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Weekly Calgary Real Estate Update For March 18/ 2024

Weekly Calgary Real Estate Update For March 18/ 2024

3318 homes for sale in metro Calgary (up 82)

2426 homes sold in the last 30 days (up 90)

1.37 months worth of inventory (down 0.02)

73.12% of the homes statistically to sell in the next 30 days (up 0.93%)

Market Conditions: Seller’s Market

Average List Price: $599,195 (up $3,925)

Average Sale Price: $603,491 (up $5,703)

Average days on market: 24 (down 2)

Average list to sale price ratio : 101.38% (up 0.35%)

*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.

Homebuyers And Sellers: How To Prepare for The Busy Spring Market By Barb Eglauer One Of Our Preferred Service Providers

I think it’s safe to say we’re all eagerly anticipating the arrival of spring as the snow melts and the days grow longer. 

It’s a season of renewal, not just for nature but also for the real estate market as both homebuyers and sellers come out of hibernation and prepare to make their next big move. 

If you plan to count yourself among one of these groups—or maybe both—the following are some tips to help ensure a smooth and successful process as either a homebuyer or a home seller.

For homebuyers

1. Secure a mortgage pre-approval: Starting the home buying process with a mortgage pre-approval is crucial. It not only gives you a clear idea of the budget you have to work with, but also positions you as serious contender in the eyes of sellers and may protect you in the event rates start to rise. Gather your financial documents early and give me a call so I can help you fully understand your borrowing capacity.

2. Understand the market: Familiarize yourself with the local real estate market trends, including average home prices, inventory levels and the average time homes spend on the market. This knowledge can help inform your search and negotiation strategy and help set appropriate expectations. If you need a referral to an amazing realtor, I’m happy to connect with you with one.

3. Consider future needs: Think long-term about your housing needs. Factors like family planning, work-from-home requirements, and lifestyle should play into your decision-making process. Investing in a home that meets future needs can prevent costly moves down the line.

For home sellers

1. Get a mortgage pre-approval: As a seller, you should also secure a mortgage pre-approval. This step is vital for understanding how much you can afford in your next purchase and for making timely offers once your current home is sold.

2. Investigate mortgage porting: If you have an existing mortgage, understanding its portability is essential as porting a mortgage may offer financial benefits and ease the transition to a new property. As a broker, I can help you understand your current mortgage’s portability features and any applicable fees or conditions that may be involved. Additionally, if your mortgage is not portable or if it makes sense to break your existing mortgage term, I can provide the necessary information to help you decide the best timing of your sale.

3. Find a reliable Realtor partner: Choosing the right real estate agent is critical for a smooth sale. Look for agents with a strong track record in the local market, excellent negotiation skills, and a comprehensive marketing plan. A good agent can significantly impact the selling price and how quickly the property sells. I’d be happy to make an introduction for you. 

4. Prepare the home for sale: Prepare your home for the market by addressing repairs, decluttering, and possibly staging the property. A well-presented home can attract more buyers and lead to higher offers. Investing in professional photography can also showcase the property in its best light online, where most buyers start their search.

By following these steps, you’ll be in a position to navigate the spring real estate market with confidence. 

If you’re planning to buy or sell this coming spring season, don’t hesitate to reach out. I would be happy to go over additional tips that could help you as either a buyer or a seller. 

Call me today!  


Barb Eglauer
Mortgage Agent
(780) 720-5185
barb.eglauer@mortgagegroup.com

Weekly Calgary Real Estate Update For March 11/ 2024

Weekly Calgary Real Estate Update For March 11/ 2024

3236 homes for sale in metro Calgary (up 145)

2336 homes sold in the last 30 days (up 77)

1.39 months worth of inventory (up 0.02)

72.19% of the homes statistically to sell in the next 30 days (down 0.89%)

Market Conditions: Seller’s Market

Average List Price: $595,270 (up $8,560)

Average Sale Price: $597,788 (up $8,753)

Average days on market: 26 (same)

Average list to sale price ratio : 101.03% (up 0.11%)

*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.

Unveiling the Cost Savings of an Energy Efficient Home By Advanced Mortgage One Of Our Preferred Service Providers

Going Green – Unveiling the Cost Savings of an Energy Efficient Home

Save money today, save the world tomorrow.

