Monday, January 31, 2011 DON'T WAIT TO BUYby Denis Hrstic on Mon, Jan, 31, 2011 12:38 AM
Need more hints:: check this article out from the Calgary Herald
If consumers think they will hang on for a while longer before buying -- just in case prices fall some more -- they had better think again, say experts.
Officials from both the new and resale housing sectors have sent the message that prices will move up this year.
Sano Stante, president of the Calgary Real Estate Board, is the latest to indicate this move.
Based on recent job growth figures from the City of Calgary, and migration of people to Calgary, the resale market appears ready for recovery, he says.
"This could be great news for those home buyers who have been putting off purchasing for fear that homes may still decrease in price," says Stante.
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Thursday, January 27, 2011 Growth Anticipated in 2011 for Housing Marketby Denis Hrstic on Thu, Jan, 27, 2011 07:34 PM Strengthening Economic Recovery and Low Interest Rates Point to a Stronger Than Anticipated 2011 for Housing Market
Prospect of rising mortgage rates may prompt heightened buyer activity early in the year, according to Royal LePage forecast
From Royal Lepage:
TORONTO, January 6, 2011 – The average price of a home in Canada increased between 3.9 and 4.6 per cent in the fourth quarter of 2010, compared to the previous year, as markets shrugged off a lackluster third quarter and returned to a post-recession growth profile. Home values are forecast to continue a moderate and steady climb in many of the country’s key housing markets through 2011 with sales activity skewed to the first half of the year, according to the Royal LePage House Price Survey and Market Survey Forecast released today.
The low cost of borrowing stimulated the housing market in 2010, and this trend is predicted to continue in the first half of 2011. The widely held consumer belief that rates will rise in the latter part of 2011 may prompt an increase in buying activity early in the year.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”
Soper added, “2011 is expected to unfold much like 2010, when close to 60 per cent of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized. However, housing market activity in the first half of 2011 will be modestly closer to the norm, as last year’s phenomenon was exacerbated by mid-year tightening of mortgage accessibility and the introduction of HST in Ontario and British Columbia.”
Regionally, the strongest price appreciation of the cities studied is expected in mid-sized urban centers where affordability is better than the national average. For example, in Winnipeg, St. John’s and Fredericton, two-storey homes below $300,000 are still widely available. Demand in these cities is expected to be strong, putting upward pressure on home values.
Cities in Alberta are expected to be among Canada’s strongest performing markets in 2011. Woes in the historically volatile region’s housing market stretch approximately five years, when the Alberta housing market suffered a sharp correction following several years of double-digit price increases. The province’s energy-driven economy staged a comeback in 2010, recovering from the recession-led plunge in oil and gas prices. Major employers are expected to steadily increase hiring in 2011 which should attract new residents to the province and put upward pressure on the limited supply of housing. Royal LePage forecasts the average price of a home in Calgary will increase 5.4 per cent through 2011 while Edmonton home prices will increase 3.3 per cent. Home sale transactions are predicted to rise 6.7 per cent in Calgary and 9.1 per cent in Edmonton over the same period.
Across Canada, the average price of a home is forecast to rise 3 per cent over the coming year to $348,600 while the number of transactions is expected to drop 2 per cent.
During the fourth quarter of 2010, average home prices either increased or stabilized year-over-year, with Winnipeg, Ottawa, Montreal and St. John’s seeing the biggest gains. Nationally, the average price of detached bungalows rose to $324,531 (up 4.6 per cent), the price of standard two-storey homes rose to $360,329 (up 4.4 per cent), and the price of standard condominiums rose to $226,746 (up 3.9 per cent), compared to the fourth quarter of 2009.
Mr. Soper continued, “Like many Canadians, we anticipated an end to the ultra-low interest rate era before year-end 2010. Paradoxically, global economic weakness, particularly in the United States, allowed policy makers and financial institutions to keep borrowing costs low, resulting in a stronger Canadian housing market and a better than forecast fourth quarter.”
REGIONAL MARKET SUMMARIES
The residential real estate in market in St. John’s, Newfoundland saw strong year-over-year price gains across all three housing types surveyed every quarter this year. However, market has showed signs of cooling as inventory starts to rise.
