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Looking at all of the comments we are receiving on this Calgary Real Estate blog, our content is getting out there in the world wide web. Please feel free to comment on any of our posts - but spammers beware - we moderate all comments. We like to keep on-topic here, with only the most relavant and up to date information on the Calgary Real Estate market.
Cheers!
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One of the more common questions we receive from our buyers is "What does Pending mean?" or "What does Conditionally Sold mean?"
In Calgary Real Estate, "Pending" means that an offer has been accepted on the property, but it is conditional to certain terms. These terms are oftentimes things like securing financing, doing a property inspection, or in the case of a condominium; reviewing condominium documents.
About 98% of homes that are conditionally sold will waive their conditions, and then become a firm sale.
Another question we get is "what if we were to write an offer for more money, could we buy the property even though it is already pending?" Unfortunately the answer to this question is no, unless the conditions are not waived, and the property goes back on the market. This is because the sellers have already entered into a contract and accepted the price and terms of the current pending sale.
Want to catch listings before they go Pending? Sign up for our Newest Calgary Listings notifier! Be as specific as you can with your search criteria, and we will create a search for you that automatically e-mails you with the newest listings, the instant they hit the market!
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It truly is amazing how much Google has helped shape the way we buy and sell real estate. Over 80% of home buyers start their Calgary Home search on search engines like Google!
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As a Calgary realtor, I spend a lot of time looking at City of Calgary maps, but mostly for the purpose of showing Calgary real Estate. This afternoon I stumbled upon an interesting tool, which turns interactive maps of the city into your own personal pedometer. It's called mapmywalk.com . It lets you enter start and stop points in your run, and calculates the distance for you, as well as giving the option to save your maps, and create new ones.
When I run, I get into a rhythym, but even when I'm not in the office, my mind is on Calgary real estate.
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Recently, banks and finance companies have started to assert a condition of reviewing condo docs and financial statements of the condominium corporation on closing. This can, and has, caused serious problems for both buyers and sellers because financial institutions are not disclosing this condition to buyers when commitment papers are signed.
Buyers end up not being able to move into their new home because the bank is not willing to finance, and sellers are faced with the problem of not having their property sold, so oftentimes cannot go ahead with their plans.
In this case, buyers would usually lose their deposit and coiuld face litigation since they have removed conditions and committed to a firm sale at htis point. Also, if you are a seller and cannot close on your next property (purchase) because of this, you could potentially end up in court as well.
If you will be buying or selling a Calgary condominium, be sure that your realtor is aware of this potential problem and that he or she takes appropriate action to protect you.
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Recently, we have had a lot of clients asking about the new mortgage rules coming into effect on April 19, 2010. Allan Jansen, a trusted Mortgage specialist that we often work with, provided us with some Q&A insight:
Q & A Government Regulatory Changes
New Qualifying Rate Rule Changes for both Conventional and Insured (CMHC/Genworth) Mortgages:
Do the new qualifying rate rules apply to both conventional and insured mortgages?
Yes. Similar to today, our policy will use the same qualifying rate rules for both conventional and insured mortgages
If I have a pre-approval prior to April 19th will the old qualifying rate rules apply if I enter the complete application after April 19th?
If you have a pre-approval which you have not converted to a real deal and you do not have a Purchase Agreement signed prior to April 19th, then the new Post-April 19th qualifying rules would apply.
However, if you have a signed Purchase Agreement prior to April 19th then the old (pre-April 19th) qualifying rate rules would apply. You will need to advise the underwriter that a Purchase Agreement was signed prior to April 19th.
Will pre-approvals be valid if they expire past April 19th?
No. If the pre-approval expires the new rules will apply.
If I complete a pre-approval before April 19th, would my customer still be automatically approved if he/she finds a property after April 19th or would the deal need to be re-adjudicated, using the new rules?
The deal will need to be adjudicated based on the new (Post-April 19th) qualifying rate. The regulatory requirements stipulate that the customer must have a signed Purchase Agreement prior to the April 19th date.
The regulations stipulate that a signed Purchase Agreement must be in place prior to April 19th. Does that also mean that all conditions must be waived?
All conditions do not have to be waived, however if the purchase falls through because the purchaser couldn’t satisfy the conditions and the borrower purchased a different property then the new rules would apply if the new purchase was signed on/after April 19th.
Under what scenarios will a customer lose their pre-April 19th mortgage approval that would require them to be re-adjudicated under the new rules?
None. If the application has been approved prior to April 19th, all changes will be re adjudicated based on the qualifying rules prior to April 19th.
Will there be any exceptions for my deals that were approved prior to April 19th 2010?
The Government’s announcement advised “Exceptions would be allowed after April 19th where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010”. If your deal has been approved prior to April 19th, the old qualifying rules will apply for that deal.
What will happen if my customer’s refinance application was approved prior to April 19th but then the customer required additional funds?
