As of May 1, CMHC – the Crown Corporation that insures homes purchased with less than a 20 percent down payment – will be raising its rates; a chart breaking down the new premiums is available here. This is a not-particularly surprising move, as the rising average home prices in Canada are increasing CMHC’s exposure to risk, which is not something an insurer likes to see happen.

And now a new announcement: self-employed workers without a means for third-party validation of their income will no longer be eligible for CMHC coverage.

While some first-time homebuyers, the group traditionally unable to come up with a 20 percent down-payment, may be discouraged by this news, it’s not at all a bad thing for the real estate market; indeed, it’s a step to help things stay healthy. As interest rates look to remain low for at least the next couple of years, it can be tempting for people to over-extend themselves financially with the hope that their property’s equity will grow fast enough to make the stretch worthwhile. CMHC’s job is to make sure mortgage lenders don’t end up on the hook for a bunch of homes their owners couldn’t actually afford, and it doesn’t have an endless pool of cash from which to draw to do this. Tightening up the rules a bit can help gently nudge potential homebuyers toward gaining a little more financial security prior to signing on the dotted line, which means a healthier market all around. Foreclosures aren’t good for anyone, and neither is CMHC having to drastically increase its premiums to cover a large amount of losses. Mild corrections like this one are just a way to keep people living relatively within their means, and I’m for it.

2109 & 2111 50 Ave SW

2109 & 2111 50th Ave. SW. This is a full side by side on a 50’x138′ lot with a south back yard. Sq. footage and room sizes are for one side only. Both sides are identical with the exception of a 3 piece bath on the lower level on one side. Currently leased. This is an excellent building site as the tile covers two separate lots. Title is not split at this time. Located close to transportation and Mount Royal University. The building does have many upgrades such as new furnaces, hot water tank, fencing and a newer roof with a 25 year transferable. The kitchens are original.

To view more photos, floor plan & virtual tour visit my web page.

Well, the view out my window this weekend would seem to contradict my previous post’s allusion to the snow being gone and it being time for yard work to commence, but I guess that’s just the way 2014 is playing out, weather-wise. It sure hasn’t cooled our red-hot market, with year-over-year prices jumping a whopping ten percent. The average days-on-market numbers are better than they’ve been in years, which is great for sellers: the quicker a home sells, the more likely it is to be at or over asking price.

In more good news, Calgary, Toronto, and Vancouver were named the three most resilient cities in the world for real estate development, according to a Grosvenor Research report. Our relatively well thought out city planning, and large migration numbers are the main factor for Calgary’s positive showing here.

Easter weekend has passed, and I enjoyed both spending some quality time with my family, and eating a sugar-coma-inducing amount of chocolate. I hope you had similar fun!

102 West Coach Wy Sw

Upscale Morrison-built home with a fabulous floor-plan. Original owners have kept the home super-clean and in top condition.  Lots of upgrades including high ceilings and top-notch finishings.  Cooks-kitchen with lots of granite counter-space, built-in appliances, and a large gas cook-top and upgraded maple cabinets. There’s also a big pantry that leads from the large mudroom off the 3-car garage.  Luxurious living room with a stone fireplace and soaring 2-storey lofted ceilings. The flex room would serve well as a den or a formal dining room. Upstairs the large sunken bonus room is wired for home-theatre sound. The bonus room and the master bedroom both have vaulted ceilings. Dual sinks, a large tile shower, and a separate jetted tub ensure serenity within the ensuite. There are built-in speakers throughout the home and on the back patio.  Professionally landscaped with irrigation system and a cedar fence and pergola, plus a paving stone patio. Bonus – no sidewalk to shovel here.

81 Eversyde Co SW

Fully renovated and in pristine condition. Situated on the best lot in the whole complex with a sunny SE rear exposure. The kitchen was completely redone within the last few years including new cabinets and granite counters, quality stainless steel appliances including a convection range, and a reverse osmosis water system. The bathrooms were redone at the same time with matching materials. Other upgrades include hardwood flooring, new doors, door casings and baseboards, new light fixtures, new blinds, and of course fresh paint. This is a great floorplan with an breakfast-bar kitchen and 3 bedrooms up. The unspoiled basement awaits your storage items or development plans.

To view full listing details, more photos, floorplan and virtual tour visit my webpage.

Finally, finally, the last of the snow in Calgary is melting off lawns; the only downside being what an ugly, matted mess front yards across the city now look like. It’s time to get to work.

• Use a sturdy metal rake to get rid of as much thatch and other debris as possible. This in itself will go a long way toward sprucing up your curb appeal.