Detached bungalows and two-storey houses in Montreal saw an 8.7 per cent year-over-year increase in the fourth quarter, while standard condominiums jumped 11.3 per cent. Average prices in Montreal are forecast to increase by a more modest 3 per cent in 2011 as a more balanced market emerges.
Ottawa’s housing market saw year-over-year price appreciation ranging between 6.3 and 10 per cent across all housing types surveyed this quarter. However, as inventory grows, Ottawa can expect price increases to be closer to 4 percent in 2011.
House prices surveyed in Toronto increased modestly year-over-year. Standard two-storey homes witnessed the largest increases at 5.6 per cent. Market activity slowed in the second half of the year as buyers rushed to the market in the first half of the year in anticipation of interest rate hikes and HST. For 2011, price increases are expected to be very modest at approximately 1 per cent.
Detached bungalows, standard two-storey homes, and standard condominiums in Winnipeg witnessed strong year-over-year price gains this quarter. Detached bungalows performed the strongest, increasing 10.3 per cent compared to the fourth quarter of 2009. Although the market is showing signs of cooling, sellers are still seeing multiple offers and are often receiving higher than their asking price. Winnipeg is expected to maintain its momentum throughout 2011 with prices rising around 7 per cent.
Single family homes performed best in Regina, which saw standard two-storey homes increase 9.1 per cent, while detached bungalows rose 8.4% and standard condominiums increased 2.4 per cent. Prices in Regina are expected to increase an overall average of 5 percent in 2011.
Both Calgary and Edmonton are positioned for house price increases in 2011 with a rebounding energy sector. In 2010, Calgary witnessed moderate year-over-year price depreciation across all housing types surveyed. Edmonton saw more modest price depreciation for two-storey houses, while condominiums decreased 5.7 per cent. Detached bungalows witnessed the only price increase among housing types surveyed at 1.2 per cent.
Single family homes in Vancouver dominated house price gains as two-storey houses rose year-over-year by 9.8 per cent in 2010. Condominiums on the East Side performed particularly well and, on average, Vancouver’s standard condominium market rose 7 per cent. Vancouver prices are expected to increase 3.7 per cent in 2011.
Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets.
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
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Thursday, January 27, 2011 More Happy Clientsby Denis Hrstic on Thu, Jan, 27, 2011 07:13 PM More Happy Clients
We at MyHomeAgent love what we do. We are passionate about Real Estate and we love helping people achieve their goals.
In the last month here are two more families we helped. Every family has a unique personal story and goal which makes our job so enjoyable. When the home sales / purchases are finally completed and our clients are very excited and pleased, we are proud to see all the hard work pay off.
First Home in Canada for Gil and Mary:
Kudos for MyHomeAgent: "Thanks to Denis at MyHomeAgent for making our dreams come true"
Doug and Lorraine.
More Kudos for MyHomeAgent: "He Was Great!"
Many people thought we wouldn't be able to help these clients but it is further proof that our VIP BUYERS PROGRAM works.
BUYERS
Thinking of Buying A Home? Sign up TODAY to become part of our VIP BUYERS PROGRAM . We save you thousands of dollars and find you the home you want. Even if you cannot qualify for a Mortgage.
Best Regards,
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Denis Hrstic |
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Investment Specialist |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca
Friday, January 21, 2011 Calgary Housing Prices to Increase 5-7%by Denis Hrstic on Fri, Jan, 21, 2011 09:41 PM SO are you convinced yet ? Real Estate in Calgary to have a strong year. I still advise to buy BEFORE the mortgage changes onMarch 18, 2011.
CALGARY - Short-term year-over-year price growth expectations for Calgary’s resale housing market is in the five to seven per cent range, according to the Conference Board of Canada.
The board’s Metro Resale Index, released Friday, said Calgary joins Victoria, Vancouver, the Fraser Valley, Regina, Winnipeg, Halifax and Newfoundland in that category.
