International Real Estate Buyers

Just Listed in Signal Hill!

37 Simcoe Close SW – $839,000 (MLS #C4075171)

Pride of ownership is evident in this stunning Signal Hill home. An abundance of special features & upgrades include: Cornice work throughout & sculptured accent areas, AC, maple hardwd, custom shutters & black out blinds, updated lighting & carpet (main & upper flr), recently painted, spacious open concept kitchen (granite, breakfast bar, newer dishwasher, walk through pantry to convenient mud rm), newer deck/railings & rear fence, cozy family rm with extensive built-ins & fireplace, main flr laundry (high end washer/dryer & laundry sink). Upon entering the 2nd level via the grande curved staircase you’re greeted w/ vaulted ceilings & skylights, breathtaking mountain views from the bonus rm & your dream master with renovated spa like en-suite featuring Washlet, water fall shower head & heated flooring. Spacious dbl attached garage. This home offers more than you could ever imagine right from the curb – luxury living at it’s finest! A quiet location close to amenities, walk to LRT, Rec Centre and school.
Click Here to view the virtual tour
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Just Listed in Bel-Aire!

1220 Bel-Aire Drive SW – $1,750,000

An exquisite home in one of Calgary’s most desirable inner city neighbourhoods. Special features are countless in this well maintained property: Floor to ceiling windows, private Den off of front foyer, stunning gourmet open concept kitchen (Miele applainces:built in espresso/coffee machine, gas stove, steamer oven, warmer, etc.) separate kitchen noon/dining area and 2 cozy fireplaces, built in sound system & lovely family and living rm to relax or entertain. Both bedrooms include ensuite’s on upper level and the master includes your DREAM closet (a spacious room) with sky lighting and vaulted ceilings. Multi-Functional Lower Level with 3rd fireplace, plenty of storage, bathroom w/ steam shower, 2nd Den and currently includes a gym in the rec rm area. Your yard is outdoor living at its finest with a fantastic deck, fabulous Lynx BBQ and beautiful landscaping. Minutes to downtown, shopping, Rocky View hospital, schools, Glenmore reservoir pathways. A superbly designed property to call home!
CLICK HERE to view the virtual tour.

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City of Calgary and Regional Monthly Statistics

Home prices down, but not out…
Calgary home prices continue to slide in most areas of the market, but not at the rate that many might expect. This is partly due to June’s resiliency in the detached and semi-detached sectors of the market, where sales compared to new listings and standing inventory started returning to more balanced levels.
“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”
Detached benchmark prices totaled $502,400, which is 0.4 per cent higher than last month, but 3.4 per cent lower than last year’s levels. This is the first time in eight months that detached prices recorded a monthly gain, helping ease the quarterly decline from 2.2 per cent in the first quarter to 0.7 per cent in the second quarter.
Overall sales activity remained relatively weak in June, falling by seven per cent to 2,028 units. Inventory levels went in the other direction and continued to climb in June to 5,973 units, 16 per cent higher than last year. Both the attached and apartment segments of the market have recorded inventory gains around 30 per cent, far greater than the year-over-year increase of five per cent in the detached sector.
Higher inventories and weaker demand continue to have a larger impact on pricing in the apartment and row sectors. June apartment prices slid by another 0.1 per cent over last month, pushing the average year-to-date benchmark price down 5.3 per cent below last year. Attached product experienced a monthly slide of 0.3 per cent, mostly due to steeper price declines in row style product.
“The price adjustments that we’ve seen in the past year have allowed some buyers to get into homes that were previously unattainable,” said CREB® president Cliff Stevenson. “This is especially true for homeowners with financial stability and a good amount of equity in their home. With so much choice out there, it’s giving consumers an opportunity to find their ideal home at a price they can afford.”

Click Here to view the full .pdf of the June 2016 City of Calgary Monthly Housing Statistics

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Click Here to view the full .pdf of the June 2016 Regional Monthly Stats Package

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Just Listed in the sought-after neighborhood, Sunnyside!

928 4A STREET NW – $749,000
Sunnyside is one of Calgary’s most desirable and sought-after neighborhoods. Pride of ownership is evident in this well maintained and upgraded home. Special features and renovations are numerous: open concept kitchen w/ granite, dual fuel stove/oven, several built in’s throughout the home allowing plenty of storage, West Bay window (overlooking adorable front porch) & East spacious balcony make this a bright sunny home, both bathrooms on upper level totally renovated (ensuite with sky lighting), comfortable master w/ vaulted ceilings & sliding doors to 2nd balcony w/ gorgeous views, upper level laundry, totally renovated lower level w/ rec room, wet bar & large Den and you will appreciate your double detached garage. One of the quietest streets in Sunnyside just 3 doors from a park, walk to Downtown, LRT, River Paths, Princes Island Park, Riley Park, shops & restaurants of Kensington Village. Click Here for the virtual tour!

