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Calgary Real Estate Market Watch

Wednesday, July 20th, 2011

Are you tired of getting general or old information about the Calgary Real Estate Market?

Want to keep up to date with today’s market?

We are pleased  to offer you a new free market report delivered to your email  bi-weekly, monthly or bi-monthly – your choice.   The great thing about this report is you are in control – the information sent is based on what you ask for. 

The report is based on the postal code you enter and provides you with graphs, data on listings, sold listings and days on market.  You can even drill down and look at specific sold listings.

To view a sample report: Click here to see the report

If you like what you see and would like to set up your own Market Report go to www.calgaryareasolds.com

We will send you no other unsolicited info – just what you ask for.  You can also unsuscribe anytime!

Courtesy of Gord Piper and Associates with CIR Realty.

For more information contact us.

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June 2011, Calgary Real Estate Stats at a glance

Sunday, July 3rd, 2011

Want to know  instantly whats happening in the real estate market in Calgary.  Below you will find a summary of some key areas with a few short comments.  All stats are taken directly from the Calgary Real Estate Boards monthly stats package for June 2011.  These highlights are all you need to stay informed.  Provided to you courtesy of Gord Piper and Associates.

Calgary Listing Inventory:  As shown below our inventory in Calgary Metro increased marginally this month.   

Inventory May  2011 June 2011 Change
Single Family Home 4616 4744 128
Condo’s 2092 2023 (69)
Total 6708 6767 59

 Calgary Sales: 

Calgary sales for the month of June showed increases in both single family and condos. Of interest, this is the first month all year where condo sales beat the number of condo sales in the same month of last year.  Single family homes have done this for a few months After years of research and testing the new system is designed to provide learner drivers with all the training, resources and qualified bronx driving schools instructors required to become a licensed driver. now.    

Sales May 2011 June 2011 Change
Single Family Home 1313 1398 85
Condo’s 503 581 78
Total 1816 1979 163

 

Calgary Real Estate Sales Prices:    Prices for Single Family homes and for condos decreased very slightly this month.  It’s interesting that for the last 3 months prices of single family homes have been almost flat at 420,000, 423,000 and 417,250.   Condos have stayed between $260,000 and $270,000 for the last 3 months.   This makes sense as our inventory is holding steady and sales are strong.  

Sales Prices May  Median Prices June Median Prices Change
Single Family Homes $423,000 $417,250 ($5750)
Condo’s $269,250 $265,000 ($4,350)

 Overall we are still in a slight buyers market. 

If you have any questions about this summary, or would like to receive the entire stats package or have other Real Estate questions feel free to contact us.  

Gord Piper and Brent Wilcox 

CIR Realty

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May 2011, Calgary Real Estate Stats

Friday, June 3rd, 2011
Calgary Real Estate Board Stats for the month of May have been published and here is our summary  of some key areas with a few short comments. 

Calgary Listing Inventory:  As shown below our inventory in Calgary Metro increased by 308 listings this month.   This is very typical to see listings rise as spring arrives.  

Inventory  April  2011 May 2011 Change
Single Family Home 4395 4616 +221
Condo’s 2005 2092 +87
Total 6400 6708 +308
 Calgary Sales: 

Overall Calgary sales for the month of May increased slightly from April.  Single family home sales increased while condo sales decreased ever so slightly.  Interesting enough sales of Inner city homes increased by almost 4%    

Sales April 2011 May 2011 Change
Single Family Home 1217 1313 +96
Condo’s 535 503 -32
Total 1752 1816 +64
 Calgary Real Estate Sales Prices:    Prices for Single Family homes increased by $3,000 this month while condos increased by $8,500.  This makes sense as our inventory is holding steady and sales are remaining steady.  

Sales Prices April Median Prices May Median Prices Change
Single Family Homes $ 420,000 $423,000 +$3,000
Condo’s $260,000 $268,500 +$8,500
  

Absorption Rate:  When looking at Real estate stats it is imperative to look at the absorption rate.

Absorption rate is simply the total inventory divided by the number of sales in the last month.  An absorption rate of between 2.3 to 4.0 months reflects a balanced market while a higher rate reflects a buyer’s market and therefore a lower rate reflects a seller’s market.  From the chart below you can see that we are still in a slight buyers market.

