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Calgary Real Estate Blog
Crystal Tost's Calgary Real Estate Blog
03/19/08
Recently while a client was obtaining their permits for developing their basement they found that there were still open permits for the upper levels that the builder did not complete. So a call to the City was made and out came the inspectors, well as turns out there were minor issues with the upper levels that were easily fixed to meet code, but this raises the question, what if there were major issues, or even changes in the code then what? Well it would depend on the builder and their mercy because technically once you have occupied the house these permits become your responsibility. So the builder could refuse to assist you in complying with the city and any changes minor or major would be up to the homeowner to have completed. To avoid this issue all together, look for permits on the furnace and electrical panels, but when all else fails, call the city and ask them if all permits are satisfied. A simple phone call can save you hassle and frustration down the road!
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01/03/08
MARIO TONEGUZZI CALGARY HERALD RESIDENTIAL MLS REAL ESTATE 2007 2006 Calgary Herald 03 Jan 2008 The average sale price of a singlefamily home in Calgary rose by $72,000 in 2007 compared with the previous year while the average price of a condominium jumped by nearly $53,000. According to data released Wednesday by the Calgary Real Estate Board,… read more… Related:
Housing’s ‘incredible increase’ dominated news in 2007 HOUSING: ‘Anomaly’ replaced by normal Housing’s ‘incredible increase’ dominated news in 2007 HOUSING: ‘Anomaly’ replaced by normal Regina Realtors report record year for home sales
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09/10/07
New Listing in Aspen Woods! Gorgeous Cidex built two storey with many upgardes such as “Imported Mahogany Hardwood Floors” and “Imported Ceramic Tile” Granite, top pf the line Berber Carpets, walkout basement with roughed in “In Floor Heat” From the minute you walk into this house it will grab you with it’s estate like feel. The kitchen is gorgeous with SOLID MAPLE cabinets which are extended the whole width of the kitchen complete with a work centre for the kids. Attention to detail during the construction of this home with finishing details to include headers, extra wide casing and plinth blocks, wooden shleving throughout. This home will not disappoint!
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09/06/07
Gorgeous new listing in the estate community of Aspen Stone. Almost 2300 sq ft 4 Bedroom home for the growing family. Main floor offers den, dining room, powder room and open concept island kitchen with family room. Features include soaring 18 ft ceilings, granite counters, stainless appliances, gleaming rich hardwood floors, and berber carpets. This home shows very well and is ready for a new family! Virtual tours, pictures and cetailed information can be found in the “Featured Listings” sectioin of my website.
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09/04/07
As I meet sellers to evaluate their properties for sale, I am often surprised at their unwillingness to do the things it takes to achieve top dollar in listing their houses for sale. I often hear sellers say” But I don’t want to spend any money because I am moving!” Just because you are moving out of your house, does not mean that it needs to look that way. Buyers are looking for a house to buy, not move out of! To achieve top dollar for your home, especially in this very competitive buyers market, you need to make your house show the very best that it can. That means you might have some work ahead of you! 1. The first step is to de-clutter your home. Pack up everything that you do not need. Books sweaters last seasons coats….everythign that you can. Treat this as prepacking, your moving anyway, so why not pack ahead. 2. Walk through your house like a buyer. Look to see what a buyer sees. Is your paint touched up, are there any wild colors in your home, magnets and pictures of your fridge. 3. CLEAN CLEAN CLEAN- This one is really important the house should smell fresh and shine everywhere. 4. Now you are ready to meet with your Realtor to see what else needs to be done, if anything. Your Realtor can help make suggestions to help put the finishing touches on your home. Remember you only get one chance to make a first impression, and first impressions can make or break any sale! These are just some small tips to help maximize your dollar. Some items can be distracting to potential buyers amd make it hard for them to see the positive features of your home. It is then that they leave the house, and your home has not made any impression on the buyer at all.
