Original owner home. Clean, neat and ready to sell. New carpet and new paint. Developed basement with a wet-bar/kitchenette. Dual laundry, one in the main bath upstairs, and one downstairs. Split side entry. Double garage. Landscaped South back yard. In the walk zone for Tuscany School. Act fast, this will sell right away.
View more photos and full listing details on our webpage.
According to a just-released Harris/Decima poll, 47 percent of Albertans would take a fixed-rate mortgage if they were applying for one today, as opposed to just 26 percent preferring the variable-rate alternative. That’s pretty close to the national number – 45 percent favouring fixed – and not really that surprising. People tend to like predictability, and are often willing to spend a bit more to get it; the popularity of gas and electricity contracts, in a time when both are pretty inexpensive, is another example of this.
There are plenty of reasons to go fixed, and plenty to go variable. The Globe and Mail reported in December that variable-rate mortgages have been cheaper than their fixed counterparts some 90 percent of the time over the past 25 years, meaning those who rode out market fluctuations came out significantly ahead. On the other hand, right now fixed-rate mortgages are being offered for within one percent of variable rates, meaning the premium paid for stability is lower than it has been in the past.
Ultimately, buyers must make their own decisions based on their immediate circumstances, plans for the future, and tolerance for risk. I know some great experts that can help sort through the choices, and am happy to refer my clients to them, but a hard look at one’s own financial goals is key to setting up a mortgage that won’t lead to any lost sleep.
I’ve been talking a lot in this space about how Calgary’s housing market is outperforming all comers; well, here’s more proof: we broke a record in February for the highest average selling price for single family homes. The figure, $518,452, comes in a little over two percent higher than the previous record set in 2007 (also known as Calgary’s most recent boom). Now, of course there are extenuating factors coming into play here – notably the fact that the all-time most expensive home sale in the city’s history closed last month, as did a record number of other $1 million plus sales – so CREB’s benchmark numbers are maybe a little more useful when determining what the average Calgarian entering the market is looking at. Those put the typical single-family home at about $440,000, which is still close to $90,000 more than January’s national average.
So is Calgary’s market on-track to price itself out of reach for the average young family looking for a starter home? I don’t think so. The vast diversity of neighbourhoods – and their proximity to downtown – available to residents ensures there’s a price point for everyone, and as Mayor Nenshi wrote in the Herald last weekend, more than 22 square kilometres of serviced land are available for new development, enough to house hundreds of thousands of people at fair prices.
This has already been a banner year for me, and it’s only March; the proverbial sun is shining, so I’m making some hay. I did, however, find the time to add some new functionality to our website: our new, free Market Report tool allows you to see your neighbourhood’s detailed sales history, including addresses and prices. Check it out!
I pay for a professional stager to evaluate nearly every home I represent. Sure, after thirteen years in the business I have a pretty good idea what a property that’s going to move looks like; I don’t necessarily need a second opinion to get most of the way there. Still, I recognize the value of people who are good at what they do, and specialize in their field, and moreover I believe proper staging is one of the most reliable ways to sell a house for at or near asking price.
What does a stager do? Well, the one I use surveys the property and scrutinizes it the way a buyer might, then prepares a detailed report filled with recommendations on how to make the home show better. This might be shifting around some furniture (or getting rid of some), paring down items on shelves, and just general decluttering. A stager is a design professional who knows about the relationship of objects in space, and how that relationship makes people feel. The same way a clever Realtor came up with the idea of baking cookies in a home before an open house to elicit warm fuzzies in potential buyers, a stager helps make a home feel wonderful to visit and therefore attractive to buy. All those fabulous properties on magazine covers, they don’t just look like that naturally – they’re carefully staged to give off a particular vibe: to look larger, warmer, breezier, more modern.
Clients can choose to hire a stager to do the work of staging the house, even to the extent of renting furniture, artwork, and other props to create a unified look (particularly useful in a vacant property). At the very least, though, I usually insist on the consultation, as the relatively small investment of money and time usually translates to a faster sale for a higher price. And we all like that.
Legal, grandfathered (called non-conforming) up-down duplex. Good one bedroom suite down with a separate entrance. Many recent upgrades in the suite including a new kitchen. Other upgrades in the home include a recent furnace, wiring and water systems and newer windows. Main floor has two bedrooms and it’s own laundry. This property is located within walking distance of the downtown core. Only a half-block away from Rotary Park and it’s tennis courts. This is a prime property for re-development, and is a very good holding property that generates good revenue.
View more photos and full property details by visiting our webpage!
Don’t forget that the RRSP contribution deadline for 2012 is a mere two days away, on March 1.
For first-time homebuyers, RRSPs are a great source of down payment funds thanks to the government’s Home Buyers’ Plan: essentially you are able to borrow up to $25,000 from your RRSP, then repay it interest-free over 15 years and maintain the tax savings you realized when you made the contributions in the first place.
If you’re considering 2013 as the year you enter Calgary’s housing market – and property is more affordable than it has been in years – make sure you consider this excellent money-saving opportunity. While your RRSP funds won’t be earning interest for you until you repay them, a larger down payment on your first home means lower mortgage payments and often better terms.
