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Weekly Calgary Real Estate Update January 13/2020

Weekly Calgary Real Estate Update January 13/2020

5364 homes for sale in metro Calgary

668 homes sold in the last 30 days

8.03 months worth of inventory

12.45% of the homes statistically to sell in the next 30 days

Market Conditions: Buyers

Average List Price: $507,268

Average Sale Price: $478,538

Average days on market: 72

Average list to sale price ratio : 96.20%

*Numbers are directly reflecting the Christmas Season – we will continue to see an improvement in absorption rate as the month progresses.

Weekly Calgary Real Estate Update December 16/2019

Weekly Calgary Real Estate Update December 16/2019

6214 homes for sale in metro Calgary (down 252)

1050 homes sold in the last 30 days (down 49)

5.92 months worth of inventory (up 0.04)

16.90% of the homes statistically to sell in the next 30 days (down 0.10%)

Market Conditions: Buyers

Average List Price: $455,216 (down $1,586)

Average Sale Price: $437,984 (down $1,348)

Average days on market: 65 (up 1)

Average list to sale price ratio : 96.27% (down 0.02)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase



Weekly Calgary Real Estate Update December 9/2019

Weekly Calgary Real Estate Update December 9/2019

6466 homes for sale in metro Calgary (down 113)

1099 homes sold in the last 30 days (down 36)

5.88 months worth of inventory (up 0.08)

17.00% of the homes statistically to sell in the next 30 days (down 0.25%)

Market Conditions: Buyers

Average List Price: $456,802 (up $1,393)

Average Sale Price: $439,332 (up $1,450)

Average days on market: 64 (down 1)

Average list to sale price ratio : 96.29% (up 0.03)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase



Calgary’s Shopping Mall Christmas Holiday Hours

In all the hustle and bustle of December – we thought we would make it easy for you to find out what the local Calgary Shopping Centers Mall Hours are in one spot. As posted on December 6, here they are by each location:

Chinook Shopping Center

  • Monday-Saturday – 9:30am-9:30pm
  • Sunday – 10am-7pm
  • Christmas Eve – 9:30am-5pm
  • Christmas Day – CLOSED
  • Boxing Day – 8am-9pm
  • New Year’s Eve – 9:30am-5pm
  • New Year’s Day – 11am-7pm

Market Mall

  • Monday-Saturday – 9am-9pm
  • Sunday – 10am-6pm
  • Christmas Eve – 9am-5pm
  • Christmas Day – CLOSED
  • Boxing Day – 8am-7pm
  • New Year’s Eve – 9:30am-5pm
  • New Year’s Day – not listed

Sunridge Mall

  • Monday-Saturday – 10am-9pm
  • Sunday – 10am-6pm
  • Christmas Eve – 9am-5pm
  • Christmas Day – CLOSED
  • Boxing Day – 8am-7pm
  • New Year’s Eve – 10am-5pm
  • New Year’s Day – 11am-5pm

Cross Iron Mills

  • Monday-Sunday – 9am-9pm
  • Christmas Eve – 9am-5pm
  • Christmas Day – CLOSED
  • Boxing Day – 8am-8pm
  • New Year’s Eve – 10am-6pm
  • New Year’s Day – not listed

Core Mall

  • Monday-Saturday – 10am-8pm
  • Sunday – 11am-6pm
  • Christmas Eve – 10am-5pm
  • Christmas Day – CLOSED
  • Boxing Day – 8am-6pm
  • New Year’s Eve – 10am-5pm
  • New Year’s Day – CLOSED

South Centre Mall

  • December 14 – 9am-9pm
  • December 15 – 10am-6pm
  • December 20 9am-9pm
  • December 21 – 9am-8pm
  • December 22 – 10am-6pm
  • ** Some stores may have different opening hours than above. Find hours for your favorite store, restaurant, or attraction by searching the mall’s directory. https://www.southcentremall.com/centre-info/about/

The Mortgage/Housing Year In Review By Barb Eglauer- One Of Our Preferred Service Providers

The Mortgage/Housing Year in Review

We have seen a number of challenges in the housing market over the past few years. Housing prices have been up and down; housing sales were down but have rallied in many areas of the country in the last half of 2019. The government also introduced the First Time Home Buyer Incentive and enhancements to the RRSP Home Buyer’s Plan. Yet, affordability continues to be a hot topic across Canada.

Interest rates inched up slightly for variable rates and lines of credit. We’ve also seen a slight increase to fixed-rates in recent weeks due to the upward pressure on bond yields and increases to the cost of funds. Still, rates are relatively low – perhaps this is the new normal.  

The Canadian dollar is trading at approximately 75 cents to the US dollar (at the time of this writing) and there is continued concern about high consumer debt, but we continue to look on the bright side, supported by some new information.

According to a recent report from RE/MAX, an increase in consumer confidence could be a key factor affecting the housing market in 2020. 

The report found that Canadians have adjusted to the mortgage stress test, which was introduced three years ago on mortgages with less than 20% down payment and expanded to include all bank mortgages a short time after.

The report also found that older millennials are now moving into their peak earning years and will drive the market in 2020. RE/MAX found that more than half (51%) of Canadians are considering buying a property in the next five years, especially those under the age of 45. This is up from 36% at the same time last year.

