Calgary Real Estate News and Information

As the headline says - "Calgary Housing Market Shows Signs of Balance, Not Bubble" - Unable to agree with that statement more!

That is exactly what we have been seeing for the past few months now.  There was some immediate hype from the media and of course followed by un-needed concern from the public that the Governments mortgage changes would send our market into a tail spin - causing a bubble etc - as we all know, that was garbage.  Buyers are still better off now than they were back in 2005 - the only set back were the Investors - the need a minimum 20% down now.  This will not affect very many as most investors put down more than that anyway!

So - here are the goods about our Feb Statistics - Listings Up, Sales Up, Days on Market Down, Prices Up very slightly....All the ups are marginal - and normal for a February.  Expect much of the same for March!

Check it out...

• 1,427 sq. ft., 2 bath, 3 bdrm 2 story - $419,900

Coventry Hills, Calgary  -  Welcome home. This extensively upgraded 3 bedroom plus bonus room home has everything you need. 13x13 Italian ceramic tile (heated floor in main bath) and red oak engineered hardwood provide an upscale look while the upgraded short-shag carpet in the bedrooms gives comfort and style. This home sits on a huge fully fenced pie-lot with access to greenspace (future school site) from the backyard – perfect for pets and kids. A touchscreen programmable thermostat controls your climate control system – furnace, electric heat pump (activates instead of furnace above a pre-set temperature) and air conditioning – which will keep you (and your wallet) comfortable year round. Nice size master with walk-in closet plus two bedrooms on upper floor. Open concept main floor includes gas fireplace in the great room and kitchen with access to large deck off the back door. The basement is usable living space (would be great for a theatre) with drywall, paint, single-plank laminate flooring (with Delta-FL underlayment) and electrical work completed, and the bathroom is roughed in for whenever you’re ready. Come look today – you will not be disappointed.

Property information

Calgary saw the expected increase of new listings in January  - we ended the month with approximately 500 more single family homes compared to December.  Expect to see this increase of inventory to continue through February.  We are creeping up to our statistically 'busy' period, if you are considering beating the rush - now is a wise time to list your home!

January's snapshot:

Download and view the full CREB statistics package for January 2010.

Good morning:  following the Bank of Canada's meeting yesterday the Bank said that while the eonomic growth in Canada resumed int he 3rd quarter of 2009 and there has been a slightly higher than expect rate of inflation in recent month, it reitereatd that the economy is till lagging, particularly due to factors like a strong Canadian dollar and low level of US demand.  Low interest rate is predicted to remain the same well into the 2nd quarter of 2010.  Next Bank of Canada meeting is March 2, 2010.  Go to http://www.findnewdigs.com/Mortgage_Rates/page_2054071.html for further details and updated interest rates.  HAVE A GREAT DAY !

Marianne LePan, AMP

Hi Everyone: I'm extremely excited to be contributing to Dan Welyk's website as Mortgage Specialist.  I thoroughly enjoy workng with Dan Welyk, an exceptional realtor, and together we establish excellent relationships with our current and future clients. We look forward to providing you with our professional expertise for real estate and mortgage planning. 

REMINDER you can still  utilize the HRTC for up to $1,350 on renovation expenditures over $1,000 up to $10,000.   For eligibility details and current mortgage rates go to http://www.findnewdigs.com/Mortgage_Rates/page_2054071.html

You just received a RENEWAL NOTICE from your bank - call me - I can provide several options and strategies to get that mortgage paid off quicker than you think!

Have a super day and call if you have any questions or concerns regarding your mortgage planning. Marianne LePan 403-278-7000.   

We ended the year stong - certainly a big change from 2008.  One point to note here in these statistics is the list to sell percentage being at 99% for single family homes - keep in mind this is the holiday season - very few listings with an average number of sales for a December putting a very high ratio on the numbers.  Expect to see strong figures coming out of January as well, we are starting the year off very strong in comparison to the beginning of 2009.

Download the full statistical package here.

Do you have an Overland Drainage Canal on your property and are considering selling your home? Are you planning on purchasing a home that has one? If so, this article is for you!

When you sell a home, you will be requested to provide a copy of your Real Property Report (RPR) with a current compliance stamp. The real estate purchase contract outlines very clearly that a seller must provide the buyer with a copy of this RPR - if there is an Overland Drainage Right of Way (ODRW), you as a seller need to ensure there is nothing permanently built on your property within the ODRW setback.

In 2005 the city of Calgary began enforcing their ‘zero tolerance’ clause in the ODRW. So...what does this mean? This means ‘zero tolerance’.

Basically - if your property has an ODRW registered against it, you need to be very careful what you build or plant near this right of way. If you have build a structure or retaining wall within the setback, and you hope to obtain a compliance stamp from the City of Calgary on your RPR, the city will not give you compliance - thus holding up or collapsing the sale of your home.

As a Realtor, we will be requesting (at least I will be) to see your RPR with a current stamp of compliance prior to writing an offer - or making an offer conditional to having our lawyer review it if we see any potential issues. Reason being, if you have a retaining wall built too close to this ODRW, the potential purchaser will be responsible for removing/replacing it to the appropriate location - this can be very costly.

Let’s talk fences - nothing to worry about - as long as it is a perimeter fence and will in no way block the flow of water, then you are ok.

If you have any concerns with your RPR and ODRW, you can contact the city to determine if there are any issues - I also have a few examples of non-compliance RPR's - if you would like to review them, contact me.