The mortgage will be qualified based on the qualifying rate prior to April 19th, even with the additional funds.
What will happen to a customer’s application, if it is approved on April 19th?
The new qualifying rate rules will be in effect as of April 19th; as such your application will be approved based on the new guidelines.
Maximum Loan to Value when Refinancing an Owner Occupied Residential Property:
Is the 90% Loan to Value announced in the change for refinances only, or will it impact purchases?
The 90% Loan to Value is for refinances only, not purchases. Purchasers may still borrow up to 95% of the home value, while refinancing is restricted to withdrawing up to 90% of the home value.
Maximum Loan-to-Value for Non-Owner Occupied (Rental) Residential Properties:
How do these changes impact rental properties?
a minimum down payment of 20% is required for non-owner-occupied properties. This stipulation does not include our “2nd home” policy at this time.
What happens if a customer has bought a condo (non-owner occupied) and he has approval in place under the old rules, does he now have to put down 20% under these new rules if it closes after April 19th?
No, the customer does not need to increase their down payment as long as the customer has an approval and a signed Purchase Agreement in place prior to April 19th. The property can close after April 19th 2010.
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Yesterday afternoon we added a new listings search feature to our website. Some people aren't aware, but there can be a 24-48hr delay from when a Calgary home is entered into the MLX system, and when it actually makes it to the MLS.ca (realtor.ca) website.
We now have an option to sign up for our automatic listings search, where you receive listings the instant that they go on the market. No more waiting for MLS. Just fill out our form, and we will create a search for you, emailed directly to your inbox.
Want to see Calgary Homes For Sale the instant they hit the market? Fill out our form!
Carolyn B for Rob J
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If you have ever sold your home with Rob, or if you have it currently listed for sale, you know that we always contact Realtors who have shown your property for feedback. We try to find out how their clients felt about your home overall, as well as if they think it is priced fairly or not. Sometimes we receive conflicting feedback - for example, with one of our listings, we had one Realtor say they thought that it was overpriced, and another say it was priced well.
With conflicting reviews such as this, it is important to note that the showing Realtor is protecting the interest of their clients, and that their feedback may be an attempt to put the property in a more favourable position for their client. A Realtor representing a buyer who is interested in the property might say they thought it was overpriced, in hopes that the price is lower. A Realtor who might have a client with a competing listing might say that the property is priced "just right", in order for their listing to stay competitively priced.
Your best bet is to work with a Realtor who is knowledgeable and experienced, and can review comparable properties in the market, and tell you where you stand.
Rob Johnstone
Calgary Homes For Sale
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Here is a testimonial from a recently satisfied client of Rob's:
"Rob was very flexible and worked around our schedules. He never showed us anything above the price range we discussed with him, he was never pushy and he was very friendly"
Darcy B & Kim B.
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How about a short drive to Balzac to visit the new megamall that opened today: Crossiron Mills. This new mall is now the largest single-floor shopping centre in Alberta.
Many retailers new to Alberta can found. Some first-time retailers include: : Bass Pro Shops, BCBGMAXAZRIA (Outlet); Bed, Bath and Beyond; Browns Shoe Outlet; Calvin Klein Jeans (Outlet); Fossil Outlet; Jones New York Outlet; Lucky Brand (Outlet); Sixty Outlet; Naturalizer Outlet; Olsen Europe Outlet; Oakley Vault; PÜSCH Outlet; Quiksilver Outlet; Skechers Outlet; Tommy Bahama Outlet; Town Shoes Outlet; and Underground Outlet.
Also, many retailers have opened their largest store in Alberta at the mall. They include: Toys R Us; La Senza, H&M, The Children's Place, Tommy Hilfiger Outlet, Laura Outlet and Forever 21.
Construction of the entertainment wing began in the early summer of 2009, and is expected to open in the Summer of 2010. It will include include a theatre complex, bowling and restaurants.
A list of the shops:
Access
Aeropostale
Aldo
Aldo Accessories
American Eagle (Opening 2010)
Ann-Louise Jewellers
Ardene Outlet
Athlete's World
Banana Republic Factory Store
Bass Pro Shops Outdoor World (1)(2)
Bath & Body Works
BCBGMAXAZRIA
Bed, Bath and Beyond (1)
Bell
Below the Belt
Ben Moss Jewellers
Bentley Outlet
Bluenotes
Brooks Brothers (Opening 2010)
Browns Shoe Outlet (1)
Build-a-Bear Workshop
Calendar Club
Calvin Klein Jeans (Outlet) (1)
Capz
Carlton Cards
Carriere Studio
Claire's
Cleo
ClickHeat (Cart)
Cork Fine Wine, Liquor & Ale
Costa Blanca
Culture Craze (Kiosk)
Danier Factory Outlet
Dynamite
Ecco Shoes
Eccoci
Empire by Brar
Esprit
French Connection
FeetFirst
XXI Forever (2)
Fido (Kiosk)
Fossil (Outlet) (1)
Foot Locker
Fruits & Passion
GameStop
Gap Generation
Garage Clothing Co.