A Reuters’ poll found that a strong domestic economy, rising immigration and lower mortgage rates have helped the housing market make a comeback in the second half of this year. “It is not just low interest rates that are helping the housing market – the fundamental support is demographic and that is largely from a rapidly growing population driven by international migration,” Sal Guatieri, senior economist at BMO said in an interview with Reuters.

The Canadian Real Estate Association’s (CREA) prediction for 2020 are that housing sales will continue to improve through 2020, albeit slowly. National home sales are forecast to rise by 7.5% to 518,100 units next year. Ontario and Quebec are predicted to see sales rise by about 7% in 2020, while activity in Alberta will recover by about 5% compared to 2019. The number of homes trading hands in other provinces is predicted to edge up or down only marginally.

With all the positives going into 2020, if you’re thinking of buying a new home, renewing a mortgage or refinancing an existing mortgage, or just want an update about your local market, let’s talk. 

Wishing you health, happiness, and prosperity in 2020

Weekly Calgary Real Estate Update December 2/2019

Weekly Calgary Real Estate Update December 2/2019

6579 homes for sale in metro Calgary (down 449)

1135 homes sold in the last 30 days (down 55)

5.80 months worth of inventory (down 0.11)

17.25% of the homes statistically to sell in the next 30 days (up 0.32%)

Market Conditions: Buyers

Average List Price: $455,409 (down $13,680)

Average Sale Price: $437,882 (down $12,407)

Average days on market: 65 (up 1)

Average list to sale price ratio : 96.26% (up 0.14)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update November 25/2019

Weekly Calgary Real Estate Update November 25/2019

7028 homes for sale in metro Calgary (down 105)

1190 homes sold in the last 30 days (down 28)

5.91 months worth of inventory (up 0.05)

16.93% of the homes statistically to sell in the next 30 days (down 0.15%)

Market Conditions: Buyers

Average List Price: $469,089 (down $9,048)

Average Sale Price: $450,289 (down $7,889)

Average days on market: 64 (up 2)

Average list to sale price ratio : 96.12% (up 0.08)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update November 18/2019

Weekly Calgary Real Estate Update November 18/2019

7133 homes for sale in metro Calgary (down 39)

1218 homes sold in the last 30 days (down 50)

5.86 months worth of inventory (up 0.20)

17.08% of the homes statistically to sell in the next 30 days (down 0.60%)

Market Conditions: Buyers

Average List Price: $478,137 (up $8,302)

Average Sale Price: $458,178 (up $7,061)

Average days on market: 62 (same)

Average list to sale price ratio : 96.04% (down 0.06)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Weekly Calgary Real Estate Update November 12/2019

Weekly Calgary Real Estate Update November 12/2019

7172 homes for sale in metro Calgary (down 70)

1268 homes sold in the last 30 days (down 72)

5.66 months worth of inventory (up 0.26)

17.68% of the homes statistically to sell in the next 30 days (down 0.82%)

Market Conditions: Buyers

Average List Price: $469,835 (down $4,129)

Average Sale Price: $451,117 (down $4,595)

Average days on market: 62 (up 3)

Average list to sale price ratio : 96.10% (down 0.01)

*Numbers in the brackets are a comparison from last week’s stats. Ideally, we want the number of homes selling in the last 30 days to increase weekly, the months of inventory to decrease (meaning demand is matching inventory) and the % of homes to sell in the next 30 days to increase

Four Questions to Ask Your Mortgage Professional – By Barb Eglauer – one of our preferred service providers

https://uandimortgage.com/

Four Questions to Ask Your Mortgage Professional

Whether you’re a first-time homebuyer, a move-up buyer, buying an investment property or if you’re refinancing to consolidate debt, renovate or invest, these are some of the questions to ask your mortgage professional:

1. How much can I afford?

Usually people pick their homes before they organize their financing, but it makes more sense to do it the other way around. Determine what monthly payment you would be comfortable with, how much financing you qualify for and what money you have available for a down payment before delving into your house hunting. 

2. What type of mortgage should I consider?

Are you someone who likes a predictable payment or are you comfortable taking some risk to get a lower rate?  A fixed interest rate is set when you sign for the mortgage; it won’t change for the entire term. A variable rate, however, will change according to market interest rates, which may cause concern for some. While market fluctuations are hard to predict, we can give you historical data and economic information to help you make this decision. We will also determine your tolerance for risk and advise you on the best option based on your financial situation and needs. Also, the type of mortgage may be determined on the product you qualify for, based on the stress test. 

3. How much do I need for a down payment?

Many homebuyers assume they need to make a large down payment in order to get the best mortgage rate, but that’s not always the case. Mortgage insurance products allow buyers to put as little as 5% down and still get a competitive mortgage rate. With the new mortgage stress test qualifying rules, the rates for an insured mortgage may be better than for a conventional mortgage because mortgage default insurance lowers the lender’s risk and cost. 

4. What should I take into account for the future?

Everyone is excited about buying a new home, but not everyone is thinking about what that means in the long term.  What you can afford today might not be the most practical choice in years to come. What if your job situation changes or interest rates rise or if you’re planning a family? Will you still be able to make payments when you factor in the costs of parental leave and daycare?  I will take all these factors into account when negotiating your mortgage rate and options with lenders.

How I can help

I have access to a broad spectrum of lenders from Prime to Private to meet your unique needs.

I realize that every individual has a unique situation. I will sit with you and go through all your possible options and outcomes so you can make an informed decision.