Archive for April, 2012

April 2012 Real Estate Market Snapshot

Monday, April 30th, 2012

Gord Piper and Associate’s are happy to announce that Calgary home sales continue to show strength as our inventory of listings remains flat.   Below you will find a short summary of key numbers in the Calgary Real Estate market.  Stats are all taken from the Calgary Real Estate Boards Monthly Stats Package produced for Calgary Realtors.

Calgary Listing Inventory:  Inventory levels for Single Family homes increased marginally while Inventory for Condo’s (Townhouse and Apartment) remained flat.   To put this in perspective the inventory at this time last year was 6324 listings or almost 1000 more.   

Inventory  March   2012  April   2012  Change
Single Family Home 3367 3501 + 134
Condo  Townhouse    606 612 + 6
Condo  Apartment   1119 1157 +38
Total 5092 5270 + 178

 Calgary Sales: 

Sales this month were almost the same as last month.  Looking at year over year this is apox a 26% increase in sales over the same month last year.

Sales March  2012 April   2012 Change % Change
Single Family Home 1576 1582 + 6 +.03%
Condo  Townhouse    235 267 +32 +13.6%
Condo Apartment 356 351 –          5 -.09%
Total 2167 2200 +33 +1.52%

 Calgary Real Estate Sales Prices:  Please note that we are now using the Benchmark price for this comparison.

With inventory increasing only slightly and sales increasing substantially it only makes sense that we see prices start to rise.  As you can see below Single Family homes saw the largest increase.  I believe this is because the increase in sales activity on single family homes started a few months before condo sales started increasing.

Sales Prices March  2012 Benchmark Price    April   2012 Benchmark Price   Change
Single Family Homes 433,500 449500 +16,000
Condo Townhouse    293,600 294,500 +900
Condo  Apartment    247,800 248,300 + 500

Overall the market is now in a seller’s market position while Apartment condos, small towns and country residential are still in a balanced market.  It is interesting as there are still many communities that are in a buyer’s market as they have a higher inventory.  If you want to know how your community sit’s let me know.  

If you have any questions about this summary or any Real Estate questions please feel free to contact us. 

Gord, Eric & Brent

For a free market evaluation click here

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How to decide if you should replace your windows

Wednesday, April 18th, 2012

How to decide if you should replace your windows

One of the most prominent features of any Calgary home is the windows. When they are well maintained they have a positive impact on the impression people (such as potential buyers) will have of your property. The opposite occurs, of course, when your windows look old and worn. 

So does that mean you should replace your windows?

That depends on a number of factors. Window replacement can be an expensive renovation. Here are a few things to consider before making your decision.

  • Do your windows get frost or condensation build-up on the interior side? This could be a sign that the windows are not keeping out the cold as well as they should.
  • Do you see water infiltration or mildew on the interior sides of any of the window sills? This means that moisture is creeping in from the outside, and you need to get those windows repaired or replaced as soon as possible.
  • If your windows are double-paned – (two panes of glass) – check for any signs of moisture in between the glass panes. Moisture indicates that the thermal seal is broken and at a minimum, the glass will need to be replaced.
  • Take a look at your windows from the outside. Is the trim rotted or cracked anywhere? Are there dark spots or any signs of rotting on the wood frames? Repairs or replacement may be required.
  • Check the operation of your windows. Do they open and close easily? This is important because some windows, such as those in bedrooms, are often designed to be big enough to use as an exit in case of a fire.
  • Finally, are you happy with how your windows look? Do you feel that your property will look significantly better with new windows?

Although they are expensive, replacing windows has a lot of advantages. Depending on the efficiency of your current windows, replacing them could cut your energy costs by 10-20%. In addition, new windows block out more exterior noise, making your home quieter.

Want more tips on increasing the value, and enjoyment, of your property? Contact us

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Calgary Real Estate March 2012 snapshot

Tuesday, April 3rd, 2012

Another exciting month in the Calgary Real Estate Market.  With our Inventory increasing only slightly and the sales increasing substantially it is driving prices upwards.  We have noticed that especially in some Northwest Communities it is becoming harder to find quality homes for our clients.   Below you will snapshot of whats happening in the Calgary Real Estate Market.

