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February 23rd, 2011 by Marcia Carlson and Gail Giannanadrea
CALGARY – Calgary homeowners earned among the highest compounded rate of return for real estate between 2000 and 2010, according to a report released Tuesday by Re/Max.
The report said the average residential price in the city grew from $176,305 in 2000 to $398,764 last year – an annual compounded rate of return of 7.7 per cent.
That bested the national average of 6.82 per cent. Across Canada, Re/Max, in its Housing Barometer report, said residential average prices went from $164,091 in 2000 to $339,030 in 2010.
Lowell Martens, of Re/Max Real Estate Mountain View in Calgary, said the report indicates that as a long-term investment real estate has been “relatively stable” in the local market.
“Just from the standpoint of holding value,” he said.
“There’s a sense of stability to the market which is good.”
The Re/Max report said home sellers in Calgary were firmly in the driver’s seat for the majority of the decade at 47 per cent, while balance prevailed for 36 per cent of the period. Purchasers, meanwhile, held the advantage 17 per cent of the past decade, largely concentrated from 2008 to 2010.
At the national level, the real estate company said balanced conditions prevailed 49 per cent of the time with seller’s conditions 41 per cent of the time and buyer’s conditions 10 per cent of the time.
According to the Calgary Real Estate Board, average MLS sale prices for a single-family home peaked in July 2007 at $505,920 and for condominiums in May 2007 at $332,237. Last month, average sale prices in Calgary were $454,163 for single-family homes and $288,291 for condos.
“Calgary’s residential real estate market remains balanced heading into the new year,” said the Re/Max report. “Prices have firmed up for the most part as cautious optimism in a strengthening recovery is driving buyers off the sidelines.
“Multiple offers have re-emerged but have been limited to homes priced at fair market value in choice neighbourhoods. Overpriced listings continue to stagnate as purchasers have the luxury of time to make their decisions. The easing of in-migration over the past three years has allowed local buyers to make their moves with less competition.”
Meanwhile, in a new report also released Tuesday, the Canadian Real Estate Association is forecasting MLS sales in Alberta to increase by 5.9 per cent this year to 52,650 transactions and by another 5.0 per cent in 2012 to 55,300 units. This comes after a 13.6 per cent annual decline in 2010 to 49,723 sales.
As for the average MLS sale price, CREA predicts a 1.4 per cent drop in the province in 2011 to $347,300 followed by a 1.4 per cent rise in 2012 to $352,300. In 2010, the average price rose by 3.1 per cent to $352,301.
At the national level, CREA’s forecast is for sales to decrease by 1.6 per cent this year to 439,900 units followed by a 3.0 per cent increase in 2012 to 453,200 units. In 2010, sales fell by 3.9 per cent to 447,010 units.
CREA is predicting the average sale price across the country will increase by 1.3 per cent this year to $343,300 and by another 1.3 per cent in 2012 to $347,900. This followed a 5.8 per cent hike in 2010 to $339,030.
mtoneguzzi@calgaryherald.com
© Copyright (c) The Calgary Herald
Read more: http://www.calgaryherald.com/business/Calgary+homes+beat+national+average+investment+return/4242338/story.html#ixzz1EoApD8k6
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October 18th, 2010 by Marcia Carlson and Gail Giannanadrea
Come Meet Us at The Calgary Women’s Show!!!!!
We would like to answer any Real Estate questions you may have.
Fabulous Fall Show
October 23 & 24, 2010
Saturday: 10am – 6pm
Sunday: 11am – 5:30pm
BMO Centre Stampede Park
$13.00 at the door
$10.00 seniors & students
$2.00 off full price admission at Calgary Co-Op Stores
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September 23rd, 2010 by Marcia Carlson and Gail Giannanadrea
City of Calgary sales wane as town and country sales hold steady.
Calgary, September 1, 2010 – Home sales in the city of Calgary continued to trend lower in the month of August, according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in August 2010 in the city of Calgary was down 32 per cent from the same time a year ago, and condominium sales saw a decrease of 42 per cent from the same time a year ago.
