I have a new bi-level home listing in Chestermere in show home condition. Well sized 4 bedrooms and 3 full bathrooms. This property is great for families. Fantastic private master bedroom with large en-suite will give parent retreat they are looking for. Beautiful vaulted ceilings are throughout the main floor that includes nice and open kitchen, dining and living room with cozy fireplace. Large windows in the whole house are providing a lots of natural light. Basement is a fully finished walkout with 2 good sized bedrooms, full bathroom, laundry and storage room. Family room in the lower level is great for entertainment and includes another cozy fireplace. The yard is fully fenced and landscaped. The garage is oversized. Property is walking distance to schools, shopping and parks. Wonderful property in Chestermere - only a short drive into Calgary.View at http://househuntingadventures.com/mylistings.html/details-39391083#viewtop
The Canadian economy will grow by more than 2% this year. That’s thanks mainly to a solid rebound in the U.S.
Would it surprise you to hear that Canada’s main stock index, the S&P/TSX Composite, is up year-to-date? It may only be a couple of percentage points, but given all the hand-wringing at the end of January, you’d think our frigid winter sky was falling. Not true (thankfully, because I’ve had it with the shovelling).
But while there are precious few signs that spring is on the way, there is reason for optimism. That’s the key message in a new report on the North American economy by Sal Guatieri, senior economist at BMO Capital Markets. Canadian gross domestic product (GDP) growth will hit 2.3% this year, according to Guatieri. Unemployment will end 2014 at 6.8%. That’s due largely to projected U.S. growth.
“If not for a stronger U.S. economy, we would be stuck at a sub-2% growth rate for another year,” said Guatieri in an interview with me yesterday. “The pickup in growth for Canada is all due to the expected pickup in the U.S. economy. A small part is due to the weaker Canadian dollar.”
Guatieri made four key points:
Solid consumer spending and positive results from the energy sector powered the Canadian economy to a strong second half in 2013. Car dealers had a record year, as I wrote about in August. Home sales came back after a disappointing 2012. We have a bit of momentum to work with.
We’re not done with the economic headwinds. As we heard in yesterday’s budget announcement, the federal government is determined to reestablish fiscal prudence, having spent big dollars to stimulate the economy after the financial crisis. And consumers — weighed down by record levels of household debt — aren’t in a mood to spend either. “There’s too little left in the domestic tank to get us on a higher growth track,” said Guatieri. “The housing boom of the last decade and the consumer borrowing boom, those two areas are tapped out. And governments are cutting back. So there’s nothing on the fiscal side that could kick our growth up. If anything we’ll see a modest fiscal drag this year and next. Business investment likely will not strengthen until exports come back and manufacturing activity picks up.”
The Canadian dollar is weakening. While this is driven by concerns about the domestic economy and the emerging markets we depend on so much for our commodities, a lower loonie is good for Canadian exports to the U.S. Watch for the dollar to hit a low of US87₵ before recovering to better than US90₵ later in the year.
An overnight rate cut is still possible. It’s not likely, though. Given Guatieri’s GDP forecast and moderate inflation expectation, the Bank of Canada’s next move will probably be up. Don’t count on that happening until the third quarter of 2015, though.
I asked Guatieri how worried he is about emerging markets.
“We think in most cases further turmoil in emerging markets will be contained,” he said. “We won’t see the global financial spillovers that occurred in 1998 during the Asian financial crisis. Much of the turmoil we’re seeing in emerging markets now is very country-specific. It’s a reflection of unsustainable economic systems and unstable political systems in countries like Argentina, Venezuela and Turkey . . . Now, if some of the bigger countries face more uncertainty or financial instability — we’re talking India, China and Russia to some extent — that would be a bigger problem. But we think for the most part weakness in those countries will be contained. We don’t expect much further weakness in their economies to an extent that would undermine commodity prices and Canada’s economy.”
Continuing employment growth and two consecutive years of high net migration levels will underpin a 3.6 per cent growth in resale home sales in Calgary this year, with prices increasing by 4.3 per cent, CREB® said today in its annual forecast. The rate of net migration is expected to slow from 2013’s rate, but CREB® estimates that, even with the moderating growth,24,335 homes will be sold in the city this year.
City of Calgary census figures reported net migration of 19,067 in 2013 and forecasts growth of 15,000 new residents this year. “In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded in2013,” said Ann-Marie Lurie, CREB®’s chief economist. “While factors influencing demand will support growth in 2014, new listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.”
The benchmark price on single-family homes in Calgary is expected to reach $467,100, while the benchmark price on apartment condominiums and apartment townhomes will reach $281,798 and $208,690 respectively. The report notes that homes in surrounding communities provide an affordable choice for those looking for single family product.