• Spread fertilizer, using a lower nitrogen concentration for the spring than in the fall (or start your Nutri-lawn service).

• Mow your lawn frequently to strengthen roots for the summer.

• Begin your watering routine, using an upside down frisbee to gauge when you’ve sprinkled enough.

Eventually you’ll need to start taking care of weeds, and letting the grass grow a little longer to survive the summer months, but for now these simple steps will make you proud to bring visitors in the front door again.

As our market continues to favour sellers, there are more and more homes being sold for higher than asking, in remarkably short periods of time. In February, one out of every five properties sold in Calgary went for above list price, and buyers in March have been even more aggressive; I set up five showings for a condo last week on its first day on the market, and it sold within 24 hours.

This is the reality right now: supply is low, and demand is high, especially in attractive locations. But there are real downsides associated with getting caught up in a bidding war, of which I strongly caution you to be aware.

It’s easy to fall in love with a home when you tour it for the first time: if the seller’s done a good job presenting his property in its best possible light, it can look absolutely flawless. Stepping away for a couple of days, looking at other homes, then coming back to that first property can be a real eye opener, as the inevitable compromises and areas for improvement become more apparent. Unfortunately, when the market is as heated as it is right now, you simply don’t have the luxury of time to consider other options, since your offer will probably come in at the same time as several others. If you like a place, you’ll need to move fast, but be sure to keep your head on straight.

In the midst of a bidding war, logic can quickly go out the window, replaced by a desire to ‘win’ at all costs. That’s called game theory in economics; another name for it is the “winner’s curse.” Buying more home than you can afford, or removing important conditions like a home inspection, are actions that might secure your new property but be highly regrettable later. Even when time is a factor, it’s important to think hard before you act.

Your Realtor has his finger on the pulse of the market, and knows what sellers are expecting right now; he can help steer you to success without compromising your family’s financial well being. Listen to this expert, and heed his advice – make sure when a seller accepts your offer, it’s a reason for celebration and not a Pyrrhic victory.

Apple’s marketing slogan, “There’s an app for that,” gets more true by the week – these small programs for mobile devices are becoming increasingly powerful and popular. You can find a series of apps for basically any industry you can imagine, and real estate is no exception. Here’s a list of five of the best apps for Canadian buyers and sellers.

1. Realtor.ca

This app puts the power of the MLS system in the palm of your hand, allowing you to search listings across Canada by a variety of criteria. An added value, compared to the desktop version, is the GPS functionality that can tell you about listings near your current location, making your Sunday house shopping drive a whole lot more efficient.

2. Magic Plan

Create a floorplan of a home simply by taking a series of pictures and letting the app do its magic. Great for making decorating and furnishing decisions, or just to get a sense of a property from a new perspective.

3. Canadian Mortgage

Calculate your mortgage payments, land transfer fees, CMHC premiums, and more, helping you get a grasp on how much home you can really inform. This app even includes sliders to take into account roommate income, bi-weekly vs. monthly payments, and first-time homebuyer rebates.

4. Ready Set Home

Designed especially for first-time homebuyers, from Canada’s national housing agency, CMHC. Helps determine affordability and tracks details during the homebuying process.

5. Starbucks

What would a day of house shopping be without coffee? The Starbucks app tracks your purchases (you can pay right from your phone if you load a gift card into the app), and lets you hit purchasing goals that earn perks like free refills.

Close to SAIT, a quick trip across the Peace Bridge from downtown, and walking distance to some of the city’s trendiest restaurants and coffee shops, Hillhurst is a young couple’s dream community, evidenced by the fact that nearly 80 percent of its residents are single or couples. Hillhurst is celebrating its centennial this year, making it one of the city’s oldest communities. Nearly 6,300 people live in the community, which measures a little under one square kilometre.

Aside from great eating and drinking, Hillhurst residents take full advantage of the 20-acre Riley Park, as well as an active community association that organizes youth soccer, an annual comic book sale, flea markets and seniors groups. The community hall is one of Calgary’s bigger ones, with two licensed kitchens, a gym, board rooms, three halls, craft areas, and more; they even have their own bouncy castle to rent out for birthday parties.

Hillhurst was among the communities affected by 2013’s flood, and the community association offers extensive resources regarding flood recovery on its website. Much of the area is back to pre-flood condition however.

With both public and separate school options for elementary through high school, Avenue Magazine’s annual survey declared Hillhurst the fifth-best neighbourhood in Calgary for 2013.

To see homes available in Hillhurst, do a Quick Search.

To get a complete market report on Hillhurst, or any other neighbourhood you are interested in, use our quick and easy market report request.