August 2010 saw 867 single family homes sold in the city of Calgary. This is a decrease of 5 per cent from 915 sales in July 2010. In August 2009, single family home sales totalled 1,277. The number of condominium sales for the month of August 2010 was 364. This was a decrease of 8 per cent from the 396 condominium transactions recorded in July 2010. In August 2009, condominium sales were 632.
“Calgary’s housing market has been undergoing a measured correction over the past 4 to 5 months. Sales are trending lower as a result of a decrease in first time home buyers entering the market and a decline in pent up demand following a strong post-recession recovery,” says Diane Scott, president of CREB®.
“There has been much talk recently about the potential for a housing bubble in Canada–but the economic fundamentals at play make this scenario unlikely for Calgary. What we are seeing is an adjustment to higher levels of inventory and a shift to a buyer’s market.”
“A slower than anticipated pace of mortgage rate hikes and continued improvements in employment are more likely to bring stability rather than volatility into Calgary’s housing market as we move into 2011, ” adds Scott.
The average price of a single family home in the city of Calgary in August 2010 was $445,617, showing a 4 per cent decrease from July 2010, when the average price was $464,655, and a decrease of 2 per cent from August 2009, when the average price was $454,130. The average price of a condominium in the city of Calgary in August 2010 was $286,384, showing a 2 per cent decrease from July 2010, when the average price was $291,168 and a 1 per cent increase over last year, when the average price was $283,330. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
“We expect a period of correction will continue into the fall of this year. Prices may sag in the short-term and level off as we move into 2011,” says Scott.
“Homebuyers and sellers should keep in mind that market trends are unique even throughout the wider Calgary region. A case in point is the relative strength of Calgary’s town and country market, where sales have remained at 2009 levels. Homebuyers and sellers should speak to a REALTOR® to better understand the opportunities in our current market,” says Scott.
The median price of a single family home in the city of Calgary for August 2010 was $395,000, showing a 1 per cent decrease from July 2010 and August 2009, when the median price was $400,000. The median price of a condominium in August 2010 was $260,000, showing a 3 per cent decrease from July 2010, when the median price was $268,000, and no change from August 2009, when it was the same – $260,000.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
Single family listings in the city of Calgary added for the month of August 2010 totalled 1,960, an increase of less than 1 per cent from July 2010 when 1,942 new listings were added, and showing an increase of 3 per cent from August 2009, when 1,910 new listings came to the market.
Condominium new listings in the city of Calgary added for August 2010 were 808, down 9 per cent from July 2010, when the MLS® saw 890 condo listings coming to the market. This is a decrease of 3 per cent from August 2009, when new condominium listings added were 832.
“Total month end inventory for the wider Calgary region is down marginally when compared to July—a trend we expect will continue in the coming months. New listings are also likely to recede in the coming months in response to slowing sales,” adds Scott.
CREB® is a professional body of 5,540 licensed brokers and registered associates, representing 245 member offices and is dedicated to enhancing the value, integrity and expertise of its REALTOR® members.
REALTORS® are committed to a high standard of
professional conduct, ongoing education, and a strict
Code of Ethics and Standards of Business Practice. Using the services of a professional REALTOR® can help consumers take full advantage of real estate opportunities while reducing their risks when buying or selling real estate. The board does not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may be found on the board’s website at www.creb.com.
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February 20th, 2010 by Marcia Carlson and Gail Giannanadrea
New Mortgage Rules
The changes announced this week by Finance Minister Jim Flaherty should have little impact on the housing market. Despite what some reports are saying, the percentage of home buyers impacted by these changes is small.
So what changes were made? Here is a summary.
1) All borrowers must now qualify under a 5 year fixed mortgage rate even if a shorter term with a lower interest rate is chosen. How big of an impact is this? As an example: prior to the change – a couple purchasing a $350,000 home with 5% down would require an annual income of $61,039.12. That figure has now gone up to $64,301.25, a difference of $3,262.13/year in salary.
2) The government also lowered the maximum amount that homeowners can refinance their mortgage from 95% to 90%. How much of a difference is this? Again using a house value of $350,000, a homeowner under the new rules will be able to refinance up to $315,000 as opposed to $332,500 ( a difference of $17,500).
