Calgary, March 1, 2010 – Calgary’s housing market continues to build stability and momentum in the second month of the year, according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in February 2010 in the city of Calgary was up 25 per cent from the same time a year ago, while condominium sales saw an increase of 56 per cent from the same time a year ago.
February 2010 saw 1,035 single family homes sold in the city of Calgary. This is an increase of 36 per cent from 762 sales in January 2010. In February 2009, single family home sales totaled 825. The number of condominium sales for the month of February 2010 was 536. This was an increase of 43 per cent from the 376 condominium transactions recorded in January 2010. In February 2009, condominium sales were 343.
“There is a spring in the step of Calgary homebuyers as we get ready for the spring market,” says Diane Scott, president of CREB®. “Indeed, the Calgary housing market has shifted from fragile to fervent in just over 12 months. We will see strong activity in the spring market as many buyers will view 2010 as the time to take advantage of affordability and to get in before interest rates rise.”
“The market is tightening and we are seeing a moderate rise in the number of competing offers on homes,” Scott acknowledges. “But Calgary’s market remains in a healthy and stable position. There has been much talk of a housing bubble in some markets across Canada but we believe balance, not bubble, is the story of the Calgary housing market for 2010.”
The average price of a single family home in the city of Calgary in February 2010 was $458,254, showing an increase of 4 per cent from January 2010, when the average price was $441,217, and showing an increase of 10 per cent from February 2009, when the average price was $415,568. The average price of a condominium in the city of Calgary was $282,880, showing no significant change from January 2010, when the average price was $282,639 and a 5 per cent increase over last year, when the average price was $268,971. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
The median price of a single family home in the city of Calgary for February 2010 was $411,000, showing a 3 per cent increase from January 2010, when the median price was $398,000, and a 10 per cent increase from February 2009, when the median price was $375,000. The median price of a condominium in February 2010 was $265,900, remaining nearly the same as in January 2010, when the median was $265,000. That’s up 6 per cent from February 2009, when the median price was $249,900.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
“Affordability continues to drive the market and many first time home buyers are seeing this as the time to take advantage of record low interest rates,” says Scott. “The spring market will continue to see strong demand for affordable single family homes by first time home buyers and young families looking to move up.”
“We will see a rise in both our inventory and demand this spring—and we expect both to stay in a healthy balance. Prices will edge up as the year progresses, but the rise in prices will be moderate,” adds Scott.
Single family listings in the city of Calgary added for the month of February totaled 2,154, an increase of 18 per cent from January 2010 when 1,822 new listings were added, and showing an increase of 5 per cent from February 2009, when 2,057 new listings came to the market. Condominium new listings in the city of Calgary added for February 2010 were 1,109, up 17 per cent from January 2010, when the MLS® saw 951 condo listings coming to the market. This is an increase of 24 per cent from February 2009, when new condominium listings added were 892.
“The story of the housing market is all about interest rates at the moment,” says Scott. “When the rates will rise is the wild card. Canada’s economic recovery showed marked improvement in the final quarter of last year. This will put pressure on the Bank of Canada to begin raising rates sooner than planned to curb inflation.”
Filed under: Real Estate, Market Conditions, Buyer Tips, Communities, Surveys and Studies, Trends, Average Price, Median Price, Calgary Real Estate Resource Centre, Detached Single Family Homes, Statistics, MLS, Tips, Seller Tips, Calgary, Calgary Real Estate Week in Review, Realtor Tips, Home Owner Tips
Great lot for builders
• 592 sq. ft., 1 bath, 2 bdrm bungalow - 
MLS® $269,900 CAD - Very affordable
Tuxedo, Calgary - A property in Tuxedo doesn't come more affordable than this!!! Great opportunity as a Handyman special holding property, or infill for builder's, as many other residents of the area have done. Built in 1911 this house is mostly in original condition, and has a good base to start a renovation or a great lot to build an infill. Would also make a great holding property for investors. Excellent location, close to schools and shopping and within walking distance to downtown.
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On February 16, Finance Minister Jim Flaherty announced new mortgage rules intended to help ensure homebuyers can handle their debt load when interest rates rise, as well as to slow down real estate speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," commented Minister Flaherty.
The new rules take effect April 19, 2010. Here is a quick look at the changes, which apply to government-backed insured mortgages:
1. Borrowers must now qualify based on a five-year fixed rate even if they choose a mortgage with a lower interest rate and shorter term. The government’s rationale for this change is that it will help borrowers prepare for higher rates, although it may squeeze the purchasing power of home buyers. It remains unclear whether borrowers must qualify at the five-year posted rate or the five-year discounted rate.
