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One of the secrets of successful investing is the ability to identify market trends well in advance of the curve to maintain a competitive position. Here is one historical trend that perceptive real estate investors have been following for some time now. Those who have been paying attention realize that the cult of homeownership no longer rules the real estate landscape. Gone are the days when renters can be ignored. There are far too many of them to ignore.

All across North America, the millennial generation is changing the face of the game when it comes to homeownership. For the most part, it simply does not interest them. Many cannot afford to buy in Calgary, and others who can afford to purchase a home are instead choosing to rent to maintain mobility and free up disposable income for travel and recreational pursuits. They do not wish to be tied down to the responsibilities associated with mortgages and homeownership.

These young millennial workers, along with their baby boomer parents, continue to question the suburban lifestyle and flock toward urban centers like Calgary. The trend is led by millennials but reaches across all demographic lines.   In response to this repositioning, developers and investors need to shift some focus away from condos and single-family homes and move toward purpose-built, multi-family rental housing.

Given today’s low mortgage interest rates and Calgary’s real estate market’s high-rental rates, the time is perfect for investors to capitalize on properties that offer positive cash flow and return on investment. Calgary’s residential rental properties are the ideal investment vehicle for anyone seeking immediate returns in an uncertain economic environment. Even those who already own home might wish to consider investing in a two-family home with sufficient rental income to help pay down the mortgage on their own home.

Former single-family homes converted into two legal dwellings make for attractive investments in Calgary where the average rental on a two-bedroom apartment rose nearly 6% last year. Remember also that a developer or owner profits on the sale of a condo or detached home only once while they hold the potential to profit on the rental of the same property for perpetuity.

The trends sparked by the millennial generation will influence the real estate industry for many years to come and continue to reposition rental properties in the real estate hierarchy. Work with your Realtor to see if investment in purpose-built rental housing makes sense for you.

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.

Before you list a property for sale in Alberta, it is important to understand that you are going to need an RPR. What exactly is an RPR? An RPR or Real Property Report is a plan or survey of the property that shows the location of all improvements on the property as they are situated in relation to the property’s boundary lines. The Alberta Land Surveyors Association states that the RPR should include a “written statement detailing the surveyor’s opinions and concerns” and “can be relied upon by the buyer, the seller, the lender and the municipality as an accurate representation of the improvements on your property.”

An RPR is required upon the sale of real property to ensure that the land and improvements comply with all municipal by-laws. In Calgary, upon receipt of an updated RPR, the city will review its records and, if everything is in order, issue a Certificate of Compliance stating that all improvements, including the house, sheds, decks and fences, are in compliance with all municipal regulations, including local setback requirements.

The Alberta Real Estate Association’s standard form of purchase contract states that a RPR is the obligation of the seller and should reflect the “current state of improvements on the property.” Municipalities and attorneys throughout Alberta tend to differ in their interpretation of this obligation. Everyone, however, seems to agree that the failure to provide an up-to-date RPR in a timely manner is a leading cause of closing delays.

To avoid this scenario, it is good practice to order an updated RPR as soon as the property is listed for sale. If there have been no changes to the property since the date of the original RPR, then the old one may suffice. If updates and modifications to the property need to be reflected, it makes sense to save time and money by contacting the land surveyor who prepared the original RPR to handle the update.   The important thing is to make sure all sides are in agreement and advance the process as soon as possible to avoid costly, stress-inducing delays.

RPRs have been in use in Alberta since 1987. Any homeowner who purchased property after that date should have one in their files. If you are having trouble locating an old RPR, you can try to obtain a copy through the current lender on the property or through the lawyer’s offices that represented the buyer and seller in the original transaction.

An RPR is a visual snapshot in time of a particular property and it provides everyone involved in the conveyance with valuable knowledge regarding encroachments, setback violations, chain of title issues, mislocated fencing and a myriad of other possible concerns. If you are a seller, make sure your RPR is up-to-date and reflects the current state of affairs on your property. If you are a buyer, rely upon your Realtor and lawyer to interpret the RPR and advise you of potential issues that might impact your closing and use and enjoyment of the property.

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.