3) Lastly, the government has increased the minimum down payment required on non-owner occupied properties purchased to 20%. This is for government-backed mortgage insurance properties purchased largely by speculators in the market.
“We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation” Flaherty commented at a press conference in Ottawa. Of note is that lenders and mortgage insurers have long been discouraging any refinances up to 95% so again this will have little impact on the refinance market as it stands today.
Flaherty also commented -”There is no evidence of a housing bubble, but we’re taking prudent steps today to prevent one,”
The rule changes are set to come into effect on April 19.
If you have any questions regarding these changes please contact myself and I would be happy to review them with you.
Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and Mortgage rates improve, while strong economic news normally has the opposite result.
Above Remarks by CMAC Mortgages
Stuart Pocock, AMP
Phone: 403-456-6444
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January 6th, 2010 by Marcia Carlson and Gail Giannanadrea
Markets world over have picked up, thanks to the Global Markets stabilizing. A boom Real Estate Sales reigns well for any financially positive prospective home owner. The disturbance in the economic situation saw a major drop in sales in Calgary over the years. But with the promise of better days being here, nascent home owners are in a position to make the most of the current situation of the Calgary Real Estate market.
Sales activity has seen an increase of 41.8% as compared to the activity registered in 2008, as per Multiple Listings Service (MLS) data. This surge has been the strongest Calgary Real Estate has seen in years.
A report by The Calgary Real Estate Board (CREB) released in November shows a rise in real estate sales and pricing. According to the report, the percentage of single family Calgary houses sold in November is up to 63%, with sales of condominiums a higher increase moving up to 77%. These more than optimistic figures are signs of a recovering market sustaining itself.
Newly elected president of the Calgary Real Estate Board believes that ‘now’ is the best time for buyers for Calgary Real Estate is seeing the lowest mortgages on record, with affordable pricing, and a great selection of houses, like single family households, Condos and apartments. This will surely encourage people to start buying again.
The Plan It project is also being put into effect; which directs future infrastructure planning away from the current urban centered environment and it focuses more on the resident. These improvements allow residents a choice of areas with conveniences available within walking distance from your home. There is an effort to improve public transit in order to lower the use of cars in the vicinity. A natural wonderland and the largest province of Alberta, Calgary, nestled in the foothills and higher plains of the Canadian Rockies.
On an intermediate selling price, the Calgary Real Estate Board forecasts a potential drop in market rates, with a drop of as much as $10,000.
The Calgary Real Estate market is all set to pick up. The interest rates on loans are on an all time low so it is wise to invest in the positives of the stabilizing economy.
Now is the best time to plunge into the market to buy Real Estate.Bring your aspirations of owning a house of our own, a place to call home to fruition.
A rapidly growing city, with a choice of prime estate in or neighboring the city making it like Real Estate Jordan and an optimizing tourist destination that Calgary is, a number of international investors who have started acquiring property in Calgary.
The Multiple Listing Service (MLS) of Canada is a good starting point. The several Real Estate Agencies, keen and more than happy to help the buyer. Your Realty Duo, Real Estate Professionals will guide you through the process if you’re in the market to buy, sell, lease, rent, or even post a listing, making it both a memorable and ennobling one.
Since buying Real estate is a lifetime investment, it requires planning and research. Get to Your Calgary Duo which offers a comprehensive collection of listings, property searches, home evaluation, home guides, and other features that will aid the buyer to explore all the options available at your finger tips, or help is just a call away.
When investing to buy a house, you need a good deal, one that presents you with the best house you could possibly want, along with the perfect neighborhood, and at the ideal price. Your Realty Duo, the Calgary realty team will be only pleased to assist you with finding a home that best fits your requirements. Here is a promise of professional, ethical and informative Calgary Real Estate services, which is their most significant assets being honesty and integrity, Your Realty Duo will facilitate your venture whether you wish to purchase, sell, browse, or investigate the possibilities available to you and make it ever memorable.
Tags: Alberta Real Estate, Calgary Mls Listings, Calgary Real Estate
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