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Dan Welyk, Real Estate Professional and Marianne LePan, Mortgage Specialist provide their insights to current market trends and information. Keep up to date with Stats, Rates and News!
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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: | Single Family Home (Calgary Metro) | | | | Month End Inventory | | 2513 | | New Listings Added | | 1822 | | Sales | | 762 | | Average Days on Market (sold) | | 43 | | Average Days on Market (active) | | 51 | | Average Selling Price (Median) | | $398,000 | | Listings to Sales | | 72.50% | | Sales $ to List $ | | 97.44% |
| Condo/Townhome (Calgary Metro) | | | | Month End Inventory | | 1397 | | New Listings Added | | 951 | | Sales | | 376 | | Average Days on Market (sold) | | 50 | | Average Days on Market (active) | | 52 | | Average Selling Price (Median) | | $265,000 | | Listings to Sales | | 68.1 % | | Sales $ to List $ | | 96.97 % |
Download and view the full CREB statistics package for January 2010.
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Destination...Osoyoos, BC. Picture yourself in a luxurious waterfront condo with Unobstructed Views of the Lake and Mountains! Full ownership in a small 11 unit development with no restrictions forcing you to rent - use it as a permanent residence or simply a Vacation Getaway! Private beach - Granite Counters, Hardwood Flooring, Incredible Floorplans to Maximize Views and Private Parking! Welcome to Las Ventanas! As you may be aware, British Columbia has introduced a new HST - this will significantly impact how much you pay for a home - even though you are a non-resident! Not only that, prices have come down substantially over the past year, adjusting to the market conditions. Unit 202 was originally listed for sale at $785,500 and is now $529,000 - this gives you 1558 sq.ft. of prime living space! Acting quickly will allow you to still have the opportunity to save money on the HST which becomes full effect on July 1st, 2010 as well you can still choose your flooring and finishings! Check out http://LasVentanas.FindNewDigs.com for picures or contact me for a current full price/feature list.
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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
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A Bank of Canada official takes stance on housing bubble. "If the Bank were to raise interest rates to cool the housing market now - when inflation is expectd to remain below target for the next 1 1/2 yrs. - we would, in essence, be dousing the entire Canadian economy with cold water, just as it emerges from recession. As a result, it would take longer for economic growth to return to potential and for inflation to get back to target". Next Bank of Canada meeting January 19, 2010 and rate is predicted to remain constant. Reminder the HRTC (Home Renovation Tax Credit) is still available until February 1, 2010. For further details go to http://www.findnewdigs.com/Mortgage_Rates/page_2054071.html Have a great weekend. Marianne
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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.
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I would like to introduce and welcome Marianne LePan as a contributor to our news blog. Marianne and I have been working together for some time, many of you know who she is already through direct dealings as well as our in house Mortgage Specialist at FindNewDigs.com. Marianne will bring another perspective, providing us with the latest Mortgage News and Facts and will also keep us more informed with rate changes and trends. If you have any questions or concerns pertaining to Mortgages - you can reach Marianne through the website here.
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SnapShot of Calgary's December 2009 Market | Single Family Home (Calgary Metro) | | | | Month End Inventory | | 2054 | | New Listings Added | | 806 | | Sales | | 799 | | Average Days on Market (sold) | | 47 | | Average Days on Market (active) | | 64 | | Average Selling Price (Median) | | $401,000 | | Listings to Sales | | 99.13% | | Sales $ to List $ | | 96.91 % |
| Condo/Townhome (Calgary Metro) | | | | Month End Inventory | | 1204 | | New Listings Added | | 444 | | Sales | | 341 | | Average Days on Market (sold) | | 47 | | Average Days on Market (active) | | 62 | | Average Selling Price (Median) | | $265,000 | | Listings to Sales | | 76.8 % | | Sales $ to List $ | | 96.92 % |
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.
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Child Friendly Quiet Cul-de-Sac
• 2,070 sq. ft., 4 bath, 4 bdrm 2 story "Fully Finished Walk-Out" -  MLS® $549,900 - Incredible Value! Royal Oak, Calgary - Custom Built Fully Finished 2 Storey Walk-out on Quiet Cul-de-Sac!
Open concept plan with main floor flex den/dining room with two sided fireplace into living room. Offering a super functional kitchen with island and breakfast bar, large pantry, black appliances with gas stove! Spacious nook with vaulted ceiling and large windows to allow loads of natural light!
Upstairs offers an over-sized bonus room, large master with walk-in organized closet, 5 piece ensuite with soaker tub! Second and third bedrooms are joined by a 5 piece Jack and Jill bath. Basement is fully finished with a maple laminate, luxurious 3 piece bathroom with steam shower, large bedroom with fireplace and rec/family room - still offering plenty of storage space!
