When you’re ready to buy a home, there is definitely something very appealing about choosing a brand new home. With a new home you get to pick out the countertops, finishes and so much more – basically have it designed just the way you like it. New houses often come with more space and better appliances, require less immediate renovation work, and are more energy-efficient than older ones — and all at a competitive price.
New developments are continuing to pop up all over the city, so buying a new construction home in Calgary is fast becoming a great option for prospective home buyers. Before undergoing the process you should be aware of the how buying a new construction home is different from buying a resale home. First of all, you typically won’t have the opportunity to walk through the home before you sign on the dotted line. Most brand new homes are purchased using specs and a floor plan, the house won’t be built for a few months or more.
In Calgary, new homes are covered by the Alberta’s New Home Warranty Act. The warranty will protect new home owners if upon completion, your new home has any deficiencies with the workmanship or materials. It also applies to both houses and condominiums, and typically the standard coverage lasts for up to five years after you take possession. The foundation of the home needs a year or two to settle so structural issues may not be discovered early on. As the foundation of your new home settles, you will be able to tell if there are any issues that need to be addressed, and have them dealt with at no additional cost as it is covered under warranty.
With a new home comes the ability to purchase upgrades such as top of the line appliances or better finishes. This is a great opportunity for buyers to get what they want while working within their budget. Upgrades can become costly, so it’s a great idea to work with an experienced Realtor to negotiate your behalf.
It’s my role to help buyers make sure they are getting the best value for every dollar they spend. If buying pre-construction is something you’ve been thinking about make sure you and your realtor do your research on potential builders and developers. Basically, don’t buy a house — buy its builder. As an expert in the Calgary real estate market, I have the knowledge and the negotiating skills to help you find the home of your dreams.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
Despite the undeniable impact of energy industry woes on Canada’s real estate market, overall property values in Calgary have not suffered any significant impact. Even more importantly, consumer confidence remains high.
In the Calgary Real Estate Board’s (CREB) August 4, 2015 report entitled Calgary Regional Housing Market Statistics, Chief Economist Ann-Marie Lurie reports, “Despite weaker absorption rates, market conditions remain relatively balanced and helped maintain month-over-month stability in benchmark prices, which remained unchanged from the previous month at $455,400….And despite the recent retraction, we have not seen all those previous gains eroded.”
In a city as diverse as Calgary, market conditions will, of course, vary in different market sectors and neighbourhoods. CREB President Corinne Lyall notes, “…it’s important to stay current and become educated with the market dynamics in the communities where they may be making real estate decisions.” For instance, despite the overall steady numbers in residential sales, the apartment sector has experienced a slight but noticeable dip in value (1.61%) from the beginning of the year, due to decreased demand and expanding inventory.
Another important economic indicator to focus on is new home starts. Applications to pull permits for single and multi-family dwellings plummeted in July and are down by 31% and 24%, respectively, since the start of the year. While the pullback will help to maintain market balance by limiting the pool of available housing inventory, it also reflects the overall uncertainty with the economy and unemployment.
In CREB’s Mid-Year Update to its 2015 Economic Outlook and Regional Housing Forecast, the editors stress the fact that despite the cloud of economic uncertainty hanging over Calgary, consumer confidence in the prospects for real estate investment remain high. “Positive long-term prospects and reduced concerns about the bottom falling out in the near term could minimize the pullback in demand, keeping market conditions in relatively balanced territory and preventing further aggregate price declines.”
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
As the city of Calgary continues to grow, planners need to think creatively about transportation. The cost of living is on the rise, and it’s no surprise that many Calgarians are opting to go car-free, if their lifestyle permits. Cycling is a fun and inexpensive way to get around the city, and it can save you thousands of dollars in parking fees, gas, and insurance. The increase of two-wheeled travelers has recently prompted an exciting change downtown – the cycle track.
If you are not yet familiar with this project, here’s what you should know: The cycle track is a bike lane protected by barriers from moving vehicles, parking spots, and pedestrian traffic on the sidewalk. It is a protected laneway that promotes the safety of cyclists and reduces the possibility of a collision. There is specific signage in place for cyclists, and modified traffic signals to ensure the safety of everyone on the road. The laneway currently runs along several major downtown streets.
