I just finished uploading this Condo for sale, 1423 4975 130 Avenue SE, Calgary, Alberta

LARGE TOP FLOOR CONRER UNIT with titled parking. Boasting nearly 1000 sqft you are welcomed into the unit with a massive main entrance with plenty of room for guests to remove their jackets and shoes, without feeling immediately cramped. Spacious main living area offers plenty of natural light and a clear view of the bright kitchen that features a rich tile backsplash and eating bar. With 2 large bedrooms separated by the large living area, privacy for occupants is attainable. Master bedroom is complete with full ensuite and his and her closets which offer plenty of storage. This unit has been freshly painted in neutral colors and are light enough to be painted over easily to accommodate individual taste. Other features include in-suite laundry, 2 full Bathrooms, tons of storage and a large balcony great for barbequing. Great place for first time buyer, empty nester or investor

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I just finished uploading this Condo for sale, 2304 16969 24 Street SW, Calgary, Alberta

TOP FLOOR unit with 2 TITLED PARKING Stalls & TITLED STORAGE unit! Excellent opportunity for a first time buyer or investor looking for a well maintained unit. This top floor unit features durable laminate flooring throughout with carpet in both bedrooms and tile floor in the bathroom. Kitchen offers you plenty of space with an extended eating bar and tasteful black brick tile back splash that ties together well with appliance package. Enjoy summer bbq's with the oversized balcony that offers plenty of space for chairs and a privacy wall on one side that make this space perfect for entertaining your guests. This unit comes complete with gas fire place and in-suite storage that is big enough to offer ample in suite storage & you also have your own private titled storage space to keep all of your belongings safe. With one titled parking stall directly across from the elevator and the other right beside the parkade entrance you have all the convenience you could ask for. Condo fees include everything!

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I just finished uploading this Condo for sale, 413 35 INGLEWOOD Park SE, Calgary, Alberta

Exquisite luxury condo living at your fingertips in this open concept unit at SoBow "Grand House" & the lowest priced unit in the complex w/ titled parking! Featuring extensive upgrades including walnut hardwood floors, 9-ft ceiling, upgraded fixtures & custom blinds, you get everything you would expect to see in a top tier condo. Kitchen offers tile back splash, stainless steel appliances & dark maple cabinets so you have more reasons to invite your guests over. Enjoy staying in shape? You get a fitness facility second to none with over 14,000sqft of equipment in your own building! Spending time with friends or family? Entertain them in the massive games room equipped with pool tables & foosball. Enjoy a special kind of living experience with immediate access to the colorful and quaint shops that 9thave & Inglewood have to offer. With shopping, coffee, restaurants & downtown only minutes away you truly have it all at this revitalizing location. Truly something else & offers a lot to an owner or investor

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I just finished uploading this House for sale, 56 CASTLEGREEN Close NE, Calgary, Alberta

Air-conditioner, newer flooring, non smoking home, newer flooring, paint, new baseboards, new doors, new lighting, lots of upgrades. Both bathrooms have been redone with new tiles, tub surround, new tub, and subfloor. For the man a heated and insulated garage which is wired for 220. Great for working in the winter inside. Shingles on garage and carport just replaced. Close to shopping, schools, community center, library, pathways, parks and more. Great home for a great family or investor. Very nice home ready to move in.

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I just finished uploading this Townhouse for sale, 101 PANATELLA Hill(S) NW, Calgary, Alberta

MANY UPGRADES. granite counter tops, iron-spindle railings, upscale lighting, stainless steel appliances, micro/hood fan, modern backsplash, plus paint has the comtemporary flare. Off the sunny west kitchen is a balcony with a natural gas outlet for a BBQ. The walkout basement will leave you to your imagination as to its use. Maybe a family room, play room, office or den. close to Stony and shopping.

