One of the major advantages of buying a new, as opposed to previously owned, home has long been the warranty coverage.  To some buyers’ chagrin, however – especially those buying homes in the mid-2000s, when labour shortages occasionally led to substandard subcontractor work – the warranty coverage maxed out at a mere 12 months. Issues that didn’t show themselves within that one year window became the homeowner’s responsibility. The vast majority of homes in Calgary are, and have been, built to high standards that lead to extremely happy homeowners. For the unlucky few, however, the short warranty has been problematic.

New home buyers can rejoice, then, as the new year will bring with it the Alberta New Home Buyer Protection Act, a piece of legislation aimed at raising the standard of construction in our fine province, making builders increasingly accountable for the products that they sell. Details are available here, but the highlights include a minimum of ten years’ coverage on major structural components, and five years of building envelope protection (with the mandatory option for homeowners to be able to purchase additional coverage).

Now, labour and materials still fall under one year’s worth of coverage, but in certain cases that coverage extends to two years, so there’s progress even on this front.

Is this Act the ideal level of protection for all new home buyers? No, of course not. It would be nice to see labour and materials be covered for longer periods of time. It’s certainly a step in the right direction, though.

I’m often writing/bragging about how well the real estate market is doing locally, and with good reason: it’s on fire like we haven’t seen in eight years. But it’s encouraging to hear some good news coming in from around the country, especially major markets like Vancouver and Toronto.

The Conference Board of Canada predicted today that the condo market is unlikely to plummet, even in Toronto where there has recently been concern about an abundance of new multi-family dwellings being built. While things may cool a bit, especially if interest rates rise, the Conference Board concluded that banks were doing a good job of keeping construction from getting out of control by virtue of construction loans being contingent on pre-sale thresholds, and growing populations in metropolitan areas will continue to be on the lookout for condos.

And the Canadian Real Estate Association is talking about Vancouver’s market growing nearly ten percent year-over-year for July, while Toronto’s up almost thirteen percent.

So, while we’re leading the charge thanks to generous incomes and a growing population, ours isn’t the only city with busy Realtors. I love good news.

One owner home, this is a rarity! Seldom does a condominium of this type come on the market. Two very large bedrooms each with a private bathroom. Both baths have double sinks, one has a steam shower and the other has a soaker tub/shower. This corner unit has extra windows and lots of light. Patio doors with a hidden screen door lead to a curved private balcony. This home features a unique built in computer station with shelves and drawers. When not in use you do not even know it is there! All kitchen appliances stay and the washer and dryer are included. Hunter Douglas shades, in floor heating and brand new paint finish off the interior. Two assigned parking stalls which are beside each other and close to the elevator plus an assigned storage locker. The amenities such as a pool, exercise room, treed grounds, close to bus routes with Marda Loop and Garrison Woods shops and restaurants close by really set this home apart from others. Vacant and ready for you! Act quickly as this one will not last.

To view more phots, floorplan and full listing details visit my webpage.

What a terrific place to live! Situated on a quiet street across from a treed green area. This home features hardwood floors in rooms on the main level except for the kitchen and bathroom. Lower level is fully developed with a family room that has a fireplace, a 4th bedroom, games area, storage area, laundry area, den plus another bathroom. The West facing rear yard is fenced, has R.V. parking plus an over sized double garage that measures 27′ 4″ X 25′ 4″ and is heated!! Great home at a great price. Act quickly as this will not last long!

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

Thanks to the busier than expected real estate market this year, CMHC – the government-backed outfit that offers insurance against mortgages when down payments of less than 20 percent are made – has already reached three-quarters of its cap for the year. The government had allowed for up to $85 billion in mortgage-backed securities to be issued in 2013, and we’ve already hit nearly $64 billion.

What does this mean? Well, the government will want to cool down the market a bit by implementing new rules that make it more difficult to qualify for a mortgage. Further, fixed rates on mortgages will likely be going up, with jumps of between 0.2 percent and 0.65 percent by the fall.

It’s going to become harder to be a pre-approved buyer, which means those who have pre-approval will become highly valued by sellers. Really, that’s one of the first things you should do if you’re entering the real estate market: get pre-approved, so you know what you’re working with and the seller knows you’re serious.

None of this is especially surprising or dire, but it’s well worth being aware of. As more develops, I’ll keep you posted

Mount Royal is one of Calgary’s most wealthy neighbourhoods, and as such is home to some of the most stunning real estate in the city; in the mid-2000s, one family that owned three adjacent lots was profiled in the Calgary Herald for its plans to construct one massive home in the style of the Chateau Lake Louise.  The economic downturn in 2008 put a hold on those plans, but it still gives an idea of the imagination (and resources) with which property is approached here.