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09/01/07
For Immediate ReleaseCalgary’s total MLS® month end inventory for the month of August 2007 was 9,634, showing the highest level recorded this year, according to figures released by the Calgary Real Estate Board (CREB®). Single family Calgary metro new listings added for the month of August totaled, 2,837, a 9.75 per cent increase over the 2,585 new listings added in August 2006. This is an increase of 11.34 per cent over the 2,548 new listings added in July 2007. Single family Calgary metro properties changing hands in August were 1,314, a decrease of 2.01 per cent from the 1,341 recorded in August 2006 and a decrease of 12.10 per cent from the 1,495 sales recorded last month. The median price of a single family Calgary metro home in August 2007 was $430,000 showing an 11.40 per cent increase over August 2006, when the median price was $386,000 and showing a 1.15 per cent decrease from last month when the median price was $435,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The Calgary metro condominium market showed a slight decline in August with new listings added totaling 1,186, an increase of 22.65 per cent from August 2006, when the new listings added were 967. This is a 6.18 per cent increase from last month when new listings added were 1,117. Calgary metro condominium sales in August 2007 were 598; a decrease of 11.93 per cent from August 2006, when the sales were recorded as 679 and a 0.83 per cent decrease form last month’s sales of 603. “Our inventory has remained high through August; however, total MLS® sales have stayed fairly constant with a drop of only 4.2% from July. The market has shifted slightly to out of town properties and although the average sale price of single family homes in Calgary has dropped by about 3.9% from July, the median price has eased only 1.1% from July. Together it’s an excellent market for buyers and sellers, with sellers getting good prices for their homes and buyers having an excellent selection to choose from”, says Ron Stanners, President of the Calgary Real Estate Board. The average price of a single family Calgary metro home in August 2007 was $485,914, and the average price of a metro condominium was $320,790. 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. 08/28/07
There has been alot of talk in the news and financial media over the past few months regarding the mortgage industry in the US. Specifically what is being discussed is the problems going on in the sub-prime mortgage market. A client who would be categorized as “sub-prime” is someone with a lower than average credit rating and possibly someone who has difficulty confirming the income that they make. What has gone on over the past 4 or 5 years in the US is qualifying criteria has been very lax. If you had a pulse and could spell your name you had a very high chance of getting approved. On top of this liberal qualifying criteria the payments on the mortgage were lower than what was required in the first 2 or 3 years of the mortgage. This was referred to as the “teaser” period. What happened was people who probably should have never been approved for a mortgage in the first place were approved AND given very low initial payments on their mortgage. Many people in these situations were not worrying about how they would make the payments when the “teaser” period was over, turns out they should have. Foreclosure rates in the US are double what they were a year ago and for the first time in almost 60 years average house prices in the US have dropped. We have had many people inquiring as to whether this could happen here. The simple answer is not very likely. The qualifying criteria in Canada was never as lax as it was in the US to begin with and the teaser period with lower payments that was so common in the States, was not a common practice in Canada. Banks and mortgage lenders in Canada are in very good positions financially, no one will be running out of money any time soon. The economic factors that have been driving our economy in recent years will likely continue for many more years to come. Economists have referred to Canada being in a comodity super cycle. We have alot of what the world wants, primarily oil but also uranium, potash and other natural resources that Canada is fortunate enough to have an abundance of. As long as this is the case people will still be moving here, earning good incomes, making their mortgage payments and seeing their properties appreciate in value.
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08/27/07
Aspen Landing will begin construction soon at the corner of 17th Ave SW and 85th ST SW. BKDI Architects have designed a gorgeous building. (quoted from the BKDI wesbite) This “main-street” pedestrian-oriented village development incorporates retail, office, restaurant and residential components. One- and two-storey retail spaces face the main street, which opens onto a central pedestrian spine. This spine connects the village core to the residential community to the north. The central village plaza, with its distinctive shops and restaurants, creates an intimate gathering place at the heart of the development. Carefully developed design guidelines ensure continuity while encouraging a customized storefront for each tenant. Retail space has already been leased by Good Earth Cafe, Bank of Montreal and Safeway, with space for restaurants shops to be leased out soon. This will undoubtedly be a welcomed addition to Aspen Woods as we await the opening in 2008. 08/06/07
At last construction of the strip mall has begun…. AHHHH we have all been waiting for conveniences at our doorstep. I will see if I can find out what stores might be going in, check back for an update! Today I am happy to let you all know that my listing in Evergreen that saw multiple offers has been officially SOLD! All the conditions have been met. :) I am happy to report that this house sold over the list price because of the way it showed. Ensuring your house shows the best that it can, ensures more money in your pocket! The GORGEOUS listing in Evergreen has been active in only days we have had several showings and two buyers decided to write offers on this perfect home. I am extremely happy to report that two offers competed for this fabulous house and the home has since been conditionally sold. Congratulations to the couple that successfully had their offer accepted, I know you will just LOVE this new home! Just listed a great house today in Aspen Stone- phase 2. It is still under construction and is slated for a mid-November possession. A fabulous floorplan that willmake you grin ear to ear. Main floor has a dining roo, den, large family room, powder room, laundry room. The upper floor has a large bonus room and 4 generous bedrooms, yes 4!!!! The ensuite has a corner tub and separate vanities. The views are incredible from the upper level with full mountain views… GORGEOUS! This house is almost 2700 sq ft and has been upgraded substantilly. The garage is oversized (24×22) for the guys, and the kitchen has raised cupboards, pot drawers and ample storage space. Check the Featured Listings section of my website for more details on this fabulous listing! 117 Aspen Stone Road I just listed a gorgeous home in Aspen Woods. This home is a custom built Alanridge home. Gorgeous detailing throughout with many upgrades. The owners have great furniture but it needed a little “umph” to get it up to snuff for marketing, so we decided to hire a Staging Professional. Amanda did an amazing job of preparing the house for sale. The home was punched up with some interior painted feature walls, rugs, accessories, pictures, towels and of course her knowledge of furniture placement. She took an already beautiful home and made it show home ready! Next came the professional photography and virtual tours. Soon we were ready for the buyers. Within days of marketing the home, I was called from a young couple that have been searching for the ideal home within the area. They had seen the on-line pictures and virtual tour and wanted an in-person visit. Turns out the home worked perfectly for them and an offer was accepted immediately. A quick sale was achievable in this market by presenting the home properly for sale by making it stand out from the competition and by the extensive marketing efforts.