On aggregate, 2013 annual benchmark prices in surrounding towns were $348,575versus the $458,017 aggregate within city limits. As supply for lower priced single family declines, demand will continue to grow in surrounding communities, as buyers make lifestyle choices or seek more affordable alternatives to the city.
“Calgary and area is well positioned this year to see growth in the housing market,” said Bill Kirk, 2014 CREB® president. “Price growth in the CREB® trading area will continue to encourage sellers back into the market, pushing up the level of new listings.
“New construction is also expected to add to the housing supply, but not push us into an over-supply situation.”
Lurie noted several positive and negative risk factors could affect the way the year unfolds. For example, if net migration does not ease, expected housing supply growth will likely not meet the demand need, causing price growth to exceed expectations.
Lurie noted Calgary and area’s economic health is closely linked to the health of the energy sector. Significant delays or rejection of new pipelines and difficulties raising capital for investment projects could slow energy sector growth and impact consumer confidence in the Calgary market, which would ultimately translate into weaker demand for housing. However, in the sametoken an improving U.S. economy and positive momentum in our energy sector would have the opposite impact on confidence bolstering demand.
The following is an excellent article by By Michael Estrin. While it is written to an America audience, the information is valuable to anyone selling their home.
The greatest hindrance to the sale of a home can be a seller who is seized by emotion.
"It is very important for sellers to (keep) in mind that a real estate transaction is most likely the single largest financial transaction they will ever undertake," says Fiona Dogan, a realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's International Realty. "It should be viewed and handled primarily as a business transaction, with cold, hard decisions being made on a financial and investment basis."
Home sellers who allow emotions and sentimental attachments to overtake them during the sales process run the risk of making hasty, sometimes poor decisions, Dogan says.
Here are some tips to help any home seller avoid making emotional mistakes that could cost money.
Getting top dollar is the dream of every home seller. But getting a buyer to pay a premium for features that are valuable only to you? That's closer to fantasy, according to Tracie Hamersley, senior vice president and associate broker at Citi Habitats in New York City.
"Overpricing often occurs because of emotional reasons," Hamersley says. "So many sellers make the mistake of thinking that their home is special and that a special buyer will pay more because they also fell in love with the property."
The truth is prices have nothing to do with the seller's emotional affinity for the property, and according to Hamersley, it's important sellers understand that as early as possible.
Sellers who bought at the top of the market likely won't see that same price from today's buyers.
"It's a different market," Hamersley explains. "If a seller bought their home during the market's peak, they may have to face the unappealing prospect of losing money on the sale in today's market. This is a difficult position for a seller to be in, but it's one that reflects today's reality."
There are a lot of legitimate reasons why a seller might want to be present for the home's showing. But having a seller there tends to sour the experience for most buyers, according to Renee Weinberg of Petrey Real Estate in Long Beach, N.Y.
"Getting the seller out of the house is key," Weinberg says. "Whenever we take a listing, this is explained in advance."
According to Karyn Anjali Glubis, a real estate broker and owner of The Real Estate Expert in Tampa, Fla., sellers are sensitive when buyers nitpick flaws. "Sellers think that every little thing is a complaint against how they may have maintained a property," Glubis says. The reality is that observations from buyers -- though sometimes harsh -- have nothing to do with the person selling the home.
Having a seller present for an open house or the first (or even second) showing tends to stifle potential buyers from expressing opinions. After hearing negative feedback, some sellers reject offers for emotional reasons, Weinberg says. Sellers should use their agents to insulate them from the process, filter relevant information and only meet the buyers when there's a serious offer on the table.
Sellers be warned: The longer a property sits on the market, the worse the offers are likely to get, says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International.
"Once a property is marketed, it will receive the most attention during the first two weeks," Jabbour says. "(The home is) new to the market, and any buyers that have been in the market for a home will see it come up. If it is priced right, an educated buyer, (who has) been in the market for a while (and) sees the home as a fit, will put a serious foot forward."
Sometimes early bids run the risk of spooking sellers who worry they underpriced their properties. But Jabbour says you can tell the property was priced correctly when an early offer is near the asking price, as long as the asking price is in line with the market.
"Waiting for a better offer is counterproductive and can result in a property languishing," Jabbour says.
When you're selling your home, it's easy to take everything personally. But doing so is a big mistake, according to Fiona Dogan, a realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's International Realty.
"Sellers need to become emotionally detached very quickly from their homes," Dogan says. "By its very nature, a real estate transaction is aggressive and confrontational since the seller wants the highest price and the buyer wants the lowest."
That negotiation almost always means a buyer will point out every flaw with the property. But while hearing that information may sting a little, it's really a good sign, according to Dogan, because it means the buyer is serious.
"A seller needs to be ready to hear criticism of their lovely home and be able to deal with it as a negotiating tool and not take it as a personal affront and walk away from a potential sale for emotional reasons," Dogan says.
