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Calgary Realtor
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Calgary's housing market in March was fueled by an expected rise in interest rates with MLS single-family home sales up by 29 per cent compared with a year ago and condo sales soaring by 37 per cent, according to data released today by the Calgary Real Estate Board. There were 1,396 single-family home sales last month for an average price of $471,269, up just over 12 per cent from March 2009. The 609 condo sales averaged $296,660, an increase of just over four per cent from a year ago. “The spring market has come early to Calgary,” said Diane Scott, CREB president. “Improved economicconditions, better employment prospects, and an earlier than expected rise in mortgage rates are all contributingto this early boost in sales this year. “Undoubtedly the recent announcements by all our major banks to raise mortgage rates are motivating buyers to take the plunge. But Calgary’s market remains in a healthy position and our sales are not outstripping supply. The rise in demand will also motivate sellers to consider listing this spring.” She said there has been some speculation that mortgage rate hikes will adversely affect housing demand in the longterm, but it should be noted that a rise in rates was fully expected. The towns outside Calgary saw 423 sales during the month, up nearly 63 per cent from last year, for an average price of $360,805. That was up by nearly 10 per cent from March 2009. The country residential (acreages) market experienced a whopping more than 78 per cent increase in sales to 66 transactions for an average price of $970,295, up more than 28 per cent from last year. “Our average price has edged upwards as more move-up buyers enter the market and overall demand strengthens,” says Scott. "But this is not an unusual trend during a spring market. We expect this modest price growth to continue, but a rise in listings will likely curb this trend." Click to go back to Homes for Sale in Calgary
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Garth Turner said: ............. "Home prices in Calgary are overvalued by 15 to 20 per cent, seriously unaffordable, and set to start falling"......says Garth...... "We've got several markets that are very expensive. Obviously, Toronto, Calgary and Vancouver are there at the top. In Toronto and Calgary, for example, we've got more than five times the average income to buy the average home." Taken from Calgary Herald on 31 Mar/10. For realistic housing data for Canada, Alberta and Calgary please go to Canada Mortgage & Housing Corporation website: www.cmhc-schl.gc.ca/en/index.cfm
CMHC is Canada’s major provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. CMHC has been in existence since 1946 and is one solid reason why Canada is different to the USA, with regard to real estate, 1st time buyers and gives Canada stability.
CMHC’s prediction for Calgary real estate is an approximate 4% growth for house prices from 2010 to 2011. Please read “Housing Market Outlook for Canada” published in the 1st quarter of 2010 by CMHC.
If there are any errors or inaccuracies in this Blog (or previous Blog history) please let me know and I will review & correct if needed.
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Data released Monday by the Calgary Real Estate Board showed single-family home sales for February were 1,035 units, which was up 25.45 per cent from February 2009 (825). The average sale price hit $458,254, an increase of 10.27 per cent from last year’s $415,568. CALGARY - The local housing market showed signs of balance, not a bubble, in February, according to the Calgary Real Estate Board. In releasing its official MLS numbers for the month, the board said sales and average prices increased in both the single-family home and condominium markets compared with year-ago levels. "We're just pretty steady and we're getting some momentum, but that's fairly typical in a normal year and I don't even compare it to last year because last year wasn't a normal year," said board president Diane Scott. "Right now, where we sit in February, it's pretty stable. It's a comfortable market and we're almost close to equal buyers and sellers." Single-family home sales for February were 1,035 units, up 25.5 per cent from February 2009's 825 units. The average sale price hit $458,254, an increase of 10.3 per cent from last year's $415,568. Also, condo sales were up a whopping 56.3 per cent to 536 units compared with 343 sales in February 2009. The average price also increased by 5.2 per cent, to $282,880 from $268,971. Richard Cho, senior market analyst in Calgary for Canada Mortgage and Housing Corp., said market watchers have to be careful when comparing February numbers with a year ago. "In many ways it would be like comparing apples to oranges," Cho said. "Market conditions now are stronger compared to this time last year, when conditions were more uncertain. We are still seeing steady demand for homes, especially for the entry-level product. Low mortgage rates continue to support demand