Calgary Real Estate Blog

As oil prices drop due to increased production and reduced global demand (I filled up for 98.9 at Costco this week), I’ve heard rumblings from people fearful of property values plummeting along with the price of crude. It’s not a foolish worry: Calgary’s market fluctuations have often risen and fallen along with our province’s energy economy, as one would logically expect. Not this time, however, at least, not yet.

The Globe and Mail ran an excellent breakdown in early October describing Calgary’s continually strong market growth, as the median house price rose to nearly $490,000 in September, up $10,000 from the month previous. According to PricewaterhouseCoopers and the Urban Land Institute, Calgary and Edmonton are the top markets in Canada for real estate investors. The survey quoted by the Herald notes the increasing numbers of young adults moving to Alberta for employment are helping drive condo sales as they enter the market looking for urban dwellings; as they age, their housing needs will progress, too, meaning we will likely see a very healthy market for a decade or more.

While increased prices aren’t necessarily music to the ears of those looking to buy their first property, they speak to the stability and robustness of the city’s market, making investment in Calgary real estate a sound decision in many cases (although your personal mileage may vary – I’m not offering personal financial advice here). Thinking of jumping in? Check out my Buyers Guide, then contact me to set the wheels in motion.

The frigid temperatures and ridiculous amount of snowfall has forced many of us to spend a lot more time ensconced indoors than usual. Looking around your house, you might start to daydream about  things you’d like to change: the flooring, light fixtures, paint, maybe even knock down a wall. It’s no coincidence that the Calgary Home and Garden Show is scheduled in February each year, after we’ve spent a couple months fantasizing about home improvements. By the time the Show rolls around, many people are ready to make decisions and get started; no dummies, those organizers.

While pretty much any upgrade will contribute to your and your family’s greater personal enjoyment of your home, which ones also add value when it’s time to sell?

The obvious starting points are the kitchen and the bathrooms. Everyone likes a bright, spacious kitchen with plenty of counter and cupboard space, modern fixtures, and a logical layout, so renovations that make your kitchen more welcoming are always going to have an immediate impact on people viewing your property. Bathrooms, too, are an area where buyers place a premium on cleanliness and modernization. That said, going overboard on the highest-end fixtures and rarest countertops may be counterproductive if these upgrades are out of place in your home or neighbourhood.

Other smart ways to upgrade are adding a deck, tasteful landscaping to improve curb appeal, finishing the basement, and building a garage.

On the flip side, the Globe and Mail published a good article recently listing six renovations that don’t add value, citing swimming pools, elaborate landscaping projects, and wall-to-wall carpeting as upgrades that won’t really pay off when it comes time to sell. Click through to read the article, it’s worth your time.

So, as I mentioned, the Calgary Home and Garden Show is just a couple of months away, and I’m sharing a coupon code that’ll give you 2-for-1 tickets. Just click here to buy your tickets with the discount (valid until Dec 24th). I go every year to stay current with the newest and best trends, and I hope to see you there too!

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.

An interesting article from the Globe and Mail, published a couple weeks ago, suggests women – and particularly single women in their twenties – are shopping for condos more and more. Even in married couples, it’s the ladies’ sense of taste that usually wins over when it comes to choosing a property (which means foosball in the living room’s probably not going to cut it). Condo developers are responding by putting a greater focus on security, lighting, and in-suite storage.

This shouldn’t really be a surprise to anyone: there’s a reason ‘man caves’ are usually in the basement or the garage, out of sight. We (men) often just can’t differentiate between a feature or styling choice that’s awesome on its own and one that actually works in a space. We know it, and we embrace it.

What would you look for in an apartment-style condo, and what would be a deal breaker? Is the Globe’s article on the money? Respond in the comments below.