2. The maximum amount Canadians can withdraw in refinancing their mortgages will be reduced to 90 per cent of the value of their homes, instead of 95 per cent. The government’s rationale for this change is that it will help ensure home ownership is a more effective way to save. The impact of this change is expected to be minimal as relatively few homeowners withdraw equity from their homes to this extent.
3. A minimum down payment of 20 per cent will be needed for government-backed mortgage insurance on non-owner-occupied properties “purchased for speculation,” which realistically means rental properties. While this measure is intended to hamper the speculative buying of properties by reducing the leverage of buyers, it will also impact those buying real estate for general investment purposes.
• 1,670 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $415,000 CAD - Excellent Value
Gleneagles, Cochrane - Exceptional custom two storey home in prestigious Glen Eagles. This quality Beattie home features breathtaking mountain views, upgraded pine package throughout, 3 bedrooms with the master boasting a luxurious en-suite and walk in closet, second bedroom also has a walk in closet. Laundry is conveniently located on the second floor close to the bedrooms. The main floor is warm and inviting with open beam ceilings in the great room and a floor to ceiling stone fireplace. The gourmet kitchen has a breakfast bar, granite counter tops, large island and gas range, with a generous dining area conveniently situated close by with access to a large deck. The garage is insulated and dry walled and measures 22 x 22 with an 18ft x 7ft door. This great home is situated on a large fully landscaped lot with a warm southern exposure and generous back yard. If golfing is your passion the Links of GlenEagles Golf Course is only a couple minutes away.
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Gleneagles, Cochrane - Announcing a price reduction on 6 Glenvista Place, a 1,670 sq. ft., 3 bath, 3 bdrm 2 story. Now MLS® $404,900 CAD - Excellent Value.
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Have your say in Avenue Magazine’s Best Neighbourhood Survey. Tell them what factors make your neighbourhood fabulous....amenities, price, curb appeal, low crime rate and intangibles such as friendliness of the neighbourhood. Fill out the survey at avenuecalgary.com/survey and you could win one of a pair of Bulova watches, valued at more than $500. If you are looking for neighbourhood real estate information check out my Neighbourhood Profiles. I cast my vote. Feel free to leave your comments on the blog as well on what Calgary neighbourhoods you feel are the best.
In the Canadian Real Estate Association’s 2009 Report on the Consumer, respondents were asked what attributes they considered important in a REALTOR® whom they would hire to sell their home. Over half (58.6 per cent) of all respondents said “trustworthiness and honesty” was the primary attribute. “A solid, overall knowledge of the housing market” was a distant second, listed by 20.8 per cent of the respondents.
With rising interest rates on the horizon buyers will see 2010 as the year to take advantage of low mortgage rates
Calgary,February 1, 2010 –Affordability continues to drive a recovery in Calgary’s housing market according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in January 2010 in the city of Calgary was up 39 per cent from the same time a year ago, while condominiums sales saw an increase of 67 per cent from the same time a year ago.
“Low mortgage rates and earlier price reductions have improved the affordability ofhome ownership for Calgarians,” says Diane Scott, newly elected president of CREB®. “For the time being average home prices are more in line with average incomes. A narrowing gap between the costs of renting versus owning a home will attract more first time home buyers into the market in2010,” adds Scott.
January 2010 saw 762 single family homes sold in the city of Calgary. This is an increase of 5 per cent from 799 sales in December 2009. In January 2009, singlefamily home sales totaled 550. The number of condominium sales for the month ofJanuary 2010 was 376. This was an increase of 10 per cent from the 341condominium transactions recorded in December 2009. In January 2009,condominium sales were 225.
“The story for 2010 will be a balanced and steadier market,” says Scott. “Just one year ago we were facing record low sales and more than 10 months of inventory. Consequently, year-over-year sales comparisons are up dramatically, but all in all sales this month are moving closer to the range we would expect this time of year,” adds Scott.
The average price of a single family home in the city of Calgary in January 2010 was $441,217, showing a decrease of 2 per cent from December 2009, when the average price was $451,349, and showing an increase of 7 per cent from January2009, when the average price was $413,049. The average price of a condominiumin the city of Calgary was $282,639, showing a 2 per cent decrease from December 2009, when the average price was $288,640 and a 4 per cent increase over last year, when the average price was $270,940. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account forprice differentials between geographical areas.