Did you know that over 12,500 cyclists travel in and out of the downtown core every day? According to a recent study by the City of Calgary, there has been a 122% increase in bicycle travel since 1996. The cycle track has been a pilot project that began construction in April of this year. It was created by the city with the help of resident feedback. Based on the experience of both motorists and cyclists, changes have been implemented to improve the safety and efficient flow of traffic.
For the most part, the new project has been well-received, but not without a few challenges. Among them, the reduction of car parking in front of local businesses downtown has been a point of contention. Store and restaurant owners have expressed concern that a lack of parking will deter potential customers because of the added inconvenience. To address these concerns, the city needs to review each path on a case by case basis.
Making Calgary more cyclist-friendly is just another step towards growing a healthy and accessible downtown core. If you live in the suburbs, you can still take advantage of the cycle track. You are permitted to bring your bike on the CTrain and make your way downtown, as long as you are not riding during rush hour. There are no restrictions on weekends or stat holidays.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
Canada’s low mortgage rates have been in the news for so long that they have essentially become the norm. The 18 percent plus rates of the 1980’s are ancient history. It seems that we have become so accustomed to cheap money, that we have forgotten that it might be temporary and just maybe, it may also become a thing of the past. Although the Bank of Canada hasn’t given us any indication of a rate increase in the immediate future, it’s still important to use our (borrowed) money wisely and plan for the future. After all, most of us are locked into 25-year mortgages, and we know just how much change can occur over two and half decades.
Be aware of how much a change in interest rates will affect your housing costs. To put things in perspective, a $350,000 mortgage would cost the average buyer $1570 per money at a borrowing rate of 2.5%. If rates went up just 1%, the same mortgage would cost $1750 per month. That’s a $180 difference. What’s even more significant is that same 1% increase would add an additional $54,600 to your cost of borrowing over the lifespan of your mortgage.
Take advantage without over extending yourself. It’s hard to predict what will happen to interest rates over the next few years. Even some of Canada’s most educated economists were surprised when the overnight rate went down instead of up. That being said, it’s a wise idea to be prepared for a rate increase. If your mortgage renews at a higher rate at the end of your current term, what will it mean for your household budget? Do you expect your income to be the same, or are you planning on starting a family? Talk to your mortgage professional about your long term plans so they can choose a financing option that meets your needs.
Take advantage of your pre-payment options. The best way to protect yourself against a future rate increase is to decrease the size of your mortgage. Some mortgages allow you to increase your payments each month, or make a lump sum payment up to a certain percentage of the balance. In most cases, it makes more sense to tackle your higher interest debt first, but if your credit cards are clear, you will never regret knocking a few thousand dollars off your mortgage. Remember, the quicker you pay it off, the more you will save in interest over the long haul, and that could amount to tens of thousands of dollars in savings.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
Fear is a powerful emotion. It shapes the way people think and react. Have you ever read a news article and wondered how the story applied to you, your job, or your financial situation? Most of us have. We view the media as a current and often reliable source, to tell us what’s happening in our city and province. Over the last few months, there is no doubt that economic headlines have had an impact on consumer confidence in Calgary.
Our access to information has never been as fast and widespread as it is today. By the time you finish your morning coffee, you have probably checked out your local newspaper, read about a variety of recent events south of the border, and brushed up on your global current events.
Social media adds a whole new layer of complexity to the way we perceive the world around us. While it’s interesting to hear what others have to say, we are often bombarded with uninformed opinions lead us to question our own position on important events.
Earlier this year, the headlines in Calgary’s news reports had a dramatic effect on consumer confidence. People read about job loss and questioned their own security. We heard that the housing market was in for a major correction, and many buyers put their house hunt on hold. Experts and analysts voiced their predictions and consumers adjusted their behaviour accordingly.
Now that we are halfway through the year, we have hindsight in our favour. Did sales take a dramatic hit? Absolutely, but according to the latest figures from the Calgary Real Estate Board, home values in our city are holding strong. The average sale price is down slightly, but the median price is actually up nearly 1% compared to June and July of last year. Skeptical buyers who were standing by hoping for a dramatic drop are likely questioning their strategy as the market begins to gain momentum.
