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As you are no doubt aware, yesterday’s release of Budget 2015 contains increases to fees for real estate transfers as of July 1, 2015. In statements related to the Budget, Service Alberta identified real estate associations among the stakeholders who were consulted on increases to fees related to the transfer of real estate. To that effect, AREA CEO Ian Burns has released the following statement to clarify that AREA was not consulted on these increases and to state the association’s position:

 

"Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.


The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.

AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces. We have asked Service Alberta to confirm what sources they are quoting when expressing that real estate associations were among the stakeholders who identified that there was ‘room for these fees to grow’."


Increases to fees are certainly never welcomed and the table below details the impact of these increases on the fees for a $500,000 home with a $400,000 mortgage:

 

 

Fees Prior to July 1, 2015
($50 + $1 per $5,000 increment)

Fees After July 1, 2015
($75 + $6 per $5,000 increment)

Land Title Registration

$150

$675

Mortgage Registration

$130

$555

Total

$280

$1,230

Though the increase as of July 1st represents a hike of more than 400% for the real estate consumer, the cost of real estate transfers in Alberta remains lower than other provinces. This can be attributed to the continued avoidance of a Land Transfer Tax in Alberta at either the provincial or local levels.

 

Rest assured that AREA continues to monitor discussions by government and advocate on behalf of members to avoid Land Transfer Tax ever becoming a reality in our province.


AREA also believes that preferable alternatives to increasing fees exist, and will continue to have discussions with Service Alberta to that effect. Enhancements to the Land Titles Registry could incorporate all existing property records under one, centralized system (e.g. property-related permits, condominium documents, grow-op history, environmental assessments and New Home Warranties). All of these records under one roof could allow the Government to increase revenues through the provision of these documents.

 

Click here to view information on AREA’s positions on both Land Transfer Tax and enhancements to the Land Titles Registry.

Read

I'm hosting an Open House at 276 LAKEPOINTE DR in Chestermere.
Open House on Sunday, March 29, 2015 14:00 - 16:30
OPEN HOUSE March 28 - between 2 - 4:30 pm! .... Beautiful 2013 built Mattamy home in great family neighborhood. 2 story, neutral colors, Coventry plan ready to move in. Enjoy the beautiful open plan including an entry way den, spacious living room decorated by a tile faced fireplace with heat distributor fan. Dining room and great kitchen with oversized island and lots of counter space. Gourmet kitchen includes all stainless steel appliances, granite counter tops with 9' ceiling throughout. Custom hardwood floors and tile complete the main floor. Beautiful iron railing staircase leads you upstairs to a large master bedroom with a 5 pc en-suite bath, his and hers sink, large walk in closet and great size soaker tub. 2 additional bedrooms, a full bath, upper level bonus room, and laundry room complete the upper floor. Unspoiled basement waiting for your development with 50 gal hot water tank. Close to family park, walking distance to the lake. Come to see and buy this fabulous home.
Please feel free to stop by for a visit!
Read

I'm hosting an Open House at 237 SPRINGMERE WY in Chestermere.
Open House on Saturday, March 28, 2015 14:00 - 16:30
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
Read

I'm hosting an Open House at 208 HAWKMERE WY in Chestermere.
Open House on Sunday, March 22, 2015 14:00 - 16:30
This home is a “must see”! This beautiful 2 st home offers over 3,500 sq ft of developed space w/ an excellent open concept floor plan and situated in a quiet cul-de-sac, the perfect place to raise your children. Great play structures to keep your children occupied while you relax in your new hot tub on the deck! Main level includes an office enclosed by French doors & great room. Kitchen with upgraded maple cabinetry, granite tops and an ample storage space. Ladies, check out the 8’x10’ walk through pantry! Main floor laundry w/ large mudroom spruced up with built-in shelving. Open entry way is welcoming thanks to plenty of natural light shining through the abundant windows. Upstairs is very inviting with a significantly sized bonus room, 2 children’s bdrms & a fantastic master bdrm w/ a great walk-in closet and master bath with Jacuzzi, tiled shower and his/her sinks. Central air-conditioning installed just 3 years ago. Bsmt is fully fin. w/ extra bdrm, full bath and huge family room decorated with F/P
Please feel free to stop by for a visit!
Read

