Calgary Real Estate Blog

Most home buyers would agree that one of the first details they look for in an MLS listing is the square footage of a property. This information alone can lead a buyer to read on or move along to a more appropriately sized home. This is self evident, and so it may come as a surprise to learn that, until recently, no real estate regulator in Canada has had a Residential Measurement Standard (RMS). That changed this past May, when the Real Estate Council of Alberta (RECA) approved an RMS in our province.

Following extensive consultations, RECA developed an RMS that, in the words of Council Chair Krista Bolton, will allow consumers to, “be confident in the measurements stated within residential real estate listings, and they can use those measurements to compare different properties to determine if they suit their needs.”

In addition to Realtors and their clients, RECA notes that the RMS benefits appraisers, mortgage brokers, financial institutions, and insurers.

RECA has published on its website a quite comprehensive Guide to the Residential Measurement Standard in Alberta, but the basics are that single detached properties are to be measured on the outside surface of the exterior walls at floor level, while duplexes, townhouses, condominiums, and apartments should be measured ‘paint-to-paint’ at floor level. Only floors that are entirely above grade are measurable as part of the RMS; partially below ground levels, such as those in a split, may be measured and noted in the listing but not as part of the RMS number.

Proper measurement is vital, and inaccurate work can cause some serious hardships, so long before this new standard was even being discussed, I started using the services of a professional measurement company for all my listings. It costs me money to provide this service for each listing, but the peace of mind and unquestionable accuracy are well worth it to me.

If you have any questions about the new RMS, please contact me!

On a separate note, the Calgary Home + Design Show is only three months away, and I have a special Father’s’ Day promo code to pass along. Click here and use the promo code DAD to get two-for-one tickets! (Offer expires June 24th at 11:59pm)

I’d say the performance of Calgary’s real estate market in recent weeks is yet more proof that, contrary to the belief of some, we are not in the midst of a bubble on the verge of popping.

We went from a habanero hot sales year last year, when oil was high and so were spirits, to recession-level unemployment and plenty of economic uncertainty with only a minor adjustment in the market. Sure, sales and listings are both down, but it has been a far from precipitous drop; indeed, mid-priced homes in good neighbourhoods have actually seen a small increase in selling price, as buyers look for properties that meet their needs and their budget.

This cushioned fall is not at all what you’d expect from a bubble scenario: if prices were artificially inflated while the economy was booming, they’d bust just as fast, but they didn’t. So, now is not the time to hurriedly sell before you’re ready, nor to rush into buying without your ducks in a row. Price fluctuations will happen, but probably not significantly enough to drive your purchasing behaviour. Call a Realtor you can trust (I’m available), talk about your goals and your fears, your need to haves and your nice to haves, and let’s make a plan.

On a separate note, I’ve got a new discount code for the Calgary Home + Design Show running September 17-20. Buy tickets online with the promo code SHOWWEEK and get them 2-for-1! The offer expires September 16, so get clicking!

A short article in the latest edition of CREBNow points out that, with house prices continuing to increase each month (Calgary’s growing faster than anyone), it’s becoming more difficult for young families to follow the traditional middle-class progression of graduation-marriage-first home-family-bigger home. Starter homes are selling for far beyond what a dream home might have cost in our parents’ day and, especially when interest rates inevitably increase, it can be difficult to ‘move up’ without a big boost in salary.

So what to do about this? How about picking the right starter home so that it can grow with your family over several years rather than seeming poorly suited for your family situation after just a year or two. With the right planning and a little vision, you can find that ideal property and plan to develop it as your family grows.

When shopping for that first home, look for a solid, well built and well-kept property with potential. Can an unfinished basement be finished to add a third bedroom and play area? Is there space to build a garage with a loft for storage? How about knocking out a wall to increase the size of the kitchen, or adding a sunroom-style mudroom to the back entrance to hold winter coats and boots. These types of upgrades, while far from free, can be a lot more cost-effective than shopping for a new home with comparable amenities. And by smartly investing in your current property, you’re boosting the resale value and socking away equity for when you really are in a position to move.

Beyond the property itself, carefully consider your neighbourhood – and consult with a professional familiar with the demographics of the area. If you are starting a family, is the home you’re considering located in a family-friendly area, with respected day homes and preschools nearby, plenty of park space, and kids riding their bikes in the evenings? How about grocery stores and restaurants? Is the commute to work reasonable, with transit options? Is this a place you could see yourself calling home ten years from now?

The days of buying a home with the intention of moving up in a couple of years are, for many people, coming to a close. But with the right advice and some careful thought, stretching that first home’s usefulness can really put you ahead in the long run.

This coming weekend is the Calgary Home + Design show; if you plan on attending and would like 50 percent off your ticket price (who wouldn’t?), use this link and enter promo code SHOWWEEK on checkout. Enjoy the show!

You may have read recently that an increase in listings has started to soften Calgary’s market a bit. This is true – there are nearly 20 percent more homes currently for sale than there were a year ago. This is a good thing, as single-family home prices were up more than ten percent, year-over-year, in August, and that kind of increase is obviously not sustainable. Eventually we’ll move away from current market conditions, heavily favouring sellers, to a more balanced situation.

This is a good thing. More families are moving toward condos than detached homes right now because of the affordability factor. As those families grow and start looking for larger residences, a balanced market means they’re more likely to find them at a price they can afford. This doesn’t mean your home’s value will necessarily start dropping, just that its valuation won’t continue to jump at the same speed. You’ll be thankful for this when your property tax bill shows up.

I like a balanced market. Sure, when things are hot, homes move quickly and for high prices, and there’s a certain excitement to the industry. The downside shows up when a family I’m working with loses out on the property of their dreams because of a bidding war, or when a seller must scramble to find a new home after his current place sold quicker than expected. In slightly slower – but not slow – times, buyers can take a breath and really evaluate the home they’ll be paying for over the next 25 years, sellers can start shopping while their home’s on the market, and I get to eat dinner with my kids more often. Wins all around.

The Calgary Home + Design Show is just two weeks away – save four dollars with the promo code SAVEFOUR when you buy your tickets online before September 12!

In the news a few days ago was the story of Derek Johnson, a man who allegedly posed as a Realtor, under an assumed name, to illegally obtain the title of a home in foreclosure. It reportedly cost the victim several thousand dollars, over the course of more than half a year, to reclaim his home’s title. Johnson has been fined by the Real Estate Council of Alberta $50,000 for posing as a Realtor; this is not the first time Johnson has been in trouble with the Council.

This story serves as a reminder to anyone seeking to engage in a real estate transaction that the licence status of any real estate professional or brokerage may be easily verified through the Real Estate Council of Alberta’s website. Using the public search, you can instantly confirm that the professional with whom you intend to do business is indeed in good standing with the RECA.

Realtors need to be licenced by RECA, and to uphold the organization’s standards of conduct to maintain that licence.

There’s a plethora of other useful information on the site as well, so I encourage you to take a few minutes to surf through it if you are considering entering the market as either a buyer or seller.

On a side note, the Calgary Home + Design Show is coming September 18-21, and I have a promo code that’ll save $5 off your tickets if you buy before August 26: click here, and enter the code SAVEFIVE.