for home ownership. "The selection of homes for prospective buyers has also improved, with active listings trending up. The resale market has settled into balanced conditions, putting modest pressure on prices." A year ago, Cho said, people were losing their jobs. They were waiting on the sidelines to see where the economy was going and where house prices were headed. Now, with things improving and the economy and housing market stabilizing, prospective buyers are more comfortable with making larger purchases such as homes, added Cho. Scott agreed the economic situation last year had an impact. "We were in such a slump and there was no consumer confidence," she said. "It looked like we were going downhill for a long period of time. "This year, the consumer confidence is up, the interest rates are low still and hopefully that will stay for a little while longer and afford-ability is there. A lot of people who were sitting on the fence last year are coming off." She said the Calgary housing market has shifted from fragile to fervent in just over 12 months. The city is also seeing a moderate rise in the number of competing offers on homes. For towns just outside Calgary, sales were up 55.8 per cent to 335 units from 215 a year ago but the average sale price dropped by 4.82 per cent to $353,912 from $371,829. In the country residential market, which includes acreages, sales increased by 84.38 per cent, going from 32 last year to 59 last month, with the average price remaining virtually the same at $748,506. Scott said many first-time buyers are seeing this as the time to take advantage of record-low interest rates. "We will see a rise in both our inventory and demand this spring -- and we expect both to stay in a healthy balance. Prices will edge up as the year progresses, but the rise in prices will be moderate," added Scott. Single-family listings in Calgary added for the month of February totalled 2,154, a 4.72 per cent jump from a year ago. New listings for condominiums for February were 1,109, up 24.3 per cent from last year. "The story of the housing market is all about interest rates at the moment," said Scott. "When the rates will rise is the wild card. Canada's economic recovery showed marked improvement in the final quarter of last year. This will put pressure on the Bank of Canada to begin raising rates sooner than planned to curb inflation."
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Just sold a Foreclosure Property in Beddington for $293,900 with double garage. Market is picking up........interest rates are low........great time to buy or move up. Return to Homes for Sale in Calgary
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The Short Version The Federal Government has taken some steps to protect consumers buying homes now so they will be able to make payments when rates go back to their long term average of about 6%.
Highlights – Not Much Has Changed: 1. All borrowers will qualify at the 5 year rate – from 3.79% to 4.09% - which is where we have been qualifying buyers for the last 4 years anyway. 2. People refinancing can only withdraw a maximum of 90% of the appraised value of their home. Most of our refi’s are at 80% so this does not affect most of our clients. 3. 20% down is now needed for investment properties that are not owner-occupied. Most clients put 20% down anyway so this does not change much for investors either. 4. Amortization period and down payment remain unchanged at 35 years max and 5% down
The Detailed Version - Government of Canada Takes Action “Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. “Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent lenders from facilitating it." The Government will therefore adjust the rules for government-backed insured mortgages as follows, and are effective April 19, 2010: 1. Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future. 2. Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save. 3. Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
Return to Homes for Sale For mortgage rates & approval please call me at 403 608 5682.
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What 1st Time Buyers Need to Know for 2010 Are you planning to Buy your 1st Home in 2010? At the moment the Canadian Mortgage rule’s are: Minimum 5% down payment and 35 year maximum mortgage. If you have been watching the news the Canadian Federal Government is considering increasing the down payment to 7% or 10% and reducing the maximum mortgage to 30 or 25 years. This could happen very quickly in the next 2 to 3 months if the government acts. These new mortgage rules will delay or stop 1st time buyers moving into the Calgary housing market and force them to stay in rental property for the next year or two. Is that what you want? So please take notice & talk to your bank or call me for help with mortgage pre-approval. I work with TD Canada Trust and can get you very low rates, below posted rates. I am experienced Calgary Realtor & can show you any Home for Sale on the Calgary MLS, so please email or call me at 403 608 5682 to view Homes for Sale. Happy New Year Geoff.