Ranked 15th on the Green Future Index globally in 2002, and 2nd best out of the worlds top 15 oil exporting countries, Canada is a global leader in ESG performance. In recent years, the Canadian housing market has witnessed a significant shift towards sustainability and energy efficiency. With the growing need to focus on renewable energy, while feeling the pinch of increasing energy costs for ALL households across the nation, initiatives such as Sagen Canada’s Energy Efficiency Program have gained prominence throughout Canada. In this blog post, we will show you that going green won’t just feed your soul but also help feed your family.

Understanding the Program

The SAGEN Energy Efficiency Program is designed to incentivize homeowners to invest in energy-efficient improvements for their properties. By offering mortgage loan insurance premium refunds to those who purchase, build, or renovate their homes to make them more energy efficient, the program aims to promote sustainable housing practices while reducing the financial burden on homeowners.

Cost Comparison and Potential Savings

Let’s consider the cost savings of the SAGEN Energy Efficiency Program by comparing scenarios with and without the program, based on 95% financing on a $400,000, $600,000, and $800,000 purchase price with and effective interest rate of 5%.

$400,000 Without the Energy Rebate:

Purchase Price: $400,000, Down Payment: $20,000, Net Mortgage of $380,000, Sagen insurance fee of $15,200, leaving us with a total mortgage of $395,200

Monthly Payment: $2,298.50

Total payments over 25 years: $689,550

$400,000 With the Energy Rebate:

(Assuming a 25% refund on mortgage loan insurance)

Purchase Price: $400,000, Down Payment: $20,000, Net Mortgage of $380,000, Sagen insurance fee of $11,400, leaving us with a total mortgage of $391,400

Monthly Payment: $2,276.40

Total payments over 25 years: $682,920.57

Total savings with SAGEN Energy Efficiency Program: $6,629.43

$600,000 Without the Energy Rebate:

Purchase Price: $600,000, Down Payment: $35,000, Net Mortgage of $565,000, Sagen insurance fee of $22,600, leaving us with a total mortgage of $587,600

Monthly Payment: $3,417.51

Total payments over 25 years: $1,025,253.27

$600,000 With the Energy Rebate:

(Assuming a 25% refund on mortgage loan insurance)

Purchase Price: $600,000, Down Payment: $35,000, Net Mortgage of $565,000, Sagen insurance fee of $16,950, leaving us with a total mortgage of $581,950.

Monthly Payment: $3,384.65

Total payments over 25 years: $1,015,395.06

Total savings with SAGEN Energy Efficiency Program: $9,858.21

$800,000 Without the Energy Rebate:

Purchase Price: $800,000, Down Payment: $55,000, Net Mortgage of $745,000, Sagen insurance fee of $29,800, leaving us with a total mortgage of $774,800

Monthly Payment: $4,506.28

Total payments over 25 years: $1,351,882.63

$800,000 With the Energy Rebate:

(Assuming a 25% refund on mortgage loan insurance)

Purchase Price: $800,000, Down Payment: $55,000, Net Mortgage of $745,000, Sagen insurance fee of $22,350, leaving us with a total mortgage of $767,350

Monthly Payment: $4,462.95

Total payments over 25 years: $1,338,883.76

Total savings with SAGEN Energy Efficiency Program: $12,998.87

The above outline clearly shows that this program will benefit both your monthly mortgage commitments as well as reduced energy costs that come from having an environmentally responsible home. You can help yourself now and help benefit future generations by simply doing what is right the next time you buy your build a home.

Reach out to your Advanced Mortgage Professional today and let us help you make cents of your mortgage.

🌿 Discover the Green Advantage – A Knowledge Share with @AdvancedMortgage! 

Excited to team up with @AdvancedMortgage for a special insight into how sustainability meets savings in homeownership! Did you know making your home energy-efficient benefits both the planet and your pocket? 🌎💸 In Canada’s commitment to sustainability, initiatives like SAGEN Energy Efficiency Program are creating waves, offering homeowners a chance to save big. Let’s dive into our collaborative knowledge share:

Understanding the Program: @AdvancedMortgage and I are here to walk you through the details of SAGEN’s initiative, encouraging homeowners to invest in energy-efficient upgrades. It’s a win-win – sustainable homes and financial relief for homeowners. 🏡💚

Cost Comparison and Potential Savings: In collaboration with @AdvancedMortgage, let’s explore the potential savings with the SAGEN Energy Efficiency Program:

🏠 $400,000 Home Purchase:

  • Without Rebate: Total payments over 25 years – $689,550
  • With Rebate: Total payments over 25 years – $682,920.57
  • 💰 Total Savings: $6,629.43

