Subscribe with RSS ReaderMonday, May 14, 2012 A Return to Typical Sales Activity in Calgary & Building Momentum In Calgary new home StartsA Return To Typical Sales Activity in the Calgary RegionFor the month of April 2012, year-over-year sales activity improved across all the secotrs in the city. Calgary residential sales total 2,200 for the month, a 26 per cent increase over levels recorded last year. "The growth in full-time employment, combined with improving migration levels, is translating into improved demand for housing," says Ann-marie Lurie, CREB chief economist. "While sales growth does seem exceptionally strong, it is important to keep in perspective that the sales activity in Calgary is returning to levels more consisten with the long-term average."
Sales growth Continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The MLS Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total bench mark price of $449,500.
After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year. Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from.
"While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year," says Bob Jablonski, president of CREB." As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved lisitings from those waiting to see some price appreciation prior to listing their home."
Affordability remains resilient in face of construction surgeBuild it and they will come? For Calgary homebuilders, it would seem that yes is the obvious answer. Arriving on the heels of a substanial increase in Calgary home sales comes the news that constrcution in the city is also continuing to thrive.
For the month of March the toal calue of building permits - seen as a key indicator of economic coniditions - in Calgary rose to nearly $458 million, an increase of 33 per cent. The increase follows even larger gains in February, when permits in the city rose by an astounding 46 per cent. While building permits simply represent the intent to build, numbers from Canada Mortgage and Housing Corporation (CMHC) indicate that there's plenty of construction already underway in the city.
"Combined with strong employment gains, rising migration, and low mortgage rates, the decline in active listings in the competing resale market has boosted demand for new homes," said Lai Sing Louie, CMHC's regional economist for the Prairie and Territories Region. Despite the sizeable increase in sales, starts and permits, affordibility in Calgary's housing market has remained resilient. Unlike other markets in Canada, which have seen rapid price escalation, prices in Calgary continue to hold steady. "It's back to a Normal Market, so there are choices." Says Bob Jablonski president of CREB.
Friday, May 11, 2012 *SERBIAN FEST 2012* May 19-20, 2012SERBIAN FEST 2012
MAY 19TH - 20TH, 2012
Are you staying in Calgary for May long weekend this year? Have no plans made yet? Well if you are in Calgary and want to enjoy the GREAT weather then why not check out SERBIAN FEST that is being held May19th-20th 2012 at 3130 16th Street SW -South Calgary Community.
This festival has been created to teach local Calgarians about the rich, diverse history of the European Country of Serbia. The festival will include and not limited to : Ethich dishes of food from Serbia, examples would be slow roasted pork or lamb on a spit, "Cevape" ( Pronounced Ch - eh - Vaw - Pay) this dish is mini meat-kabobs on a grilled bun served with roasted onion slices and salad. The festival will also have Traditional Serbian Dancing from a Winnipeg Traditional Folk Ensemble. AND MUCH MUCH MORE...
Other events for SERBIAN FEST 2012 include:
So come out and enjoy the wonderful weather, the wonderful history lesson, the amazing food, the amazing people, and most importantly enjoy the May Long Weekend at SERBIAN FEST 2012.
For more information on Serbian Fest 2012, or to volunteer, or to become a sponsor of the event go to www.serbianfest.org .
Monday, February 27, 2012 Calgary's population increased 10.9 per cent since 2006Joined by Edmonton, Saskatoon and Kelowna, Calgary had the highest rate of population growth in Canada - since 2006 - with the release of the 2011 Census.
According to Statistics Canada, Calgary's population increased 10.9 per cent since 2006 and currently sits at 1,096,833. Of that number, there are 445,848 private dwellings and a population density of 1,329 people per square kilometer in the city.
"The census data shows strong growth in population... we are more concerned with what happens with net migration as it as the largest impact on housing," said Ann-Marie Lurie, economist with CREB. "A significant portion of the population growth has been due to strong migration figures."
Calgary neighbourhoods that saw the largest growth increases included Panorama Hills (1,952 residents), Auburn Bay (1,552 residents), New Brighton (1,236 residents) and Cranston (1,186 residents).
So if YOU are looking or know SOMEONE that is looking for a new home or a great area to live in CALL PAUL DOJCINOVIC TODAY!!
Paul Dojcinovic - Realtor / Home Marketing Expert, C.C.S
"Be Bold, Get Sold" - The "Paul Sells" Real Estate Team
www.facebook.com/calgaryrealestatedeals www.youtube.com/TopCalgaryRealtor
Monday, February 27, 2012 Polls Suggests Mortgage Rules Could Tighten in 2012!Canada's government will make it tougher for many homebuyers to get mortgages this year as it grapples with an overheated property market according to analysts in a Rueters poll, who also ruled out the prospect prices could suddenly crash.