08/01/07
Calgary, August 1, 2007 - Calgary’s total MLS® month end inventory for the month of July 2007 was 8,972, showing the highest level recorded this year, according to figures released by the Calgary Real Estate Board (CREB®). Single family Calgary metro new listings added for the month of July totaled, 2,548, a 6.25 per cent decrease over the 2,718 new listings added in July 2006. This is a decrease of 23.09 per cent over the 3,313 new listings added in June 2007. Single family Calgary metro properties changing hands in July were 1,495, an increase of 4.91 per cent from the 1,425 recorded in July 2006 and a decrease of 14.91 per cent from the 1,757 sales recorded last month. The median price of a single family Calgary metro home in July 2007 was $435,000 showing a 13.25 per cent increase over July 2006, when the median price was $384,100 and showing a 0.91 per cent decrease from last month when the median price was $439,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The Calgary metro Condominium market showed a slight decline in July with new listings added totaling 1,117, an increase of 7.3 per cent from July 2006, when the new listings added were 1,041. This is a 10.85 per cent decrease from last month when new listings added were 1,253. Calgary metro Condominium sales in July 2007 were 603; a decrease of 13.24 per cent from July 2006, when the sales were recorded as 695 and a 23.86 per cent decrease form last month’s sales of 792. “Our inventory appears to be at a peak and with sales still holding strong, we expect prices to level off,” says Calgary Real Estate Board President, Ron Stanners. “Early July saw a large number of properties sell over the million dollar mark and this has caused average prices to climb for the month, however the median price has declined by 1 per cent, going from $439,000 in June to $435,000 in July, showing the stability in the market place.” The average price of a single family Calgary metro home in July 2007 was $505,920, and the average price of a metro condominium was $318,582. 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. 07/28/07
I just listed a gorgeous home for the growing family in Spring Bank Hill. It could nto get any cleaner inside and it is so well taken care of, hard to beat for the price of $559,900. This home shows prode of ownership throughout. The new owners will be so happy with this home. Make sure to check out the full details at Featured Listing. Once again Amanda was brought in to help get this hosue market ready. This time the sellers already own alot of perfect items, they just needed a little help bringing it al together. Amanda helped with furniture placement as well as a few other tips and tricks to take this home from great to wow! The photographer has come in and taken pictures, custome features sheets have been created, Custom CD’s for buyers have been prepared, and now we are ready for potential buyers! 07/25/07
Just listed a GORGEOUS home in Evergreen today. It is a large two storey on a quiet street that is well appointed with one of the largest kitchen islands I have ever seen. The main floor is open and flows wonderful. The upper level has 3 bedrooms, upper laundry and 2 full baths, one of coures being an ensuite with a soaker tub. The best part of this home is how it shows, the buyers are going to love this one! You can look at the virtual tour to see what I am talking about! http://www.calgarylistings.com/featured-gallery.php?listing=19 07/14/07
A previous client caled me to evaluate his condo that I sold him several years ago. After viewing the condo we decided that it needed some work prior to listing it for potential buyers. I assisted the seller in picking paint colors, carpeting, tiles, and hardwood. Obviosuly the seller wanted to ensure that once the minor renos were complete that all selections would be suitable for a new buyer. My market knowledge allows me to know what buyers like and don’t like! After the work was complete, I went in and brough some pictures, towels, candles and pillows to allow the condo to show it’s very best. After a short time on the market two buyers decided to write offers on the property and within hours the condo was sold at list price to a very happy seller once again proving that putting some effort into your property before selling it can be rewarding financially later. :) 06/04/07
Calgary, July 4, 2007 - Calgary’s Metro MLS® month end inventory for the month of June 2007 was 5,819, showing the highest level recorded this year, according to figures released by the Calgary Real Estate Board (CREB®). Single family Calgary metro new listings added for the month of June totaled, 3,315, a 20.24 per cent increase over the 2,757 new listings added in June 2006. This is a decrease of 9.23 per cent over the 3,652 new listings added in May 2007. Single family Calgary metro properties changing hands in June were 1,756, an increase of 21.10 per cent from the 1,450 recorded in June 2006 and a decrease of 12 per cent from the 1,995 sales recorded last month. The median price of a single family Calgary metro home in June 2007 was $438,000 showing a 13.53 per cent increase over June 2006, when the median price was $385,800 and showing a 0.69 per cent increase from last month when the median price was $435,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits. The Calgary metro Condominium market showed a slight decline in June with new listings added totaling 1,252, an increase of 15.18 per cent from June 2006, when the new listings added were 1,087. This is a 6 per cent decrease from last month when new listings added were 1,332. Calgary metro Condominium sales in June 2007 were 793, a decrease of 9.37 per cent form June 2006, when the sales were recorded as 875 and a 10.60 per cent decrease form last month’s sales of 887. “With these high levels of inventory, we are seeing a shift to a normal market,” says Calgary Real Estate Board President, Ron Stanners. “With this shift, it is more important than ever to price your home competitively, as buyers have more selection to choose from.” The average price of a single family Calgary metro home in June 2007 was $496,459, and the average price of a metro condominium was $323,171. 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. 05/01/07