However, the price growth expectations are below the top category of seven per cent and more, which includes Edmonton, Saskatoon, Gatineau, Montreal, Quebec, Sherbrooke, Trois-Rivieres and Saguenay.
The conference board said Calgary’s resale housing average price in December for all residential properties was $394,949, down from $401,590 in November and from $403,148 in December 2009.
Seasonally-adjusted annual sales in the city in December were 21,996, which were up from November’s 20,100 but down from 24,108 in December 2009.
Throughout Canada, the board said sales were higher in November in 13 of 28 markets surveyed but remained below year-earlier levels in 26 and “often by a wide margin.”
According to the website of Calgary realtor Mike Fotiou, of First Place Realty, so far in January up to and including Thursday, there have been 418 single-family home sales in the city for an average MLS sale price of $434,027. In December for the entire month, there were 734 transactions at an average price of $441,341.
The website shows month-to-date condo sales of 145 for an average price of $269,824. In December, there were 320 transactions for the month for an average price of $282,768.
Earlier this week, Sano Stante, the new president of the Calgary Real Estate Board, forecast single-family home sales to increase by 19.9 per cent this year from 2010 and for the average MLS sale price to jump by 4.1 per cent to $480,000. He also forecast condo sales to see a 15.8 per cent annual increase with the average price rising by 1.8 per cent to $295,000 for the year.
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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| Wednesday, January 19, 2011 New Mortgage Changes Unnecessary?by Denis Hrstic on Wed, Jan, 19, 2011 11:34 AM Are the New Mortgage Changes Unnecessary? Dropping the amortization to 30 years means New Home Buyers in Calgary can afford about 10% less home. We at MyHomeAgent don’t believe this as necessary as the qualifying rules are already stringent enough. This does not address the current debt levels of Canadians and seems to further target only First Time Home Buyers.
Canada's mortgage industry association says tougher mortgage qualification standards introduced last April have worked to reduce Canadian debt, and may have made the stricter rules outlined this week unnecessary.
Finance Minister Jim Flaherty had previously tightened mortgage rules in April 2010, making this week's further restrictions unnecessary, a mortgage association says. (Adrian Wyld/Canadian Press)
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Tuesday, January 18, 2011 When is the Best Time to Sell?by Denis Hrstic on Tue, Jan, 18, 2011 10:29 PM 14,500 transaction this year as a forecast averages out to 1200 sales per month. So would you rather sell your house when there is 6,000 listings or when there is 12,000 listings. Of course, the time to do it is NOW before the market is flooded with competition. And remember the mortgage rules change on March 18, 2011 so there will be LESS BUYERS for the same product in the summer.
Timing is everything and Selling Now is a better option than waiting for the Summer.
CALGARY - The Calgary Real Estate Board is forecasting a slow recovery for the market this year, but improved sales compared with 2010.
In its annual forecast released Tuesday, the board said Calgary's housing inventory levels are expected to stabilize, resulting in an eventual return to a more balanced and sustainable housing market.
It forecasts single-family home sales to increase by 19.9 per cent this year to 14,500 transactions while the average MLS sale price is predicted to rise 4.1 per cent to $480,000.
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Tuesday, January 18, 2011 Strong loonie to stall growth: BoCby Denis Hrstic on Tue, Jan, 18, 2011 02:31 PM Bank Of Canada Governor Mark Carney speaks and we all listen:
OTTAWA — An elevated Canadian dollar and the country’s poor productivity performance are set to hold back economic growth even as U.S. private-sector demand revs up, the Bank of Canada said Tuesday as it announced no change to its benchmark policy rate of 1%.
Those two factors also threaten to widen the country’s current account deficit even further from a 20-year high, analysts indicated.
Despite such concerns, the central bank said it nudged upward its outlook for GDP growth this year and next, as monetary and fiscal stimulus drives near-growth U.S. growth, and Europe performs better than expected sovereign debt woes notwithstanding. The central bank now expects the economy to expand 2.4% this year and 2.8% in 2012, up modestly from its October forecast of 2.3% and 2.6%, respectively.