 May Absorption Rate Chart

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

Gord Piper  & Brent Wilcox                                                                                                                                                     

CIR Realty

403-861-2256

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April 2011, Calgary Real Estate Board Statistics

Monday, May 2nd, 2011

As a Calgary Realtor we receive a monthly statistics package from the Calgary Real Estate Board and it is my pleasure to share with you some of the highlights.  As supply and demand is the basis for what happens in the market, we will simply look at inventory, sales and of course prices.  Hope you enjoy and if you would like a copy of the entire stats package or information regarding your community simply contact us.

Calgary Listing Inventory:  As shown below our inventory in Calgary Metro increased by 483 listings this month.   This is very typical to see listings rise as spring arrives.  

Inventory  March  2011 April 2011 Change
Single Family Home 4024 4395 371
Condo’s 1913 2005 92
Total 5937 6400 463

 Calgary Sales: 

Calgary sales for the month of April declined slightly from March for both single family homes and condos.   It is unknown at this point how much the changing mortgage rules have affected sales and we won’t really know for till the end of June when people’s pre-approvals from before the mortgage changes run out. My feeling is not very much which means sales could continue  very strong in the upcoming months.   

Sales March 2011 April 2011 Change
Single Family Home 1355 1217 -138
Condo’s 581 535 -46
Total 1936 1752 -184

 

Calgary Real Estate Sales Prices :    Prices for  Single Family homes increased by $20,000 this month while condos increased by $4,000.  This makes sense as our inventory is holding steady and sales are strong.  

Sales Prices March Median Price April Median Prices Change
Single Family Homes $400,000 $ 420,000 20,000
Condo’s $256,000 $260,000 4,000

 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 Piper & Brent Wilcox

CIR Realty

403-861-2256

www.gordpiper.com

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How to Hold an Online Garage Sale

Sunday, April 3rd, 2011

With Spring’s arrival, you may be thinking about emptying closets and ridding yourself of unwanted items. And if you’re thinking about moving, one important step is to get rid of clutter that may have accumulated around your home.

Organizing a traditional garage sale can be a hassle when you have to gather all your unwanted items, tag inventory, post neighborhood signs and online ads, and then spend your weekend haggling prices. If you don’t have that much time, consider holding your garage sale online.

Swap boards, donation directories and even online auction sites make it easy to do. Craigslist, Kijiji, and eBay are the best known of these sites, but there are many to choose from. What’s more, eBay once estimated that the average household has $2,000 worth of unused goods waiting to be sold. You may already be thinking of a few items that should find a new home casino online before you do.

Here’s how to hold a successful online garage sale:

Plan—or Not – The beauty of an online garage sale is that you don’t need to gather all your unwanted belongings at once. Instead you can post them online as soon as you decide to get rid of them.

Price It Right – Search online to learn prices of comparable items. Remember: if you don’t want to lug that item to your next home, it may be worth selling at any price. But if you’re still attached to it, you can set the price a little higher.

Show and Tell – Multiple photos are important—they draw attention to your item over similar ones. Also use them to answer anticipated questions. If you’re selling a piece of furniture, for example, include close-ups of unique details, dings and the upholstery pattern. Also provide detailed written descriptions.

Deliver the Goods – If you’re selling locally and have a vehicle big enough to hold your item, offer to deliver for a small fee. If you’re auctioning the item, you can add a flat shipping fee to the price, or allow buyers to compute and pay for shipping costs.

By getting rid of unwanted items through an online garage sale, you’ll have fewer items to pack when you decide to make a move.

Please contact us any time if you have any questions.

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March 2011, Calgary Real Estate Statistics

Sunday, April 3rd, 2011

Another Strong month in the Calgary Real Estate Market.  To help you keep up to date with the Market we have posted some highlights from the Calgary Real Estate Boards March monthly Statistics package for Realors.  It is our belief that Real estate is driven by supply and demand so the areas we focus on include the inventory of listings, our sales and of course median sales prices.  