Calgary, May 1, 2007 – MLS® sales and new listings soared for the month of April 2007, according to figures released by the Calgary Real Estate Board. April combined residential sales totaled 3,505, a 3.88 per cent increase over April 2006 when sales were recorded as 3,374, and a 11.01 per cent decrease from March 2007, when the sales were 3,939. The breakdown of the April 2007 combined sales was, 2,529 single-family residences, 960 condominium, and 16 mobile homes. April 2006 sales in the same categories were, 2,440; 912; and 22, respectively. April 2007 saw 5,118 new listings coming to the market, an increase of 43.36 per cent from April 2006, when the new listings were 3,570, and showing a decrease of 1.48 per cent from last month’s 5,195 new listings. The average combined residential sale price for April 2007 was $420,807 a 23.29 per cent increase over April 2006, when the average price was $341,302, and a 1.32 percent increase over the March 2007 average price of $415,321. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of April 2007 over 2006: single-family $458,668 / $375,818; condominium $326,884 / $256,151; mobile home $71,812 / $42,968. Condominium sales in April saw 960 condominiums changing hands. This is a 5.26 per cent increase over April 2006, when the condominium sales were 912 and a 17.74 per cent decrease over last month’s sales of 1,167. The average price of a condominium in April 2007 was $326,884, an increase of 27.61 per cent from the same period last year, when the average price was $256,151 and a 6.07 per cent increase over March’s average price of $308,187. “This is a stabilizing month for MLS®. Sales and listings are down moderately from March; however new listings in April are approximately 1,550 ahead of April 2006″, remarked CREB® President, Ron Stanners. “The average sale price in April for a single family home has declined moderately from March, from $462,000 to $458,000. Accurate pricing is becoming even more important in this stable market; contact a REALTOR® for professional assistance”, continued Stanners. 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. The median price is determined by selecting the middle number of total sale prices – the combined residential median for April 2007 was $388,000; up 24.32 per cent from April 2006, when the median price was $312,107 and up 3.19 per cent from last month’s median of $376,000. The Calgary Real Estate Board is a professional body of 5,253 licensed brokers and registered associates, representing 254 Member offices. 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 http://www.creb.com/.
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04/09/07
Why do we “Open House”? It is funny because as I sit with sellers discussing a marketing plan specific to their property, many sellers ask me if I do open houses and are confused about what an open house really offers. Open houses are nothing but a prospecting vehicle for Realtors to find new buyers or sellers. Sure occasionally they might find the right buyer through this process but it is not as likely. Most visitors to your open house will likely be nosey neighbors hoping to get a glimpse of their own value or just plain nosey to see what you have inside your home! Now that your doors are fully open to anyone in the area that would like to see the inside of your home, how do you know what their intentions really are? Most serious buyers will be working with a Realtor to find their new home. If your home is listed with a Realtor on the MLS system, all Realtors will have access to view your listing, therefore it is safe to say that most serious buyers will view your home through the services of a professional Realtor. Buyers may also find your home through Internet exposure and various other methods of advertising. These buyers will call or contact the advertising Realtor which will give them a chance to qualify the prospect to ensure that home home is only being shown to buyers who are genuinely interested and capable of making an offer on your home, instead of the nosy neighbors attending your open house! 04/02/07
Calgary, April 2, 2007 – MLS® sales and new listings soared for the month of March 2007, breaking all time MLS® records, according to figures released by the Calgary Real Estate Board. March combined residential sales totaled 3,939 (the highest MLS® sales number ever recorded), a 12.99 per cent increase over March 2006 when sales were recorded as 3,486, and a 17.65 per cent increase from February 2007, when the sales were 3,348. The breakdown of the March 2007 combined sales was, 2,755 single-family residences, 1,167 condominium, and 17 mobile homes. March 2006 sales in the same categories were, 2,481; 990; and 15, respectively. March 2007 saw 5,195 new listings coming to the market (an all time MLS® record), an increase of 31.55 per cent from March 2006, when the new listings were 3,949, and showing an increase of 39.24 per cent from last month’s 3,731 new listings. The average combined residential sale price for March 2007 was $415,321 a 27.63 per cent increase over March 2006, when the average price was $325,399, and a 5.60 percent increase over the February 2007 average price of $393,307. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of March 2007 over 2006: single-family $462,811 / $363,361; condominium $308,187 / $234,600; mobile home $73,591 / $39,093. Condominium sales in March saw 1,167 condominiums changing hands. This is a 17.88 per cent increase over March 2006, when the condominium sales were 990 and a 15.43 per cent increase over last month’s sales of 1,011. The average price of a condominium in March 2007 was $308,187, an increase of 31.37 per cent from the same period last year, when the average price was $234,600 and a 2.12 per cent increase over February’s average price of $301,777. “This is an interesting month for the MLS®. Sales and new listings have broken records and are the highest they have ever been in the MLS® history. This year, MLS® new listings are up by 32 per cent over last year, giving the consumer much more product to choose from”, remarked CREB® President Elect, Ed Jensen. “With an increase in properties for sale, it should keep the average price steady. It’s still very important to work with your REALTOR® for advice on pricing your property competitively, to ensure a quick sale”, continued Jensen. 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. The median price is determined by selecting the middle number of total sale prices – the combined residential median for March 2007 was $376,000; up 31.93 per cent from March 2006, when the median price was $285,000 and up 3.58 per cent from last month’s median of $363,000. The Calgary Real Estate Board is a professional body of 5,508 licensed brokers and registered associates, representing 255 member offices. 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. The Calgary Real Estate Board is a professional body of 5,506 licensed brokers and registered associates, representing 256 member offices. 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 http://www.creb.com/.