A strong rebound in business investment -- as indicated in last week’s business outlook survey from the central bank -- is expected to offset a slowdown in consumer spending as households wrestle with record debt levels, and the gradual withdrawal of government stimulus. Furthermore, net exports are now set to contribute more to real GDP growth than anticipated.
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Monday, January 17, 2011 Ottawa toughens mortgage rulesby Denis Hrstic on Mon, Jan, 17, 2011 08:09 PM
Ottawa toughens mortgage rules
OTTAWA -- Finance Minister Jim Flaherty is cracking down on Canadians' ability to qualify for a mortgage, in the government's latest attempt to rein in consumer debt.
Flaherty announced Monday the government is reducing the maximum amortization period for government-backed mortgages to 30 years from 35 years. The change will affect mortgages with loan-to-value ratios over 80 per cent.
Canadians will only be able to borrow up to 85 per cent of the value of their homes, down from 90 per cent.
In addition, the government is withdrawing backing for lines of credit secured by people's homes.
Flaherty said the changes are designed to prevent the kind of housing bubbles that developed in other countries, most notably in the United States, where the collapse of the subprime mortgage market triggered the global financial crisis.
Read more: http://www.calgaryherald.com/business/Ottawa+toughens+mortgage+rules/4117842/story.html#ixzz1BJWNfr6O
Again: the TIME TO BUY IS NOW. Don't get surprised by this and have your hopes come crashing down in a few months. The government is giving ample warning.
This means if you wanted a $400,000 home with 5% down today, you would only qualify for a $370,000 home in a few months. That is $30,000 less of a home !
Call me today before it's too late
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Best Regards,
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Denis Hrstic
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Investment REALTOR®
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca
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Sunday, January 16, 2011 Wells Fargo, Xceed, Accredited Mortgagesby Denis Hrstic on Sun, Jan, 16, 2011 09:19 PM Wells Fargo, Xceed, Accredited Mortgages
Do you know anyone who has a mortgage with Wells Fargo, Xceed, or Accedited ? You probably do. Think again - have any of your friends mentioned these terms:
- " They won't renew my mortgage"
- " I haven't missed a payment"
- " No one will refinance my mortgage"
- "What am I supposed to do?"
MyHomeAgent has helped many clients with these specific lenders. We have been able to obtain a solution because we have personal connections established with these lenders.
Wells Fargo, Xceed, or Accredited. Ask yourself again - do you know anyone with a mortgage at these companies. If you do, send them this email and then call them and tell them to CALL US TODAY. We can start working for them to determine the best solution available before these lenders start the intimidation game.
WE CAN HELP YOU!!
We will sit down with you to organize all the information specific to your mortgage. Once we have all the information we will go over the best option or options for you.
Before You Sit Down and Start Calling Banks, Credit Unions & Mortgage Brokers...!
It's still surprising how many homeowners just grab some numbers...and start calling people in a mad panic. Do you want to waste your valued time, calling around in search of a solution when MyHomeAgent has THE solution for these lenders?
We have connections with these companies and won't waste your time. Pretty much every other Realtor, Bank and Broker you talk to will tell you the situation is hopeless. That will not happen with us. We have negotiated deals with these lenders that most people would not believe.
Do you want someone working in your best interests and helping you achieve a legitimate solution?
Call US TODAY!
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Sunday, January 16, 2011 Budget for a Remodelby Denis Hrstic on Sun, Jan, 16, 2011 08:33 PM
Budget for a Remodel
From our friends at Houselogic.com To calculate how much remodel you can afford, follow these four steps: Ballpark the cost, establish a spending limit, make a wish list, and set your priorities.
What’s on your remodeling wish list? Maybe you’re longing for a spa-like master bathroom, a new eat-in kitchen, or a garage with space enough to fit your cars and your outdoor gear. Well, when it comes to home improvements, knowing what you want is the easy part. The tougher question is figuring out how much you can afford. Follow this four-step plan to arrive at the answer.
