Yet another reason to strategically market your home for a successful sale can be found when considering the market inventory Calgary currently has. There are currently 7496 Active listings of Condo and Single Family Homes in the Calgary metro area. Out of these active listings 2571 are vacant. This accounts for a whopping 34% of total actives being vacant which definitely suggests there are a lot of home owners that NEED to sell. With this high a number of vacant properties it will be interesting to see how the market reacts in the comming months to lower offers from buyers looking to take advantage of a sellers known carrying costs.

With interest rates still quite low buyers are in a great position to pick and choose a good property for great value. Overpricing in this market especially taking this interesting statistic into account would not be in a sellers best interest.

Data compiled from the MLS service and is deemed reliable but not guaranteed
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I spoke with a good friend of mine recently who was looking into pursuing a home that was offering an assumable mortgage. He explained to me that this was the absolute best way to get into his first home without putting any money down. Just thought I’d make some suggestions on the topic as a result of that conversation.

Assumable mortgages offer an attractive option to anyone who doesn’t have enough money for a down payment on a home. There are some things to keep in mind when looking into the option of assuming a mortgage. One important consideration is the fact that you still must qualify for the mortgage, so all of the traditional factors come into play, income verification, credit check etc (which can still make this a difficult scenario). Also consider the interest rate on the mortgage, right now rates are tantalizingly low, so it may be beneficial to look into a new high ratio mortgage on a new property (depending on when the assumable mortgage was issued there rate may be a point or two higher).

There are alternatives to assumable mortgages with respect to putting zero down like seller financing or “seller take back mortgages”.

Before pursuing any assumable mortgage scenario speak with your licensed mortgage broker to get the details and discover if an assumable is the right option for you.

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Many people are already aware of the major multi-million dollar east village development project taking place east of city hall downtown. This project looks absolutely amazing and I will be taking it upon myself to provide updates on the construction progress as it happens. Demand for a cultural and social hotspot in Calgary has been growing tenaciously over the years and now Calgarian’s can look forward to a new fresh and hip area of the city to take advantage of. Check out this video to see the master plan, very cool.

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I spoke with a client of mine who mentioned that prices have declined drastically from the same time last year based on an article he had read on the decline of the actual single family units sold. With respect to the 32% decrease in sold units year over year from Aug 09 to Aug 10, I think a little more information would be helpful for clarification.  In a recent post I spoke of the decline from Aug 09 year over year to Aug 10 from 1275 units down to 866 for the number of successful single family transactions.

Keep in mind this is simply that, the number of “units sold”, the actual average price of a Single family home in Aug 09 was $453,520 and for Aug 2010 Average SF price was $445,797 actually showing a very slight increase of 2% year over year. It is a very incremental increase, however it displays that although the number of sales is down, average SF price has remained stable. Keep in mind this is ONLY for August based on a year over year comparison.

This simply illustrates that a number of different factors need to be considered when analyzing the market to determine if now is a good time to buy/sell, or even just to ensure your getting the right information for your research. Newspapers tend to cite specific statistical data which can make it hard to decipher what has been occurring in the broader scope of the market.

Information herein deemed reliable but not guaranteed

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During the past months there has been a rise in the average time it takes from the time a property is listed to when it sells (DOM).  The average time it took to sell a single family home in August 2009 was 42 days while August 2010 was 50 days, showing a 16% increase in the time it takes to sell year over year. Single family sales for the same months respectively were 1275 units Aug 09 compared to 866 units for Aug 2010, showing a rounded 32% decrease year over year (keep in mind this number is a decrease in the number of solds, not price).

This isn’t exactly shocking news as inventory has increased since the same time period last year resulting in the heightened DOM for sold properties. With the end of the year slowly approaching and the infamous December slowdown in real estate activity coming with it, sellers should be thinking about pricing more effectively and ensuring their property shows as well as possible.

In this buyers market doing your due diligence as a seller and making sure your property stands out as soon as it hits the market will be an essential aspect to selling their home in the coming months.

This information deemed very reliable but not guaranteed

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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.