The median price of a single family home in the city of Calgary for January 2010was $398,000, showing a 1 per cent decrease from December 2009, when the median price was $401,000, and a 6 per cent increase from January 2009, when the median price was $374,700. The median price of a condominium in January 2010 was $265,000, remaining the same as in December 2009, when the median was also $265,000. That’s up 9 per cent from January 2009, when the median price was$243,000.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during agiven period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
“Affordability is the silver lining in Calgary’s housing market. Even in the face of slowing wage growth—we can see affordability has improved. Higher prices in 2007and 2008 left the average family with a maximum buying power of $250,000—while average single family prices pushed well into the $450,000 range. Lower interest rates have enabled these same families to now look at homes in the $350,000 to $375,000 range, closer to average market prices,” says Scott.
Single family listings in the city of Calgary added for the month of January totaled 1,822, an increase of 126 per cent from December 2009 when 806 new listings were added, and showing a decrease of 12 per cent from January 2009, when 2,068 new listings came to the market. Condominium new listings in the city of Calgary added for January 2010 were 951, up 114 per cent from December 2009,when the MLS® saw 444 condo listings coming to the market. This is an increase of 1 per cent from January 2009, when new condominium listingsadded were 941.
“The outlook for Calgary is still about energy. Re-starting of investment in Fort McMurray will be needed to boost employment in Calgary. Undoubtedly Calgary’s economic recovery is still fragile—and improvements in the housing market will be gradual and modest. The good news is improved housing affordability will make Calgary more attractive to job seekers than in past years,” says Scott.
CREB®is a professional body of 5,445 licensedbrokers and registered associates, representing 252 member offices and isdedicated to enhancing the value, integrity and expertise of its REALTOR®members. REALTORS® are committed to a high standard of professionalconduct, on going education, and a strict Code of Ethics and Standards ofBusiness Practice. Using the services of a professional REALTOR® canhelp consumers take full advantage of real estate opportunities while reducingtheir risks when buying or selling real estate. The board does not generatestatistics or analysis of any individual member or company’s market share. AllMLS® active listings for Calgary and area may be found on theboard’s website at www.creb.com.
Filed under: Market Conditions, Surveys and Studies, Trends, Average Price, Calgary Real Estate Resource Centre, Detached Single Family Homes, Statistics, Tips, Seller Tips, Mortgage rates, market, Calgary Real Estate Week in Review, Home Owner Tips
I was surfing the internet for a contractor and came across this great site operated out of Saskatoon. Although the site is ran out of Saskatoon they service the Calgary area very effectively.
DirtJunkSnow.ca is a unique website that is dedicated to helping consumers connect with contractors for landscaping, junk removal and snow removal.
Created by a contractor in Saskatoon, SK, it helps people save time and money by having their job information submitted to contractors in their local area, who then provide quotes to the customer. The customer doesn't have to wade through classified ads, or make multiple phone calls, the contractors come to them. For contractors it's a huge improvement over traditional advertising mediums, as they only choose which jobs they would like to receive requests for, and they can turn the system "on" or "off" depending on budget and workload.
Contractors can actually use the system to get quotes from sub-contractors as well. Visit DirtJunkSnow.ca today to start comparing quotes.
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
–House prices forecast to further improve in 2010-
Royal LePage Canada just released a market forcast for Calgary and other major Canadian Cities.
Calgary, January 7, 2010 – Calgary’s house prices are seeing modest gains and are expected to further improve through 2010, according to the Royal LePage Market Survey Forecast and House Price Survey.
With an increase of 2.3 per cent, Calgary’s standard two-storey homes saw the largest year-over-year gains in the fourth quarter of the three key housing types surveyed. Detached bungalows followed with a modest increase of 0.5 per cent, and standard condominiums fell by 0.4 per cent. According to the survey, the average price of a standard two-storey home is $427,067 while the average price for a detached bungalow is $412,478. Standard condominiums are selling at an average price of $256,056.
Calgary’s average house prices are expected to rise another three per cent in 2010 although shortage of inventory is still the largest challenge for sales activity. “Buyers were used to seeing more than ten thousand listings on the market, now the number is closer to three thousand,” said Ted Zaharko, Broker and Owner of Royal LePage Foothills. “However, we do expect inventory to increase in 2010. Sellers are still cautious, but this is changing as confidence returns to the market. The demand is there – we are selling homes close to or at the asking price.”
Canada’s residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today’s Royal LePage Market Survey Forecast and House Price Survey.