Ballpark the costs
The first step is to get a handle on how much your remodeling dreams will cost. Remodeling Magazine’s 2010-11 Cost vs. Value Report gives national averages for 35 common projects. Or you can use a per-square-foot estimate: In general, major upgrades, such as a bathroom remodel or a family-room addition, run $100 to $200 per square foot. Your local National Association of Home Builders affiliate can help with estimates. At this point, you’re not trying to nail down exact prices, but to get a rough sense of what your project might cost.
Figure out how much you have to spend
Once you have a ballpark cost estimate, the next question is whether you have the money. If you’re paying cash, that’s pretty easy to answer. But if you’re borrowing, you need to assess how much a bank will lend you and what that loan will add to your monthly expenses.
For the vast majority of homeowners, the best way to borrow for a home improvement is a home equity line of credit. A HELOC (pronounced HEE-lock) is a loan that’s secured by your home equity, which means that it qualifies for a lower rate than other loan types, and you can deduct the interest on your taxes. Because a HELOC is a line of credit rather than a lump-sum loan, it comes with a checkbook that you use to withdraw money as needed, up to the maximum amount of the loan. For help shopping for a HELOC, download our free worksheet.
The catch is that the minimum payment on a HELOC is just that month’s interest; you’re not required to pay back any principal. Like only paying the minimum due on a credit card, that’s a recipe for getting stuck in debt. Instead, establish your own repayment schedule. You can do this simply by paying 1/60th of the principal (for a five-year paydown) or 1/120th (for 10 years) in addition to the monthly interest. If you can’t afford that much, then you should reconsider your project.
Get quotes from contractors
Once you have ballpark estimates of what your job might cost and how much you can spend, you know whether it’s feasible to move forward. Assuming the numbers are within shooting range of each other, it’s time to get a nuts-and-bolts assessment of project costs.
Don’t ask contractors for bids yet, though. First, you need to determine exactly what you want, right down to the kitchen countertop material and the type of faucet. By specifying these details up front, you ensure that contractors are all pricing the same things, rather than the countertop and faucet they assume you want. If you’re using an architect or designer, bring them in now to help with these choices. If not, consult magazines, go to showrooms, and visit friends’ houses for ideas.
Next, get recommendations for at least three contractors from friends, neighbors, and other tradesmen that you trust. Give each one your project description and specific product lists and request an itemized bid. To make a final decision, assess some of their previous work, their attitudes, and their references, and then choose the contractor who impresses you most.
Prioritize and phase
Take the winning contractor’s bid and add a 15% to 20% contingency for the unforeseen problems and changes that occur on every project. Is the total still within your ability to pay? If so, you’re ready to get started. If not, it’s time to scale back your plans.
Because you have an itemized bid, you can get a good sense of what you’ll save by eliminating various aspects of the project. Enlist the contractor’s help: Explain that you’ve decided to hire him (and you’re not trying to nickel-and-dime him) but that the bid is over your budget, and ask him to recommend ways to cut costs. He may suggest phasing parts of the job—keeping your old appliances in your new kitchen, for example, because they’re easy to upgrade later—or stealing some underutilized square footage for part of your family room to reduce the size of the addition. He may even suggest waiting until the slow winter season, or letting you do some of the work yourself. Once the bottom line on the bid matches the bottom line on your budget, you’re ready to transform your home.
A former carpenter and newspaper reporter, Oliver Marks has been writing about home improvements for 16 years. He’s currently restoring his second fixer-upper with a mix of big hired projects and small do-it-himself jobs.
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Best Regards,
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Denis Hrstic |
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Investment REALTOR® |
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Direct: 403-852-6583 | Office: 403-271-0600 | Main: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Thursday, January 6, 2011 Canadian Economy to Grow by 3.1 % in 2011by Denis Hrstic on Thu, Jan, 6, 2011 10:27 PM
Canada’s economy will continue to expand this year as U.S. performance improves and companies increase investment, says Andrew Gretzinger, a portfolio manager at Manulife Financial Corp. and the most-accurate forecaster in a Bloomberg News survey. (Bloomberg)
TIME TO BUY!! There are some amazing deals out there and we are poised for a strong ecomic recovery
Join Our VIP BUYERS PROGRAM
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Direct: 403-852-6583 | Office: 403-271-0600 | Fax: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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Tuesday, January 4, 2011 Calgary December Real Estate Numbersby Denis Hrstic on Tue, Jan, 4, 2011 05:52 PM EMPLOYMENT AND MIGRATION NEEDED TO SHAKE OFF WINTER CHILL
Low Interest Rates and Affordability to Support Housing Recovery in 2011
Calgary, January 4, 2011 – Home and condo sales in Calgary and area remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold, according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family home sales in the month of December 2010 were 734, compared with November 2010, when sales were 891—a decline of about 18 per cent. The number of condominium sales for the month of December 2010 was 320. This was up from the 310 condominium transactions recorded in November 2010.
