Sales improve as consumers have more choice

June 2, 2014

City-wide price gains and better weather support year-over-year gains in new listings

Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

Residential sales in the city of Calgary totaled 2,948 units in May, a 16 per cent increase over the previous year.
Sales last month were well above long-term trends and are the highest May activity on record.
“Strong sales activity is a reflection of improving fundamental conditions such as a growing population, favourable lending rates and rising wages,” says CREB® chief economist Ann-Marie Lurie. “Leading up to May, resale market sales were somewhat restricted by lack of choice.
However, recent price gains have encouraged growth in new listings, helping meet some of the housing demand.”
In May, new listings totaled 4,327, a 16.5 per cent rise over figures reported during the same time last year with gains in new listings nearly matching sales growth. While inventories remain nearly five per cent below levels recorded last year, this is the first time in over two years that year-over-year declines were not in the double digits.
While market conditions continue to favour the seller, improving supply has helped ease some of the tightness in the market.
“Market conditions vary depending on the product type,” says CREB® president Bill Kirk.
“Both condominium apartment and townhouse style products have recorded inventory growth relative to last year.
This is good news for consumers looking for more choice in condominiums priced between $200,000 and $400,000.” Year-to-date condominium apartment sales have totaled 2,020 units, a 21 per cent increase over the first five months of 2013.
Meanwhile, the recent boost in new listings caused inventory levels to rise to 1,051 units, a 13.1 per cent increase compared to last year, representing 23.3 per cent of all city-wide inventories.
Click Here for the full .pdf of the CALGARY REGIONAL HOUSING MARKET STATISTICS.

Just Listed in Mission! #308 208 HOLY CROSS LN SW

May 30, 2014

$334,900 – A rare opportunity to own in the trendy & vibrant inner city neighborhood of Mission. This 1 bedroom + den unit is in pristine condition. You will appreciate numerous special features such as: freshly painted throughout, newer counter tops, stainless steel appliances, new fireplace tiles & mantle, 9ft ceilings,gas BBQ hook up on balcony, views of downtown skyline and relax and enjoy the peaceful sounds of river from, wall length closet space in master, plenty of insuite storage, bright and sunny open concept floor plan, in suite laundry, heated underground parking and much more. This clean and modern building is located just steps to Lindsay Park, Talisman Centre, 4th Street, 17th Avenue, Saddledome, Stampede grounds and walk to work Downtown. Do not miss out on this fabulous opportunity! Click Here for a Virtual Tour.

Just Listed in Tuxedo – 241 20th Avenue NW

May 30, 2014

$489,000 – Do not miss this opportunity to own a charming inner-city character home in mint condition! This well-maintained 3 bdrm +den home in the sought after community of Tuxedo includes numerous special features:hardwood throughout, newer front-loading washer/dryer, gas fireplace & gas stove & enclosed front porch. You’ll appreciate your spacious & bright master bdrm retreat with a secluded and relaxing ensuite w/ soaker tub & skylights. Partly finished basement allowing plenty of storage space, workshop & room to be utilized as your home office if so desired. SOUTH facing yard w/ mature trees is the perfect space for gardening. Perennial filled yard is landscaped w/ a rundle stone patio & large deck. A convenient location — just a 4-minute drive or 25-minute walk downtown, close to 3 different bus routes that will take you downtown, to 17th ave SW, or to the UofC. Walk to Safeway, Lina’s Italian Market, Prince’s Island or Confederation Park to name just a few of the surrounding amenities! Click Here for a Virtual Tour!

Just Listed in Silver Springs!

May 29, 2014

Just Listed in Silver Springs – $479,000
Click Here or on the photo above for a VIRTUAL TOUR!
Pride of ownership is evident in this mint condition 4 bedroom home in the sought after family community of Silver Springs! Many upgrades including the new flooring & fresh paint throughout, both 4pc bathrooms have been renovated and a newer furnace. Relax and enjoy the summer on your WEST facing deck complete with a Mountain VIEW, gas BBQ hook up, numerous mature trees and vegetable garden. Lower level includes 2 bedrooms, laundry rm, den, storage and family room with 2nd cozy wood burning fireplace to enjoy in the winter months. Located on a quiet street; you are able walk to school, easy access to transit (C-Train and buses), public swimming pool, Bow River numerous walking paths and parks and all amenities. Do not miss this fabulous opportunity!

