rate: 3.04%

2.69% 1 YR fixed rate MORTgage

Posted Rate: 3.14%

2.25%  

5 Yr Variable Rate Mortgage

Posted Rate: 3.00%

 

Breaking into Calgary Real Estate Market in Late 2014.

Mon, 29 Dec by Geoff Antrum & Matt Antrum (Father & Son Team)

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