Calgary Listing Inventory:  As shown below our inventory in Calgary Metro increased by 683 listings this month.   This is very typical to see listings rise as spring arrives.  

Inventory  Feb 2011 March 2011 Change
Single Family Home 3504 4024 +520
Condo’s 1750 1913 +163
Total 5254 5937 +683

Calgary Sales: 

Calgary sales continue to trend upwards with single family home sales increasing by 15.9% over February and Condo sales increasing by 24.1%  over February.  Sales always tend to increase with the arrival of spring.  It is unknown at this point how much the changing mortgage rules have impacted sales but the feeling that I have is not very much which means sales could continue to be very strong in the upcoming months.   

Sales Feb 2011 March 2011 Change
Single Family Home 1169 1355 +186
Condo’s 468 581 +113
Total 1637 1936 +299

 Calgary Real Estate Sales Prices :    Prices for  Single Family homes remained constant this month while condo prices dropped by $11,000 which is almost exactly what we gained in February.    

Sales Prices Feb   Median Price March Med Price Change
Single Family Homes $400,000 $400,000 0
Condo’s $267,000 $256,000 -$11,000

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

Gord Piper and Brent Wilcox

Century 21, The Professionals

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Insulation Update

Tuesday, March 1st, 2011

Does this winter have you wondering about your insulation? Everyone knows that home insulation provides tremendous energy savings, but most homeowners have questions about it. How do you know if you need more insulation? What can you do to improve it—without tearing your home apart?

The first thing to know is that for homes built before the 1970s, insulation was not a high priority in construction. These homes may benefit from adding insulation as well as filling the window and door gaps that naturally occur as the house settles over time. The good news is it’s easy to improve your home’s energy efficiency, no matter what its age.

Start at the Top – One of the first places to insulate is the attic. You can add loose-fill or batt insulation easily and cost-effectively. Just remember that if you think you may have vermiculite insulation, don’t disturb it—it may contain asbestos, so call a professional.

Fill the Spaces in the Walls – For your walls, you can choose to blow loose insulation directly into the wall. It’s fast and you’ll only have to patch the wall afterwards, rather than replace the entire surface. On the other hand, if you’re remodeling, you may have open walls and an opportunity to choose from many insulation options including blankets, rolls, rigid insulation and others.

Go Beyond the Walls – Many homeowners see savings from insulating electrical outlets, crawlspaces and doors. A rule of thumb is: a 1/8″ space between a standard exterior door and the threshold is equivalent to a two square inch hole in the wall. Realigning your doors and replacing the door sweep are easy fixes.

Consider Replacing Windows – Weather-stripping your windows can reduce energy loss. However, up to 50% of a home’s heating and cooling needs results from heat gain and loss through windows, so actually replacing your old windows may provide the most savings.

Insulation Adds Up to Big Savings – When you insulate, not only do you start saving money on your energy bills, the government also provides financial benefits to homeowners who make their home more energy efficient. Be sure to save your receipts.

Improvements like adding insulation can often add to the resale value: potential buyers will want to know all about them. And even if you’re not quite ready to move yet, you can still enjoy a cost savings and a comfortable home.

If you have any questions please contact us!

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Calgary Real Estate Board Statistics Febuary 2011

Monday, February 28th, 2011

Calgary Real Estate activity levels show substantial increase. 

Whenever I look at the housing market I always look at some key numbers – Inventory, Sales and the median Price .  Looking at these 3 areas in my opinion give us a great snapshot of the market.  Below you will find this information along with a few comments.  Information below is taken directly from the Calgary Real Estate Boards Stats Package for realtors.

Calgary Listing Inventory:  As shown below our inventory in Calgary Metro increased by 547 listing this month.   As suggested before this number will very likely continue to increase as it does every spring.  

Inventory Jan 2011  Feb 2011 Change
Single Family Home 3073 3504 431
Condo’s 1634 1750 116
Total 4707 5254 547

 

Calgary Sales: 

Wow, Need I say anything more – the numbers below speak for themselves.  In certain communities we are even starting to see the odd competing offer.   