CMHC releases report on foreign ownership

“The really interesting thing about this report is the insight it provides into foreign ownership of condominiums in Canada by age of structure. For example, in the downtown core of Toronto, we know that, in buildings completed since 2010, about 10 per cent of those units are owned by foreign buyers,” Bob Dugan, chief economist, Canada Mortgage and Housing Corporation, said. “This compares to about 2.3 percent for units completed during the 1990s. This represented another piece in the puzzle of foreign investment in Canada. It remains a top priority for CMHC to continue to get more information on foreign investment in Canada’s Housing market.”
The report found that foreign ownership is most prevalent in new condo buildings in Toronto and Vancouver.
In Toronto about 10% of newer buildings (built after 2010), compared to 2% of those buildings built in the 1990s.
A similar trend was found in Vancouver, where 6% of units in newer buildings are believed to be foreign-owned.
Highlights from the report include;

  • In the Toronto CMA, the share of foreign ownership is less than 2% for buildings completed before 1990 and 7% for newer constructions completed since 2010. This effect is even more pronounced in Toronto Centre where about 10% of the newer stock is owned by foreigners.
  • In the Vancouver CMA, foreign buyers’ share rises from less than 2% for properties built before 1990 to about 6% for those completed since 2010.

The stats were pulled from a fall 2015 survey.
To read the full report, click here.

Housing prices trend down in March

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Home prices declined further in March as economic conditions weigh on Calgary’s housing market.
Calgary’s benchmark price totaled $442,800 in March, a 0.49 per cent decline over February and 3.51 per cent lower than levels recorded last year.
“With no improvement in the labour market, it’s no surprise that we continue to face downward pressure on housing sales activity and prices,” said CREB® chief economist Ann- Marie Lurie.
“Provincial unemployment rates are at the highest level recorded since the early ‘90s,” said Lurie, adding that Calgary’s unemployment rate in February rose to 8.4 per cent, which is higher than the provincial average of 7.9 per cent.
March home sales in Calgary totaled 1,588 units, 11 per cent below the same time last year and 28 per cent lower than long-term averages for the month.
Calgary also saw housing supply gains in most price ranges.
Inventory levels rose by seven per cent to 6,084 units in March.
Overall, months of supply has averaged five months in the first quarter of 2016.
“As we move into spring, we are starting to see more foot traffic at open houses and showings from potential buyers,” said CREB® president Cliff Stevenson. “For now, this activity hasn’t translated into improved sales in most segments of the market.” The apartment sector has been the hardest hit by the recent downturn.
After the first quarter of the year, apartment sales totaled 554 units, a 17 per cent decline over the same period last year. Apartment benchmark prices have been trending down since late 2014.
In March, benchmark apartment prices totaled $281,300, seven per cent lower than levels recorded prior to the slide and 4.93 per cent lower than levels recorded last year.
The detached and attached sector has also felt the brunt of Calgary’s weakening economy. Detached and attached home prices have dropped by four per cent from the recent peak.
“Homebuyers continue to wait and see if there are going to be further declines in home prices before making an offer,” said Stevenson.
“Timing the bottom of the market is proving to be quite a challenge in the housing market we are faced with now.”
Beginning next month, the monthly statistics will be separated into two packages in order to provide a more comprehensive analysis of the housing market.
One package will contain Calgary housing statistics and district information to show the activity within areas throughout the city.
The other package will show housing activity in areas surrounding Calgary and provide a more regional perspective.
 
Click on the link: March_2016 to view the full report.

Looking for a inner-city Calgary Condo?!?

TWO NEW LISTINGS!!!

Renfrew: Underground parking & fully renovated only $210,000!!!

Has a walk score of 84/100!

#204 717 4A ST NE

If you’re an urban professional, someone looking for an incredible investment property, or you’re just looking for a great place to live, you’ve come to the right place. This bright, modern suite in Eagleview Estates features laminate and tile flooring, stainless steel appliances, maple cabinetry, and a neutral, modern colour scheme. In this well-managed building with several upgrades in the past few years, you’ll get heated underground parking, an elevator as well as surprisingly low condo fees. The unit has in-suite laundry, a good-sized, sunny, west-facing balcony, and a large master bedroom as well. The location and neighbourhood are amazing, close to all the brunch spots like Diner Deluxe on Edmonton Trail as well as an easy walk to Bridgeland and downtown. Park your car and walk to work! There are lots of parks nearby and great city views everywhere you go, this condo has been rented at $1450/month for the past year, has been immaculately maintained and is ready for immediate occupancy. CLICK HERE for Virtual Tour!!