GEOX (1)
Glamour Secrets Beauty Superstore & Salon
GNC Value Nutrition Centre
Godiva Chocolatier (1)
GUESS Factory (1)
Gymboree
Hallmark
HCV Hardcore Watches (Cart)
H&M (2)
Hermit Crabs (Cart)
HMV
HomeSense
Indigo
International Clothiers Factory (Outlet)
International News
J. Michaels
JACOB
JCY House Boutique
Jersey City
Jones New York (1)
Just Dogs! Gourmet
Kixs Sneaker Boutique
Kiya Furnishings
Koodo (Kiosk)
La Senza (2)
La Vie en Rose Outlet
Lacoste
Laura Superstore (2)
Le Chateau
LensCrafters
Lift Kings Dream Garage
Lucky Brand (1)
Lush Fresh Handmade Cosmetics
Melanie Lyne
Mexx
Michael Hill Jewellers
Michael Kors Outlet (Opening 2010)
Motherhood Maternity
Murdawg Apparel Shop
Naturalizer
Nine West Shoe Studio
No Excuses Perfume Outlet
Oakley Vault (1)
Off the Wall Clothing
Oceana Clothing & Wigs (Cart)
Olsen Europe
Party @ Buck or Two
Payless Shoe Source
Peoples Jewellers
Please Mum
Premier Spa Boutique
Pro Hockey Life
PUSCH Outlet (1)
Purdy's Chocolates
Quicksilver Outlet (1)
Quilts Etc.
Regal Ridge (Cart)
Revolve Furnishings
Ricki's
Rogers Plus
Roots 73 Outlet
RW & CO
Running Room
Santa & Me (Coming October)
Shoe Warehouse
Sixty Outlet
Skechers Outlet (1)
Shutterbug
Smart Set
Soft-Moc Shoe Rack
Sport Chek
Spring Outlet
Squeezy Love (Cart)
Stitch It
Stokes
Style in Shades (Cart)
Sully's
Sun Sports Shop
Sunglass Hut
Suzy Shier
Swimco
Tabi
Telus-Smart Communications
Teaopia
The Body Shop
The Childrens Place (2)
The Shoe Company
The Source By Circuit City
Tip Top Tailors
Tommy Bahama (1)
Tommy Hilfiger Outlet (2)
Town Shoes
Toys 'R' Us/Babies 'R' Us (2)
Underground
Urban Behavior
Urban Planet
VisionQuest Eye Wear
Watch it!
West 49
Wind Spinners (Cart)
Winners
Wirelesswave (Kiosk)
(1) First in Alberta
(2) Largest in Alberta
For more information: http://www.crossironmills.com/
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Earlier this week, the sale of a $10.3 Million dollar home made national news:
Katherine O'Neill
Edmonton — From Wednesday's Globe and Mail Last updated on Wednesday, Aug. 19, 2009 03:01AM EDT
It's just one real-estate deal, but its $10.3-million price tag has reminded Albertans that Calgary, the province's financial capital, is still far from going bust.
“There is still a lot of money in this city,” said Donna Rooney, one of the realtors who helped sell the Calgary mansion that has the entire resource-rich province talking.
The 12,700-square-foot Elbow Park home, which boasts imported antique fireplaces, custom inlay hardwood and private courtyards, was owned by former Calgary Flames goaltender Mike Vernon. Listed in May for $10.5-million, it recently sold for $10.3-million, a new residential-real-estate record for the city.
The sale doesn't surprise business owners such as Paul Kuhn. He owns a Calgary art gallery that mainly sells Canadian pieces from $1,000 to $15,000. His gallery also supplied the art used to help sell Mr. Vernon's home.“We're busy. Our only slow month was February,” Mr. Kuhn said.
“My customers aren't the unemployed construction workers,” he later added.
When the global economic recession hit and energy prices collapsed last year, many expected money in Calgary, the headquarters for most of the province's oil and natural-gas companies, would quickly dry up. There were fears that the city, one of the country's fastest rising financial stars, would experience another bust similar to the one in the 1980s when low energy prices and high interest rates devastated the entire province.
This time around, there have been serious economic setbacks. Many condominium developments have been put on hold or scrapped. Employment insurance claims in Calgary have been almost four times higher than the national average. Some businesses, including high-end furniture stores, have even gone under.
But through it all, new ones opened, while others continue to thrive.
“People are still spending,” said Julie Denhamer, co-owner of Bite Groceteria, a gourmet grocery store located in Calgary's trendy Inglewood neighbourhood. However, she said many customers are no longer snapping up as many of the store's higher-priced items.