CALGARY REGIONAL HOUSING MARKET STATISTICS for April 2014

May 2, 2014

Price gains encouraging new listings
New listings improve for all product types in the city

Following a slow start to the year, improved weather and price gains supported new listings growth. New residential listings in April totaled 3,754 units, an eight per cent increase over the previous year. Meanwhile sales activity totaled 2,545 units for the month, a seven per cent increase over April 2013.
“Throughout 2014, the condominium apartment market has recorded new listing gains, while until April, the single-family sector saw a reduction in new listings,” says CREB® president Bill Kirk. “Many single-family homeowners have been waiting for further price gains and the start of the spring market to list their homes.”
Single-family sales in April totalled 1,736 units, representing a year-over-year gain of eight per cent and a year-to-date increase of nine per cent. Meanwhile, single-family new listings totalled 2,584 units in April, a 7.4 per cent increase over April 2013.
As new listing growth outpaced sales growth, inventory levels improved, easing some of the tightness in the market. However, it was not enough to push the market back into balance.
“While we did anticipate the rise in new listings this spring, certain segments of the market will likely remain tight,” says CREB® Chief Economist Ann-Marie Lurie. “The single-family market continues to record declining listings for product priced below $400,000. Meanwhile, the growth in listings in April was mostly due to gains in the $500,000 – $999,999 range.”
Condominium apartment sales totaled 449 units in April, for a year-to-date total of 1,511. April’s year-over-year sales growth of 4.7 per cent was outpaced by the 11.2 per cent rise in new listings. This resulted in a rise in inventory levels to 898 units, three per cent higher than levels recorded in 2013. It’s also the only sector within the city limits to record annual growth in inventory availability. This growth is in part related to more new home product becoming available.
“Improved selection in the market is welcome news,” says Kirk. “Many consumers are interested in entering the market but the lack of choice poses challenges. While we are still early in the season, if this trend continues, it should provide more opportunities for consumers who have been unsuccessful with finding properties.”
Price gains continued across all property types this month. The unadjusted single-family benchmark price totaled $496,700 in April, a 9.67 per cent increase over April 2013 and up 1.24 per cent over March figures. While the price gains are still higher than expected, the pace of growth has slightly eased.
Meanwhile, unadjusted benchmark prices for condominium apartment and townhouse properties totalled a respective $291,700 and $316,700 in April. Despite the year-over-year price gains of 11.6 per cent for apartments and 9.6 per cent for condominiums, prices continue to remain just shy of peak levels recorded in 2007.
“Gains in employment and net migration have supported demand growth in the housing sector,” says Lurie. However, with unadjusted prices only recently recovering in some sectors, it is not a surprise that resale supply has not kept pace. As prices continue to improve and lending rates remain low, this should help support further gains in new listings, easing some of the tightness in the market.”

Click Here to view the full .pdf with more graphs and information!

New List in Tuxedo – 237 21 AVE. NW

April 23, 2014

This adorable home exudes character! Well maintained this bright open floor plan features original wood work and charming decorative fireplace. You will appreciate the refinished fur flooring, vaulted ceiling, claw foot tub, kitchen with dbl sinks and built in dishwasher. Exit your master bedroom complete with double closets into your SOUTH facing yard. Lower level includes new carpet and base boards in the rec room and area for a den if so desired, storage & 2pc bathroom with washer dryer. Enjoy the convenience of upgraded electrical, plumbing, sump pump & newer furnace and hot water tank. Excellent location just minutes to downtown or Deerfoot Trail, easy access to bus, close to all amenities, restaurants, shopping, schools & outdoor pool. A character home with a front porch & exceptional curb appeal – shows well – do not miss this fabulous opportunity for inner city living!
$439,000
Virtual Tour: http://www.obeo.com/878670

Just Listed in Ranchlands!