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03/21/07
A question that I find comes up often is why would I use a mortgage broker instead of just going to my bank? There are numerous reasons why a person should use a mortgage broker.
When I explain the advantages of dealing with a mortgage broker a common response I get is, why doesn’t everyone deal with a mortgage broker then? The answer is…..EXACTLY!! Ryan Nemeth 03/18/07
How Do Realtors Get Paid Well Realtors work on a comission basis as you probably already know that but who pays for the services? In most cases 99% the norm is that the seller pays the commissions and they are split between the buyers agent as well as the sellers agent. Unless you have negotiated something different with your agent, then it is safe to assume that this is the case. The good news for a buyer is that it does not cost anything for your to work with a Realtor to find your new home because the fees are essentially paid for by the seller to find the buyer. You get the experience and knowledge of a professional to guide you through the entire process from finding the new home to negotiating a favorable contract with the right conditions to protecting you in the purchase. The advice given by a Realtor is essential with any purchase or sale. A sucessful Realtor will sell hundreds possibly thousands of homes or condos within their career, a typical person will sell just a few so the expereince is an essential part of this equasion.
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03/12/07
Buyers who want to wait for the market to go down, honestly never end up buying at all. I have heard buyers say this for 10 years. Yep 10 full years. Now I often wonder if those first few buyers that mentioned this to me early on in my career ever bought anything at all. I think that people are afraid of making a wrong decision, they are so afraid that they look for an excuse to not have to make a decision at all. I hear all the time my mother said, my lawyer said, my banker said. But in all reality those people are “Not in the market actively” these people might be smart and you might respect their opinions, but please make your decisions based on what a professional Realtor has to say about the market and where it is heading because Realotrs are in business everyday “Selling Real Estate” and they are the most informative abotu the market because like me, “We live eat and breath real estate” Those clients 10 yrs ago were looking for a home, the perfect home but could never buy a house because they were convinced the market would crash. I begged and pleaded with them to buy a home because I knew it woudl not crash, no more then it will today. Now that $150k house is $450k! Their fear enabled them to justify not buying a house, and they are probably still renting waiting for the market to come crashing down. Don’t let this be you! 03/01/07
Calgary, March 1, 2007 – MLS® sales and new listings came in strong for the month of February 2007, according to figures released by the Calgary Real Estate Board. February combined residential sales totaled 3,348, a 9.66 per cent increase over February 2006 when sales were recorded as 3,053, and a 27.25 per cent increase from January 2007, when the sales were 2,631. The breakdown of the February 2007 combined sales was, 2,319 single-family residences, 1,011 condominium, and 18 mobile homes. February 2006 sales in the same categories were, 2,152; 895; and 6, respectively. February 2007 saw 3,731 new listings coming to the market, an increase of 15.62 per cent from February 2006, when the new listings were 3,227, and showing a decrease of 6.96 per cent from last month’s 4,010 new listings. The average combined residential sale price for February 2007 was $393,307 a 29.14 per cent increase over February 2006, when the average price was $304,550, and a 4.7 percent increase over the January 2007 average price of $375,646. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of February 2007 over 2006: single-family $435,802 / $342,412; condominium $301,777 / $215,301; mobile home $59,556 / $37,417. Condominium sales in February maintained a steady pace with 1,011 condominiums changing hands. This is a 12.96 per cent increase over February 2006, when the condominium sales were 895 and a 21.22 per cent increase over last month’s sales of 834. The average price of a condominium in February 2007 was $301,777, an increase of 40.17 per cent from the same period last year, when the average price was $215,301 and a 5.55 per cent increase over January’s average price of $285,918. “With February statistics now on record, it is clear that our strong balanced market is going to continue,” explained CREB® President, Ron Stanners. “With sales 9% above February 2006 numbers, it would appear that we are heading into a stronger market than last year. Our saving grace is that we have almost twice as many residential listings at the end of February this year as compared to February 2006. This should keep our market balanced, but anticipate prices moving up through March. This is where the true value of a REALTOR® can help you whether you are buying or selling. Contact your REALTOR® for professional assistance,” concluded Stanners. 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. The median price is determined by selecting the middle number of total sale prices – the combined residential median for February 2007 was $363,000; up 35.45 per cent from February 2006, when the median price was $268,000 and up 7.72 per cent from last month’s median of $337,000. The Calgary Real Estate Board is a professional body of 5,506 licensed brokers and registered associates, representing 256 member offices. 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 http://www.creb.com/.