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AND!! Don’t miss this one in Chinatown: Walk Score 96/100!!!!:

Newly Updated trendy & modern open concept condo in Chinatown!

   #610 205 RIVERFRONT AV SW

Trendy & modern open concept 1 bedroom condo in a secure building. Newly updated featuring; new quartz counter-tops, stainless steel appliances, new steam self cleaning oven w/ flat top stove, new stainless trendy pendent lighting over eating bar & A/C. Stylish master bedroom w/ hardwood flooring and a walk-in closet. Freshly painted in neutral colours. New high end Opera Shade Control blinds. Spacious bathroom w/ banjo extension & cabinet storage, tile tub surround to the ceiling & insuite laundry space. Insuite storage room. Enjoy a glass of wine & watch the sunset on the huge west facing balcony. 1 titled, heated underground parking stall. You will appreciate the security of on site concierge. Extremely clean & well managed building. Ideal location, close to the downtown commercial hub, steps to Eau Claire Market, cool shops & restaurants. Also enjoy nature w/ the Bow river walking trail and Prince’s Island Park right outside your door. Inner-city living at its best!! CLICK HERE for a virtual tour!!!

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2015 Housing Market Outlook Report

This year’s report indicates Canada’s average residential sale price is projected to increase two to three per cent in 2015.
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Most regions posted modest gains in average residential sale price, despite increased inventory in many of Canada’s housing markets. Residential property markets in Toronto, Vancouver and their surrounding areas, as well as Calgary and Edmonton continued to see prices and sales rise. The greater areas of Vancouver and Toronto saw inventory of singlefamily houses remain at a record low, while demand continued to climb. Prices in these markets are expected to continue to increase in 2015, by approximately three per cent in the Greater Vancouver Area and four per cent in the Greater Toronto Area. Healthy gains are also anticipated in Kelowna (7%), Victoria (4%), Windsor (5%) and Moncton (6%).
Outside of B.C., Alberta and some areas of Southern Ontario, higher inventory levels was a significant trend characterizing much of the Canadian housing market in 2014. In some markets, the long, cold winter and late start to the spring season created a build-up of listings on the market, which continued to have an impact throughout the year, but also resulted in higher than usual activity in the fall as buyers came back to the market. In many cities in Canada, notably St. John’s, Quebec City, Ottawa and Halifax, increased construction over the past several years contributed to an increase of inventory. However, with construction of new buildings winding down, inventory levels are expected to balance within the next couple of years without having a notable impact on property prices.
With an increased supply of inventory on the market going into the new year, the average sale price is expected to remain stable or rise modestly in most cities in 2015. Montreal (1%), Quebec City (1.5%), Ottawa (1.6%) and Sudbury (1.6%) are expecting a modest rise in average residential sale price, while little change in prices is expected in Winnipeg, Saskatoon and St. John’s.
Condominiums continued to grow their share of the market in many regions. In Toronto and Vancouver, higher prices and limited inventory for single-family homes mean that condominiums are becoming a practical choice for many young buyers looking to enter the market. In Montreal, Kingston, Burlington, and Victoria, condos are increasingly attracting Baby Boomers looking for affordability and amenities within walking distance.
Many first-time buyers continued to feel the impact of the Canada Mortgage and Housing Corporation’s tightened lending criteria, which were revised in 2012. The new mortgage lending regulations have delayed the entry of first-time buyers into the market in many regions, thus slowing down the rest of the market. Regina and Saskatoon were exceptions; well-paying jobs and a good availability of affordable options meant that young buyers were typically able to qualify for a mortgage for their choice of home in these markets. The new mortgage rules will likely have less of an effect in the coming year as buyers adapt to the new regulations and make the necessary changes to meet the criteria.
The historically low interest rates of the past several years have helped sustain demand, and have mitigated the impact of the tightened lending criteria. The Bank of Canada has hinted at a rate increase in late 2015, and some experts have speculated that the increase could come as early as May. An interest rate hike could potentially result in a spike in buying activity, as buyers rush to secure their mortgage before the increase comes into effect. Overall, a rate increase is not anticipated to have a dramatic effect on the real estate market, as it would likely be minor and rates would continue to be low.