🏠 $600,000 Home Purchase:

  • Without Rebate: Total payments over 25 years – $1,025,253.27
  • With Rebate: Total payments over 25 years – $1,015,395.06
  • 💰 Total Savings: $9,858.21

🏠 $800,000 Home Purchase:

  • Without Rebate: Total payments over 25 years – $1,351,882.63
  • With Rebate: Total payments over 25 years – $1,338,883.76
  • 💰 Total Savings: $12,998.87

Our collaborative knowledge showcases that with SAGEN’s program, you not only ease your monthly mortgage commitments but also enjoy reduced energy costs in your eco-friendly haven. 🌿✨

Curious about the green revolution in homeownership? Let’s learn together! DM me directly for more information on this green initiative! Let’s make your mortgage and home buying journey both eco-conscious and financially savvy.

How Can I Improve My Credit Score? By Advanced Mortgage – One Of Our Preferred Service Providers

Mortgage lenders will use your credit score to help them decide whether to approve you for the home you want. The better the score, the greater the chance you’ll get the mortgage you’re looking for, and potentially at a lower interest rate. Your credit score is not the entire story. Mortgage lenders will consider more than just your score when underwriting your file. Some additional factors include your employment status/length, income, and savings/assets. So, how can you improve your credit score?

There are many different credit scores a lender can consider. The most common in Canada are provided by the two major credit reporting agencies — Equifax and TransUnion. In addition to that, some lenders have unique custom scores that only exist on their internal systems.

If your score isn’t where you’d like it to be, there are some things you can do to help bring it up.

1. Check your credit report!

When looking to improve your credit scores, a good first step is to review your credit reports from both nationwide credit reporting agencies — Equifax and TransUnion. After making sure there are no accounts you don’t recognize, or signs of identity theft or fraud, check to see if you have any unpaid balances or past-due accounts that have gone to collections. It’s a good idea to tackle this negative information first by paying off as many outstanding debts as you can. Remember that although it’s important to pay any accounts in collections, they will remain on your credit bureau for a period of six years from the time they went into collections.

2. Always pay your bills on time

One of the top things you can do to lift your credit score is to pay your bills on time. Payment history is a significant piece of what makes up the entire score, so it’s critical to avoid late payments. If you struggle with this, talk to your bank about setting up automatic payments or set calendar reminders to help you pay on time.

3. Don’t max-out your balances

Your credit utilization ratio is the amount of overall credit (limit) you have compared to the balance that is reported to the credit bureau. For example, if your credit limit is $10,000 and your reported monthly balance is usually about $3,000, then your credit utilization rate is 30 per cent. It’s best to keep your credit utilization rate at or below 30% when possible. If that’s not an option, then try to keep it under 75% if you can. You can do this by spending less on credit, making more frequent (more than once-a-month) payments, or asking your credit card company for a credit limit increase.

4. Limit new accounts

Applying for new credit accounts (especially non-mortgage accounts) will usually lead to a hard inquiry on your credit report. This can negatively affect credit scores for a short period of time, particularly if you’re at the lower end of the credit score spectrum. If increasing your score is your goal, try to limit how often you apply for new accounts. Opening a new credit card or loan account will also decrease the average age of accounts on your report, which is another factor used in calculating your credit scores.

5. Keep your accounts open

When trying to increase your score, avoid closing old accounts that have been paid off, even if you no longer use them. One of the factors in credit scores is “average age of accounts,” so keeping the accounts open can help maintain the length of your credit history.

When will my score increase?

The amount of time it takes to improve a credit score varies depending on your circumstances, but it will require a bit of patience and won’t happen right away. Some negative factors are easier to overcome than others.

It may take you less time to recover from one late payment or a few hard inquiries than from having an account go into collections. A consumer proposal or bankruptcy will take even longer to recover from. Just remember to keep at it! Improving your credit takes effort and time. There’s no one-size-fits-all solution that will change your credit score overnight. Every little bit counts!

Reach out to us today for a free assessment of your credit and personal financial situation. We can Guide you through the steps needed to get you approved for a mortgage!

Your Dream Home Awaits: A REALTOR®’s Guide to Credit Mastery!

Hello future homeowners! 🌟 As your dedicated REALTOR®, I’m thrilled to share some insider tips on navigating credit for that perfect home purchase, brought to you by @AdvancedMortgage.