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02/08/07
In the past year there has been huge changes in mortgage qualifying. One of the largest changes has been in 0 down payment mortgage qualifying. There has been zero down payment mortages in Canada for over 4 years now. However, up until last year the qualifying criteria was so strict that unless you could walk on water AND chew gum at the same time you wouldn’t get approved (along with having a superior credit score, been at your job for two years, etc, etc). Last year lending guidelines were greatly improved for people looking to buy a home without making a down payment. Improved in the sense that it is now actually practical that a person can qualify for this type of mortgage. As well, now it is possible to qualify for this type of mortgage at the best interest rates available! Previously this was not the case, the interest rates on 0 down were over 1% higher than the best rates aavailable. If you are considering buying a home that is $300,000, in the past the minimum down payment would have been 5%. In this case $15,000 (5% of $300,000). If a person has gone through post-secondary education and is relatively new to the work force and likely paying student loans, along with the other costs associated with living it can take quite awhile to save $15,000. This is where a zero down payment mortgage is great. It allows you to buy a home and begin building equity right away. Instead of renting for a few years, building someone else’s equity for them, while you try to save for a down payment. The main things you need to know for a zero down payment mortgage are: This is not a way that you can buy multiple properties and get rich. I am not talking about what you see on infomercials where people talk about buying houses with no money down and then making a huge profit on them. That does not happen. If anyone reading this knows someone who has done that I would love to hear about it, it would be a first. I suspect I will meet someone who has a unicorn for a pet first! If you are wanting to buy a house now to live in and are concerned that you can’t because you do not have a down payment, do not despair, you very likely can! Regards, 02/07/07
When buying a home or condo it is essential to get a home inspection. Some clients do skip this step because of the expense but the reality is that the expense you are saving by skipping the home inspection might not be saving you any money at all. The truth is that the home inspection may provide details of repairs which might exceed the cost of the home inspection anyway. There are many Calgary home inspection companies available to choose from. So please do your homework when making a choice. As a Calgary Realtor I have used many different home inspection companies over the years, with that experience I can point you in the right direction and assist you in narrowing down a few to choose from. You will want to know a few things before you pick any one home inspection company.
Questions? Please feel free to contact me! -Crystal Tost
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02/02/07
Calgary, February 2, 2007 – MLS® sales and new listings came in strong for the month of January 2007, according to figures released by the Calgary Real Estate Board. January combined residential sales totaled 2,631, a 9.63 per cent increase over January 2006 when sales were recorded as 2,400, and a 30.57 per cent increase from December 2006 when the sales were 2,015. The breakdown of the January 2007 combined sales was, 1,787 single-family residences, 834 condominium, and 10 mobile homes. January 2006 sales in the same categories were, 1,762; 624; and 14, respectively. January 2007 saw 4,010 new listings coming to the market, an increase of 34.56 per cent from January 2006, when the new listings were 2,980, and showing an increase of 140 per cent from last month’s 1,670 new listings. The average combined residential sale price for January 2007 was $375,646 a 29.83 per cent increase over January 2006, when the average price was $289,328, and a 3.87 percent increase over the December 2006 average price of $361,640. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of January 2007 over 2006: single-family $419,324 / $322,764; condominium $285,918 / $200,668; mobile home $53,710 / $32,778. Condominium sales in January maintained a steady pace with 834 condominiums changing hands. This is a 33.65 per cent increase over January 2006, when the condominium sales were 624 and a 40.64 per cent increase over last month’s sales of 593. The average price of a condominium in January 2007 was $285,918, an increase of 42.48 per cent from the same period last year, when the average price was $200,668, and a 1.58 per cent increase over December’s average price of $281,459. “Although it is very early in the year, the sales and listing activity in January is relatively strong and is showing a better balance than it did in January of 2006,” explained CREB® President, Ron Stanners. “This first quarter of 2007 will be telling in how the market will unfold, however, if you have, or are thinking of listing your property early this year, your best resource is your REALTOR®, who can give you sound advise in setting the best price point for a quick sale,” concluded, Stanners. 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. The median price is determined by selecting the middle number of total sale prices – the combined residential median for January 2007 was $337,000; up 32.16 per cent from January 2006, when the median price was $255,000 and up 0.90 per cent from last month’s median of $334,000. The Calgary Real Estate Board is a professional body of 5,484 licensed brokers and registered associates, representing 254 member offices. 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 http://www.creb.com/.
