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Calgary Realtor
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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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When the Buyer sees a home they like and want to buy, then an Offer is prepared. Here are the basic steps you go through. As your Realtor I will guide you through the process. Any questions? Just leave me a comment and I will get back to you.
1. Before making an offer on home. All Buyers will need mortgage pre-approval with Bank or Mortgage Broker before making Offers. The bank will let you know what your upper limit is for price of home, monthly payments, down payment (5%, 10%, 25%, etc), interest rate, type of mortgage, etc. CMHS (Canada Mortgage Housing Insurance) insurance will most likely be needed for first time buyers, speak to your Bank or Mortgage Broker about “High Ratio Mortgages”, where insurance is required for mortgages higher than 80% of the value of the home. - Buyers need Mortgage Pre-approval before making an Offer to Buy a Home.
- Buyers need to have cash ready for the deposit.
- 1st time Buyers need to know how they can terminate their rental agreement, quickly.
- Does Buyer need to sell their existing home? Is it on the market?
If the deposit is in RRSP account for example, now is the time to remove from RRSP, and transfer the cash into your chequing account. Ready for making the deposit payment. Deposits amounts vary depending on value of home, market conditions, and how strong an Offer the Buyer wants to make. Deposits are usually in the range of $5,000 to $25,000. The Realtor will assist the Buyer in choosing the appropriate amount. 2. Making Offer on Home. Make sure your Realtor is aware that you like the home and want to make an offer on the property. The Buyer does not have to offer the List Price. You can make an offer of any value. Consult with Realtor on Purchase Price and market factors that come into play. 3. Buyer’s conditions are very i mportant for you to have. The Purchase Contract will detail all the buyer’s conditions. The buyer will generally have conditions that last for 7 to 10 days. Once the conditions are removed and/or met the sale will proceed and it is expected that the buyer will move ahead with the purchase of the property. Conditions are generally required to protect the buyer, for example: § Finance Condition (Mortgage) § Property Inspection Condition § Condominium Documents Condition (Document Review) § Sale of Buyers Home Condition (not needed for 1st time buyer) The buyer will usually have 5 to 10 days to meet the conditions. If the buyer conditions cannot be met or satisfied, the buyer can terminate the Purchase Contract and receive the deposit back in full. Once the conditions have been met the Purchase Contract is binding and will proceed. The sale will happen on the Completion Day. The buyer should be in regular contact with their Lawyer, Lender and Realtor to ensure a smooth sale. 4. Purchase Contract (PC): Your Realtor will prepare a written Purchase Contract for you to sign. The Purchase Contract contains the Offer to Purchase and is prepared at the time of Offer. The items in the Purchase Contract the Buyer should be aware of are: - Purchase Price
- Deposit Payment (required at time of Offer)
- Completion Day
- Buyers Conditions
- New Financing (Mortgage amount)
- Down Payment: required before Completion day, deposit payment usually goes towards the down payment.
- Property Address and Legal Address
- Sellers & Buyers legal names are needed.
- Sellers Conditions
- Items included in sale, e.g. stove, all window coverings, washer and dryer
- Items not included in sale, e.g. garden shed
- Signatures are required from Sellers, Buyers and witnesses.
- Counter offer may happen. The Seller may not agree with the Buyers Offer and “Counter” the Offer.
- Buyers and Sellers must read the Purchase Contract so they have an understanding of all the clauses. Your Lawyer can explain in detail any items that you may not understand.
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1) Mortgage rates are at historical lows right now. A $300,000 mortgage can cost as little as $1236 per month, with good credit. Will rates be this low next year? 2) CMHC are predicting for Calgary housing market that the Average Home Sale Price to Increase by 2.6% to $390,000 in 2010. See Calgary Herald 20 Feb/09. 3) Sellers are willing to accept reasonable Offers at the moment, since it’s a Buyers Market. However 2010 could be a Balanced Market, due to all the financial stimulus that is happening right now. 4) 1st time Buyers now qualify for $750 tax credit for closing costs, such as a lawyer. See 2009 Federal Budget. 5) Don’t you want your own place now? Rather than paying rent. Homes are affordable in Calgary right now. 6) Buyers have a good choice of Calgary homes to choose from in the present market. 7) 1st time Buyers can now withdraw $25,000 from their Registered Retirement Savings Plan for Down Payment on a Home. See 2009 Federal Budget.
Click if you want to go back to Calgary Homes for Sale
Check out: http://www.budget.gc.ca/2009/ for details of the 2009 Budget.
Please contact Geoff Antrum if you are thinking of Buying a Home in Calgary, at 403 608 5682 or email. I can also help with mortgage pre-approval.
Blog written in February 2009.
