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.
A Condominum Document Review is one of the many standard conditions that can be entered on an offer to purchase for Alberta real estate. This condition is inserted to protect the buyer's interests when buying property with condominium ownership. In many cases reviewing the condominium documents is far more important than even doing a home inspection with a licensed property inspector. There are dozens of documents to review: audited and unaudited financial statements, operating budgets, board meetings, engineer reports, a survey(s), 25-year cash-flow projections, owner's obligations, restrictions, by-laws, rules and policies. There are just so many important and costly things that can be hidden in those documents relating to the condominium corporation that you're getting involved in and how well it is being run. In buying a unit in a condominium corporation, you become an partial owner of that corporation. The condominium corporation is a not-for-profit corporation which...
Sales activity remains strong in November.
For the sixth month in a row, sales in the Calgary market recorded a year-over-year gain.
Sales growth over the past several months has been the strongest seen in the past five years, but the activity has not been strong enough to offset the pullbacks from the spring. Year-to-date sales remain over 3% lower than last year’s levels.
New listings continue to slow, reducing inventory in the market. On a year-to-date basis, new listings have eased by nearly 10% and are at the lowest level recorded since 2001. This has reduced the oversupply that has been impacting the market for nearly five years.
Read the full report on the CREB Now website!
The following data is a comparison between November 2019 and November 2020 numbers, and is current as of December 2020.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary region monthly stats package.
As of this Friday, province-wide, licensed real estate agents and unlicensed sales agents (employees of builders and real estate developers) return to operating "By Appointment Only."
Most Realtors are already operating in this fashion throughout the pandemic as has been the recommendation of our national trade association, but as of the new restrictions, we are once again given clear direction from the provincial legislature to which we must comply.
What this means for real estate is pretty simple: Realtors can no longer use OPEN HOUSES as a prospecting method.
OPEN HOUSES had fallen out of favour a few decades ago, but with the advent of 3D virtual tours they are a rarity as there is no longer a need for sellers to vacate their properties for hours on end every weekend and for their agents (or a subcontractor) to sit in the homes to get prospects to view them. Open houses have been an extremely poor way of getting someone to buy a home: a recent real estate statistic is that less than...
New on the market today!
Impressive EXECUTIVE CONDO! Opportunity awaits you in the highly sought-after 3111 VARSITY in this well-established Calgary neighbourhood. This 3rd-floor, 1-bedroom, 1-bath condo has it all: It's MOVE-IN READY + IMMACULATELY MAINTAINED + QUALITY FINISHES + AFFORDABLE CONDO FEES: It's ideal for a working professional or university student with close access to the University & Research Park, Foothills & Alberta Children's Hospitals, Brentwood & Market Malls and only minutes to SAIT or downtown via either University or Brentwood LRT stations. Only a 5-minute walk to the University of Calgary. Open-concept kitchen with stunning features: gorgeous maple cabinetry, sleek black kitchen appliance package including a BOSCH dishwasher, built-in oven + cooktop, Whirlpool fridge + built-in microwave with hood fan, a raised eating bar with pendant lighting that opens to the great room with a sunny, southern exposure ensuring plenty of light throughout. This unit overlooks...
The spread of COVID-19 has affected almost every aspect of our lives. Communities have shown themselves to be resilient, however, and so too have real estate professionals. Responding to the challenge imposed by the pandemic to continue to serve their clients in a safe, responsible manner, agents have incorporated streaming video technology to offer showings while adhering to social distancing best practices.
While many real estate professionals include a very in-depth, 3D virtual tour with every listing they post on the MLS, you may wonder if they have missed something in their tour. Either due to limited space or intentionally. Both of these are valid concerns. You can overcome both of these concerns with a quick personal tour of the home with your own real estate professional.
However, in light of today's concerns, you may not wish to visit 10 or 12 homes in person and only wish to see the TOP 3. No problem – a solution is a VIRTUAL SHOWING. To request a virtual showing contact...
Housing market conditions continue to follow similar trends to last year, with gains in sales.
At the same time, there have been further reductions in new listings, inventory and more declines in prices.
January sales activity was 863 units, nearly eight per cent higher than last year’s levels. While sales remained well below January activity recorded before 2014, they remain consistent with activity recorded over the past five years.
“A persistent slowdown in the energy sector has resulted in a reset in many aspects of our economy. This includes the housing market,” said CREB® chief economist Ann-Marie Lurie.
“We continue to see the slow adjustment to more balanced conditions, but it will take time before that starts to translate into price stability.”
Citywide unadjusted benchmark prices were $417,100 in January. This is slightly lower than the previous month and nearly one per cent lower than last year’s levels.
Benchmark prices eased, but there...
Time flies and by next fall your child will be a college or university student. Most likely, you don't live conveniently close to the school where they will be attending for the next 3-5 years, so they will leave the family home. You are probably thinking about all the money that will be spent in the next few years on rental housing or student residence fees.
Here are some of the benefits of investing in housing for your student child:
- Buy a condo for resale with added value in mind. In the student cities, like Calgary, you'll find neighbourhoods in which condos hold a lot of value and, oftentimes, rise in value. If your child is handy enough, you might want to consider buying a duplex or detached home so that rented extra rooms can help you pay off the mortgage while still saving money compared to paying residence fees.
- If you have several children who will be students in the next few years, the student housing budget of all will probably be far higher than your mortgage payments and carrying...
Are you as excited as we are for the coming new year? Here are the latest housing market updates for areas covered by the Calgary Real Estate Board (CREB)!
As noted in CREB’s latest media release, year-to-date residential sales in the city remain just above last year’s levels due to improvements in the attached sector so far this year.
However, November sales activity eased over last year’s levels, mostly due to pullbacks in the apartment sector.
Meanwhile, new listings eased enough relative to sales to cause inventories to ease and the amount of oversupply to come down slightly compared to last year’s levels.
According to CREB® chief economist Ann-Marie Lurie,
“Achieving more stable conditions will take time. Sales activity has been settling in at lower levels and is likely being influenced by the economic conditions and uncertainty weighing on our market. While the amount of supply in the market continues to ease, the persistent oversupply continues to...
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...
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...
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…
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....
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...
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®...
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...
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...
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,...