Calgary Listing Inventory:

Inventory levels for both Single Family homes and Condo’s increased this month.  This movement is normal for this time of year but what is important to look at is the increase compared to our sales. This increase now seems small and what we are seeing on the street is that it is getting hard to find good homes in certain areas now.

Inventory Feb  2012
 March   2012 Change
Single
Family Home 		3093 3367 274
Condo  Apartment
 1031 1119 88
Condo
Townhouse 		612 606 -6
Total
 4736 5092 +356

Calgary Sales:

The chart below speaks for itself with sales in all categories increasing.         

Sales February  2012 February  2012 Change % Change
Single Family Home 1284 1576 +292 +22.7
Condo Apartment 248 356 +108 +43.5
Condo Townhouse 205 235 +30 +2.2
Total 1737 2167 +430 +24.7%

Calgary Real Estate Sales Prices:  Please note that we are now using the
Benchmark price from the Calgary Real Estate Board for this comparison.

Again the chart below speaks for itself.  With inventory increasing only slightly and sales increasing substantially it only makes sense that we see prices start to rise.  Simply Supply and demand at work.

Sales Prices Feb 2012
Benchmark Price 		March  2012 Benchmark Price Change
Single Family Homes 427,000 433,500 +6500
Condo Apartment 242,900 247,800 +4900
Condo Townhouse 288,600 293,600 +5000

Overall the market is now in a seller’s market position.   It is interesting as there are still many communities that are in a buyer’s market position as they have a higher inventory. If you want to know how your community is positioned let me know.

If you have any questions about this summary, the attached stats package or any Real Estate questions please
feel free to contact us anytime.

Gord, Eric & Brent

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Renting Your Home

Sunday, April 1st, 2012

There are many reasons why homeowners choose to get into the
rental market. Many choose to rent out their home or Condo while waiting for
the Calgary Real Estate Market to improve. Some homeowners want to generate
rental income from a second home or vacation property. Still others find
themselves with multiple properties in hand after large life events, such as
marriage, relocation, or inheritance.

Regardless of the reasons for getting into the business of
renting properties, it’s important to get started on the right foot. That
involves asking yourself some hard questions, doing your research, calling in
the experts, and even putting in some elbow grease to get your property ready
for the rental market. Here’s a quick guide to what’s involved.

Mull it over
Owning a rental property is much more than just collecting payments every
month. As a landlord, you are legally responsible for providing a safe, livable
home for your tenants, as well as maintaining the property with timely repairs.
Consider that owning and maintaining rental properties is running a business.
Ensure that you have the time, resources, skills, and patience for the
often-unpredictable nature of the industry.

Do your research
Take a long, hard look at your rental unit and write a list of its attributes,
including square footage, neighborhood, number of bedrooms and bathrooms,
amenities, and yard size. Then, search for comparable units online to get a
good idea for how much you’ll be able to charge.
Number crunching
Once you know how much you’ll be able to charge for your rental property,
consider additional costs, such as the increased price of homeowners’
insurance, the cost of maintenance and repairs, unanticipated damage by
occupants, carrying costs between tenants, and advertising, to name a few.

To outsource, or not to outsource?
If you are interested in renting your property, but don’t want to fulfill the
role of landlord, consider hiring a property management company. In exchange
for a monthly fee, property managers will find and screen tenants, serve as the
main point of contact for occupants, manage repairs, collect rent payments, and
tackle other duties.

Consult a lawyer and accountant
Rental income must be reported on your taxes, but some expenses may be tax deductible.
Consult a qualified accountant to explore the potential financial gains and
losses that come with renting property.

Additionally, consult a real estate attorney in your local area.
While you may be able to find sample rental contracts online, a lawyer who is
familiar with laws and regulations in your local area will make sure that the
lease agreement your tenants will sign is legal, proper, and protects you
in case of unexpected events. Alberta Landlord and Tenant is another great source for lease agreements.

With good preparation, consultations from experts, and an honest
look at the finances involved, homeowners can find renting property to be a
beneficial way to increase income, delay selling a home until the market
improves, or cover costs associated with owning multiple properties.

Considering Buying a Rental Property

In addition to the information above there are many other things to consider including the choice between a house and a condo.   For information on Investment Properties contact us.

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