“The Canadian real estate market enters 2010 with considerable momentum from an unusually strong finish to the previous year,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand, coupled with a typical seasonal undersupply of homes for sale, should cause home prices to continue to appreciate significantly during the early months of the year. Improving supply as the year unfolds and easing demand as the cost of home ownership rises should moderate home price increases in the second half of 2010.”
Regions that saw the strongest declines during the recession are now showing marked gains. Those regions include Toronto and the Lower Mainland, B.C.. Vancouver in particular experienced a robust quarter, with home prices rising across all housing types surveyed.
About the House Price Survey and Market Survey Forecast
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the fourth quarter. A printable version of the fourth quarter 2009 survey will be available online on February 5th, 2010.
Housing values in the Royal LePage Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. Historical data is available for some areas back to the early 1970s.
About Royal LePage
Royal LePage is Canada’s leading provider of franchise services to residential real estate brokerages, with a network of nearly 14,000 real estate professionals in over 600 locations across Canada. Royal LePage believes in the importance of giving back to the community and is the only Canadian real estate company to have its own charitable foundation. The Shelter Foundation is dedicated exclusively to funding women’s shelters and violence prevention and education programs. Royal LePage is managed by Brookfield Real Estate Services, and is part of a brand family that includes Royal LePage, Johnston and Daniel, and La Capitale Real Estate Network. An affiliated company, Brookfield Real Estate Services Fund, is a TSX listed income trust, trading under the symbol “BRE.UN.”
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
Message from the Calgary Real Estate baord indicates a Year-over-year sales increase for seventh consecutive month Calgary, January 5, 2010 - The Calgary housing market continues to show signs of a sustained recovery according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in December 2009 in the city of Calgary was up 78 per cent from the same time a year ago, while condominiums sales saw an increase of 66 per cent from the same time a year ago.
"What a difference a year makes. Undoubtedly the recovery in Calgary's housing market came sooner than expected this past year," says Bonnie Wegerich, president of CREB®. "Pent up demand by first time buyers, record low mortgage rates and improved affordability have helped bolster the Calgary market in 2009."
December 2009 saw 799 single family homes sold in the city of Calgary. This is a decrease of 27 per cent from 1,095 sales in November 2009. In December 2008, single family home sales totaled 449. The number of condominium sales for the month of December 2009 was 341. This was a decrease of 32 per cent from the 504 condominium transactions recorded in November 2009. In December 2008, condominium sales were 205.
"The same time last year the cards were stacked in favour of the buyer. But this month sales once again show Calgary has returned to a balanced market," says Wegerich. "While our sales did taper off slightly in December, as expected for this time of year, home buying activity in Calgary indicates we are in a sustained recovery."
The average price of a single family home in the city of Calgary in December 2009 was $451,349, showing a decrease of 3 per cent from November 2009, when the average price was $464,444, and showing an increase of 8 per cent from December 2008, when the average price was $417,398. The average price of a condominium in the city of Calgary was $288,640, showing a 2 per cent decrease from November 2009, when the average price was $294,264 and a 5 per cent increase over last year, when the average price was $274,919. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
The median price of a single family home in the city of Calgary for December 2009 was $401,000, showing a decrease of 2 per cent from November 2009, when the median price was $408,000, and up 6 per cent from December 2008, when the median price was $380,000. The median price of a condominium in December 2009 was $265,000, showing virtually no change from November 2009, when the median was $264,900, and up 4 per cent from December 2008, when the median price was $254,000.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary's city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
Single family listings in the city of Calgary added for the month of December totaled 806, a decrease of 41 per cent from November 2009 when 1,365 new listings were added, and showing a decrease of 4 per cent from December 2008, when 836 new listings came to the market. Condominium new listings in the city of Calgary added for December 2009 were 444, down 37 per cent from November 2009, when the MLS® saw 705 condo listings coming to the market. This is an increase of 3 per cent from December 2008, when new condominium listings added were 431.
"Our inventory, while lower than last year, still offers a good selection for all ranges of buyers. Typically we see lower inventory at the end of the year with the listing count rising in the spring months. Our absorption rate remains under three months for single family homes, and just under four months for condos. Both are in a balanced market range," Wegerich says.
"As we look to the year ahead, interest rates along with employment will continue to be key factors for a sustained recovery in the housing market. We expect a modest rise in interest rates by the middle of year-and this may spur some buyers to take advantage of low rates before the end of 2010," adds Wegerich.