I have listed a new property at 208 HAWKMERE WY in Chestermere.
This home is a “must see”! This beautiful 2 st home offers over 3,500 sq ft of developed space w/ an excellent open concept floor plan and situated in a quiet cul-de-sac, the perfect place to raise your children. Great play structures to keep your children occupied while you relax in your new hot tub on the deck! Main level includes an office enclosed by French doors & great room. Kitchen with upgraded maple cabinetry, granite tops and an ample storage space. Ladies, check out the 8’x10’ walk through pantry! Main floor laundry w/ large mudroom spruced up with built-in shelving. Open entry way is welcoming thanks to plenty of natural light shining through the abundant windows. Upstairs is very inviting with a significantly sized bonus room, 2 children’s bdrms & a fantastic master bdrm w/ a great walk-in closet and master bath with Jacuzzi, tiled shower and his/her sinks. Central air-conditioning installed just 3 years ago. Bsmt is fully fin. w/ extra bdrm, full bath and huge family room decorated with F/P
Read

Harper says no need for action in housing market, as rate wars rage

“We continue to watch the housing market and the lending and borrowing situation very carefully," Prime Minister Stephen Harper said Wednesday.

“We continue to watch the housing market and the lending and borrowing situation very carefully," Prime Minister Stephen Harper said Wednesday.

CANADIAN PRESS/Sean Kilpatrick

Prime Minister Stephen Harper said Wednesday Ottawa is closely watching developments in the still-hot housing market, but there’s no need for another intervention.

“I’m not saying I’m unconcerned. We are watching it. We’re not planning to take any immediate action,” Harper told reporters after an event in Mississauga, Ont.

“We continue to watch the housing market and the lending and borrowing situation very carefully,” he said.

 

The Prime Minister made the remarks as Canada’s big banks made fresh cuts to mortgage lending rates, with the Bank of Montreal leading the market lower by slicing its 5-year, fixed rate to 2.79 per cent.

That should help rev up home sales across the country this spring, even as buyers confront affordability constraints in big centres — namely Vancouver and Toronto.

There are also concerns though that Canadians have piled on too much debt and that some pockets of the housing market have become “overheated.”

MORE: Spring real estate market heats up in Toronto, Vancouver, realtors say

But with borrowing rates edging back toward all-time lows, Harper said debt-servicing costs are falling and default rates remain extremely low.

Harper said Wednesday he believes Canada’s financial institutions remain strong and well capitalized.

The last time the big banks cut mortgage rates to their current levels, in 2013, then-Finance Minister Jim Flaherty publicly criticized lenders for their “race to the bottom” approach. Lenders raised rates after the warning.

Flaherty’s public criticism was preceded by a series of mortgage-tightening rules were implemented, chiefly in 2012 when amortization periods for insured home loans were capped at 25 years.

MORE: IMF warns over Canada’s ‘overheated housing market’ — again

Lending re-accelerates

While the moves created a lull in lending growth, experts have noted a re-acceleration in recent months.

“Following a sustained period of stable year-over-year increases, mortgage growth accelerated for the third consecutive month in January,” RBC economists said in a research note published earlier this month.

Total outstanding home loans grew by 5.4 per cent from the year-ago level to mark the fastest rate of growth since November 2013, RBC said.

Prices cooling

The faster pace of lending appears to be concentrated to within a dwindling number of markets, though, namely — again — Vancouver and Toronto.

Resale and pricing data published by the Canada Real Estate Association last week show the country’s two most expensive markets propping up national figures, which otherwise would be far weaker.

“The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets,” the association said.

MORE: Home prices are cooling everywhere but red-hot Vancouver, Toronto

The average benchmark price for a home in Canada continued to rise at a surprisingly strong pace last month, climbing 6.3 per cent, to $431,812. But excluding those two markets, the average price gain would have come in at a much tamer 1.5 per cent, to an average price of $326,910.