1. Credit Health Check: Let’s kick off your journey with a comprehensive credit report check from Equifax and TransUnion. Together, we’ll ensure your credit is in top-notch shape—no surprises, no red flags. Your dream home deserves a clean slate! 🧐🔍

2. Timely Payments Matter: Paying your bills on time is crucial. We can explore options like automatic payments or set up handy calendar reminders to keep you on track and avoid those pesky late fees.

3. Smart Balancing Act: We’ll strategically manage your credit utilization – aiming for that sweet spot below 30%. Need some pro tips? Count on us for savvy solutions.

4. New Isn’t Always Better: Together, let’s navigate the impact of new credit accounts on your report. Too many inquiries can raise eyebrows. We’ll create a plan to maintain a smooth and steady course.

5. Age Before Beauty: Old accounts hold significant weight. Even if they’re paid off and quietly resting, we’ll keep them open to preserve that valuable “average age of accounts.”

Your Journey to Improvement: Patience is our ally. While improvement timelines may vary, every step counts. Let’s work hand in hand, shaping the path to your dream home!

Ready for a tailored credit assessment and seamless mortgage guidance? Reach out for a complimentary consultation today! Together, we’ll turn your homeownership dreams into reality.

Contact me for more information about why now is a great time to buy!https://robynmoser.com/

The Bank of Canada leaves benchmark rate at 5.00% By Barb Eglauer One Of Our Preferred Service Providers

As was widely expected, the Bank of Canada has left its key lending rate unchanged at 5.00%.

This marks the Bank’s fifth straight rate hold since it last raised rates back in July.

In its statement, the Bank said it is “still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation.”

“Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behaviour,” it added. 

Read More: For a detailed view, access the Bank of Canada’s full statement.

What this means for your mortgage

  • Variable-rate mortgages: No change in your rates, with the prime rate holding at 7.20% at most major lenders (excluding TD, which has a mortgage prime rate of 7.35%).
  • Fixed-rate mortgages: Your mortgage term remains unaffected by this announcement.

Looking forward

We’re closely monitoring the landscape as we approach anticipated rate cuts by the Bank in the second half of the year. Meanwhile, the Bank’s next rate decision is scheduled for April 10. Should you have questions or wish to discuss adjustments to your mortgage strategy in light of these developments, please don’t hesitate to reach out.

Together, we can navigate these changes to ensure your mortgage strategy remains well-aligned with your financial goals.


Best regards!

Weekly Calgary Real Estate Update For March 4/ 2024

Weekly Calgary Real Estate Update For March 4/ 2024

3091 homes for sale in metro Calgary (up 82)

2259 homes sold in the last 30 days (up 80)

1.37 months worth of inventory (down 0.01)

73.08% of the homes statistically to sell in the next 30 days (up 0.66%)

Market Conditions: Seller’s Market

Average List Price: $586,710 (up $5,137)

Average Sale Price: $589,035 (up $6,016)

Average days on market: 26 (down 3)

Average list to sale price ratio : 100.92% (up 0.23%)

*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.

Navigating the Canadian Real Estate Market – Why Now is the Right Time to Buy – By Advanced Mortgage One Of Our Preferred Service Providers

Feb 20, 2024 | First Time Home BuyerHousingInterest RatesMortgage BrokerRealtorsTipsUncategorized | 0 comments

In the constantly changing landscape of the Canadian Real Estate market, potential homebuyers often find themselves pondering the question, “Is now a good time to buy or should we rent/save for another year? “

With over 25 years in the mortgage industry, I’m here to shed light on why waiting will cost you more in the long run and to provide valuable tips for making a well-informed decision in your market.

  1. Current Market Conditions
    With increased demand from population growth and reduced supply, we are seeing a surge in Canadian Home pricing. Depending on your region, we are seeing forecasts of 5%-10%+ in Canadian home values in 2024. This means that a $300,000 home could be worth $315,000 if you wait another year to purchase.
  2. Interest Rates
     Are the rate hikes over?  It seems like every week brings a new news article that seemingly affects the way the interest rate winds blow. With current inflation data showing a slowdown, is a rate drop in our near future?  Keeping an eye on inflation as well as the Canadian Bond Yield are great ways to better predict any changes to the Bank of Canada Prime rate.
  3. Market Trends and Projections
     Understand your local market and identify trends. Is there new industry moving to your area?  Is the job market growing or shrinking? How many new homes are projected to be built in your market this year?  All of these factors will help you make a sound investment decision when considering purchasing a home.
  4. Consider Long-Term Value
    Look beyond the immediate and consider the long-term value of the property. Remember that equity growth works two-fold.
    1. Paying down your mortgage debt
    2. Increasing value of your home over time

Tips for Buying a Home in Canada:

Get Pre-Approved

Before embarking on your home buying journey, get pre-approved for a mortgage. This not only helps you understand your budget but also makes you a more competitive buyer in the eyes of sellers.

