A blog cannot deal with all aspects of a subject and is not intended to replace professional advice. It's purpose is to highlight information and identify areas of possible interest. Anyone wishing to discuss this blog or to make any comments or suggestions about this blog is invited to do so by either posting comments or emailing me directly.

 

With the winter season just on the horizon, here are the latest housing market updates for areas covered by the Calgary Real Estate Board Co-Operative.

In our latest market update, CREB reports that homes under $500,000 have been moving to more balanced conditions, and that resale sales activity in October improved by nearly 10% compared to last year, driven mostly by improvements for apartment and attached product.

New listings also eased, which helped reduce inventory levels and the oversupply in the market. Despite the move to more balanced conditions, the market remains oversupplied and prices continue to remain below last year’s levels.

According to CREB® chief economist Ann-Marie Lurie,
“Employment has shifted in the city, with job growth occurring in our non-traditional sectors and often at a different pay scale. This is consistent with the shift to more affordable housing product. However, at the higher end of the market the amount of oversupply is rising, as supply...
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Last week's Alberta Provincial budget announced a pending increase to the Alberta Land Title Office's registration fees for both transfer of land and mortgage registrations.


Currently, the fees are:

For mortgage registrations – $50 + $1 for every $5,000 in mortgage amount, plus

for land transfer registrations – $50 + $1 for every $5,000 in the purchase amount.


While the fixed component of the fee remains the same, the variable portion is merely doubled. So, the new amounts are:

For mortgage registrations – $50 + $2 for every $5,000 in mortgage amount, plus

for land transfer registrations – $50 + $2 for every $5,000 in the purchase amount.


So, for a typical purchase of, say, $500,000 with a $400,000 mortgage, the amounts are slated to go from:

$280 (i.e. [$50 + $400,000 / $5,000] + [$50 + $500,000 / $5,000]), to

$460 (i.e. [$50 + 2 x $400,000 / $5,000] + [$50 + 2 x $500,000 / $5,000]).


In the grand scheme of things, this is a pretty insignificant amount given...

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Putting a house on the market can be a stressful time for many sellers, even during the height of a seller’s market when everything is working in your favour.


You consult with your real estate agent to come up with a price – a price that, in your mind, may not accurately reflect your home’s value – but actually reflects the house in which you’ve lived. You bite the bullet, accept your agent’s insight, put the house on the market and then…


Crickets.


No interest. No showings. No nothing!


What did you do wrong? The house where you’ve created so many memories – your home – isn’t only not valued by others in the same way as you but isn’t even worth seeing.


Why? Let’s take a look at six reasons why your house isn’t getting showings:

1. It’s Overpriced

Let’s get straight to the biggest issue: In almost every case, the reason your house isn’t getting showings is because it’s priced too high....

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When viewing home listings, have you ever thought, "How many days has this home been on the market?" Sure, almost everyone does.


Why do people wonder and always inquire about this number?


Well, it probably has to do with the thought that if a property has been on the market for, say 90 days, then there must be something wrong with the home/property, the home is priced too high, there mustn't be enough commission being offered to buyer's agents (and therefore the buyer would most likely have to top up any shortfall), or the seller must be getting desperate to sell and therefore will be more willing to take a "much lower offer." All great reasons.


All of these are the same reasons why some agents play a little sales gimmick with that DOM number (under the direction of the seller, of course).


Here is what agents know: If a property listing expires or is terminated early, then the DOM (Days On Market) indicator is reset back to ZERO. So, if they relist the property for sale the same day, or...

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I was asked recently, just what is a "Clause Sale"?


Wow, that is a term I haven't heard in quite some time, but it makes sense that we, as Realtors, would start seeing it again with the Calgary real estate market being as slow as it is. (i.e. Both the new and resale markets).


So, what is a "clause sale"?


Let's start off with the fact that both terms and conditions in an "Agreement of Purchase and Sale" are collectively called "clauses." Okay, got that? But the term "clause sale" refers specifically to one very specific condition. That condition is that the buyer and the seller agree that the buyer has a type of first-right of refusal on the purchase of a home while they are actively trying to sell their own home.


Generally, we see these types of agreements when the market is slow, and the buyer wants to buy a particular home, but they need to get their own home sold first. So, the buyer and seller come to an agreement in an Agreement of Purchase and Sale with the terms set out in an Addendum...

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The second half of the year is here, and here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


As we have recently stated in our latest market report, oversupply is slowing down within the CREB trading area, but a buyers’ market remains.


New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.


Year-over-year, new listings saw a decrease of nearly 19%. Sales activity slowed this month compared to last year by 6%, but the pullback in new listings was enough to cause inventories to fall by 13% compared to last year’s elevated levels.


While the market still favours the buyer – with 4.3 months of supply – the amount of oversupply has eased and is slowing the decline in prices. As of June, the benchmark price in the city was $425,700, nearly 4% below last year’s levels and comparable to unadjusted prices recorded last month.


As noted by CREB®...

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Oversupply is slowing, but a buyers’ market remains

City of Calgary, July 2, 2019 – New listings coming onto the market continued to decline in June, which is helping to reduce the oversupply of homes in Calgary.