Calgary, formerly the hottest housing market in the country as higher oil prices bolstered an active market, still saw average prices climb nearly 6 per cent last month, according to CREA. But “the increase was far smaller than gains posted last year and the smallest since December 2012,” the association said.

“In other markets from West to East, prices were up compared to year-ago levels by between two and two-and-a-half per cent in the Fraser Valley, Victoria, and Vancouver Island, while holding steady in Saskatoon, Ottawa, and Greater Montreal, and falling in Regina and Greater Moncton,” CREA said.

– With files from the Canadian Press

jamie.sturgeon@globalnews.ca

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I'm hosting an Open House at 237 SPRINGMERE WY in 0356.
Open House on Saturday, March 14, 2015 14:00 - 16:30 Wondering about who is behind all those orange Real Estate signs around town? Why not take a few minutes to come and meet me on Saturday? I’m hosting an open house at 237 Springmere Way in Chestermere from 2PM to 4:30 PM. Please stop by and say hello, and bring your questions about Real Estate in Chestermere with you! Chocolate chip cookie lovers will have a special treat too!! :)
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
Read

 

New condo construction in Calgary on February 9, 2015.

New condo construction in Calgary on February 9, 2015.

Colleen De Neve / Calgary Herald


 

The recent oil price decline has put the brakes on the hot housing market in the Calgary region, but during the last five major oil price declines, new home prices only fell in just two of those instances, says a new report by Fortress Real Developments.

 

The semi-annual Market Manuscript, released on Monday, said completed and unsold housing units fell to their lowest level in more than 25 years in the Calgary census metropolitan area in 2014, with just one unsold condominium.

 

“In October, Calgary was ranked as the top real estate market to watch for 2015. That optimism has faded, with many housing experts now calling for balanced market conditions in the metropolitan area,” it said. “Demand clearly exceeded supply in the late stages of 2014 in the Calgary CMA. The cooling effect on homebuyer demand that is expected in 2015 will contribute to a re-balancing of the demand-supply equation for the CMA in the first half of the year. It is expected that Calgary will move from a seller’s market to a more balanced market.

 

“In three of the last five major oil price declines, new house prices in Calgary didn’t decline, let alone crash.”

Analyst Ben Myers, the author of the report, said he was surprised by the data, adding that Calgary’s housing market is historically fairly resilient when it comes to economic downturns.

 

“Certainly from everything that I read, the analysts tend to think that Calgary is a lot more diversified than it ever has been before,” said Myers. “It’s a much bigger census metropolitan area and there’s other things going on than just the oil industry.

 

“Right now, everyone’s in that ‘we’re not sure what’s going on period so we’re just going to hold off. We’re not going to make this huge decision in our lives until we kind of figure out what’s happening’. It looks like oil prices have stabilized a bit. They’re not really going up but they’re not really going down anymore. The slide has kind of stopped.”

 

The report said the World Bank has identified five other major episodes where oil prices dropped by 30 per cent or more over a six-month period besides the current one.

 

“These declines coincided with other global events: an increase in supply of oil and change in OPEC policy (1985-86); U.S. recessions (1990-91 and 2001); the Asian crisis (1997-98); and the global financial crisis (2007-09). New house prices (in Calgary) only declined in the 1991 and 2009 situations,” said the report.

It said new house prices in the City of Calgary increased 12.5 per cent in 2014, with condominium apartment prices jumping 28.9 per cent, adding that absorption rates should remain strong in 2015, as a significant portion of the new home product is pre-sold.

 

“Household formation figures indicate there is minimal risk of oversupply in the Calgary CMA over the next year,” said the report.

 

It said absorptions were just short of a record high in the Calgary CMA in 2014 at 12,740, while completed and unabsorbed supply fell to just 451 units at the end of December, marking a 25-year low. There was only one completed and unabsorbed apartment at the end of 2014, down from 600 units in 2010.