The economic outlook for Canada in 2015 is stable. The Bank of Canada has projected GDP to grow by approximately 2.5 per cent, a rate that is roughly on par with 2014’s growth. Small increases in employment rates and wages are anticipated as well. Canada expects to welcome between 260,000 and 285,000 new permanent residents in 2015, which should positively impact the residential real estate market.
Outlook on Calgary:
Calgary’s housing market had another year of healthy price appreciation as the average residential sale price has grown and is expected to finish off 2014 with an approximate six per cent gain to $483,000 from $456,000 in 2013. House price increases have been attributed to good employment in the energy sector driving migration to the city.
A city-wide Civic Census showed that in April 2014, Calgary saw the migration of approximately 28,000 people to the area in the past 12 months, an increase of about 1,800 compared to the previous year. Migration has significantly impacted the real estate market fueling Calgary’s consistent strong performance over the past few years. However, in the fall of 2014, the housing market started to show a shift from a seller’s market to a more balanced market, likely due to a decrease in oil prices.
The price adjustment in the energy industry should likely have an impact on the 2015 Calgary housing market. While it is still expected to see a slight increase in price, it is anticipated to be less active as potential buyers wait to see if lower oil prices result in more favourable house prices. However, RE/MAX expects 2015 to be a balanced market, creating a more level playing field for buyers and sellers. A combination of oil prices and dollar value should have the greatest impact on Calgary’s housing market in 2015.
One advantage is that most oil industry corporations are being paid in the American dollar, thereby lessening the current effect of the low Canadian dollar.
Calgary is projected to see a four percent increase in unit sales and a more modest three per cent increase in average residential sale price increasing to $497,500.
Buyers who are looking to move up are likely to drive demand in Calgary’s real estate market in 2015. Also, the low vacancy rate for rentals has made potential tenants look at purchasing sooner than they anticipated.
Condominiums and townhouses are expected to represent a growing share of the active marketplace, as long as they are priced competitively. With increasing house prices, condominiums and townhouses are an affordable way to purchase real estate in the city.
The city’s growth is prompting optimism for its housing market in 2015. Today, the population is close to 1,195,000, and growing. There is a mild concern as to how the city will keep up with such growth, as new infrastructure will be required. Despite this need, it is anticipated that Calgary’s real estate market should continue to flourish throughout 2015.

For more details and information, check out the Market Outlook for 2015 for all of Canada.