Located in the southwest, Mount Royal was originally called “American Hill” due to the large proportion of US-immigrants who chose to reside there. Just under 3200 people currently call Mount Royal home, served by the public schools Earl Grey Elementary and Mount Royal Junior High. The community is split into Lower Mount Royal, which is mostly comprised of condominiums and townhomes, and Upper Mount Royal, which is almost entirely single family homes; median income in Upper Mount Royal is nearly four times that of Lower Mount Royal.

With its close proximity to downtown and the bustling strip of 17th Avenue SW, amenities are plentiful in Mount Royal, with a vast selection of restaurants to choose from and a complete compliment of cultural opportunities. Additionally, Elbow Drive provides easy access to Chinook Mall and other nearby attractions. Residents may also access the Glencoe Club, a private sports and recreation facility serving Mount Royal and Elbow Park, founded in 1931.

To see homes available in Mount Royal, do a Quick Search.

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

With relatively low inventories – and not just because of flood damage – the Calgary real estate market is on fire right now. The Calgary Herald reports that condos, bungalows, and two-storey homes have all increased in price by 6 to 7 percent in the second quarter, year-over-year, as listings regularly receive multiple offers. The flood certainly didn’t help with the inventory crunch, but the overall trends shouldn’t be affected long-term by that mess; this isn’t a short term blip, it’s a larger trend.

And it’s not just the common-man homes that are moving: a record number of $4 million-plus homes have been sold so-far in July (and it’s only the 9th). There’s more inventory available in the luxury market, and the higher prices and low availability of mid-range homes, combined with interest rates that look like they’ll stay low for another couple of years, are all factors encouraging people looking to move up.

So, if you’re thinking about selling your present home and move into something larger, be prepared to act fast once you find that perfect place. And have a solid idea of the maximum you’re willing to spend – those susceptible to getting caught up in a bidding war could take a hit in today’s market. Smart buyers approaching transactions logically and not emotionally, however, should still be able to find the right home at the right price.

Alright, maybe not ever, but it’s pretty good; from Monday’s Financial Post: “Prices remain stable, perhaps maddeningly so for the legions of bubble mongers,” said Douglas Porter, chief economist at BMO Capital Markets.

Yes, thanks to some new data from the Canadian Real Estate Association, there seems to be a turn in public opinion as to whether or not Canada’s in the midst of a housing bubble. More rational discourse has replaced the nearly-apocalyptic cries of some who still expected our country’s real estate market to follow the United States’ lead into a precipitous plunge.

Instead, we’re seeing healthier-than-expected growth, not just in Alberta, but nationwide. With a new Bank of Canada governor being installed, there’s the possibility of some minor policy shifts from the rockstar tenure (at least by banking standards) of outgoing governor Mark Carney, but I doubt any drastic moves will be made. They just don’t need to be. Household debt is a perennial problem, sure, but it’s not aggravated by an appetite for increasingly expensive homes; by and large, Canadians don’t especially care for being house poor.

I’m certain Alberta will continue to lead the country in home sales and rising property values, as we stand to be Canada’s turbocharged economic engine for some time to come, but it’s nice to see the rising tide lifting all of the ships, to mix some metaphors (unless the turbocharged engine was on a speedboat… Yeah, that’s it!).

603 Riverview Pl, Longview

This is a vacant building lot zoned single family. Great ravine and mountain views. Services to the property line. Listing price is well below Village of Longview assessed tax value. Excellent opportunity to build your new home in a quiet rural setting.

To view full listing details visit my webpage: http://www.time2move.ca/listing/foothills/longview/c3564633-603-riverview-pl

Despite sounding like an ornithological journal, the National Migration Trend Report is actually an annual publication by that esteemed purveyor of inexpensive moving trucks, U-Haul. The report looks at one-way trips to any city in Canada as an indicator of relocating families and individuals, and found that in 2012, more people moved to Calgary than any other city. Not a huge surprise given Calgary’s upbeat economy, lack of snow (ha, ha), and excellent Realtors (that’s not a joke). Our province’s population is growing at more than double the national average, and Alberta is predicted to become the country’s third-largest province (leapfrogging BC) is just eight years. So next time you’re grouchy because traffic is snarled by yet another infrastructure project, bear in mind how many more people there are going to be on our roads in a few years.