Sales Jan 2011    Feb 2011 Change
Single Family Home 791 1169 378 or 47.7%
Condo’s 302 468 166 or 54.9%
Total 1093 1637 544 or 49.8%

 

Calgary Real Estate Sales Prices :   For this summary,  I only  focus only on the Median Sales Price as the average can be skewed by How long could treatment at a 7 Day Detox Rehab Program take? Treatment at a detox rehab program can take as little as one week for an alcohol dependence, and two weeks for a drug dependence. Realtors selling more of less million dollar homes and shows a better reflection of the market.  Prices for both Single Family homes and Condos showed increases this last month.  Truly a reflection of supply and demand – our supply (inventory) is still fairly low while demand (sales) increased substantially.

Sales Prices Jan  Median Price Feb    Median Price Change
Single Family Homes $390,000 $400,000 $10,000
Condo’s $255,000 $267,000 $12,000

 

**It is important to note that some of this demand may be due to mortgage rules changing as of March 17th where people can now only amortize a mortgage over 30 years instead of 35 years.

In other news:  The Bank of Canada announced today that it will not be changing it’s overnight rate.  Therefore the Prime lending rate remains at 3.0%

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 Piper and Brent Wilcox

Century 21, The Professionals

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TD’s Mortgage Gamble

Friday, February 25th, 2011

The statement that not all mortgages are created equal came up again recently with regards to TD and how they register their residential mortgages. Effective October 11, 2010, TD started registering all their residential mortgages as collateral mortgages. These changes make it easier for homeowners to tap into their equity and harder for them to switch to another lender upon renewal. Here are some highlights with my comments:

1) Mortgages will be reported to Equifax

This is interesting since traditional mortgages in Canada do not report on your credit history. Lines of credit ( which are registered as collateral charges ) do appear on the credit history. So does this mean that these mortgages will?

2) Collateral mortgage can be registered up to 125% of the borrower’s home value upon close.

This allows you to borrow more money ( if you qualify and your home goes up in value ) in the future and avoid legal costs ( $600 to $900 savings ) – this might be okay but read on. One further issue with this practice is that Realtors will often pull title on a property prior to listing it to see if there is enough left over from the sale to pay their commissions. With a mortgage registered at 125% of the home value this could create concern in the eyes of the realtor.

3) The collateral mortgage is assignable

This means that TD will allow you to transfer this mortgage to another lender at maturity – here is the big negative – there are no lenders at this time that will accept a collateral mortgage for a mortgage transfer. This is important because these mortgages will not qualify for a NO-FEE transfer to a new lending institution – so the borrower must now pay legal and appraisal costs to move to another bank. Currently mortgages that are registered normally can be transferred to a new lender upon renewal at NO COST to the borrower. With TD’s collateral mortgage you will incur these costs to switch to get a better rate.

4) TD will not accept another lenders collateral mortgage charge for transfer

This pretty much confirms it – TD will not accept this type of mortgage at this time and no other lender will accept them either.

So, in summary, in my mind, these changes are more negative than positive because if you loose leverage to negotiate, it could cost you a lot in the form of higher interest rates upon renewal. This move again reinforces why mortgage clients should deal with a qualified Mortgage Broker to help consumers decide what mortgage product is best for them.

Canada Mortgage Direct

Bob Alexander, B.Comm, CMA, AMP

Phone: 403-875-5270
Email: bob@mortgagedoctors.ca
www.mortgagedoctors.ca

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Housing Market Outlook, First Quarter 2011 by CMHC

Monday, February 21st, 2011
Looking for excellent information on Canada’s Housing Market.  Here’s information you should not pass up.
C a n a d a M o r t g a g e a n d H o u s i n g C o r p o r a t i o n produces a quarterly report  broken down by provinces.  In these reports you will find:
  • National Outlook
  • Trends at a Glance
  • Provincial Outlooks including housing starts, resale homes and prices
Charts showing history and predictions on Housing starts, Resale numbers, Prices, Employment, Unemployment, GDP, Key Market Indicators including Rental Vacancy rates.
To view the latest report see CMHC.  If you like what you see you can also subscribe to receive this report directly from Canada Mortgage and Housing Corporation.
If you have further questions about the local Calgary Real Estate Market please contact us.
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