Recently, I did an interview for a publication on how I as a Realtor assist first time home buyers in choosing a neighbourhood for their home purchase. The answer to that is not as straightforward or cut and dry as you would imagine. Simply put, if you’re buying a new home, the neighbourhood you choose can be just as important as the choice of home. What makes a great neighbourhood for one couple or family does not necessarily make it great for another. There are so many types of neighbourhoods in Calgary where you can purchase a home, but the key to finding the right home for you is to consider your lifestyle and needs.

I always advise my clients to start with a list that clearly defines what is important for them. High on that list are some of the more common requests such as proximity to work and family and friends, as well as being close to good shops and restaurants. Others may consider access to trails and outdoor life a higher priority, or being in close proximity to their place of worship. As a first time home buyer, the ultimate goal is to choose a community that makes them feel good about being a part of that “tribe” and truly immersing themselves in the community.

Also remember to consider the pros and cons of the neighborhood and its surroundings. What other factors may be significant? Look at things such as a range in property value, type of property, schools and proximity to employment, comforts and other avenues of life. Purchase in a place that allows you to experience the advantage of ownership financial appreciation and building equity. Others may look for revenue potential in an area with a separate suite to rent or renting out a room to gain more value.

So the next question is, how do you navigate budget and neighbourhood? For some, this may mean looking elsewhere, particularly in neighbourhoods that are in transition or on the verge of being gentrified. This is where I use my knowledge as an experienced realtor to help them make smart decisions that will give them the type of community they crave alongside the potential future equity they want.

Choosing a neighbourhood isn’t an exact formula and there have been times where I second guessed my recommendation to clients. Years ago, I had a client who emigrated from New Zealand. He wanted a home with an income suite that was also in his price range and offered good appreciation. I recommended a new, in-transition neighbourhood and as it turned out – he hated it. The home was perfect but the community was just not what he wanted. It worked in the end as he was able to rent both the main house and the income suite and moved to a neighbourhood that was more his speed, but it goes to show that there is no exact science when choosing a neighbourhood that aligns to your wants and budget.

When asked if there are any bad neighbourhoods in Calgary, my answer was a resounding NO. You may disagree but my explanation is simple, what you define as a “bad” area may be someone else’s dream neighbourhood We are all different and when choosing a place to purchase your home take the time to find out what you think makes a great neighbourhood and then start living.

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.

An experienced professional Realtor is confident in their ability to sell any property. As long as the price is right, there is a buyer for every home. Even haunted houses deserve another chance with a new owner. Generally speaking, haunted houses are homes believed by some to be inhabited by the spirits of deceased former residents or frequent visitors to the property. Word of mouth spreads quickly regarding homes with a reputation for paranormal activity and such properties can present a challenge when it comes time to sell.

Peeling paint and leaky roofs are easy to see in a home. If a buyer fails to notice these deficiencies, his or her home inspector probably will. Beyond the brick and mortar, other psychological concerns arise at properties with a history of crime or unusual activity. Despite the fact that the issue is probably not raised in the MLS listing, its mere existence can have a serious negative impact on a property’s value. While the MLS may not mention it, neighbours are likely to share tales of ghost sightings and the media will have already documented the fact that a gruesome crime took place at that address. Examples of circumstances that could result in a property becoming stigmatized include everything from a history of frequent break-ins to organized crime activity, illegal sexual activity and even murder.

In the United States, states have varying laws when it comes to a seller and real estate agent’s duty to disclose information relating to these “stigmatized” properties. In most states, there is a duty to disclose.  In Alberta and throughout most of Canada, there is no such legal requirement mandating Realtors to offer up the information. There are, however, ethical concerns that compel Realtors to answer truthfully when posed with questions from interested buyers and their agents. As a result, it is the responsibility of the buyer and the buyer’s Realtor to ask the right question s and assume the role of real estate detective.

The entire notion of stigma is personal and difficult to define. What seems troubling to one buyer may not seem so horrible to another. Nearly everyone can agree that some crimes are simply so disturbing to all that there is little choice but to demolish the structure and start over. Most stigmas, however, are not that horrific and can and will be overlooked by many.   Sellers just need to find the right buyer for that property

Sellers and their Realtors are well advised to tell the truth when questioned about a stigmatized property and buyers and their agents must ask the right questions and do their own research to make sure that they will be comfortable owning and living in a home with a problematic history.

Remember that all homes have their own ghosts. Before moving ahead with a purchase, make the necessary inquiries to determine if they are ghosts you can live with.

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 the All 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?

Have a great weekend.