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01/31/07
A lot of�people assume that being a Realtor is easy. Let me assure you it is not! There is a lot of turn over with agents in the industry and I am sure that the reason is because of the difficulty. It is easy to become a Realtor, yes that it is true. You take some courses, pass the test and whamo you are a Realtor. The hard part is actually making a living selling property. The hours are long, you are always on pager and accountable to your clients. You must always be available even through children’s birthday parties, weddings, grocery shopping, you name it, you must be available to your clients. The clients are your business. Not everyone is cut out for that. Many of my friends see me leave social functions to negotiate offers and speak to clients. My friends understand but comment that they could never do my line of work for those reasons.� In the same breath I could say the same for their line of work too. :) And there you have it, the reason why some are Realtors and others are not! We are all different people with different strengths and different personalities. I took my Calgary real estate course 10 years ago (1997) and out of a full class of almost 40, I think there are 5 of us still selling real estate in Calgary, and that is actually a pretty high number. Most of these people start real estate thinking they are just going to make great money with little effort. Unfortunately that does not happen, you get what you put it, but not always. I have seen people work very hard and still not get anything out of it. There are no guarantees. Most new agents leave the business the first year. I think that says alot for how hard it really is. So if you are considering a real estate career, do your research because it might not be for you!
Crystal Tost
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01/27/07
In the last few weeks the Calgary real estate market seems to be taking a turn. Properties seem to be moving quickly if they are priced right. We have even seen the return of the mutiple offer once again. These are good signs for a January market. This market will only get stronger as we near Spring. Earlier predictions of a 10% increase for 2007 look weak as we head into February. There seems to be an unusual amount of activity for this time of year. If buyer activity continues we could see a fairly active and potentially crazy market again this spring. I do not think that the market will get back to the way we saw it in 2006 (at least I hope not) but Calgary still has a way to go.
-Crystal Tost
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01/24/07
One might think that buying a condo would be easy, well it can be if you buy with the right Realtor! In addition to finding the right condo, you will have to make choices regarding a home inspection (please review home inspection posting) as well as the review of your condo documents. But before we even get to that point, you need to be sure that you have all the condo documents necessary. Recently while I was working on two condo transactions with well known Realtors, I found that their knowledge on the condo document front to be disappointing. I was given less than perfect condo packages for my buyer to review. There were many “missing” pages. The bottom line is that missing pages can cost a buyer money. A purchaser may remove his/her conditions without knowing all there is to know about a condo’s financial picture. When you purchase a condo with me, it is my job to ensure you get all the relevant paperwork to make an informed decision about buying any condo. If you are not comfortable reviewing these documents, there are companies that specialize in reviewing these documents on your behalf and providing you with a summary. This is an excellent idea for those of you who do not know what you are looking for.
-Crystal Tost http://www.calgarylistings.com/
01/23/07
In the past year there has been a huge increase in how long a mortgage in Canada can be amortized for. At this time last year the longest a person could have a mortgage for was 25 years. Now it is 40! The advantage to the longer mortgage amortization is that it reduces the monthly payment on the mortgage. For instance a mortgage of $200,000 at 5.3% with an amortization of 25 years has a monthly payment of $1197.60. The same mortgage of $200,000 with a 40 year amortization and an identical interest rate of 5.30% has a monthly payment of $996.72. The obvious benefit of the longer amortization is that you pay less to own the roof over your head, and are able to have more cash available for other things, like food for instance. The disadvantage of course is that you will end up paying that monthly payment for 15 years longer. When you think of it that way its not so attractive. BUT just because a person sets up a 40 year mortgage when they first get their mortgage does not mean it will stay at 40 years. The person who is most likely to get a 40 year mortgage is a first time home buyer, who is likely young with their peek earnings years still ahead of them. For people in this situation it is still much better to buy a home with a 40 year amortization than continue to rent. When the mortgage term is up the mortgage can always be re-amortized at that time. For instance, lets say that Mr & Mrs Happy find a lovely home with Crystal, but can only qualify for the mortgage if they amortize the mortgage for 40 years. Mr & Mrs Happy feel sad about the length of the mortgage, but they know that when their mortgage comes up for renewal in 5 years they can change the mortgage amortization at that time to whatever they want, 25 years, or 20 years for instance. In five years it is very likely that Mr & Mrs Happy’s financial position will have improved, they are earning more income and do not need to have such a long mortgage. In the meantime they have built equity in their property as opposed to the friends Mr & Mrs Shoulda who decided they didnt want a 40 year mortgage and would keep renting instead. Five years later Mr & Mrs Shoulda’s rent has gone up considerably, along with the price of houses and they better hope that a 50 year mortgage is available then so they can qualify for a mortgage at that time! The longer mortgage amortizations have made home ownership an option for more people than ever before. And as I mentioned just because you have to set things up a certain to buy your home in the first place, does not mean you need to keep it that way forever, or in this case not for 40 years! Ryan Nemeth