 

Between February 1986 and December 1986, oil prices were down 49 per cent year-over-year on average. During that same period, new house prices in the Calgary CMA increased eight per cent annually on average, said the report.

 

Between August 1991 to January 1992, oil prices were down 29 per cent on average, new house prices were down two per cent on average.

 

Between September 1997 to February 1999, oil prices declined 27 per cent on average, new house prices increased seven per cent on average.

 

Between June 2001 to March 2002, oil prices declined 24 per cent on average, new house prices increased three per cent on average.

 

Between November 2008 to September 2009, oil prices declined 50 per cent on average and new house prices declined seven per cent on average.

 

“The biggest new house price decline occurred during the last ‘episode’ in 2008/2009, when Calgary and the world were in the midst of the global economic meltdown,” said the report. “During this crisis period, credit was totally cut off, the U.S. was in terrible financial shape, and Calgary was already on a downward spiral following bubble-like conditions in their housing market in 2007.”

 

Original article from the Calgary Herald at http://calgaryherald.com/business/real-estate/calgary-new-home-prices-survived-three-of-five-previous-oil-price-collapses

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I'm hosting an Open House at 237 SPRINGMERE WAY in Chestermere.
FEATURED OPEN HOUSE: Saturday March 14 2:30PM - 4:30PM

Wondering about who is behind all those orange Real Estate signs around town?  Why not take a few minutes to come and meet me on Saturday?  I’m hosting an open house at 237 Springmere Way in Chestermere from 2PM to 4:30 PM.  Please stop by and say hello, and bring your questions about Real Estate in Chestermere with you!  Chocolate chip cookie lovers will have a special treat too!! J    

Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
Read

I have listed a new property at 237 SPRINGMERE WAY in Chestermere.
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Read

In fact, Canada Mortgage and Housing Corp. says we’re good for the next two years.

 

Mario Toneguzzi takes a look at the latest report out this morning.

 

In it, the CMHC says the average price in the Calgary area will rise from $460,584 in 2014 to $469,000 in 2015 and to $479,000 in 2016.


But sales are expected to fall from 33,615 in 2014 to 32,500 this year and rise to 32,700 in 2016.

CMHC expects housing starts in the Calgary region to drop from 17,131 in 2014 to 13,600 in 2015 and to 12,100 in 2016.

 

The agency predicts similar trends for the province.

For Alberta, the agency forecasts housing starts will decline from 40,590 last year to 36,000 this year and 34,500 in 2016.

 

MLS sales for the province are expected to dip from 71,773 in 2014 to 71,100 in 2015 and then rise slightly to 71,600 in 2016.

 

Average prices are expected to rise in Alberta from $400,590 in 2014 to $407,100 in 2015 and $415,000 in 2016.

 

Original Article from the Calgary Herald February 6, 2015 http://calgaryherald.com/storyline/forget-what-youve-been-hearing-cmhc-is-still-forecasting-home-prices-will-rise-in-calgary

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Global News, just came out with a great article on Renting vs Buying that is a very good read.  We have a website set up specifically for first time home buyers at RentStinks.ca that is set up to help anyone who is considering purchasing their first home.  They key is to be properly prepared and not pressured into your first purchased. I have a number of tools that can guide new buyers, so please don't hesitate to get in touch, as I am more than happy to help.

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As you are no doubt aware, yesterday’s release of Budget 2015 contains increases to fees for real estate transfers as of July 1, 2015. In statements related to the Budget, Service Alberta identified real estate associations among the stakeholders who were consulted on increases to fees related to the transfer of real estate. To that effect, AREA CEO Ian Burns has released the following statement to clarify that AREA was not consulted on these increases and to state the association’s position:

 

"Budget 2015 includes significant hikes to fees paid by real estate consumers beginning July 1, 2015, including registering new land titles and mortgage documents.


The Alberta Real Estate Association (AREA), the provincial, professional association for Alberta’s 10,000 REALTORS®, was not one of the real estate association stakeholders consulted on these increases.