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Stability seen returning to Calgary Housing Market
CALGARY - Calgary’s resale housing market is seeing an uptick in activity as consumer confidence increases and we can expect a slow, steady return to stability over the coming months, says the president of Coldwell Banker Canada. The local resale housing market has slowed compared with last year because of the current economic conditions and the high inventory of new homes built during the past few years of the boom, said John Geha, who was in Calgary on Wednesday speaking to local professionals about the real estate market. “The trend that we’re seeing — the increase, the stabilizing — we see that continuing. And we really see the Calgary market starting to right side itself throughout the year and be back on track towards the end of the first quarter in 2010,” he said. “We see it on a continued basis. Not a major jump because you still have a lot of inventory out there, but we do see here in Calgary a stabilization of the market and a nice gradual increase in business.” So has the Calgary market hit bottom? “I would say that we’ve come close to the bottom. I don’t think that there’s a slam down in the bottom. “One of the things that’s taking place (is) there’s a lot of new buyers out there and that’s what is really fuelling the consumer confidence as well,” said Geha. “When you have a drop in value, a very low interest rate, stability in your financial markets, you’ve now expanded to a new buyer. That triggers the movement of the market.” Geha said the market is now seeing a trend with new buyers who would normally be tenants but are being enticed into purchasing residential real estate because of the historic low mortgage rates. “We still talk to the consumer here in Calgary and they still want to build wealth on real estate. It’s not the quick fix. The speculation hopefully has subsided, but people are still looking at the Calgary real estate market as a value and wealth-building opportunity,” said Geha. According to the Calgary Real Estate Board, the city’s resale housing market rebounded in April, with sales increasing from the previous month. In April, there were 1,290 single-family home sales in Calgary, an increase of 19 per cent from 1,086 sales in March, but a five per cent drop from the 1,363 sales a year ago. The number of condo sales for April was 579, a 30 per cent hike from the 446 transactions recorded in March, but a 0.3 per cent decline from April 2008, when 581 condos changed hands. The average price of a single-family home in Calgary in April was $426,311, increasing by one per cent from March, when it was $420,354, but down 10 per cent from April 2008’s $474,564. The average price of a Calgary condo was $277,953 in April, off two per cent from the March price of $284,056, and an 11 per cent decrease from the April 2008 level of $312,586. According to the website of Mike Fotiou of First Place Realty, preliminary unofficial data indicate the average MLS sale price so far in May through Tuesday was $436,205 for a single-family home and $276,587 for a condo. “People will call us and ask us when is the right time to buy. When is the bottom going to fall out?” said Geha. “Our answer is that we don’t know when the bottom is going to hit. Don’t speculate. Don’t wait for the bottom to hit. “It’s very, very difficult to ever anticipate when the real estate market is going to turn or when the bottom is going to hit. You’re better off going to Las Vegas because we don’t know.”
Call Geoff Antrum at CIR Realty for all your Real Estate needs. 403 608 5682.
Do you want to return to www.GreatHomesCalgary.com ?
Geoff Antrum, Realtor, Did you know I can Show & Sell Any Home on Calgary MLS! C.I.R. REALTY
Office: 403-608-5682
E-mail: gantrum@cirrealty.ca www.GreatHomesCalgary.com
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CALGARY - Declining prices and continued low mortgage rates are offering a pleasant surprise these days for Albertans in the market for a new house.The Calgary census metropolitan area recorded the third-steepest year-over-year decline across the country in new house prices in March, according to Statistics Canada. In reporting its new housing price index on Monday, the federal agency said contractors' selling prices decreased by 2.4 per cent nationally from March 2008 to March 2009. The biggest 12-month decline was in Edmonton at 12.3 per cent, followed by Saskatoon at 11.2 per cent and Calgary at 8.7 per cent. "Albertans in the market for a new house these days may be in for a pleasant surprise," said Todd Hirsch, senior economist with ATB Financial in Calgary. "This downward price trend has been accelerating over the past nine months," he said. Hirsch said the lower housing prices are part of a pattern of price correction across Alberta, similar to the moderation in prices for existing homes. New housing prices in the province had shot up dramatically during 2006 and 2007, rising by well over 50 per cent in some reporting periods. "Those price increases were due to extremely strong in-migration and an overheated real estate market,"said Hirsch. "Now we are seeing prices for new homes falling. That reflects not only the cool-down in the real estate market, but also falling costs for builders. "On the surface, falling new home prices may seem negative for Alberta's economy, but in fact it is more positive.The lower new home prices will help encourage more inter-provincial migrants to settle in the province, which will boost overall economic activity." The peak for year-over-year overall change in new home prices was in August 2006 at 60.6 per cent for the Calgary market. The Calgary census metropolitan area includes the city, Airdrie, the Municipal District of Rocky View, Chestermere, Cochrane, Irricana, Beiseker and Crossfield. The house only component in the Calgary region saw a 12.8 per cent drop from a year ago, while the land only component was off by only 0.5 per cent. "This is the first time the land component has decreased in quite some time," said Lai Sing Louie, senior market analyst in Calgary for Canada Mortgage and Housing Corp. "Builders have quite a lot of lots in the city and there is pressure from the resale market in terms of pricing." The year-over-year change for the house-only component of the new housing price index for the Calgary region peaked at 66.1 per cent in August 2006 while the peak for the land-only component was 49.6 per cent in September 2006. Calgary and Edmonton also showed the biggest monthly declines of 1.2 per cent from February to March. "In Calgary and Edmonton, declines were attributed to lower material and labour costs and lower lot prices from developers," said StatsCan. Geoff Antrum, Realtor C.I.R. REALTY
Office: 403-608-5682
E-mail: gantrum@cirrealty.ca www.GreatHomesCalgary.com Did you know I can Show & Sell Any Home on Calgary MLS!