Research Neighbourhoods

Exerts always say, “find your neighbourhood first and THEN find your home.”  Conduct thorough research on neighbourhoods that align with your lifestyle, preferences, and budget. Consider factors such as amenities, schools, and proximity to work.

Work with a Professional

Enlist the services of a qualified real estate agent and mortgage broker. Their expertise can guide you through the process, ensuring you make informed decisions at every step. When buying a home, these services are almost always free to you.

Why Waiting Can Cost You

Rising Property Values
As outlined above, property values often appreciate over time. Waiting might mean paying a higher price for the same property in the future.

Interest Rate Fluctuations
Interest rates can fluctuate, and waiting might result in higher mortgage rates, impacting your overall cost of homeownership. Everyone is talking about how much higher rates are in the past few years but remember, the interest rate on rent is 100% 😊

Missed Opportunities
In a competitive market, delaying your decision might mean missing out on prime opportunities and desirable properties.

The best time to buy your home was 10 years ago; the second-best time is now. Although the home buying journey can be a stressful time but enlisting a qualified team of mortgage and real estate professionals is the best way to prepare yourself for a successful new home purchase.

Reach out to your Advanced Mortgage professional today and let us help you make cents of your mortgage.

🏡 Ready to Seize Homeownership? Buy Now or Rent and Wait?

Hey future homeowners! 🏠 Now’s the time to act:

Current Market Insights: 📈 Calgary and area home prices are increasing, forecasting 5%-10%+ growth in 2024. Waiting could turn a $300,000 home into a $315,000 investment. [More insights at @advancedmortgage]

Interest Rates and Predictions: 📉 Watch inflation and Canadian Bond Yields for potential changes in the Bank of Canada Prime rate.

Market Trends and Smart Investments: 
Decode your local market, spot trends, and forecast growth. For personalized insights, contact me directly and together with our friends @AdvancedMortgage, we can help you spot a smart investment.

Consider Long-Term Value: 
Home equity grows by paying down mortgage debt and seeing property value increase over time.

Tips for Smart Home Buying in Canada:

✔️ Get Pre-Approved: Stand out as a serious buyer.

🔍 Research Neighborhoods: Find your perfect locale, contact me directly for more insights

🤝 Work with Professionals: I have many professional referrals sources to help you with the process, our professional connection will ensure you have a successful journey! For mortgages, contact @AdvancedMortgage for seamless collaboration.

Why Waiting Can Cost You:

Rising Values: Waiting could mean a higher price tag. 

Interest Fluctuations: Rates can rise – impacting overall homeownership costs. 

Missed Opportunities: Don’t let prime properties slip away.

According to Trevor Yerema from Advanced Mortgage “The best time to buy was 10 years ago; the second-best time is NOW.” 

Contact me for more information about why now is a great time to buy! https://robynmoser.com/

Weekly Calgary Real Estate Update For February 19/ 2024

Weekly Calgary Real Estate Update For February 19/ 2024

3009 homes for sale in metro Calgary (down 29)

2179 homes sold in the last 30 days (up 136)

1.38 months worth of inventory (down 0.11)

72.42% of the homes statistically to sell in the next 30 days (up 5.17%)

Market Conditions: Seller’s Market

Average List Price: $581,573 (up $2,120)

Average Sale Price: $583,019 (up $2,917)

Average days on market: 29 (down 2)

Average list to sale price ratio : 100.69% (up 0.17%)

*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 For February 12/ 2024

Weekly Calgary Real Estate Update For February 12/ 2024

3038 homes for sale in metro Calgary (up 68)

2043 homes sold in the last 30 days (up 246)

1.49 months worth of inventory (down 0.16)

67.25% of the homes statistically to sell in the next 30 days (up 6.74%)

Market Conditions: Seller’s Market

Average List Price: $579,453 (up $4,734)

Average Sale Price: $580,102 (up $6,277)

Average days on market: 31 (down 3)

Average list to sale price ratio : 100.52% (up 0.29%)

*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.