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
Calgary mortgage rates update for the week of October 12, 2009 provided by Heather Skaper of Invis Calgary. Feel free to email Heather for mortgage information specific to your needs.
*Currently, Prime rate may vary according to lender. Be sure to check with your Invis mortgage professional for full variable-rate mortgage pricing details.
Terms | Posted Rates | Our Rates |
6 MONTHS | 4.60% | 3.85% |
1 YEAR | 3.65% | 2.35% |
2 YEARS | 3.95% | 2.95% |
3 YEARS | 4.50% | 3.45% |
4 YEARS | 5.19% | 3.99% |
5 YEARS | 5.59% | 4.09% |
7 YEARS | 6.60% | 5.30% |
10 YEARS | 6.70% | 5.40% |
Rates are subject to change without notice. *OAC E&OE |
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
Not all debt is created equal… the difference lies in how it helps – or hurts – your pursuit of your financial goals.
Some debt can be seen as an investment in one’s future:
• Borrowing money to maximize your RRSP contributions.
• Loans with tax-deductible interest to earn investment income.
• Borrowing to acquire an asset that may increase in value, such as your home or a rental property.
• Student loans that enable you to get an education leading to a good career.
However, other types of debt can act as a fiscal drag, limiting future opportunities:
• Revolving consumer debt with high rates of interest, such as maintaining balances on credit cards or department store cards.
• Buying something that will depreciate using borrowed funds.
• Cash advances on your credit card. Interest is charged right from the date of your advance.
• Making deferred consumer purchases (i.e. “do not pay until 2012”) where the cost of the item includes financing charges
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
Low borrowing costs continue to fuel market recovery : Calgary Real Estate Baord
Calgary, December 1, 2009 – The Calgary housing market is showing signs of a sustained recovery according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in November 2009 in the city of Calgary were up 63 per cent from the same time a year ago, while condominium sales saw an even steeper increase—up 77 per cent from the same time a year ago.
“November sales are clearly demonstrating that the recovery in the Calgary housing market has staying power,” says Bonnie Wegerich, president of the Calgary Real Estate Board. “We have now seen six consecutive months of year-over-year sales increases for both the single-family and condo markets. And November sales are in line with what we would expect this time of year in a balanced and normalized market.”
November 2009 saw 1,095 single family homes sold in the city of Calgary. This is a decrease of 15 per cent from 1,285 sales in October of this year. In November 2008 single family home sales were 670. The number of condominium sales for the month of November 2009 was 504. This was a decrease of 16 per cent from the 601 condominium transactions recorded last month. In November 2008 condominium sales were 284.
“Clearly low borrowing costs are helping to fuel this recovery,” says Wegerich. “Many buyers want to get in while mortgage rates remain at record lows. Better employment numbers and an improving economic outlook are giving the market an added boost.”
“It’s the ‘new kids on the block’—the young first time homebuyers if you will—that continue to be a bright spot in our housing market. Clearly this can be seen in the strength of our condo sales this month and it is helped by the narrowing gap between the costs of renting when compared to owning,” says Wegerich.
“But interestingly in recent months we have also seen more move-up buyers enter the market and this is being reflected in the strength of our average price of single family homes,” adds Wegerich.
The average price of a single family home in the city of Calgary in November 2009 was $464,444, showing no significant change from October 2009, when the average price was $462,465, and showing an increase of 7 per cent from November 2008, when the average price was $435,471. The average price of a condominium in the city of Calgary in November was $294,264 showing a 2 per cent increase from October 2009, when the average price was $289,155 and a 3 per cent increase over last year, when the average price was $285,820. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
“A healthy demand for homes combined with a steadily decreasing inventory is holding prices firm,” says Wegerich. “Our absorption rate for single family homes in the city of Calgary is currently less than 2.5 months.”
“Pricing will remain stable and may edge upwards in some markets—but it is unlikely that we will see any dramatic jump in prices in the months to come,” adds Wegerich.
Single family listings in the city of Calgary added for the month of November totaled 1,365, a decrease of 25 per cent from October 2009 when 1,819 new listings were added, and showing a decrease of 13 per cent from November 2008, when 1,567 new listings came to the market. Condominium new listings in the city of Calgary added for November 2009 were 705, down 18 per cent from October 2009, when the MLS® System saw 859 condo listings coming to the market. This is a decrease of 5 per cent from November 2008, when new condominium listings added were 741.