I have a new bi-level home listing in Chestermere in show home condition. Well sized 4 bedrooms and 3 full bathrooms. This property is great for families. Fantastic private master bedroom with large en-suite will give parent retreat they are looking for. Beautiful vaulted ceilings are throughout the main floor that includes nice and open kitchen, dining and living room with cozy fireplace. Large windows in the whole house are providing a lots of natural light. Basement is a fully finished walkout with 2 good sized bedrooms, full bathroom, laundry and storage room. Family room in the lower level is great for entertainment and includes another cozy fireplace. The yard is fully fenced and landscaped. The garage is oversized. Property is walking distance to schools, shopping and parks. Wonderful property in Chestermere - only a short drive into Calgary.View at http://househuntingadventures.com/mylistings.html/details-39391083#viewtop
The Canadian economy will grow by more than 2% this year. That’s thanks mainly to a solid rebound in the U.S.
Would it surprise you to hear that Canada’s main stock index, the S&P/TSX Composite, is up year-to-date? It may only be a couple of percentage points, but given all the hand-wringing at the end of January, you’d think our frigid winter sky was falling. Not true (thankfully, because I’ve had it with the shovelling).
But while there are precious few signs that spring is on the way, there is reason for optimism. That’s the key message in a new report on the North American economy by Sal Guatieri, senior economist at BMO Capital Markets. Canadian gross domestic product (GDP) growth will hit 2.3% this year, according to Guatieri. Unemployment will end 2014 at 6.8%. That’s due largely to projected U.S. growth.
“If not for a stronger U.S. economy, we would be stuck at a sub-2% growth rate for another year,” said Guatieri in an interview with me yesterday. “The pickup in growth for Canada is all due to the expected pickup in the U.S. economy. A small part is due to the weaker Canadian dollar.”
Guatieri made four key points:
Solid consumer spending and positive results from the energy sector powered the Canadian economy to a strong second half in 2013. Car dealers had a record year, as I wrote about in August. Home sales came back after a disappointing 2012. We have a bit of momentum to work with.
We’re not done with the economic headwinds. As we heard in yesterday’s budget announcement, the federal government is determined to reestablish fiscal prudence, having spent big dollars to stimulate the economy after the financial crisis. And consumers — weighed down by record levels of household debt — aren’t in a mood to spend either. “There’s too little left in the domestic tank to get us on a higher growth track,” said Guatieri. “The housing boom of the last decade and the consumer borrowing boom, those two areas are tapped out. And governments are cutting back. So there’s nothing on the fiscal side that could kick our growth up. If anything we’ll see a modest fiscal drag this year and next. Business investment likely will not strengthen until exports come back and manufacturing activity picks up.”
The Canadian dollar is weakening. While this is driven by concerns about the domestic economy and the emerging markets we depend on so much for our commodities, a lower loonie is good for Canadian exports to the U.S. Watch for the dollar to hit a low of US87₵ before recovering to better than US90₵ later in the year.
An overnight rate cut is still possible. It’s not likely, though. Given Guatieri’s GDP forecast and moderate inflation expectation, the Bank of Canada’s next move will probably be up. Don’t count on that happening until the third quarter of 2015, though.
I asked Guatieri how worried he is about emerging markets.
“We think in most cases further turmoil in emerging markets will be contained,” he said. “We won’t see the global financial spillovers that occurred in 1998 during the Asian financial crisis. Much of the turmoil we’re seeing in emerging markets now is very country-specific. It’s a reflection of unsustainable economic systems and unstable political systems in countries like Argentina, Venezuela and Turkey . . . Now, if some of the bigger countries face more uncertainty or financial instability — we’re talking India, China and Russia to some extent — that would be a bigger problem. But we think for the most part weakness in those countries will be contained. We don’t expect much further weakness in their economies to an extent that would undermine commodity prices and Canada’s economy.”
Continuing employment growth and two consecutive years of high net migration levels will underpin a 3.6 per cent growth in resale home sales in Calgary this year, with prices increasing by 4.3 per cent, CREB® said today in its annual forecast. The rate of net migration is expected to slow from 2013’s rate, but CREB® estimates that, even with the moderating growth,24,335 homes will be sold in the city this year.
City of Calgary census figures reported net migration of 19,067 in 2013 and forecasts growth of 15,000 new residents this year. “In 2014, both sales activity and prices are expected to improve, but not at the same pace recorded in2013,” said Ann-Marie Lurie, CREB®’s chief economist. “While factors influencing demand will support growth in 2014, new listings and increased competition from the new home sector should alleviate some of the supply pressure in the market.”
The benchmark price on single-family homes in Calgary is expected to reach $467,100, while the benchmark price on apartment condominiums and apartment townhomes will reach $281,798 and $208,690 respectively. The report notes that homes in surrounding communities provide an affordable choice for those looking for single family product.