AREA appreciates the fiscal challenges faced by government and recognizes that, after this increase, fees related to real estate transfers remain lower in Alberta than other provinces. We have asked Service Alberta to confirm what sources they are quoting when expressing that real estate associations were among the stakeholders who identified that there was ‘room for these fees to grow’."


Increases to fees are certainly never welcomed and the table below details the impact of these increases on the fees for a $500,000 home with a $400,000 mortgage:

 

 

Fees Prior to July 1, 2015
($50 + $1 per $5,000 increment)

Fees After July 1, 2015
($75 + $6 per $5,000 increment)

Land Title Registration

$150

$675

Mortgage Registration

$130

$555

Total

$280

$1,230

Though the increase as of July 1st represents a hike of more than 400% for the real estate consumer, the cost of real estate transfers in Alberta remains lower than other provinces. This can be attributed to the continued avoidance of a Land Transfer Tax in Alberta at either the provincial or local levels.

 

Rest assured that AREA continues to monitor discussions by government and advocate on behalf of members to avoid Land Transfer Tax ever becoming a reality in our province.


AREA also believes that preferable alternatives to increasing fees exist, and will continue to have discussions with Service Alberta to that effect. Enhancements to the Land Titles Registry could incorporate all existing property records under one, centralized system (e.g. property-related permits, condominium documents, grow-op history, environmental assessments and New Home Warranties). All of these records under one roof could allow the Government to increase revenues through the provision of these documents.

 

Click here to view information on AREA’s positions on both Land Transfer Tax and enhancements to the Land Titles Registry.

Read

I'm hosting an Open House at 276 LAKEPOINTE DR in Chestermere.
Open House on Sunday, March 29, 2015 14:00 - 16:30
OPEN HOUSE March 28 - between 2 - 4:30 pm! .... Beautiful 2013 built Mattamy home in great family neighborhood. 2 story, neutral colors, Coventry plan ready to move in. Enjoy the beautiful open plan including an entry way den, spacious living room decorated by a tile faced fireplace with heat distributor fan. Dining room and great kitchen with oversized island and lots of counter space. Gourmet kitchen includes all stainless steel appliances, granite counter tops with 9' ceiling throughout. Custom hardwood floors and tile complete the main floor. Beautiful iron railing staircase leads you upstairs to a large master bedroom with a 5 pc en-suite bath, his and hers sink, large walk in closet and great size soaker tub. 2 additional bedrooms, a full bath, upper level bonus room, and laundry room complete the upper floor. Unspoiled basement waiting for your development with 50 gal hot water tank. Close to family park, walking distance to the lake. Come to see and buy this fabulous home.
Please feel free to stop by for a visit!
Read

I'm hosting an Open House at 237 SPRINGMERE WY in Chestermere.
Open House on Saturday, March 28, 2015 14:00 - 16:30
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
Read

I'm hosting an Open House at 208 HAWKMERE WY in Chestermere.
Open House on Sunday, March 22, 2015 14:00 - 16:30
This home is a “must see”! This beautiful 2 st home offers over 3,500 sq ft of developed space w/ an excellent open concept floor plan and situated in a quiet cul-de-sac, the perfect place to raise your children. Great play structures to keep your children occupied while you relax in your new hot tub on the deck! Main level includes an office enclosed by French doors & great room. Kitchen with upgraded maple cabinetry, granite tops and an ample storage space. Ladies, check out the 8’x10’ walk through pantry! Main floor laundry w/ large mudroom spruced up with built-in shelving. Open entry way is welcoming thanks to plenty of natural light shining through the abundant windows. Upstairs is very inviting with a significantly sized bonus room, 2 children’s bdrms & a fantastic master bdrm w/ a great walk-in closet and master bath with Jacuzzi, tiled shower and his/her sinks. Central air-conditioning installed just 3 years ago. Bsmt is fully fin. w/ extra bdrm, full bath and huge family room decorated with F/P
Please feel free to stop by for a visit!
Read