Try my Quick Look Website: www.GreatHomesCalgary.com
Or my Calgary MLS Website: www.GeoffAntrum.com
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Update for February 2009 : Calgary First Time Buyers need to take Notice!!! Look at these mortgage rates. Monthly payments have never been better. $200,000 for $824 per month $300,000 for $1,236 per month $400,000 for $1,648 per month If you are looking to buy a home in Calgary, now is the time to do it. Calgary Home prices & monthly payments have both come down. Call Geoff Antrum at 403 608 5682 for mortgage pre-approval and to buy your first home in Calgary. It does not make sense to rent any longer. Pay yourself not the Landlord!!!!! Try my Quick Home website: www.GreatHomesCalgary.com or my full MLS site at www.GeoffAntrum.com
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Is homeownership right for you? You've weighed your options and now you want to buy a home. But purchasing a home is one of the biggest investments you'll ever make. So before you make an offer, make sure you're ready to take on all the financial and emotional responsibilities that come with owning a home of your own. To help you make an informed decision, Canada Mortgage and Housing Corp. suggests you ask yourself the following questions before you begin your search for the perfect home: - Are you ready to make the move from renter to homeowner? If you would like some stability, are interested in performing or overseeing home maintenance and repairs, and if you are willing to invest some or all of your savings into your home instead of in vacations, retirement or to start a business, then homeownership may be right for you. - Are you financially ready to buy a house? To avoid any unpleasant surprises down the road, take the time now to calculate your net worth, current household budget and any monthly debt payments you already make. This information can help you evaluate your current financial situation, decide how much house you can afford and find out the maximum home price you should be considering. As a general rule, your monthly housing costs (including mortgage principal and interest, taxes and heating) shouldn't add up to more than 32 per cent of your gross household monthly income. In addition, your entire monthly debt load shouldn't be more than 40 per cent of your monthly income. - How much will your home actually cost? Once you've figured out the price range you can afford, you still need to take into account all the other costs associated with homeownership. These include up-front costs such as mortgage loan insurance premiums, appraisal and home inspection fees, legal fees, moving expenses and a down payment, as well as such ongoing costs as maintenance and repair expenses, service fees, emergency savings and condo or strata fees. - What kind of mortgage is right for you? Depending on the size of your down payment, you may have either a conventional or high-ratio mortgage. You will also need to choose the term and amortization period for your mortgage, work out a payment schedule, decide whether you would prefer a closed or open mortgage, and choose between a fixed, variable or adjustable interest rate. To make all of these decisions easier, it can often be a good idea to select a lender and get pre-approved for a mortgage before you begin looking for the home of your dreams. For more information on buying a home, visit www.cmhc.ca, and search Homebuying Step by Step, or call CMHC at 1-800-668-2642.
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Most common defects found during home inspection 1) The house has poor drainage
This is the most common problem found by home inspectors. To improve drainage, you may have to install a new system of eavestroughs and downspouts or have the lot re-graded to better channel water away from the home. 2) The house has faulty wiring
An insufficient or outdated electrical system is a common problem, especially in older homes. This is a potential hazardous defect and not to be taken lightly. You may have to replace the entire electrical system, or at least part of it, to bring the home up to today’s standards of safety. 3) The roof leaks
If the ceilings have water damage, older or damaged shingles or improper flashings may have caused it. It’s inexpensive and relatively easy to repair shingles and small amounts of flashing, but if the roofing is old, you may face a much larger expense to replace the whole thing. 4) The house has an unsafe heating system
An older heating system or one that has been poorly maintained can be a serious health and safety hazard. You may have to repair or replace the old furnace. This is a major expense, but new furnaces are more energy-efficient, which will probably save you money down the road. If your heating system is anything but electrical, install carbon monoxide detectors in a couple of locations in the home. 5) The whole house has been poorly maintained
Examples of poor maintenance include cracked or peeling paint, crumbling masonry, broken fixtures or shoddy wiring or plumbing. You can easily repaint a wall, replace a fixture, or repair a brick wall, but makeshift electrical or plumbing situations are serious and potentially dangerous problems. Replace any such wires and pipes. 6) The house has minor structural damage
Minor structural damage means the house is not likely to fall down, but you should deal with the problem before it becomes more serious. Such damage is usually caused by water seepage into the foundation, floor joist, rafters or window and door headers. First you need to fix the problem (a leaky roof for example) then repair or replace any damaged area. The more extensive the damage, the more expensive it will be to repair. 7) The house has plumbing problems
The most common plumbing defects include old and incompatible piping materials and faulty fixtures or waste lines. These may require simple repairs, such as replacing a fixture, or more expensive measures, such as replacing the plumbing system itself. 8) The house’s exterior lets in water and air around windows and doors
This usually does not indicate a structural problem, but rather poor caulking and weather stripping that require relatively simple and inexpensive repairs around windows and doors. 9) The house is inadequately ventilated
Poor ventilation can result in too much moisture that wreaks havoc on interior walls and structural components. It can also lead to allergic reactions. Install ventilation fans in every bathroom if there are no windows and regularly open all windows in your home. To repair damage caused by poor ventilation, you may only have to replace drywall and other inexpensive finishes. If you have to replace a structural element, it will be more expensive. 10) The house has an environmental hazard
Environmental problems are a new growing area of home defects. They include lead-based paint (common in homes built before 1978), asbestos, formaldehyde, moulds and contaminated drinking water. You usually need to arrange a special inspection to determine environmental problems and they’re usually expensive to fix. This article was published on the CREB website.
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