In the poll, 10 of the 14 economists and strategists surveyed around the country replied "yes" when asked if they thought Ottawa would tighten mortgage rules within the next 12 months. The poll also revealed house prices are expected to rise slightly in 2012, countering notions that prices in Canada were in for a collpase. According to Rueters, home prices are expected to clib by 0.1 per cent jump in the following year. The slight increases would be down from a 0.9 percent year-on-year increase in December 2011.
Discussing possible moves that could be take by Federal Finance Minister Jim Flaherty, Reuters mentioned the possiblity of either raising the minimum down payment from the current five per cent or reducing the maximum amortization period from the current 30 years.
Speaking on the affordibility of housing, analysts rated the Canadian market at a "seven" out of 10, with five being fairly valued and 10 being extremely overvalued, admitting prices have been skewed as a result of price extremes in Toronto and Vancouver.
What this means to you in the Calgary market...
The Calgary economy and real estate market are poised to lead Canada again in numbers of new job growth, net migration, new home construction which will translate to higher demand in the local Calgary real estate market. Currently year over year we are seeing a slight increase in sales as their is a shortage of inventory of good valued homes and condos on the market. Multiple offers are back and that means certain areas of the city are even experiencing a seller's market!
With the combination of low interest rates and mortgage options, current buyer's have a short window of opportunity to take advantage of current buying conditions before the rules changes yet again. As the poll suggests, due to inflated markets (like Toronto and Vancouver) there is a very realistic chance in the few weeks ahead as we approach the spring buying/selling season, that the mortgage rules will become stricter and make it tougher for some buyers to enter the market or for buyers looking to make the move up to a larger home.
If you are interested in finding out more about how this might affect you please contact me and we can assess your current real estate situation.
Paul Dojcinovic - Realtor / Home Marketing Expert, C.C.S
"Be Bold, Get Sold" - The "Paul Sells" Real Estate Team
www.facebook.com/calgaryrealestatedeals www.youtube.com/TopCalgaryRealtor
Tuesday, January 31, 2012 ULTRA-LOW Rates Mean Amazing Opportunites For Buyers!Today's UNBELIEVABLY LOW Interest Rates (Call Paul directly 403-608-2191 for details and how to get approved for one of these great rate deals!)
Paul Dojcinovic - Realtor / Home Marketing Expert, C.C.S "Be Bold, Get Sold" - The "Paul Sells" Real Estate Team MY OTHER SITES Tuesday, January 31, 2012 Steady growth expected for Calgary real estate in 2012!Presented on January 18th at CREB's 2012 Forecast Conference and Tradeshow; the presentation included an in-depth look at the economic factors impacting Calgary's housing market in 2012 along with a detailed forecast housing sales, listings and pricing for the Calgary region.
Newly-appointed CREB president Bob Jablonski was quoted saying; " As the market moves into a balanced territory, there will be more opportunities for both buyers and sellers in this market." He continues to say, "2012 will provide consumers with stable price growth in a LOW INTEREST RATE environment encouraging both the First-Time buyers and Move-up buyers to be more active in the marketplace."
The 2012 market will continue on a trend set in the latter have of 2011 which saw sales increase to 15 percent compared from the first half of 2011 sales (Dec./10 - June/2011) which was a mere 2 percent increase from year-to-date sales activity.
Download the 2012 CREB Forecast on the Calgary Real Estate Market HERE! Wednesday, July 20, 2011 Should I Go Fixed Rate Or Variable?Should I go with a FIXED rate or VARIABLE? "Should I go fixed or variable?" is a question I get asked a lot these days.With so much volatility in the market, should you lock in your mortgage? It's hard to say, but studies have concluded you are better off holding a variable mortgage. Then again, those studies also include periods of extremely high interest rates, but with rates now at historic lows they would only go marginally lower, or worse, they have a greater chance of going a lot higher!
In fact, you could lock your mortgage costs in at today's historic low fixed rates and that would pay dividends long after the crisis in Europe and the U.S. has passed and rates are rising again. You can purchase a 5-year mortgage for as low as 3.54 percent, a 10-year mortgage for just 4.84 per cent and a 25-year at 8.35 per cent.
Whether to lock in or not is the most common question that many home owners are faced with. About one-third of Canadian mortgages are variable, but it all comes down to a persons risk profile. And interest rates will be going up, so if you're uncomfortable with that, you should look at a fixed five-year term which is at 3.5-3.69 per cent.