I have listed a new property at 208 HAWKMERE WY in Chestermere.
This home is a “must see”! This beautiful 2 st home offers over 3,500 sq ft of developed space w/ an excellent open concept floor plan and situated in a quiet cul-de-sac, the perfect place to raise your children. Great play structures to keep your children occupied while you relax in your new hot tub on the deck! Main level includes an office enclosed by French doors & great room. Kitchen with upgraded maple cabinetry, granite tops and an ample storage space. Ladies, check out the 8’x10’ walk through pantry! Main floor laundry w/ large mudroom spruced up with built-in shelving. Open entry way is welcoming thanks to plenty of natural light shining through the abundant windows. Upstairs is very inviting with a significantly sized bonus room, 2 children’s bdrms & a fantastic master bdrm w/ a great walk-in closet and master bath with Jacuzzi, tiled shower and his/her sinks. Central air-conditioning installed just 3 years ago. Bsmt is fully fin. w/ extra bdrm, full bath and huge family room decorated with F/P
Read

Harper says no need for action in housing market, as rate wars rage

“We continue to watch the housing market and the lending and borrowing situation very carefully," Prime Minister Stephen Harper said Wednesday.

“We continue to watch the housing market and the lending and borrowing situation very carefully," Prime Minister Stephen Harper said Wednesday.

CANADIAN PRESS/Sean Kilpatrick

Prime Minister Stephen Harper said Wednesday Ottawa is closely watching developments in the still-hot housing market, but there’s no need for another intervention.

“I’m not saying I’m unconcerned. We are watching it. We’re not planning to take any immediate action,” Harper told reporters after an event in Mississauga, Ont.

“We continue to watch the housing market and the lending and borrowing situation very carefully,” he said.

 

The Prime Minister made the remarks as Canada’s big banks made fresh cuts to mortgage lending rates, with the Bank of Montreal leading the market lower by slicing its 5-year, fixed rate to 2.79 per cent.

That should help rev up home sales across the country this spring, even as buyers confront affordability constraints in big centres — namely Vancouver and Toronto.

There are also concerns though that Canadians have piled on too much debt and that some pockets of the housing market have become “overheated.”

MORE: Spring real estate market heats up in Toronto, Vancouver, realtors say

But with borrowing rates edging back toward all-time lows, Harper said debt-servicing costs are falling and default rates remain extremely low.

Harper said Wednesday he believes Canada’s financial institutions remain strong and well capitalized.

The last time the big banks cut mortgage rates to their current levels, in 2013, then-Finance Minister Jim Flaherty publicly criticized lenders for their “race to the bottom” approach. Lenders raised rates after the warning.

Flaherty’s public criticism was preceded by a series of mortgage-tightening rules were implemented, chiefly in 2012 when amortization periods for insured home loans were capped at 25 years.

MORE: IMF warns over Canada’s ‘overheated housing market’ — again

Lending re-accelerates

While the moves created a lull in lending growth, experts have noted a re-acceleration in recent months.

“Following a sustained period of stable year-over-year increases, mortgage growth accelerated for the third consecutive month in January,” RBC economists said in a research note published earlier this month.

Total outstanding home loans grew by 5.4 per cent from the year-ago level to mark the fastest rate of growth since November 2013, RBC said.

Prices cooling

The faster pace of lending appears to be concentrated to within a dwindling number of markets, though, namely — again — Vancouver and Toronto.

Resale and pricing data published by the Canada Real Estate Association last week show the country’s two most expensive markets propping up national figures, which otherwise would be far weaker.

“The national average home price remains skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets,” the association said.

MORE: Home prices are cooling everywhere but red-hot Vancouver, Toronto

The average benchmark price for a home in Canada continued to rise at a surprisingly strong pace last month, climbing 6.3 per cent, to $431,812. But excluding those two markets, the average price gain would have come in at a much tamer 1.5 per cent, to an average price of $326,910.