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JUST SOLD This recently renovated 6 bedroom home in the sought after community of Somerset offers brand new flooring throughout complimented by fresh neutral paint and newer stainless steel appliances as well as a brand new roof! (Summer 2012). Upper level features 4 large bedrooms including a spacious master bedroom with a 4 piece ensuite that gets splashed with natural light from the skylight above. The main floor offers a large dining room and a cozy living room highlighted by a gas fireplace to keep you and your guests warm. Open concept kitchen has immediate access to the back deck great for entertaining family or guests for summer bbq's or sitting around the fire pit. The partly finished basement completes this great home with 2 additional bedrooms that can easily accommodate queen or even king sized beds. Close to public transit, schools, parks, tennis courts and shopping.

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I just finished uploading this House for sale, 80 SOMERCREST Close SW, Calgary, Alberta

This recently renovated 6 bedroom home in the sought after community of Somerset offers brand new flooring throughout complimented by fresh neutral paint and newer stainless steel appliances as well as a brand new roof! (Summer 2012). Upper level features 4 large bedrooms including a spacious master bedroom with a 4 piece ensuite that gets splashed with natural light from the skylight above. The main floor offers a large dining room and a cozy living room highlighted by a gas fireplace to keep you and your guests warm. Open concept kitchen has immediate access to the back deck great for entertaining family or guests for summer bbq's or sitting around the fire pit. The partly finished basement completes this great home with 2 additional bedrooms that can easily accommodate queen or even king sized beds. Close to public transit, schools, parks, tennis courts and shopping.

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I just finished uploading this House for sale, 36 SHAWFIELD Way SW, Calgary, Alberta

Incredible Location & move in ready! This Immaculate walkout Bi-level sides onto a vibrant green space perfect for playing with the kids or having a picnic under the sun. Recent updates to this specially built former show home include solid HARDWOOD floors, BRAND NEW Carpets and a fresh coat of warm paint throughout for you to enjoy. The kitchen is sure to impress with ESPRESSO CABINETS (with tons of cupboard space!), NEW COUNTER TOPS and brand NEW KITCHEN SINK and FAUCET. Get ready to entertain in the warm kitchen area with immediate access to the rear deck for summer barbequing. The lower level features a fourth Bdrm, large laundry room & crawl space for storage, solid oak built in book shelf surrounding natural fire place and walkout access to backyard. The walkout level also boasts HEATED FLOORS to keep your feet cozy in those chilly winter months! Very close to schools and parks, don't wait to see this GEM in the great community of Shawnessy, it's a special place that you will be proud to call home

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Just a quick note that I discovered some information on rate increase today from a reliable source in the lending Industry. It looks like as predicted, mortgage rates will inch up further tomorrow, another example of tighter lening considerations that have progressed in the first quarter of 2011. It will be interesting to see what the after effects of this increase will be on the real estate front. Cautious buyers seem to be realizing that purchasing in a more balanced market is a safe bet over the long term, especially if you can lock up desireable mortgage terms. This increase should'nt have the same effect as the more substantial mortgage rule changes that initiated earlier this year but nonetheless will probably remain a very important consideration to prospective home buyers and will play a role in sales activity in the summer months. If you are thinking of purchasing anytime soon make your first step visiting with a mortgage professional for terms that would work best for your situation.

Have a great day!

-Asheton Coultman
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If you are thinking of purchasing a home in 2011 you need to take some crucial steps to make qualifying easier for you and ensure that you get an excellent interest rate. IT WILL BE EASIER TO QUALIFY IN THE FIRST 3 MONTHS OF 2011.

1. GET A RATE HOLD THROUGH A LICENSED MORTGAGE BROKER


**Very important first step, this will lock in an interest rate for you lasting 120 days. This means if interest rates increase during this rate hold period (which is expected to take place), your rate will stay at the lower amount you locked in. Using a mortgage broker instead of a bank also provides you with a greater number of lending options. Getting a rate hold also COSTS YOU NOTHING!