Contact me today if you would like to discuss your individual real estate and mortgage needs. I'd be glad to help. Paul Dojcnovic
Keller Williams Realty South
403-608-2191
Wednesday, July 20, 2011 Bank of Canada hints that interest rate hikes are coming!Categories:Calgary Real Estate,Canadian Interest Rates,Keller Williams Calgary,Paul Dojcinovic,Variable versus Fixed Bank of Canada hints that rate hikes are coming sooner rather than later
OTTAWA – The Bank of Canada signaled Tuesday that it will look for an opportunity to raise interest rates sooner rather than later to keep inflation in check as the Canadian economy continues to grow.
The central bank kept its overnight rate target at one per cent but noted that the U.S. economy has grown at a slower pace than expected and Europe faces a growing credit crisis — both potential drags on the domestic economy.
Despite those threats, the bank said it believes Canada’s economy remains on track to grow this year, which observers said likely means a rate hike as early as October .
CIBC World Markets chief economist Avery Shenfeld said the bank’s decision to drop the word “eventually” in reference to the timing of its next rate hike suggests it will move before the end of the year.
“The underlying message is that rate hikes will be coming sooner than eventually,” Shenfeld said. “The surprise is really for those who thought that the Bank of Canada would be waiting until 2012 to begin hiking rates, because I think here the message is directed at those dovish observers and indicating that we will probably be moving sooner than that.”
The suggestion that rates in Canada will rise in the near term helped push the loonie up 0.87 of a cent to 105.16 cents U.S.
Canadian economic growth slowed in the second quarter, but the central bank said it expects to see an acceleration in the second half of the year.
Overall, the Bank of Canada expects the economy will expand by 2.8 per cent in 2011, compared with its call in April for 2.9 per cent growth. The outlook for 2012 and 2013 was unchanged at 2.6 per cent and 2.1 per cent respectively.
Shenfeld said the central bank will likely wait to see if its economic outlook is on track before moving to raise rates.
“The key is the Bank of Canada has to see evidence that its projection for a re-accelleration in economic growth is actually taking place,” said Shenfeld, who currently expects the central bank to hold rates in September and move in October.
BMO Capital Markets senior economist Michael Gregory said the case of a rate hike was building, noting that household spending in Canada remains solid.
“We are sticking to our call for October and December rate hikes this year,” Gregory wrote in a note to clients.
However TD Bank economist Sonya Gulati said she continued to expect the Bank of Canada to keep rates on hold until its first meeting in 2012.
“We think that they are going to time it more to when the (U.S.) Fed is going to start to increase it, which we think is going to be March of next year,” she said.
“In previous communications, the governor has indicated that the rate spreads between the two countries is something he’s keeping a close eye on and that there has to be a working gap between the two for the countries to go forward, given how high the Canadian dollar is.”
Gulati said TD expects the Bank of Canada will increase its overnight rate target in one-quarter percentage point intervals starting in January to two per cent before pausing to assess the situation and then increasing the key rate again to three per cent by the end of 2012.
A full update on the central bank’s outlook for the economy and inflation is expected when the Bank of Canada publishes its monetary policy report on Wednesday.
The central bank said in its statement Tuesday that the U.S. economy continues to be restrained by the consolidation of household balance sheets and slow growth in employment while fiscal austerity measures in Europe also restrain growth.
“Widespread concerns over sovereign debt have increased risk aversion and volatility in financial markets,” the central bank said in its statement.
The central bank also said its outlook assumes that European authorities will be able to contain the sovereign debt crisis, “although there are clear risks around this outcome.”
However as Europe and the United States continue to put up warning signs, the Canadian economy has appeared to be on track with three consecutive months of job growth and signs of inflation. Statistics Canada said Tuesday that its composite leading index rose 0.2 per cent in June compared with a 0.8 per cent gain made in May.
The agency said a downturn in the auto sector due to disruptions following the earthquake and tsunami in Japan temporarily slowed assembly work in Canada, while the housing index increased 0.3 per cent as home starts in June hit a high for the year to date.
The Bank of Canada’s latest business outlook survey last week found corporate Canada in a generally upbeat mood and looking to hire with 57 per cent of the firms surveyed expected to hire new workers over the next year compared with just four per cent of firms that expected to have fewer employees over the next 12 months.
Statistics Canada also reported a net gain of 28,000 jobs for June, a stark contrast to a disappointing report of only 18,000 jobs added in the United States.
The bank’s overnight target rate affects the prime lending rate at Canada’s big banks and in turn the rates for variable rate mortgages and lines of credit.
The Bank of Canada’s next scheduled rate announcement is set for Sept. 7.
