Over the past few years, Calgary has witnessed an ongoing, and sometimes fierce, public debate on the topic of secondary suites in single-family homes.  The debate is fueled by a number of factors, including economic and lifestyle trends that are driving the increased demand for legal secondary suites in the existing Calgary real estate housing market.

At first glance, secondary suites seem like a throwback to a bygone era when the extended family housing model was commonplace, but there is nothing old-fashioned about the secondary suites built into contemporary construction.  These apartments have everything needed for independent living and offer a great way to enjoy all the benefits of an extended family lifestyle while preserving privacy at the same time.

Owning a home with a fashionable, legal secondary suite allows families to experience the luxury of accommodating young adults and elderly family members under the same roof.  Multiple generations can live together, learn from, and support one another while retaining the ability to retreat to their own private space.

The 2016 Statistics Canada Census data shows that 1 in 3 Canadians between the ages of 20 and 34 live with their parents.  This number has been on the rise since 2001.  Housing affordability is a driving force behind the trend.  Another reason is that in an increasingly competitive job market, young adults are pursuing multiple advanced degrees before striking out on their own.   A secondary suite offers parents and children the best of all worlds and the ability to keep your loved ones close, but not too close.

On the other end of the spectrum, secondary suites are an attractive option for older adults looking to “age in place.”  Comfortable, private apartments in the homes of their children allow seniors to age comfortably and gracefully while lending a hand with child care and other family duties.  Children can rest comfortably knowing their beloved parents are right downstairs should they require assistance.  The economic benefits of reduced living expenses are shared by all.

Even the closest of families can develop a conflict with one another at times.  People can become particularly sensitive when they feel they lack privacy and a sense of independence in their lives.  Secondary suites allow families to acknowledge valid issues while offering a solution.  Whether you are 21, 81, or somewhere in between, we all need privacy and quiet time in addition to the love, support, and companionship of extended families.  Secondary suites offer a perfect solution for Calgary housing challenges confronting modern families.

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 403-465-0210 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.

Buying your first home isn’t as glamorous as you may think.

We go over some common first time home buying disasters to help you know what you should watch out for.

It is important to be prepared as sometimes the unexpected can happen.

It’s best to be proactive in your home-buying journey, it does not come without challenges but with enough information, and the help of your Calgary Realtor, it can turn out to be an interesting & smooth journey to homeownership.

Learn what to do if you find yourself in a similar situation! http://ow.ly/ASCrP

Make your first time home buying experience a good one! There are some things you need to look out for to ensure your experience goes smoothly. It is important to do your homework and work with a great real estate agent. See more tips here! http://ow.ly/AxYvU

Are you wondering how banks and lenders approve mortgages and loans? It’s not as complicated as you might think! You will need to be prepared to answer the banks questions, provide documentation, and finally prove out the math that indicates you are ready to be approved. These three simple steps can bring you one step closer to realizing your dreams http://ow.ly/A4Wcq

This video explains that you shouldn’t need to be creative when talking with a bank or lender. It is important to layout what it is you are looking for and ensure your math works to better your chances of receiving financing.

This video explains what mortgage insurance is and how it protects the lender. It explains that based on the amount of your down payment customers may need to purchase mortgage insurance. How this cost is determined is then further explained to give individuals a full understanding of how mortgage insurance works.

This video addresses lenders who are offering low interest rate mortgages. It explains that customers should be aware of other terms and conditions when agreeing to such mortgages to ensure they are receiving the same value. Examples of banks and lenders who have offered such deals are further investigated.

This video defines what a payout penalty is and the benefit it has for banks and lenders. The different types of payout penalties are covered and explained to ensure someone seeking a to pay off their mortgage early is aware of potential penalties and how much those will cost them.

This video outlines what a repayment privilege is and how it is used. It covers how repayment privileges differ for commercial mortgages and business loans versus residential mortgages. It also indicates that not every lender offers the same privileges so to be aware of what offer best suits the customer’s needs.