Calgary, formerly the hottest housing market in the country as higher oil prices bolstered an active market, still saw average prices climb nearly 6 per cent last month, according to CREA. But “the increase was far smaller than gains posted last year and the smallest since December 2012,” the association said.

“In other markets from West to East, prices were up compared to year-ago levels by between two and two-and-a-half per cent in the Fraser Valley, Victoria, and Vancouver Island, while holding steady in Saskatoon, Ottawa, and Greater Montreal, and falling in Regina and Greater Moncton,” CREA said.

– With files from the Canadian Press

jamie.sturgeon@globalnews.ca

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I'm hosting an Open House at 237 SPRINGMERE WY in 0356.
Open House on Saturday, March 14, 2015 14:00 - 16:30 Wondering about who is behind all those orange Real Estate signs around town? Why not take a few minutes to come and meet me on Saturday? I’m hosting an open house at 237 Springmere Way in Chestermere from 2PM to 4:30 PM. Please stop by and say hello, and bring your questions about Real Estate in Chestermere with you! Chocolate chip cookie lovers will have a special treat too!! :)
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
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New condo construction in Calgary on February 9, 2015.

New condo construction in Calgary on February 9, 2015.

Colleen De Neve / Calgary Herald


 

The recent oil price decline has put the brakes on the hot housing market in the Calgary region, but during the last five major oil price declines, new home prices only fell in just two of those instances, says a new report by Fortress Real Developments.

 

The semi-annual Market Manuscript, released on Monday, said completed and unsold housing units fell to their lowest level in more than 25 years in the Calgary census metropolitan area in 2014, with just one unsold condominium.

 

“In October, Calgary was ranked as the top real estate market to watch for 2015. That optimism has faded, with many housing experts now calling for balanced market conditions in the metropolitan area,” it said. “Demand clearly exceeded supply in the late stages of 2014 in the Calgary CMA. The cooling effect on homebuyer demand that is expected in 2015 will contribute to a re-balancing of the demand-supply equation for the CMA in the first half of the year. It is expected that Calgary will move from a seller’s market to a more balanced market.

 

“In three of the last five major oil price declines, new house prices in Calgary didn’t decline, let alone crash.”

Analyst Ben Myers, the author of the report, said he was surprised by the data, adding that Calgary’s housing market is historically fairly resilient when it comes to economic downturns.

 

“Certainly from everything that I read, the analysts tend to think that Calgary is a lot more diversified than it ever has been before,” said Myers. “It’s a much bigger census metropolitan area and there’s other things going on than just the oil industry.

 

“Right now, everyone’s in that ‘we’re not sure what’s going on period so we’re just going to hold off. We’re not going to make this huge decision in our lives until we kind of figure out what’s happening’. It looks like oil prices have stabilized a bit. They’re not really going up but they’re not really going down anymore. The slide has kind of stopped.”

 

The report said the World Bank has identified five other major episodes where oil prices dropped by 30 per cent or more over a six-month period besides the current one.

 

“These declines coincided with other global events: an increase in supply of oil and change in OPEC policy (1985-86); U.S. recessions (1990-91 and 2001); the Asian crisis (1997-98); and the global financial crisis (2007-09). New house prices (in Calgary) only declined in the 1991 and 2009 situations,” said the report.

It said new house prices in the City of Calgary increased 12.5 per cent in 2014, with condominium apartment prices jumping 28.9 per cent, adding that absorption rates should remain strong in 2015, as a significant portion of the new home product is pre-sold.

 

“Household formation figures indicate there is minimal risk of oversupply in the Calgary CMA over the next year,” said the report.

 

It said absorptions were just short of a record high in the Calgary CMA in 2014 at 12,740, while completed and unabsorbed supply fell to just 451 units at the end of December, marking a 25-year low. There was only one completed and unabsorbed apartment at the end of 2014, down from 600 units in 2010.

 

Between February 1986 and December 1986, oil prices were down 49 per cent year-over-year on average. During that same period, new house prices in the Calgary CMA increased eight per cent annually on average, said the report.