“We've gone from selling premium, premium olive oils by the boatload to our restaurant clients and now they aren't going as much.”
Todd Hirsch, senior economist with ATB Financial in Calgary, said the city's real-estate market has been showing signs of life in recent months and the record $10.3-million residential house sale is encouraging.
“It's just a one-house, one-month situation, so you can never read too much into that,” he said, “However, it does suggest that the Calgary housing market is relatively healthy.”
Mr. Hirsch expects the provincial economy will begin to rebound by next year at the earliest. “We've seen the worst of the recession and it's going to be a gradual climb out of it,” he said.
While oil prices have begun to recover, natural-gas prices haven't. Until that happens, Alberta will still be facing tough times, according to Mr. Hirsch.
Natural-gas royalties account for more than half of the province's total non-renewable resource royalties.
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From time to time, we receive emails asking why the "Market Price" we give in a home evaluation differs from the City of Calgary assessed price. In the current Calgary Real Estate market, assessments are typically higher than market value. This is because the assessment is based on the approximate value last summer. In Calgary's dynamic market, assessed value is often not accurate.
Even though the assessed value is a tool when preparing property evaluations, the ultimate value is determined by comparison to similar properties that are on the market and those that have recently sold. As with any other commodity, in the end, supply and demand dictate what something is worth. The market governs prices.
While assessments are a tool for determining value, the market is governed ultimately by supply and demand. In the 2006 market properties were selling for higher than their assessment from the city. In that market the buyers were saying just the opposite of what you are now saying. " The assessed value is lower so that is what it is worth." After losing out on a few properties to competing buyers they learned that the market determines price. In today's market, prices have fallen somewhat since the assessments were taken resulting in assessments being high relative to market values.
This does not mean that you are paying too much in property taxes, because the assessment is used to determine a fair distribution of the city's tax burden. As long as your value is relative to other Calgary properties, in general, the taxes work out to be equitable. If everyone's values were lower, the mil rate would be increased to distribute municipal expenses.
Currently market values tend to vary 5 to 10% off of the city's assessed value, although I have seen as much as a 25% discrepancy.
Curious how much your property would sell for in todays market? visit
www.CalgaryHomePros.com and request a free home evaluation.
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• 3,143 sq. ft., 3 bath, 4 bdrm 2 story - 
MLS® $919,900
Springbank Hill, Calgary - This Craftsman Style home, features a circular plan, natural materials such as rock and wood, and meticulous attention to detail. Rich colors and hand-crafted cabinetry define the open sun-drenched kitchen boasting copper countertops, apron front sink and walnut butcher block island. The family size nook is nested between a spectacular cityscape, natural views and a cozy double-sided fireplace. Other features include a separate Den and grandly proportioned laundry/mud room. The upstairs features four spacious bedrooms, and a bonus "Fun" room. The master suite is complimented by a second double sided pebble stone fireplace, fantastic views and fully appointed ensuite plus an extra large walk-in-closet hosting a second laundry. The walkout basement features in-floor heating, and showcases large windows that let in plenty of sunshine. This unfinished space allows you to add your own personal touch. This fastidiously cared for Eco sensitive home is in a perfect quiet walkout location.
Property information
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Perhaps you have been considering renting out the basement suite, or maybe you already have a tenant living downstairs. If you have ever lived below someone, you know that sound travels easily. We have compiled a few tips, ranging from less expensive, to more expensive, to soundproof your home.
In our research, we found it highly recommended that you take measures for soundproofing before your home is constructed. This would be ideal, however the majority of homes bought and sold in Calgary are not brand new. (Probably only 10-15% of Calgary home sales are actually new homes).
Less Expensive Ways To Soundproof your Home
Soft surfaces absorb sound. Think Carpet, Rugs, Curtains, Furniture. These materials help dampen sound waves, and absorb sound. Bookcases, dressers (full of clothes), and beds (matresses) also help to block sound waves from travelling to your neighbours. You can purchase sound-deadening drapes, and sound deadening mats, to cut down on noise.
If light can travel, so will sound. Turn off the lights, and see if any light escapes through unsealed cracks, crevices, etc. These should be sealed. Pay attention to cracks along baseboards, etc. Install weatherstripping on your bedroom & interior doors.
Consider using a white noise. A fan can mask other noises, drowning them out.
More Expensive Ways to Soundproof your Home:
Install additional drywall - Double up your walls to create more of a barrier.
Install a dropped ceiling - A suspended acoustic tile ceiling can help create a buffer between you and those above you.
A quick google search led us to http://www.revealconnections.com/connect/soundivide , who has a lot of information on soundproofing using various materials designed to soundproof your home as well.
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Yes, you read that right! With all the buzz about Twitter, we had to see what it was all about. We have added a widget to our website on the right hand side, so that you literally stay informed up to the second, on new listings, price changes, and other important Calgary Real Estate information!