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Thinking of selling your home? You may want to renovate before you Sell!!!! In recent months governments around the world have announced various programs to stimulate their economies. Most of these stimulus projects are large-scale infrastructure developments - roads, bridges and rapid transit lines. Other programs are found closer to home. Literally!
The federal Home Renovation Tax Credit (HRTC) is one way that homeowners can directly benefit from the government's attempt to stimulate the Canadian economy. It comes in the form of a "tax credit" on home renovations and improvements. More than 4.5 million Canadian families are expected to benefit. Should you be one of them?
There are some things you need to know. First the HRTC is designed as a "family-based" tax deduction and it is for principal residences only. It is a one-time-only program that applies to home renovations and improvements undertaken after January 27, 2009, and before February 1, 2010. A wide range of things can be covered such as fixing a roof or getting a new carpet, installing a more energy-efficient hot water tank or fireplace, or even repairing the swimming pool. The criteria are quite broad - as long the work amounts to an "enduring" improvement to your property. Unfortunately it won't pay for that big screen TV you've been coveting! Here are the basic numbers: Every Canadian family can deduct 15% of eligible expenditures (the first $1,000 you spend doesn't qualify) to a maximum of a $1,350 credit. To be eligible for the maximum credit you would have to spend $10,000. The costs of labor and professional services, building materials, fixtures, rentals, and permits can all be included.
The HRTC makes most sense if you were already wanting or needing to make the renovations to your home. Although by participating in the program you are stimulating the Canadian economy, the expenditures should still make sense for your household budget. This tax credit is just an added bonus. Call Geoff Antrum your Calgary Realtor (CIR Realty) at 403 608 5682 or visit my websites: www.GreatHomescalgary.com or www.GeoffAntrum.com
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Real Estate Building permits record big jump in Calgary, Province, NationCALGARY - The value of building permits in March rose on a monthly basis across Canada as well as in Alberta and in Calgary, according to Statistics Canada. The federal agency reported today that building permits during that month increased by 20 per cent from February in the Calgary census metropolitan area to $236.5 million. In Alberta, the total monthly increase was 34.1 per cent to $696.5 million while nationally the rise was 23.5 per cent to $4.5 billion. In the province, the building permit increase was 30.5 per cent in the residential construction sector to $309.3 million and 37.2 per cent in the non-residential sector to $387.2 million. Across the country, the residential sector saw a five per cent hike to $2.2 billion while the non-residential sector rose by 47.9 per cent to $2.3 billion. (Taken from Calgary Herald, 6th May 2009 ) Call Geoff Antrum your Calgary Realtor (CIR Realty) at 403 608 5682 or visit my websites: www.GreatHomescalgary.com or www.GeoffAntrum.com
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How can I save Home Buyers money and time? 1) Give you Market Data for Sold Homes. This will prevent you from making Offers that are too high. 2) I will negoitate the Offer for you and save you money. 3) Show you the best mortgage rates you can get in Calgary and save you money every month. 4) Home Inspection: help you make the right choice. Don't buy a home without a Home Inspection. Will save you $1,000's. 5) Condo Document Inspection? Special Assessment? Save you money and risk. 6) Will give you a Buyers Package that will save you money & time. Please call me to work with you as a Buyers Realtor. 403 608 5682. An experienced Realtor at CIR Realty. Go back to Homes for Sale.