We know one thing for sure after watching our friends south of the border weather a real, drawn-out recession. Bad news sells newspapers – or rather, it promotes “clicks” in 2015 – but it doesn’t necessarily give us an accurate picture of what’s going on, and more importantly, predictions don’t always come to be. We teach our kids to think critically about the things they see and hear, but sometimes we need a gentle reminder to do the same. Where is our information coming from? Do the statistics make sense? Is it fair to compare this year’s mediocre sales data with last year’s – a record setting period in the Calgary real estate market?
How we respond to headlines often creates a self-fulfilling prophecy. In any economic situation, you need to take the good with the bad. If sales are down, what kind of opportunity does this create? In real estate, we guide our clients to work with the market, not against it, and find ways to capitalize on the opportunities, rather than miss out on great deals because of the looming uncertainty.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
If you could start over and be a kid again, which sports would you choose to participate in? Being active is a big part of my family’s lifestyle. It seems that our favorite sports are the ones that we are familiar with because we know our own abilities. Especially as an adult, it might be intimidating to go out on a limb and try something brand new.
For the kids in Calgary, there is a unique opportunity to try their hands (and feet!) at a whole range of activities. Leaving the Talisman Centre after a swim yesterday, I noticed a poster promoting “ALL SPORT ONE DAY“. The event takes place on June 20 and features a full day of sport discovery for kids aged 6 to 12. That’s 50 exciting sports to try in 14 facilities around Calgary.
Bike racing in Edmonton recently as a ‘master blaster’ at Velocity Stage Race, I had an ‘epic for me’ 3rd place finish with a ‘long ago’ Olympic Rower Joe S. We finished 3rd and 4th by taking a chance and breaking from the peloton with 5km left in the race. After the race, I asked him if he would encourage his kids into rowing. From my perspective, it looks like a peaceful and beautiful sport. His response surprised me. “Oh no,” he said, “I hate that sport. It’s the same lake – over and over again. So boring. I love cycling and the variety of terrain you get to see.”
I guess that got me thinking – what is the right sport?
Growing up I played all kinds school sports. I spent a great deal of time alpine skiing and then got pretty good at Rugby and played during University. I suppose Rugby set me up to be a pretty tough endurance athlete.
I’m not sure I would have wanted my parents to do anything different in terms of promoting a particular sport to me. I was fortunate to be exposed to plenty of challenging activities and have maintained a love for athletics all my life.
Times are different now. Just the other day, I saw a couple of kids outside on the street playing street hockey. That was awesome. It not something you see as often anymore, but it reminds you of a time when sports weren’t limited to organized leagues. Kids just played to have fun.
I recently heard an interview where an adult vocalized that kids from Junior High to High School should have a compulsory sport; meaning they MUST participate. It’s an interesting idea, and probably one that would be met with a range of strong opinions. Athletics aren’t necessarily for everyone, but there are so many life skills that can be derived from achieving an athletic skill or playing on a team.
I tend to agree with this concept, and it wouldn’t hurt to get kids committed to learning a musical instrument as well! In my job, I visit plenty of homes and see a lot of kids staring into devices. While I don’t like it, I understand it. My home is the same, and as adult, we are also guilty as charged. Technology has taken the place of real life activities in many ways.
Living in Calgary, we really do have the opportunity to shape our kids lives and assist them with their high performance sporting goals. Many young Canadians travel to Calgary to live with host families and train with our great coaches and facilities.
If you know kids between 6 and 12 years, try to encourage them and their parents to participate in theAll Sport One Day on June 20. Who knows, your kids may discover some amazing abilities that they didn’t even know they had!
So – knowing what you know now, which sport would have been right for you as a teenager? Do you wish you had committed to a team sport so you could feel confident about joining a league as as adult? Are there any athletic activities that you recently discovered that are now an important part of your life? Which sport would you direct your ‘loved’ neighbours, nieces, nephews, and kids into?
As anticipated, home sales in Calgary Market Information were much slower this spring compared to last year. Inventory remains very high, and buyers continue to exercise caution. Despite the surplus, property values have remained strong. The Calgary Real Estate Board reported that the average price in April was only down 1.04% over the prior year. This is good news for homeowners that are continuing to build equity as they pay down their mortgage.
It’s safe to say that the rock bottom interest rates have played a key role in keeping buyers active in the market. To put things in perspective, the Bank of Montreal is currently offering a 5-year fixed mortgage rate at just 2.74%. This means a $300,000 mortgage, amortized over 25 years, would only cost $1,380 per month. For many families with some savings in the bank, buying a home is still more affordable than renting.