2. GET AN IDEA OF WHATS OUT THERE


- Now is an excellent time for prospective buyers in Calgary, especially first time buyers. There is a high amount of inventory on the market, so start seeing what is available to you.

**If you want to take advantage of the extra 5 year amortization (35 years) before the rules change (March 18, 2011) and make qualifying easier for yourself, then look to placing an offer on a home before this date**

3. ACT AS QUICKLY AS YOU CAN


- This applies especially to getting a rate hold, once this is complete you will have some time (before March) to search for your perfect place. In real estate it is never wise to rush into a purchasing decision, that's why it is very important to start the process early so you can make informed decisions along the way


If you have any questions regarding the new mortgage rules or about purchasing a condo or single family home, feel free to contact me at 403 554 7779 or by email asheton@calgaryrealtyteam.com. and
GOOD LUCK!
Asheton Coultman
Realtor
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What do the new mortgage rule changes mean to homeowners and potential homeowners in Canada, and more specifically Calgary. First off it is important to understand what exactly has changed and how these changes will effect you. Here are the recent changes

1. LIMITED THE MAXIMUM AMORTIZATION PERIOD DOWN TO 30 YEARS

- This change is fairly straight forward, 5 years less to pay off the mortgage on your home (down from 35 years). Although this means less interest paid to the bank over the duration of your mortgage, it also means people looking to purchase will have tighter qualification requirements along with a slightly higher paymet.

2. LOWERED THE MAXIMUM REFINANCING AMOUNT TO 85% OF THE LOAN TO VALUE (DOWN FROM 90%)


- This change along with the reduction in amortization encourages homeowners to keep more equity in their homes, those refinancing will have to leave an additional 5% of the value in the form of equity in their home. To keep it simple, homeowners will not be able to pull as much equity out of their home when they refinance.

3. WITHDRAWEL OF GOVERNMENT BACKED NON AMORTIZING LINES OF CREDIT SECURED BY HOMES

- In the past these lines of credit are non-amortizing, meaning that the borrowers are not required to make regular payments on the principal amount of the loan. In addition these loans are almost exclusively variable rate products, which expose borrowers to the impact of rising interest rates. Many lenders now offer multiple loans or a multi-segment loan secured against a borrower’s home. If a loan or a segment of a multi-segment loan is in the form of a revolving line of credit that does not
amortize over time, it will no longer be eligible for government-backed insurance. However, with established scheduled principal and interest payments, a loan will continue to be eligible for government backed
insurance, provided it meets the underwriting standards set by the mortgage insurer. Withdrawing government insurance backing on these non-amortizing products is consistent with the Government’s objective of supporting the long-term stability of Canada’s housing market.



The adjustments to the maximum amortization period and the maximum refinancing amount will come
into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured
by homes will come into force on April 18, 2011.


For more thorough information on the changes, visit the Department of Finance Canada website at:
www.fin.gc.ca



If you are thinking of purchasing in the next few months and want to take advantage before these rules come into effect, follow this link for the FIRST STEPS YOUR SHOULD TAKE. http://www.calgaryrealtyteam.com/Blog.php/buying-in-2011-what-to-do-before-mortgage-rules-change-in-calgary
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Many potential buyers have been sitting on the fence in the last few months speculating on home values, moreover waiting for prices to slide further. Last month 887 sinlge family homes sold in calgary and 309 condos sold in the same month. The stats for september single family sales were 957 with condo sales rounding off the month at 366, showing a slight drop month over month. some say this can be attributed to the expected December slow down that is a historic constant in real estate.

 It is hard to say how strong November stats will be this early, but estimates point to a continued reduction in successful transactions for the month. With this reduction in transactions paired with the still high number of active listings (2047 Conos, 4453 Sinlge family, as of Nov 12) now is a fantastic time to search a lot of inventory and be very particular with finding your dream home. With interest rates at a continued low, with increses expected in the new year, now is a great time to lock up a great home and a great rate.

Happy house hunting :)

-Asheton Coultman
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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 supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
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.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.