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01/21/07
So you have decided to buy or sell a home, and you are looking for a Realtor to assist you with your real estate goals. How will you know who you should use? Aren’t all agents alike? NO… We Are Not All Alike ! The first thing you should know is that getting a real estate license is the easy part. In Calgary the real estate agents program is a mere month, after which you must pass a test. Seems simple enough doesn’t???So does that make you ready to sell real estate? For some I am sure it is, shouldn’t you know who you entrust the sale or purchase of your home to?? In the first years, a Realtor can make many mistakes that can cost you money, you shouldn’t make that mistake with your investment. Here are some questions you will need answers to when choosing a real estate professional to represent you when buying or selling a home:
-Crystal Tost For more information regarding the professional services of a Realtor, please see my website: Calgary Real Estate
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01/19/07
Calgary Real Estate Market Forecast for 2007 The Calgary Real Estate Board held their annual market forecast this past Wednesday.? This is an annual even that I am always happy to attend. It is nice to get a little market insight for the upcoming year. Typically there are two presentations, one from the real estate board and another from a guest speaker typically with some sort of economics degree. Although usually quite dry, statistically appealing. This year was a bit of a disappointment with no economic guest speaker. The Calgary real estate board forecasts an estimated 9% overall price increase for the year, not to be seen until near the end of 2007. A strong market is what is in store for Calgary for 2007. We should see more activity in the condo market then in the past because of the price increases in the single family market, making it more difficult to afford detached single family homes. - Crystal Tost The Calgary Real Estate Board, in its annual forecast Wednesday, predicted the average sale price for condos to rise by nine per cent this year and total sales to increase by three per cent. And while single-family home prices will jump by seven per cent, total sales in that market will drop by four per cent, it said.
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01/03/07
Calgary, January 3, 2006 – Calgary’s MLS ® Sales and Listings numbers closed the year with record breaking figures, according to figures released by the Calgary Real Estate Board (CREB ® ). Year-to-date combined residential sales totaled 32,912, the highest ever recorded in MLS ® history and an increase of 4.53% over 2005’s year end combined residential figure of 31,485. Listings, while slow at times during 2006, finished at 44,712, surpassing 2005’s year end combined listing number of 39,698, showing an increase of 12.63 per cent. The December residential combined sales rang in at 2,015, showing an increase of 7.52 per cent from December 2005 when the sales were recorded as 1,874 and showing a decrease of 12.88 per cent from November’s sales of 2,313. The following shows the breakdown of the December combined sales; 1,414 single-family residences, 593 condominium, and 8 mobile homes. December 2005 sales in the same categories were, 1,341, 530, and 3, respectively. Combined residential listings in December were 1,670, showing a typical seasonal drop of 41.40 percent from the 2,850 recorded in November, but showing an increase of 6.98 per cent from the 1,561 listings that came to the market in December 2005. The average year-to-date residential sale price was $346,673, an increase of 38.17 per cent over the year end average price in 2005 of $250,906. The average combined residential sale price for December 2006 was $361,640, showing a 32.35 per cent increase over December 2005, when the average price was $273,238, and showing a slight increase of 0.27 per cent from the November average price of $360,674. Broken out, the following is a comparison of single-family, condominium, and mobile home average sale prices for the month of December 2006 over 2005: single-family $396,870 / $305,676; condominium $281,459 / $192,412; and mobile home $78,250 / $53,000. Year-to-date Condominium sales were a record breaking 9,608, an increase of 9.76 per cent from 2005’s year end number of 8,754. Condominium sales in December totaled 593 showing an increase of 11.89 per cent over December 2005 when 530 condominiums changed hands and a decrease of 11.49 per cent from the 670 sales recorded in November. The average sale price of a condominium in December 2006 was $281,459, an increase of 46.28 per cent from December 2005 when the average price was $192,412 and a very slight decrease of 0.43 per cent from November’s average price of $282,680. “It is good to see that unit sales in December 2006 were up slightly over December 2005, probably due to having 50% more inventory as we close the year,” says Calgary Real Estate Board President, Kevin Clark. “That however is not the full picture. Of the properties that sold in December, 40% had reduced their price by an average of 5.3% before selling; 90% negotiated a sale price an average of 3% below their asking price; and 11% sold at or above list price! It remains a complex market, so talk to your REALTOR ® ; it will be the best investment you make in 2007”, concluded Clark. 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. The median price is determined by selecting the middle number of total sale prices – the combined residential median price for December 2006 was $334,000. This is an increase of 40.34 per cent from December 2005, when the median price was 238,000. The Calgary Real Estate Board is a professional body of 5,431 licensed brokers and registered agents, representing 254 Member offices. 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 http://www.creb.com/.
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