April 22, 2014

Fabulous location on a quiet street!This unique 4 bedroom bi-level is in mint condition! You will appreciate numerous special features such as: newer windows, freshly painted, wood burning fireplace, hard wood & ceramic flooring, newer stainless steel “Kitchen Aid” appliances, newer kitchen counter tops, dbl pantry, front loading washer/dryer, plenty of storage space & a spacious master with his and her closets complete with 4pc ensuite. A bright home with large windows throughout allowing lots of natural sunlight. This functional floor plan with wide hallways throughout is perfect for entertaining with French doors from the kitchen exiting into your beautiful back yard including a large deck & relaxing hot tub! You will appreciate the dbl attached garage & work shop rm which could be converted into a 5th bedroom if so desired. Just minutes to LRT, schools, several amenities at Crowfoot, natural green space w/ off leash parks & much more. Just move in -do not miss this outstanding opportunity!
48 Ranchlands Drive NW – $529,900
Virtual Tour: http://www.obeo.com/878669

RE/MAX Spring Market Trends Report – 2014

April 17, 2014

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Click Here or follow the link to view the Full .pdf report and province breakdown!

Despite record setting low temperatures and snow storms, housing market activity in Canada during the first quarter of 2014 showed year-over-year resilience in most regions, with some exceptions in atlantic Canada, Manitoba and Ontario. In urban centres, house prices continued to post gains, in large part due to a lack of inventory; price increases were also seen in regions with strong local economies driven by the resource sector and major infrastructure development.

Potential homebuyers in Toronto and Calgary continue to be frustrated by low inventory and low affordability. In Toronto, where inventory has reached a record low, average residential sale prices increased almost 8 per cent year-over-year in march. RE/MAX is predicting a similar increase throughout the remainder of 2014. In Calgary, where a typical home spent only 34 days on the market, inventory levels were 30 per cent below the threshold of a balanced market. House prices in the region increased by over 5 per cent compared to the same period last year.

Vancouver’s balanced market posted a more modest year-over- year gain, but the average selling price of $1.36 million for a single family house has priced many buyers out of the market. Low affordability in this desirable city has prompted some innovative solutions, where we are seeing entire new lines of multipurpose furniture developed for 400 square foot studios that are selling in the $150,000 price range.

Many potential first-time buyers in Calgary and toronto have decided that purchasing a home is now more attractive given the reality of rising rents and a lack of rental selection. Both cities have extremely low vacancy rates with Toronto posting a rate below two per cent and Calgary’s renters struggling with a rate of one per cent. in both markets desirable rental properties are now attracting multiple offers, creating additional frustrations for those waiting to buy.

Harsh winter conditions and power outages delayed market activity across most of Canada, but were most notable in atlantic Canada as well as parts of southern Ontario. Looking ahead, spring sales in these regions are expected to make up for the lack of activity seen during the first two months of the year as new listings help satisfy pent-up buyer demand. For example, despite consumer confidence and a strong local economy, sales in St. John’s decreased 9 per cent year-over-year in February as they experienced one of the harshest winters on record. Southern ontario also suffered from snow storms and power outages. in Windsor, which suffered its heaviest snowfall winter since 1908, total first quarter unit sales declined 15 per cent year-over-year. However, march showed signs of recovery as unit sales were only modestly down one per cent year-over-year. This scenario is being played out in many of the markets that experienced a difficult winter.
Natural resources will continue to play a crucial role in fueling the Canadian housing market in 2014, specifically in Calgary, Saskatoon and St. John’s. in new Brunswick, Saint John buyers are waiting on announcements about pipeline and oil refinery developments that could have a transformative impact on their market.
Foreign buyers looking for investment properties or second homes have been drawn to Canadian cities for a number of years due to close social and economic ties as well as confidence in Canadian real estate. more recently, a weakened Canadian dollar has created another incentive for those buyers to invest in Canada. as the country shakes off the harsh winter, markets across Canada should see healthy activity through the remainder of 2014.

Click Here to view the full .pdf report!

2014 RE/MAX Spring Market Trends Report

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Just Listed in Country Hills Village!!