 

Between August 1991 to January 1992, oil prices were down 29 per cent on average, new house prices were down two per cent on average.

 

Between September 1997 to February 1999, oil prices declined 27 per cent on average, new house prices increased seven per cent on average.

 

Between June 2001 to March 2002, oil prices declined 24 per cent on average, new house prices increased three per cent on average.

 

Between November 2008 to September 2009, oil prices declined 50 per cent on average and new house prices declined seven per cent on average.

 

“The biggest new house price decline occurred during the last ‘episode’ in 2008/2009, when Calgary and the world were in the midst of the global economic meltdown,” said the report. “During this crisis period, credit was totally cut off, the U.S. was in terrible financial shape, and Calgary was already on a downward spiral following bubble-like conditions in their housing market in 2007.”

 

Original article from the Calgary Herald at http://calgaryherald.com/business/real-estate/calgary-new-home-prices-survived-three-of-five-previous-oil-price-collapses

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I'm hosting an Open House at 237 SPRINGMERE WAY in Chestermere.
FEATURED OPEN HOUSE: Saturday March 14 2:30PM - 4:30PM

Wondering about who is behind all those orange Real Estate signs around town?  Why not take a few minutes to come and meet me on Saturday?  I’m hosting an open house at 237 Springmere Way in Chestermere from 2PM to 4:30 PM.  Please stop by and say hello, and bring your questions about Real Estate in Chestermere with you!  Chocolate chip cookie lovers will have a special treat too!! J    

Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
Please feel free to stop by for a visit!
Read

I have listed a new property at 237 SPRINGMERE WAY in Chestermere.
Pride of ownership! Stunningly designed, professionally decorated and air-conditioned 2 story home in quiet cul-de-sac. Main floor decorated with beautiful alder cabinetry in the kitchen, island, granite covered counter tops, hardwood floors, and walk in pantry & stainless steel appliances. Family room with stone faced F/P, main floor laundry, 2pc bath and good sized home office. Oversized private master bedroom with walk-in closet & 5pc ensuite incl., 2 bdrms with full bath, skylight and bonus room enhances comfortable family living with extensive maple railing. Large windows throughout. Permitted fully finished basement with in-floor heating, one large bedroom, great room and stunning 3pc bath with steam shower & rain heads! Built in sound system throughout the whole house. Fully finished garage with custom floors. Professionally landscaped with interlocking paving stones, good sized deck with glass hand railing & gas line, mature trees. Shed is powered with light & plugs. This is your dream home.
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In fact, Canada Mortgage and Housing Corp. says we’re good for the next two years.

 

Mario Toneguzzi takes a look at the latest report out this morning.

 

In it, the CMHC says the average price in the Calgary area will rise from $460,584 in 2014 to $469,000 in 2015 and to $479,000 in 2016.


But sales are expected to fall from 33,615 in 2014 to 32,500 this year and rise to 32,700 in 2016.

CMHC expects housing starts in the Calgary region to drop from 17,131 in 2014 to 13,600 in 2015 and to 12,100 in 2016.

 

The agency predicts similar trends for the province.

For Alberta, the agency forecasts housing starts will decline from 40,590 last year to 36,000 this year and 34,500 in 2016.

 

MLS sales for the province are expected to dip from 71,773 in 2014 to 71,100 in 2015 and then rise slightly to 71,600 in 2016.

 

Average prices are expected to rise in Alberta from $400,590 in 2014 to $407,100 in 2015 and $415,000 in 2016.

 

Original Article from the Calgary Herald February 6, 2015 http://calgaryherald.com/storyline/forget-what-youve-been-hearing-cmhc-is-still-forecasting-home-prices-will-rise-in-calgary

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Global News, just came out with a great article on Renting vs Buying that is a very good read.  We have a website set up specifically for first time home buyers at RentStinks.ca that is set up to help anyone who is considering purchasing their first home.  They key is to be properly prepared and not pressured into your first purchased. I have a number of tools that can guide new buyers, so please don't hesitate to get in touch, as I am more than happy to help.

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