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Many first time Buyers struggle to find the down payment for their first home!
What are your options? Where does the down payment come from?
Before 15 Oct 2008 there was the zero down payment mortgage & 40 year pay back option for 1st Time Buyer. This program was removed by the Canadian Federal Government and has been replaced with 5% down payment and maximum pay back period of 35 years. Option 5 below may be a useful way for some 1st time buyers to get into the housing market (free down payment!).
The options in todays market for 1st Time Buyers on how to put together their minimum down payment are:
1) 5% down payment from your own savings. Don’t forget you can use your RRSP savings. 2) 5% down payment borrowed from LOC, Credit Card, or Loans. As long as you can debt service it, you're good to go. 3) 5% down payment Gifted from a family member or employer. 4) Family member to be added to property Title and support the 5% down payment. 5) Free Down Payment Mortgages do exist for the 1st Time Buyer. Certain Canadian Banks and Lenders pay the 5% minimum down payment on your behalf when you take out an affordable insured 5 or 7 year fixed rate mortgage. This is similar to the “old zero” down payment that was offered before 15 October/08, but with restrictions on credit history & income qualification.
Please call Geoff Antrum at 430 608 5682, for more information on down payments, mortgages & questions about buying a home and viewing homes in Calgary.
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- Realtors bring you qualified buyers, who can afford your home. You don't want unqualified buyers in your home!!!
- CIR Realty Advertising & Marketing is key. Its a Buyers Market in Calgary!!! Choose a company that is recognised for Selling in Calgary.
- Your Home will be advertised on at Least Five Websites! Just call me for details.
- Sellers need intelligent Internet Advertising. Over 90% of Buyers are using the internet to find & buy homes in Calgary!
- As an Internet Realtor I use Google marketing, its key, including Google Adwords. Google is the most popular Internet Search & Marketing Tool.
- Realtors will negotiate for you and get the most for your home.
- Realtors make the process of selling your home less stressful and get results.
- I'm a Realtor that lives & works in Calgary and specializes in residential re-sale market for Sellers and Buyers.
- You need more Buyers through your Home! The Secure Lockbox system means you don't have to be home for potential Buyers to look over your home. Leave it to the Realtor to show and lock-up!
- Realtors will prepare documents: Listings, Offers, Contracts and other essential legal documents to Sell Your Home.
- Choose Geoff Antrum as your Realtor and save time & money. You need your Home to be marketed in a professional approach. Sellers need their home to be fully "Internet" advertised and exposed to as many qualified Buyers as possible.
Call Geoff Antrum at 403 608 5682 at CIR Realty. My Calgary Real Estate Websites are: www.GreatHomesCalgary.com & www.GeoffAntrum.com
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How much would the mortgage cost & down payment?
$200,000 Home costs $756 per month plus 5% down payment of $10,000
$300,000 Home costs $1,133 per month plus 5% down payment of $15,000
$400,000 Home costs $1,511 per month plus 5% down payment of $20,000
MLS Data for Calgary provided by Calgary Real Estate Board - Median DataPrice for Condo Jan/09: $243,000 Price for Condo Feb/09: $249,900 Price for Condo Feb/08: $295,000
Price for Family Home Jan/09: $374,000 Price for Family Home Feb/09: $375,000 Price for Family Home Feb/08: $428,000
Notice how the prices have stabilized from Jan/09 to Feb/09 and even gone up! Still paying renting? Thinking of Buying a Home this Spring?
Please call Geoff Antrum a Realtor at 403 608 5682 to view homes. View Homes on www.GreatHomesCalgary.com
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The Canadian Banks have dropped Prime Rate again to 2.50%. Mortgage rates are also dropping. $200,000 mortgage now costs $795 per month. $300,000 mortgage now costs $1,193 per month $400,000 mortgage now costs $1,590 per month Why rent in this market? Looking for pre-approval then call me. Once pre-approved I can show you homes in Calgary. Call Geoff Antrum at 403 608 5682. CIR Realtor.
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