The median price of a single family home in the city of Calgary for November 2009 was $408,000, showing no significant change from October 2009, when the median price was $410,000, and up 5 per cent from November 2008, when the median price was $387,300. The median price of a condominium in November 2009 was $264,900, showing a 1 per cent increase from October 2009, when the median was $263,500, and up 5 per cent from November 2008, when the median price was $251,800.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price.
“We expect sales to taper off as we enter the winter months,” notes Wegerich. “But the market is well above the trough we saw at the end of 2008 and we are now seeing much healthier and balanced conditions for both buyers and sellers.”
CREB® is a professional body of 5,110 licensed brokers and registered associates, representing 252 member offices. The board does not generate statistics or analysis of any individual member or company’s market share.
Nevin Van Nest . Realtor . Royal LePage Foothills
Find Out More About The Calgary Real Estate Market On My Website: Calgary Real Estate Resource Centre
Filed under: Market Conditions, Buyer Tips, Surveys and Studies, Trends, Average Price, Median Price, Calgary Real Estate Resource Centre, Detached Single Family Homes, Condos, Monthly Statistics, Tips, Mortgage rates
After reading this article by the Toronto Star please let us know your thoughts. Are Calgary Realtors charging too much for commissions? My opinion is you get what you pay for!! What's your opinion?
Canadians in the housing market will pay less in realty commissions and fees if the federal Competition Bureau has its way.
In a landmark investigation, the bureau has concluded the Canadian Real Estate Association has anti-competitive rules and must change its ways, according to documents obtained by the Star.
Details of a settlement have yet to be decided, but the bureau's findings are expected to have a profound impact on the real estate industry – by permitting more innovative discount brokers into the market while allowing sellers to list their properties less expensively on the Multiple Listing Service.
With a membership of more than 96,000, Ottawa-based CREA is the largest real estate organization in Canada and represents the majority of the nation's realtors.
"The Bureau is concerned that CREA's rules have restricted consumer choice and limited the scope of alternative business models," says an internal memo by CREA president Dale Ripplinger. "Unfortunately, the Bureau seems to believe that CREA's rules ... create restrictions and barriers."
The bureau launched its investigation in 2007. Consumers have complained in the past about high realty fees and the need for more affordable services. The vendor of an average-priced $400,000 home in Toronto can pay a commission of as much as 5 per cent, or $20,000.
"This is absolute, total vindication," says Lawrence Dale, an owner of now-defunct Realtysellers, a Toronto-based discount broker that closed in 2006. "Once they've reached their settlement it means that the average guy on the street will be able to choose their real estate services and pay less for them."
CREA executives met with the bureau on Oct. 23 to hear the long-anticipated results, according to the letter. "At that meeting the Bureau set out the conclusions of their inquiry and their proposed remedy," says Ripplinger. "The Bureau's position is that if CREA does not remove these restrictions, the Commissioner of Competiton will initiate an application before the Competition Tribunal."
Ripplinger says CREA decided not to go before the tribunal, which can administer penalties, but is pursuing a settlement.
According to Ripplinger, CREA rules the bureau wants changed include those that say the listing realtor must act as the agent of the seller and receive and present all offers to the seller, and property information cannot be posted on the Multiple Listing Service without an agent representing the seller.
Changes to these rules would mean offers could be sent directly to the seller without the involvement of the listing agent. Consumers could likely have their listings posted on the MLS for a small fee.
Dale and partner Stephen Moranis claim they were forced to shut down their company because of rules implemented in 2007 by the realtor's association. Realtysellers offered services such as allowing consumers to post listings for a few hundred dollars on the MLS website, where more than 90 per cent of all home sales are made. The company is suing CREA and the Toronto Real Estate Board.
CREA owns the rights to the MLS.
In a separate lawsuit against TREB, Fraser Beach, another Toronto realtor, alleges the organization terminated his MLS access because he launched a discount brokerage service. A decision by Ontario Superior Court of Ontario Justice David Brown is expected soon.
TREB has argued it didn't block his access to the MLS for competitive reasons, but simply because he did not follow membership rules.
Both CREA and TREB have denied all allegations. A Toronto Real Estate Board spokesperson says the board does not comment on ongoing legal matters. Officials of the Competition Bureau were not available for comment Sunday.
Although the real estate association has agreed to reach a settlement, Ripplinger stressed "CREA does not agree with the Bureau's findings and conclusions, either as a matter of fact or as a matter of law." The association has called an emergency meeting for all member boards in December to discuss rule changes demanded by the Bureau.
Nevin Van Nest . Realtor . Royal LePage Foothills
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