April 16, 2014

Welcome to your opportunity to live in the sought after complex of “Lighthouse Landing”. This 3 bedroom & 2 1/2 bath town home offers numerous advantages such as being a quiet end unit with the extra bonus of TWO titled parking stalls! Special features of this home include: upgraded lighting package, granite counter tops in the kitchen and spacious breakfast bar, 4pc master ensuite, WEST facing front porch, sliding glass doors to the rear deck & roughed in plumbing for future development in the basement if so desired. This is a sunny & bright unit with lots of natural sunlight. The open concept design flows from the living rm with cozy gas fireplace to the kitchen. The dining area with tile flooring opens to a pleasant deck with gas line for summer BBQ’s. The perfect home for entertaining guests. Prime location close to several amenities: schools, theater, restaurants, walking/bike paths, easy access to Cross Iron Mills & airport and just 1/2 a block to the downtown bus stop. Enjoy a carefree lifestyle! Virtual Tour: http://www.obeo.com/876817

185 COUNTRY VILLAGE MR NE – $349,000

Luxury Calgary-area properties to sell through live auction!!

April 8, 2014

Luxury Calgary-area properties to sell through live auction

Two luxury properties in the Calgary area, listed with Sotheby’s International Realty Canada, will be sold through a unique live auction in early May.
Sotheby’s is partnering with Concierge Auctions, a New York-based global luxury real estate auction firm, for a live auction on May 8 at a private location in Calgary.
The auction will be the first luxury real estate auction of its kind in Calgary, and a method of sale that is becoming increasingly popular in luxury real estate markets around the globe. With the luxury sector booming in Calgary, it’s no surprise sellers are starting to adopt this sales and marketing tactic.
The two properties up for auction include an equestrian property in the Spruce Meadows area and a lakefront estate in Bearspaw, both listed exclusively with Mark Evernden of Sotheby’s International Realty Canada in Calgary.
Laura Brady, founder and president of Concierge Auctions, said a live auction is a growing service for clients who own very unique properties.
“Our focus at Concierge Auctions is only on high-end, premier, one-of-a-kind properties,” said Brady. “So if you think about these types of assets there is a smaller group of buyers that’s interested in these properties . . . and there is also a very difficult challenge of pricing these properties for sale. So properties that are unique can’t be compared just to others that are down the street or next door.
“Our process actually places transparency on the transaction by allowing bidders to bid in real time . . . Buyers can feel confident that the price that they’re paying is a fair price on that day because the high bidder only pays one bid above the next highest bidder . . . The seller also gets that confidence in value but the seller as well obtains a sale within their timeline.”
Evernden said Sotheby’s is trying to offer an additional service to the residential real estate market.
“We’re just trying to change the landscape, or I am, to a certain degree of real estate . . . and how it’s operating in the Calgary market. Adding more value to our customers and the consumers through different media services,” he said.
“This is the first to Calgary to be running an auction on a real estate property.”
Blue Valley Farms is a 45-acre equestrian training compound located at 242243 64th St. West, 25 minutes from downtown Calgary and a few minutes from internationally-renowned Spruce Meadows. Property features include a 6,428-square-foot indoor riding arena, a 30,000-square-foot outdoor arena, 25 horse stalls, five large fields with shelters and 12 outdoor paddocks. There’s an eight-car garage and workshop and a four-bedroom bungalow is available for an on-site manager. Originally offered for $4.6 million, Blue Valley Farms will sell to the highest bidder without reserve.
The second property to be auctioned is a lakefront residence in Church Ranches Estates, 20 minutes from downtown Calgary. Located at 70 Timber Ridge Way, the 2.27-acre property features a 9,000-square-foot home with four bedrooms, four full bathrooms, imported finishes, and a 3,000-square-foot solarium with a heated pool, hot tub, tropical gardens, and direct access to the lake. Owners enjoy access to 85 acres of park and nature trails, three large lakes stocked with fish, and sandy beaches for swimming and canoeing. Originally offered for $3.99 million, the highest bidder at or above $2 million will be named the new owner.
“We’ve seen growing demand for high-end Calgary real estate from local and international buyers over the past year, and marketing these properties demands innovative solutions,” said Evernden.
Between now and May 7, Blue Valley Farms will be open for preview daily from 9 a.m. to 12 p.m., and 70 Timber Ridge Way will be open for preview daily from 1 p.m. to 4 p.m. Both properties are also available for private showings by appointment. Call now if you are interested!! 403-283-7113. Click Here for more photos!

By Mario Toneguzzi, Calgary Herald April 8, 2014

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