Buying Tips

Weekly Calgary Real Estate Update April 15/2019

Weekly Calgary Real Estate Update April 15/2019

7717 homes for sale in metro Calgary (up 177)

1358 homes sold in the last 30 days (up 38)

5.68 months worth of inventory (down 0.03)

17.60% of the homes statistically to sell in the next 30 days (up 0.09%)

Market Conditions: Buyers

Average List Price: $476,019 (down $9,173)

Average Sale Price: $459,174 (down $8,595)

Average days on market: 58 (down 3)

Average list to sale price ratio : 96.52% (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

 

 

The New Budget and You – Barb Eglauer one of our Preferred Service Provider

The New Budget and You

 

If you’re a first-time homebuyer, the recent federal budget announcement may help you get into your first home.

The Federal government introduced two measures in their recent budget to address first time home buyers and affordability — A withdrawal increase to the RRSP Home Buyer’s Plan and a new Shared Equity mortgage program.

These measures are aimed at helping first-time homebuyers like millennials and new Canadians break into a housing market. The Shared Equity program, with its interest-free loan program may help earners most affected by the stress test.

Here are the two announcements:

Home Buyer’s Plan Withdrawal Increase. First time home buyers can now withdraw up to $35,000 from their RRSP, tax free, up from $25,000, for a down payment. If you have a co-borrower, that total could be up to $70,000.

First Time Home Buyer Incentive. Billed as a “shared equity mortgage”, the government will lend first-time home buyers’ money to buy a home. According to the budget document, this new incentive “enables homebuyers to reduce the amount of money required from an insured mortgage without increasing the amount they must save for a down payment.”

The loans can be worth up to 10% of the purchase price of newly built homes, or 5% of the price of resale homes. The program is available for buyers with household incomes under $120,000 annually, and the loan portion has a cap of four times annual income.

Shared-equity mortgages do not require interest payments or continuing principal repayments, with the loan repaid when the home is sold.

While that might not seem doable for many households, especially in higher-priced markets, the program is aimed at first-time homebuyers who have been shut out of housing by new mortgage stress-test rules.

Mortgage Professionals Canada, the association for mortgage brokers has estimated that the original stress test would compel about 200,000 potential home buyers to change their plans in the first two years of operation. This program may help a number of those people.

Of course, the devil is in the details, which are still being worked out and I will keep you up-to-date on any new information.

If you would like to know more or have any questions, please call me today. (780) 720-5185

Weekly Calgary Real Estate Update April 1/2019

Weekly Calgary Real Estate Update April 1/2019

7208 homes for sale in metro Calgary (down 3)

1280 homes sold in the last 30 days (up 32)

5.63 months worth of inventory (down 0.15)

17.76% of the homes statistically to sell in the next 30 days (up 0.45%)

Market Conditions: Buyers

Average List Price: $485,069 (down $4,725)

Average Sale Price: $467,253 (down $5,037)

Average days on market: 62 (down 2)

Average list to sale price ratio : 96.45% (up 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 March 25/2019

Weekly Calgary Real Estate Update March 25/2019

7211 homes for sale in metro Calgary (up 199)

1248 homes sold in the last 30 days (up 107)

5.78 months worth of inventory (down 0.37)

17.31% of the homes statistically to sell in the next 30 days (up 1.04%)

Market Conditions: Buyers

Average List Price: $489,794 (down $1,998)

Average Sale Price: $472,290 (down $1,977)

Average days on market: 64 (down 1)

Average list to sale price ratio : 96.43% (up 0.05%)

*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 March 18/2019

Weekly Calgary Real Estate Update March 18/2019

7012 homes for sale in metro Calgary (up 185)

1141 homes sold in the last 30 days (up 51)

6.15 months worth of inventory (down 0.11)

16.27% of the homes statistically to sell in the next 30 days (up 0.30%)

Market Conditions: Buyers

Average List Price: $491,792 (up $9,405)

Average Sale Price: $474,267 (up $8,354)

Average days on market: 65 (same)

Average list to sale price ratio : 96.38% (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.