On aggregate, 2013 annual benchmark prices in surrounding towns were $348,575versus the $458,017 aggregate within city limits. As supply for lower priced single family declines, demand will continue to grow in surrounding communities, as buyers make lifestyle choices or seek more affordable alternatives to the city.
“Calgary and area is well positioned this year to see growth in the housing market,” said Bill Kirk, 2014 CREB® president. “Price growth in the CREB® trading area will continue to encourage sellers back into the market, pushing up the level of new listings.
“New construction is also expected to add to the housing supply, but not push us into an over-supply situation.”
Lurie noted several positive and negative risk factors could affect the way the year unfolds. For example, if net migration does not ease, expected housing supply growth will likely not meet the demand need, causing price growth to exceed expectations.
Lurie noted Calgary and area’s economic health is closely linked to the health of the energy sector. Significant delays or rejection of new pipelines and difficulties raising capital for investment projects could slow energy sector growth and impact consumer confidence in the Calgary market, which would ultimately translate into weaker demand for housing. However, in the sametoken an improving U.S. economy and positive momentum in our energy sector would have the opposite impact on confidence bolstering demand.
The following is an excellent article by By Michael Estrin. While it is written to an America audience, the information is valuable to anyone selling their home.
The greatest hindrance to the sale of a home can be a seller who is seized by emotion.
"It is very important for sellers to (keep) in mind that a real estate transaction is most likely the single largest financial transaction they will ever undertake," says Fiona Dogan, a realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's International Realty. "It should be viewed and handled primarily as a business transaction, with cold, hard decisions being made on a financial and investment basis."
Home sellers who allow emotions and sentimental attachments to overtake them during the sales process run the risk of making hasty, sometimes poor decisions, Dogan says.
Here are some tips to help any home seller avoid making emotional mistakes that could cost money.
Getting top dollar is the dream of every home seller. But getting a buyer to pay a premium for features that are valuable only to you? That's closer to fantasy, according to Tracie Hamersley, senior vice president and associate broker at Citi Habitats in New York City.
"Overpricing often occurs because of emotional reasons," Hamersley says. "So many sellers make the mistake of thinking that their home is special and that a special buyer will pay more because they also fell in love with the property."
The truth is prices have nothing to do with the seller's emotional affinity for the property, and according to Hamersley, it's important sellers understand that as early as possible.
Sellers who bought at the top of the market likely won't see that same price from today's buyers.
"It's a different market," Hamersley explains. "If a seller bought their home during the market's peak, they may have to face the unappealing prospect of losing money on the sale in today's market. This is a difficult position for a seller to be in, but it's one that reflects today's reality."
There are a lot of legitimate reasons why a seller might want to be present for the home's showing. But having a seller there tends to sour the experience for most buyers, according to Renee Weinberg of Petrey Real Estate in Long Beach, N.Y.
"Getting the seller out of the house is key," Weinberg says. "Whenever we take a listing, this is explained in advance."
According to Karyn Anjali Glubis, a real estate broker and owner of The Real Estate Expert in Tampa, Fla., sellers are sensitive when buyers nitpick flaws. "Sellers think that every little thing is a complaint against how they may have maintained a property," Glubis says. The reality is that observations from buyers -- though sometimes harsh -- have nothing to do with the person selling the home.
Having a seller present for an open house or the first (or even second) showing tends to stifle potential buyers from expressing opinions. After hearing negative feedback, some sellers reject offers for emotional reasons, Weinberg says. Sellers should use their agents to insulate them from the process, filter relevant information and only meet the buyers when there's a serious offer on the table.
Sellers be warned: The longer a property sits on the market, the worse the offers are likely to get, says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International.
"Once a property is marketed, it will receive the most attention during the first two weeks," Jabbour says. "(The home is) new to the market, and any buyers that have been in the market for a home will see it come up. If it is priced right, an educated buyer, (who has) been in the market for a while (and) sees the home as a fit, will put a serious foot forward."
Sometimes early bids run the risk of spooking sellers who worry they underpriced their properties. But Jabbour says you can tell the property was priced correctly when an early offer is near the asking price, as long as the asking price is in line with the market.
"Waiting for a better offer is counterproductive and can result in a property languishing," Jabbour says.
When you're selling your home, it's easy to take everything personally. But doing so is a big mistake, according to Fiona Dogan, a realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's International Realty.
"Sellers need to become emotionally detached very quickly from their homes," Dogan says. "By its very nature, a real estate transaction is aggressive and confrontational since the seller wants the highest price and the buyer wants the lowest."
That negotiation almost always means a buyer will point out every flaw with the property. But while hearing that information may sting a little, it's really a good sign, according to Dogan, because it means the buyer is serious.
"A seller needs to be ready to hear criticism of their lovely home and be able to deal with it as a negotiating tool and not take it as a personal affront and walk away from a potential sale for emotional reasons," Dogan says.
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