The Canadian Press http://www.therecord.com/news/business/article/565419--bank-of-canada-hints-that-rate-hikes-are-coming-sooner-rather-than-later Wednesday, April 7, 2010 April 2010 Calgary Real Estate NewsletterEarly Rise in Mortgage Rates to Boost Calgary Home Sales!
Improved economic outlook and new jobs to have big impact in long-term.Calgary's housing market enjoyed a healthy boost in March as homebuyers anticipated an earlier than expected rise in interest rates.
The number of single family homes sold in March 2010 in the city of Calgary was up 29 per cent from the same time a year ago, while condo sales were up 37 per cent from year ago levels...
TO SEE THE FULL NEWSLETTER CLICK HERE Thursday, February 25, 2010 Februrary 2010 Calgary Real Estate NewsletterCategories:Calgary,Calgary Real Estate Market,Calgary Real Estate News,Calgary Realtor,Keller Williams Realty South,Paul Dojcinovic,Real Estate Hey everybody check out my Calgary Real Estate Newsletter for the month of February 2010 at the link below.
Let me know your thoughts, Enjoy! Tuesday, January 5, 2010 City Assessments are out, Calgary Herald posts Article about 13% Price decrease...Your thoughts?Categories:Calgary Real Estate,Calgary Real Estate Market,Calgary Real Estate Update,Calgary Realtor City Assessors overshot the ball in 2006 and more so in 2007 and now they are just correcting their previous years' over assessment.
The main difference between how the city assesses properties and how realtor's do is the time period in which an assessment of your home is done. For instance when Realtors do a market evaluation of your home to determine current market value they use the most recent market stats and information from current Sold and Active listings. City assessments are done annually which means your assessment stays the same the entire year, while the market constantly changes. In order to determine current market value to find out what your home is really worth
Over the past 2 years, many people have been left wondering why their home has not been selling even though the city assessment of their home was for $450,000 and they surprisingly can not even get $400,000 for their home.
Mind you the spread between the current market value that people are getting for their homes and their assessed values is shrinking . While the city is re-analyzing their annual "snapshot" property assessments and giving people a more in-tune assessment which in fact is a gradual correction from their higher year over year estimates of the past few years.
Post your comments and let us know what you think about this article and the assessed value of your home.
Friday, November 13, 2009 Multiple offers are back!Categories:Calgary homes for sale,Calgary market update,Calgary real estate,Keller Williams Realty South,November 2009,Paul Dojcinovic Calgary Real Estate Market Statistics
| |||||||||||||||||||||||||||||||||||
| TOTAL MLS® Homes and Condos | October 2009 | October 2008 |
| Inventory |
7,995 |
12,316 |
| New Listings |
3,567 |
4,546 |
| Sales |
2,346 |
1,529 |
| Average Sale $ |
409,823 |
405,590 |
| Sales $/List $ |
96.61% |
95.58% |
Multiple offers are back...
As Calgary's real estate market continues to see prices rebound!
-------------------------------------------------------
KELLER WILLIAMS REALTY SOUTH
600, 11012 MACLEOD TRAIL S. CALGARY, AB T2J 6A5
C: 403-608-2191 | O: 403-278-6884 | F: 403-592-6831
Are the signs pointing to another "Calgary Sellers" market this 2009 - 2010 winter?
October Sales solidify signs that the Calgary real estate market has rebounded, and in some cases, we have seen indicators reminicent of the start of the Calgary Sellers Market that stimulated the boom of the 2004-2005 era. I personally have experienced more than a handful of multiple offer situations recently where home prices are selling over asking price once again. Hence the increase in prices for Calgary homes and condos. For up to date information on the Calgary real estate market, or to find out if this is the right time to buy or sell please contact me so I can assess your current real estate situation.
Ps. Follow me on my facebookfan page for frequent Calgary Real Estate updates.
Paul Dojcinovic,
Calgary Realtor
Keller Williams Realty South
Direct line: (403) 608-2191
Email: paul@403realestate.com
Has the Calgary Real Estate market stabilized?
Good news for sellers as they are able to rest assured that the prices are no longer falling... BUT it is important to note that it is still very competitive and if they aren't shown as the best value in the buyers eyes, then they still will have a tough time selling to buyers who are still looking for deals.
It's also very good news for buyers, as their boost in confidence in the Calgary Real Estate Market, and the low interest rates, still make it affordable, especially for first time buyers entering the market.
With the most recent news of the Bank of Canada not raising the prime lending rate and reassuring that it will stay the same well into 2010, will keep the rates lower and allow for both buyers and sellers to benefit from the current situation.
I'd love to hear what you think... feel free to post your thoughts!
|  |