Year-over-year, new listings saw a decrease of nearly 19 per cent. Sales activity slowed this month compared to last year by six per cent, but the pullback in new listings was enough to cause inventories to fall by 13 per cent compared to last year’s elevated levels.


“So far, the housing market has generally behaved as expected this year. Sales activity remains just below last year’s levels, prices have eased and supply is starting to adjust to the lower level of sales,” said CREB® chief economist Ann-Marie Lurie.


“However, it is mostly product priced under $500,000 that is trending towards more balanced conditions.”


While the market still favours the buyer – with 4.3 months of supply – the amount of oversupply has...

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You may currently have or will have in the near future, a student going to University of Calgary. If so, there are a lot of options for them. There are a number of residences and, of course, some other rental opportunities. If residence isn't your preference and a rental isn't realistic, then there are some affordable options for purchasing a condo apartment.


West of CF Market Mall is an area that has some older buildings that are nice. Some may not allow occupants below 21 years-old; others do. The newer towers at University City near the Brentwood LRT station are an option, but most find those just a little too far, the units quite utilitarian and have much smaller rooms.


There are two buildings which are directly across 32nd Avenue NW from the University of Calgary. These two buildings, "3111 Varsity" and "Little Varsity" are separate condominium corporations although they may not look like it.


I have sold a number of units in each building in representing buyers and sellers from...

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Things are looking better in June! Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In CREB’s latest market report, it appears that sales activity has improved for second consecutive month.


Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12% compared to last year.


Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.


According to CREB® chief economist Ann-Marie Lurie,

“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes. This has started to push the market towards more balanced conditions. If this trend continues,...

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Sales activity improves for second consecutive month

City of Calgary, June 3, 2019 – Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.


Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.


Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.


“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.

“This has started...

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Regarding your property insurance, did you know that there are different rules for how long a house can be unoccupied?


Your home is considered unoccupied if you leave it unattended, but the property appears as if you will return any time. Every time a house is left empty, the residence has a greater chance of damage whether it is from plumbing, weather, theft or vandalism.


Reduce your risk with these helpful hints:

  • Have a trusted individual stay at or watch over your residence*
  • Turn off your main water supply to avoid flooding
  • Unplug electronics to prevent surge damage or an electrical fire

Consider contacting your property insurance advisor to inform them of any travel as coverages and notice requirements differ.


Did you know that the items you take with you on vacation could be covered by your homeowners or renters policy?


*For extended absences, check with your property insurance advisor for your policy requirements.

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Yesterday, I was reviewing a new Calgary MLS System listing of a condo apartment property and it reminded me of something that should be of importance to buyers and sellers.


When you are looking for a licensed real estate agent to market and sell your condominium property, PLEASE find one that is certified on Condominium sales or at least has significant experience in condominiums.


As it is, a basic real estate license is all that is needed to market, sell, and assist buyers with condominium purchases. However, it really is a specialty with some significant nuances. The entry-level real estate license program covers only the basics, provides a good summary as to why they are different, and provides a direction that the purchase and listing agreements needs to include key items and wording. It is expected that someone licensed in residential sales who is looking at completing in sales of condomiums (or acreages) will get additional training – but it isn't specifically mandated. It is...

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Ready for month number five for this year? Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!


In CREB’s latest press release, they have mentioned that April 2019 has brought a slight inventory decline along with it, while there have been “no significant changes occurring in sales activity.”


The slight adjustment in supply levels has helped support further reductions in the months of supply, which was 4.6 months in April. While this level still represents oversupply in our market, it does reflect improvement from the nearly seven months of supply that we saw at the start of the year.


According to CREB chief economist Ann-Marie Lurie,

“Demand remains relatively weak in the resale market. However, if supply levels continue to adjust, this could help reduce the amount of oversupply and eventually support some price stability. Sales have been improving mostly in the lower price ranges, causing tighter supply conditions...

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If you have your home for sale, are you getting effective marketing as part of your agent's offering? I have been including floor plans and multiple 360° virtual tours as part of the included marketing services for all listings for sale for the last several years. I have always found them to be really effective in communicating the home and its wonderful features. However, like many leading Realtors®, I am in constant search of ways to improve the effectiveness of my property listing marketing.


Earlier this year, I came across a system that combines both and results in MUCH greater viewership from potential home buyers. Take a look at this as an example of how this system looks:



From the iGuide website:



iGUIDE is the Ultimate Solution that helps sell your home faster, for top dollar with less disruptions.


Every iGUIDE includes property photos, floor plans, room measurements, area calculations, neighbourhood information and a 3D immersive tour.


We use ALL the tools that today's p...

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If you have your home for sale, are you getting effective marketing as part of your agent's offering? Here's an example of what you can ask your agent to include in the marketing of your home!



For a current property listing, we've been on the market for 30 days and have already had 100x the exposure to LOCAL Calgary people whom have demonstrated an interest in real estate than with the Calgary MLS System alone.


Here is today's daily performance summary that we see with each of our listings:

 

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.