Calgary resale housing market continues to sizzle in October

Second highest MLS sales ever for the month

Average Price of Calgary single-family homes:
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Sales in Calgary for single-family homes:
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Average price of Calgary condo apartments:
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Sales in Calgary for condo apartments:
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Calgary’s booming resale housing market showed no signs of slowing down in October as MLS sales reached their second highest level ever for the month while prices continued to gain year-over-year.
According to the Calgary Real Estate Board, total MLS sales in the city during the month increased by 10.22 per cent from last year to 2,147. The median price was up by 5.33 per cent to $430,550 while the average sale price rose by 6.50 per cent to $488,474.
New listings of 2,919 were up 15.79 per cent from October 2013 and active listings at the end of the month increased by 15.28 per cent to 4,428.
“October showed little sign of the housing market slowing down as sales momentum continued this month. Positive sales growth throughout the housing sector was demonstrated largely in part by the record number of luxury home sales as well as a steady resale market,” said Kaitlyn Gottlieb, a realtor with Century 21 Bamber Realty Ltd. “Net migration and population growth, coupled with Calgary’s vast employment opportunity together with comparatively high wages, remain the driving factors behind the price growth Calgarians continue to see.
“Although still below historical norms, improvements in Calgary’s inventory levels and the easing of market tightness has added to listing growth and furthered stability, alongside sales this quarter. As we approach the end of fall, we continue to see a firm confidence in both homebuyers and investors adding to the anticipation that sales will remain at a positive level moving into the winter months.”
Mike Fotiou, associate broker with First Place Realty, said October sales were just behind the all-time record of 2,204 set in 2005 for the month.
Average sale prices in October neared the all-time records of $492,136 for the city which was set in June this year and $567,653 in the single-family market which was established in September.
In October, the single-family home market saw sales of 1,462, up 9.68 per cent year-over-year. The median price rose by 8.41 per cent to $490,000 while the average sale price was up by 7.53 per cent to $555,251.
The condo apartment category had 385 transactions, up 14.24 per cent. The median price rose by 4.04 per cent to $283,000 and the average sale price increased by 4.18 per cent to $322,358.
In the condo townhouse segment, sales of 300 were up by 7.91 per cent from last year. The median price of $333,766 and the average sale price of $376,227 were up 4.71 per cent and 3.70 per cent respectively.
And in the towns outside Calgary market, MLS sales climbed by 27.23 per cent to 486 transactions as the median price was up 7.57 per cent to $387,250 and the average sale price rose by 8.32 per cent to $412,026.
“Even as we enter the traditionally slower season of Calgary real estate, we continue to witness a strong demand,” said Don Campbell, senior analyst with the Real Estate Investment Network. “This demand is being tempered, a bit, by concern surrounding the oil price and thus keeping our market price increase away from the percentages we witnessed in 2006-2007. Away from the statistics, on the street analysis is beginning to show a slowing down in the number of showings, especially in the upper half of the market. This slowdown will reflect into sales statistics over the coming three months and if sales in the higher end of the market are slower, that will keep a cap on the ever-quoted average sale price.”
“Migration to the city continues to be strong bringing low vacancy rates and increasing rents. This means that first-time home buyers continue to prop up the lower end of the market while keeping demand strong.”
CREB also keeps track of what it calls a benchmark price on typical properties sold in the market. The benchmark prices for each housing category as well as percentage annual change are: single-family, $513,500, 9.7 per cent; townhouse, $337,800, 9.7 per cent; apartment, $299,800, 8.6 per cent; composite, $460,700, 9.5 per cent; and surrounding towns, $379,600, 9.43 per cent.
Ann-Marie Lurie, chief economist with CREB, said overall demand continues in the local real estate market.
“We’ve had the strong employment growth. The migration that we’ve seen over the past few years. And now there’s been listings. So there’s been some selection in the market and that’s really encouraged some of that demand,” said Lurie. “We still are in a period of favourable lending rates. All of that is encouraging the sales activity that we’ve seen.
“It hasn’t shown any sign of slowing because we’ve had the listings. What’s really shifted is that the market is more balanced now than it was even three to six months ago.”
CREB’s monthly report said there was only 18 per cent of new single-family listings priced below $400,000 and only 387 remained in inventory by the end of the month.
“All citywide resale segments have recorded a moderate easing of supply constraints, which should help stabilize prices as we approach the end of the calendar year,” said Lurie. “Nonetheless, consumers should be aware that market conditions can vary significantly depending on the location and property type.”
 
By Mario Toneguzzi, Calgary Herald November 3, 2014

Calgary luxury home sales on record pace

Every month this year has set a new peak for MLS transactions

West Hillhurst InfillThe appetite for luxury homes in Calgary continues to be very strong as another MLS sales record was established in August.
According to the Calgary Real Estate Board, there were 69 properties that sold for $1-million or more during the month, eclipsing the previous monthly high of 64 set last year.
Each month this year has established a record for luxury home sales.
Year-to-date, there have been 611 luxury home sales until the end of August compared with 522 for the same period last year. The all-time peak for annual sales at the $1-million plus level was in 2013 with 726 MLS transactions.
“Bolstered by the city’s thriving economy, the strength of its oil and gas sectors, low unemployment rates, high average net incomes and strong net migration, the market for high-end homes continued its upward trajectory with single-family home sales up 19 per cent and attached home sales up 21 per cent year-over-year,” said Sotheby’s International Realty Canada’s Top-Tier Real Estate Report for the first half of the year, which was released on Thursday.
“Due to limited inventory in Calgary’s condo market, sales decreased 25 per cent compared to the same time last year. With a number of new high-end condo projects recently announced in Calgary’s downtown core, it is expected that the volume of luxury condo sales above $1 million will increase in the second half of 2014.”
Ross McCredie, president and chief executive of Sotheby’s International Realty Canada, said the Calgary housing market is still relatively inexpensive for many people who have moved to the city from other parts of Canada.
“There’s a ton of different factors (to the luxury home boom) but overall there’s a ton of confidence,” he said.
“Low interest rates, a lot of confidence specifically in Calgary where you have a lot of investment, very, very low unemployment and you have huge demand for jobs . . . Overall we don’t see anything that’s going to change in the horizon right now for us.”
The Sotheby’s report said low inventory in the beginning of the year drove bidding wars and price increases in a market that favoured sellers.
“Over the summer months, new inventory over $1 million emerged to meet strong consumer demand, particularly in the condominium market, a trend which is expected to continue into the fall,” it said. “At the same time, Calgary’s robust economy is expected to sustain demand for luxury real estate, and notable growth is expected in the $4 million single-family home market throughout the fall and into 2015 as this category has already outpaced 2013 sales numbers.”
 
By Mario Toneguzzi, Calgary Herald September 4, 2014