If you are thinking of making a move this year, a smart pricing strategy has never been more important. Buyers in this market have plenty to choose from, so they are more likely to steer clear of an overpriced property. That’s not to say you need to sell yourself short. The latest CREA numbers are proof that Calgary’s home values are strong and sellers can expect a fair offer if their home is priced well.
It’s equally important to align yourself with a Realtor who can put together a selling strategy that works for your property and neighbourhood. The numbers demonstrate what is happening in the city as a whole, but the market trends vary from one area to another. The size and style of your home can also make a difference. According to the Calgary Herald, detached bungalows have increased in value by nearly 4%.
As always, proper staging, enhanced curb appeal and cleanliness go a long way in setting your home apart from the competition. Preparing your home for the market isn’t always easy, but a little extra effort can go a long way and pay off big when it comes to appealing to the right buyer.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
Although the average buyer may be feeling a little extra cautious in today’s market, investors are still seeing the unique possibilities that this type of economy presents. Investment opportunities are everywhere. So, despite the difficulty in anticipating when things will change, Calgary has always proven itself to be amazingly resilient.
Developers are used to market fluctuations and are optimistically pushing forward. While the average consumer may be holding back, large development firms see the big picture. They look past the headlines and short-term projections. So, since condo projects and subdivisions take years to complete, new developers continue to buy up land in and around Calgary. Positive net migration has maintained a steady trend this year, and buyers are seeing the value in the Calgary real estate market.
There will always be home owners who NEED to sell. For investors looking to scoop up a few rental properties, this market is immensely favorable. Inventory is much higher than it was last year, and sellers having a sense of urgency are more than happy to negotiate. Though this type of market can be very costly for the impatient, it’s precisely what the savvy investor is looking for.
An uncertain buyer’s market fuels rental demand. It’s easy to get caught up in the chaos. A shaky job market and the low cost of oil has undoubtedly kept buyers at bay since the beginning of 2015. As a result, rental vacancy remains quite low in Calgary and market rent is holding strong. Those who invested in condos or multi-unit rental properties are benefiting from the current climate and can expect a steady demand to carry on in the future.
The low cost of borrowing makes investing a no-brainer. Although today’s new home buyers are extremely rate-sensitive, seasoned investors still recognize our current mortgage rates as incredibly beneficial. Never before has it been so affordable to borrow money. Even though it’s unclear how long the low rates will last, locking into a 5- or 10-year term gives borrowers the stability they need to keep their overhead in check.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
The spring market is already in full swing in Calgary. There is no doubt that our real estate climate is quite a bit different during the same time last year. Although we’ve had a bit of a slow start, it’s important to remember that we are constantly comparing the market to 2014, which was a record-setting time. If you are seriously considering making a move, the changes in the economy have made it essential to have a smart plan in place.
As a buyer, you are in an excellent position to find exactly what you are looking for, without finding yourself in a bidding war over and over again. First-time buyers need to take advantage of the current market conditions while they last. The interest rates are unbelievably low and entry-level homes are in abundance. Still, many like to exercise caution in the market – values may decrease or a better deal maybe just around the corner. The key is to not wait too long. We have seen similar states in Calgary in the past, so there is really no guarantee that this buyer’s market is here to stay for the long haul.
As a seller, recognize that buyers are still seeing the value in the real estate market. They may be a little more cautious than they were in 2014, but they certainly know good value when they see it. Homes are taking a little longer to sell simply because there is no shortage of inventory. Now, more than ever, it is crucial to have a strong pricing strategy and go the extra mile to make sure your home shows a 10+. There are plenty of resources available, and home stagers, in particular, can make an ordinary home look quite exceptional for a reasonable investment.
If you are finding yourself on both sides of the transaction, be sure to work with an experienced Realtor who can help you create the right strategy to accomplish your real estate goals. Should you buy first then, put your house on the market? Should you set out to find your ideal home after selling? The right answer varies depending on the type of property you have and are seeking to upgrade to. In a buyer’s market, it is advisable to sell your home first. This will allow you to move forward knowing exactly how much equity you’d be able to bring into your new purchase.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