All main and upper windows finished with Hunter Douglas blinds, south windows offer Solar Blocking Screens for energy saving! Porcelain tile and maple hardwood floors, maple cabinets, central vac, honeywell steam humidifier, enviro-friendly toilets...and more! Mature landscaping with loads of trees, dog run, underground sprinklers - all on a child friendly street and walk to parks and new K-9 school (fall 2010) and future approved Junior High! Property information
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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. I have lived here for 10 years, have an RPR with compliance when I purchased - done nothing to the yard - but the previous owner built a retaining wall within the setback - I am ‘grand fathered’ right? No. However, with that said - you should speak with a lawyer who is familiar with this topic who can help - I know of a couple, ask me who you can speak with. How do I know if I am in compliance? If you have nothing built around the ODRW then you have nothing to worry about - if you do, you can do a couple things. Firstly, you can visit a registry office or visit the Alberta SPIN website to obtain a copy of the document outlining the details of the ODRW specific to your property - this will tell you the setbacks. You should also take your RPR to the city and obtain a new compliance stamp - if there is a problem, it will be determined at that time. Do this long before you have an offer on the table when selling! 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.
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Starting today, you can request to have detailed community real estate market reports emailed on a monthly basis to keep you up to date with trends in any area in and surrounding Calgary! This is a great new service offered for those who want to be fully knowledgeable about Calgary's Real Estate Market. What you get...Current Listings, Days on Market, Current Sold Homes, Average Pricing, Median Pricing, Mapping and a 12 month history! Sign up today! (added Nov 5, 2009) Further to this new service - I would like you to see an example of what these reports look like. See Example Here: Once the report opens, you can click on the Tabs for Pricing or Number of Listings, then click on any month in the list - then, all the properties will populate in the box below. You can click on each property and the map will show their location along with property information. If you need help at anytime, use the contact request boxes in the form and I can get in touch with you shortly thereafter (providing I am at a computer). Good Luck! Dan
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| Single Family Home (Calgary Metro) | | | | Month End Inventory | | 3003 | | New Listings Added | | 1819 | | Sales | | 1285 | | Average Days on Market (sold) | | 41 | | Average Days on Market (active) | | 54 | | Average Selling Price (Median) | | $410,000 | | Listings to Sales | | 70.6 % | | Sales $ to List $ | | 97.11 % |
| Condo/Townhome (Calgary Metro) | | | | Month End Inventory | | 1482 | | New Listings Added | | 859 | | Sales | | 601 | | Average Days on Market (sold) | | 44 | | Average Days on Market (active) | | 53 | | Average Selling Price (Median) | | $263,500 | | Listings to Sales | | 70.0 % | | Sales $ to List $ | | 97.06 % |
Prices for single family homes went up slightly from September whereas condo and townhomes dipped fractionally. Key information is the number of listings to the number of sales has increased - month end inventories are down too. This is a continuing sign of a solid market - it is very safe to say we have 'stabilized'. Unfortunately, there are still pricing issues out there - though the vast majority of home sellers have loosened their belts and adjusted to the market - helping this stabilziation. November will be an interesting month - things tend to slow down a little, however I am seeing a increased sign of interest from home sellers - perhaps we will see that inventory jump up a little again.
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Luxstone, Airdrie - We invite everyone to visit our open house at 2034 Luxstone Link on October 25 from 1:00 PM to 4:00 PM. Property information
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A fairly long hiatus from writing here... Back in May I chose to take some time away from writing to my blog here - fairly evident from the lack of postings. Throughout the year I had been writing quite frequently for my blog as well as articles for other sources and ended up having a ‘writers block’ - which for most of my life I laughed at the saying but ended up actually living it! For the past few months I had absolutely nothing to say! Seriously... Several times I sat at my desk and tried to write and was stuck. It is like the movie ‘Throw Mama From The Train’ when Billy Crystal is stuck on ‘The night was...’ Well - seem to have a little creativity again! Thankfully I didn't have to experience what Billy's character when through to get the word "saltry" to motivate my writing! Regards, Dan
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Are you selling or planning to sell your condo/townhome - planning is key! One of the most common issues condo/townhome buyers have is obtaining very important documentation from sellers for them to confidently firm up a conditional sale. These are the Condominium Documents! Yes - all of them! When an offer is written - usually, the buyers Realtor will have placed a condition for the seller to provide all pertinent documents within a timely manner for the buyer to review and be satisfied with. Obtaining these documents are not your Realtor’s responsibility - though we guide you - ultimately, it is the sellers responsibility to contact their board of directors and/or their property management company and purchase all the documents requested. The longer you wait, the more money it will cost you! Property management companies can and will charge you upwards of $100.00 to put a ‘rush’ on your request - and a request can take up to 5 business days - which will more than likely go outside the ‘condition date’ agreed upon in your offer to purchase contract - this can complicate your sale! I see often seller’s stating in an email that "no, we don’t have any judgements against our complex" or "our post tension cables are fine" - unfortunately, this is not acceptable! All information MUST come from the Board of Directors and/or the Property Management Company! As a condo home owner, one of the best ways to keep your costs to a minimum is to ensure you keep all correspondence between you and the board. The vast majority of documents a buyer is looking for will be circulated at some point during your ownership - keep all of it! Example of what a buyer is looking for - forms part of an offer to purchase. (Condominium Property Schedule) If you have any questions or concerns, speak with your Realtor!
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