Kahane Law Office, our top recommended Law Office for our clients

Kahane Law Office offers a variety of legal services, including a number of real estate law services. We understand that buying, selling and refinancing property can be stressful, which is why we pride ourselves on our ability to simplify and explain the process to ensure that our clients’ transactions are as smooth as possible. Our team of experienced Calgary-based lawyers and legal assistants assist clients by facilitating residential and commercial transactions from start to finish. Examples of our real estate legal services include:

  • Residential Real Estate Law (including purchases, sales, refinances, construction mortgages, bridge financing, private lending, title transfers, dower releases, filing and defending against builders’ liens, reviewing real property reports, and drafting and reviewing purchase contracts, rent-to-own agreements and condominium bylaws);
  • Mobile & Manufactured Homes (including purchases, sales, refinancing, and drafting and reviewing purchase contracts and lease agreements);
  • Commercial Real Estate Law (including purchases, sales, refinances, private lending, drafting and reviewing purchase contracts, joint venture agreements, lease agreements);
  • Real Estate Litigation; and
  • Notary Services for Out of Town Real Estate Transactions.

Through high standards and excellence in customer service, Kahane Law Office has seen tremendous growth in a relatively short time frame. Providing legal assistance on as many as almost 300 real estate transactions in a single month, Kahane Law Office has been responsible for well over a billion dollars worth of transactions.

While Kahane Law Office started primarily as a residential real estate firm, our office has grown into a full service law firm offering a variety of legal services. In addition to Real Estate Law, our experienced lawyers provide legal assistance in the areas of Civil and Commercial Litigation, Employment/Labour Law, Wills and Estates, Powers of Attorney, Corporate Services, Criminal Law, Family Law and Uncontested Divorces and Immigration Law.

Kahane Law Office’s awards include:

  • Top Choice Award: Real Estate Law Firm 2015-19
  • Top Choice Award: Top Family Law Firm 2013-14
  • Calgary Choice Awards Winner 2011
  • Calgary Inc. magazine ‘Best Places to Work’ 2006

The owner and founder of Kahane Law Office is Jeffrey Kahane. Jeff graduated from law school in 2000 and thereafter worked in the legal department of Canadian Pacific Limited (former parent corporation of CP Rail, CP Hotels, Fording and CP Ships) and at Ernst & Young’s affiliate law firm, Donahue, Ernst & Young. In 2004, Jeff’s entrepreneurial spirit won out and he opened Kahane Law Office.

Jeff enjoys bringing his warm, caring, and personable approach into the practice of law. He also regularly volunteers his time, leadership and teaching skills to many educational institutions, community enhancement organizations and family and child service organizations. Jeff’s great personal commitment to his community was recognized by the province of Alberta when he was awarded the Alberta Centennial Medal.

In addition to his community involvement, Jeff has also been recognized for his business leadership by a number of organizations. He was nominated for the Ernst & Young Entrepreneur of the Year Award, and most recently was featured in Business in Calgary magazine’s Leaders of Tomorrow. Calgary Inc. magazine also identified Kahane Law Office as one of the best places to work in Calgary.

Jeff works with a team of incredible real estate lawyers and staff. To find out more about our other real estate lawyers as well as information on finding the best real estate lawyer for you, please visit our website by clicking here.

We are a law firm that cares. To contact us regarding your real estate or other legal matter, please call us at 403-225-8810.

 

 

Weekly Calgary Real Estate Update for February 25, 2019

Weekly Calgary Real Estate Update for February 25, 2019

Weekly Calgary Real Estate Update

6546 homes for sale in metro Calgary (up 133)

1027 homes sold in the last 30 days (up 23)

6.37 months worth of inventory (down 0.02)

15.69% of the homes statistically to sell in the next 30 days (up 0.03%)

Market Conditions: Buyers

Average List Price: $491,335 (up $14,540)

Average Sale Price: $473,177 (up $15,064)

Average days on market: 66 (same)

Average list to sale price ratio : 96.32% (up 0.12%)

*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.