According to a RE/MAX report released today, Calgary’s housing market appreciated by a significant amount over the past ten years – the average house price in the city jumped 108 percent, compared with the national average 15 percent lower. While the bulk of the gains were made in the first half of the decade thanks to the 2008 economic slowdown, the vast majority of property owners have seen a nice bump in their equity.
RE/MAX predicts that most people shopping for homes in Calgary this year will be ‘trading up’ but late in the year first-time buyers are expected to rejoin the game with gusto. First-time buyers tend to upgrade 5-7 years after purchasing their homes.
Will the next decade have similar gains in store? No one knows for sure but I’d say probably. Alberta’s economy is among the strongest in the country, despite some budgeting pain making the news lately, and the outlook is good for it to stay that way. For my money, Calgary’s a great market to get into right now.
The Alberta government has announced it is opening the Condominium Property Act for review and public consultation, something that hasn’t been done in thirteen years. It’s about time, I’d say. Apartment-style condominiums have become the de facto starter home: they’re relatively low cost, often come with appealing amenities for singles and couples, and tend to be located where the action is rather than in quiet suburbs (although there are plenty of non-central condos in the city too, holding special appeal for seniors and young families). Calgarians love condos, is my point, and in my opinion management companies have been, shall we say, benefitting a little too much because of it.
What’s my beef with some management companies? Well, among other things, the fees they charge owners for copies of their own condominium documents at the time of sale are simply ridiculous: $400 for a complete package is common these days. To put that in perspective, condo sellers might pay in the neighbourhood of $600 to their lawyers for that same transaction, with all the various tasks a lawyer performs; the management company is getting two-thirds’ that amount to merely run a photocopier or upload docs to an online repository. To make matters even more absurd, the documents requested belong to the condo corporations, yet those corporations don’t see any of the money paid to the management company for putting them together – and they’re already being paid a fee by the condo corp!
Of course things are never quite this black and white, and I’m sure management company reps would have a thing or two to say in response. But my point is, our market continues to boom and a good chunk of the properties changing hands are condos. There’s not going to be a better time to let the government know what is and isn’t working with the Condominium Act. Beyond the fees charged at the time of sale, warranty issues, dispute resolution, board governance and a host of other elements could use tweaking; I encourage anyone with skin in the game to take the government up on its offer to listen to what you have to say. Participate in the survey and make your voice heard.
It’s coming on renovation season: that time of the year, after the Christmas credit card bills are paid, when people start itching to have a little work done around the house. Maybe it’s with the intention of selling soon – if so, I know a great Realtor – or maybe it’s just to freshen things up and fix some issues that became all too apparent over the last few housebound months. Regardless, contractors love the spring.
Unfortunately, lots of homeowners just have no idea what rights they do and don’t have when it comes to hiring a contractor. A good friend of mine worked for the Better Business Bureau for a number of years, and found that, consistently, home renovation companies were among the most complained about, month after month. Not just shoddy workmanship, either: lots of outright scammers come out of the woodwork, so to speak, to prey on people’s inexperience with door-to-door offers too good to be true. It’s sad, and it costs a lot of people a lot of money.
The esteemed renovation superhero Mike Holmes wrote up a straightforward and informative article for the National Post back in December; Calgary’s BBB has sound and thorough advice on their website too. Maybe the most important thing people don’t seem aware of is that, in Alberta, it is illegal for a contractor to ask for any money before the job is done unless they have a Prepaid Contractors License from the government. Sure, it sounds reasonable when the guy standing in your living room asks for 50 percent down to cover materials, but unless he or she is properly licensed, you have zero guarantee that you will actually get anything for that money, and little recourse if you get burned. Trust should be earned, not assumed. A contractor has to have a proven history to secure that license, and also must put up a substantial bond against which a dissatisfied homeowner can claim if things really go sour (meaning the agreed work doesn’t get done, not the hardwood doesn’t complement the couch like expected). Plus, you can visit the Service Alberta website to search a company name and find out if they are licensed to take payments, rather than just taking someone’s word for it. My opinion, don’t hire a contractor who isn’t licensed.
Beyond that, Holmes makes a solid argument that good contractors are busy, many to the point that they’re turning projects down, and so they don’t need to go door-to-door for work; the ones who do show up at suppertime offering to repair your roof should maybe be eyed suspiciously. Certainly don’t hire anyone on the spot without doing a bit of research, including with the BBB and Service Alberta. That bit of extra effort could really save you some hassle – and money – later on.
This is a full side-by-side duplex on a 50′ x 138′ lot. Square-footage and room sizes listed here are for one side. Both sides are nearly identical, except 2111 has a 3 piece bath on the lower level and 2109 does not. The 4th bedroom on each side does not have a closet. Hardwood floors on the main level with laminate on the stairs and lower levels. Large under drive garage with a workshop area. Many new upgrades: new furnaces in 2010 & 2011, new hot water tank, new fencing in 2011 and new rear decks. New roof in 2007 with a 25-year transferable warranty (it’s a 2-ply torch-bonded system). Both sides are currently rented. This is a great opportunity for an investment or for the home owner who wants to live on one side and rent the other (great for mortgage assistance). Very close to all levels of schools, North Glenmore Athletic Park, Mount Royal University, public pools, transportation, and Marda Loop shopping. Full side-by-sides are seldom available in this area.
View my webpage to see photos and full listing details.