Sale
Count |
Average Sale Price |
Median Sale Price |
Average
DOM |
Sale Price
to Listing Price Ratio |
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| Single Family Home Sales |
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734 |
$441,348 |
$389,000 |
59.24 |
96.19% |
| Condominium Sales |
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320 |
$282,767 |
$259,250 |
62.19 |
96.01% |
| Mobile Home Sales |
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2 |
$39,450 |
$39,450 |
47.00 |
87.86% |
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| Residential Sales |
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1,056 |
Year-over-year, the number of single family homes sold in December 2010 in the city of Calgary were down 8 per cent. In December 2009, single family home sales totaled 799. Condominium sales saw a decrease of 6 per cent from the same time a year ago. In December 2009, condominium sales were 341.
Looking back in 2010, total single family home sales in the city of Calgary were 12,095, a decline of about 16 per cent from 2009, when total single family sales were 14,440. 2010 marks the lowest number of single family home sales since 1995, when 9,534 single family homes were sold. Total MLS® sales for Calgary and area in 2010 were 21,789, a decline of about 15 per cent from 2009, when total MLS® sales for Calgary and area were 25,719. This is the lowest number of total MLS® sales for Calgary and area since 2000, when total MLS® sales were 20,488.
“Undoubtedly housing markets in Alberta and Calgary underperformed in 2010, as sales recoveries did not materialize as forecasted. In many ways, re-sales in 2010 showed a repeat of 2008, with a short lived resurgence in the first few months, when confidence returned to the market,” says Diane Scott, president of CREB®.
“Employment and net-migration have been slower to pick up here in Calgary—and these are key drivers of our housing market. The good news is we are now seeing marked improvements in investment and employment in the energy sector. We believe these green shoots in our economy, supported by improved affordability and low interest rates, will eventually translate into a gradual recovery of our housing market as we move into 2011,” adds Scott.
The average price of a single family home in the city of Calgary in December 2010 was $441,341, showing a 3 per cent decrease from November 2010, when the average price was $455,460, and a 2 per cent decrease from December 2009, when the average price was $451,341. The average price of a condominium in the city of Calgary in December 2010 was $282,768, showing a 1 per cent decrease from November 2010, when the average price was $284,667 and a 2 per cent decrease over last year, when the average price was $288,640. 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 2010 was $389,000, showing a 3 per cent decrease from November 2010 when the median price was $399,900. This was a 3 per cent decrease from December 2009, when the median price was $401,000. The median price of a condominium in December 2010 was $258,500, showing a 2 per cent increase from November 2010, when the median price was $253,300, and a 2 per cent decrease from December 2009, when it was $265,000.
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.
“Supply outstripped demand in the second half of 2010, establishing conditions for a buyers’ market. Overall we did see significant improvements in affordability in the Calgary market in 2010—and I think the message to prospective buyers is that this is a great time to buy if you’re looking for good selection, specific locations and price points. The median price did indeed decline in 2010, signaling a year-over-year price correction of about 2 per cent for single-family homes, just over 4 per cent for condos and 6 per cent for the outlying towns,” adds Scott.
Data and info from CREB
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Best Regards,
Denis Hrstic |
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Investment Specialist |
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Direct: 403-852-6583 | Office: 403-271-0600 | Fax: 403-592-8831
CIR REALTY 103,11012 Macleod Tr S Calgary, AB T2J6A5
http://www.myhomeagent.ca |
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