Friday 30 May 2014

Residents of Midfield Torn Apart


Residents of Midfield Torn Apart

Tenants Just Been Told

The residents (173 homes) of the controversial mobile home park, Midfield, in Calgary NE have just been told by city officials that they will need to find another place to live. That means that the roughly 250 people who are tenants of 954 16 Avenue (notified by letter) will have until September 30th of 2017 to vacate.

Midfield Has Been a Home to Many

Midfield has overlooked the picturesque Nose Creek valley for almost half a century. Many transient and local Calgarians have lived in Midfield. These run the gamut from oil patch workers to young families to snowbirds needing a place to live for the summer.

Infrastructure at the End of Life Cycle

Officials say that due to the age of infrastructure such as the water and sewer lines, their life cycle is at an end. The aging utility lines (underground) have been explained as a headache to fix because they sit directly below the trailers instead of along city streets.

Mayor Says Residents Will Get Help

Naheed Nenshi has stated that residents in the park will be given an easement package to help with the transition. The City is, at the moment, offering $10,000 towards the cost of moving the mobile homes. They are also offering an additional $10,000 lump sum payment. Residents are also being offered counselling services. These sevices will be provided by Homewood Human Solutions.

Difficult Decision

Mayor Naheed Nenshi described the decision as a “difficult” one. He explained that it weighed heavily on city council. He said in a statement, “We know it’s never easy to go through change like this, but we will make sure that the city provides the services and support tenants need.”

Still Torn Apart

Midfield resident Norma Crump is feeling the same as many, torn apart. “They don’t care,” Crump said. “When it comes election time maybe I won’t care.” Crump has stated that she has no idea where she, with her little dog, will go.

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Friday 23 May 2014

Hey Calgary. You Pay Top Dollar! Why?


Hey Calgary. You Pay Top Dollar! Why?

Experts in the booming Real Estate Market agree that future home buyers in the Calgary market will be paying top dollar at least in the near future. Many homes and properties are only on the market for a short time before they sell.

Many Homes Selling in a Matter of Hours

Homes are not only selling quickly as in the past, when listed on the market for a few days, but now selling within a few hours. I sold one such home on Windstone Rd. within 18 hours of it being on the market. It didn't even have a chance to hit the public MLS.

Selling for More than the Asking Price

As the housing market heats up, multiple offers are the norm. This pushes many properties to sell for more than the asking price. About 30 per cent of sales seen by real estate agents are at or above the listing price. I heard about a townhouse in Rundle that sold recently for 38 per cent over the list price.

Going Up Again

According to numbers from the Calgary Real Estate Board (CREB) the trend is increasing. In April of 2013, it was reported that out of 2,544 properties sold in Calgary, 265 went for more than their listed price. In April of 2014, the 2,377 properties that sold, 529 of them sold at more than list price.

Migration and Employment Up

A new report by Canada Mortgage and Housing Corporation, states that a record net migration and the gains in employment in recent years have influenced the increase in sales and prices for Calgary. Rising incomes and employment growth are the key contributors to the upwards tick in housing demand.

More Homes on the Market This Summer

CREB President Bill Kirk has stated that as more homes go on the market in the summer, things will calm down. There has been a shortage in single family homes for sale but the market as usual will self-correct.

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Friday 16 May 2014

What? Only 1.99 Percent Financing. Wow!


What? Only 1.99 Percent Financing. Wow!

The news is all abuzz about the latest rate offered by the Investors Group. They are now offering a 36-month closed, variable-rate mortgage at 1.99 per cent, well below the current standard of around three per cent.

Against the advice of the Jim Flaherty

The late Finance Minister, Jim Flaherty opposed the rate when in the past, the Bank of Montreal first tried it. He criticized the mortgage rate as possibly destabilizing the economy by triggering a drop in the housing bubble.

What Does Joe Oliver Think?

Earlier this year, Joe Oliver took over as finance minister from Jim Flaherty and as he has stated in the past, the government has no plans to intervene in a private market setting. According to him, a mortgage rate set by a ‘private’ business is a ‘private’' decision.

But, Investors Group is Getting a lot of Press

Kerri-Lynn McAllister of RateHub.ca, a company that tracks mortgage rates has stated, "When somebody comes out with a rate like this it gets people talking about mortgages…it heats up the market.”

Don’t Get into Financial Situations that You Shouldn't Be In

Peter Veselinovich, vice-president of banking and mortgage operations at Investors Group, said, Like with any other product, when it comes to the three-year mortgages, Investors Group will "make sure that it's the right product for the people and that they can afford it and have the appropriate cushion." He cautioned that the one condition attached to this low rate is that you can't break the mortgage unless you sell the property for the three-year period.

Check Out the Other Guys

Royal Bank has lowered its rates on several fixed-rate mortgages this January. This brought its five-year closed rate to 3.69 per cent. It now sits at 4.94 per cent, while the variable five-year rate is at three per cent. The next lowest rate for a variable three-year rate from one of the banks came from Laurentian Bank at three per cent. The latest figures are Scotiabank’s five-year variable rate at 2.60 per cent. BMO, TD, CIBC, Laurentian and National Bank are all at about three per cent, according to RateHub.

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Tuesday 13 May 2014

Best Ones Go Fast!

Just listed a house and it sold in 18 hrs. This is before it hit the public MLS. The best ones go fast! To be the first one in the game just ask me. You too can have your own personal auto-notification. Contact me at 403-680-4479 or email chris@yourhomeinalberta.com
Airdrie Beauty Sold Fast!

Friday 9 May 2014

Mike Holmes Advice for Calgary



Mike Holmes - photo courtesy holmesspot.blog
Mike Holmes Advice for Calgary

This year’s flooding in Calgary could be less than last year. That’s good. In 2012, mountain snow was a lot thicker than it is now. Plus last year there was the torrential dump of rain from mid-May to mid-July. This caused much flooding. There’s now way to predict the rain but last year’s advice from Mike Holmes was to, “Have patience.”

Wait until You Have all the Information

People don't realize, Mike Holmes cautioned back then, closing up their houses when they are soaking wet is not a good plan. If people come back later and suck all that water out then rip everything down there they may be forgetting about hydronic pressure. If this pressure leans against the foundation of your home, saturated with water, the foundation could cave in. “So, again, moving too fast is a really bad thing,” he stated.

People Begged for Help

Last year, Mike Holmes and his crew were filming the Calgary flood. He advised people that had water above the first floor to have patience. He said that he understood how devastated they were. “They don't know what to do. They've got mortgage payments, they've got rental payments…they’re moving to somewhere else.” He quipped that there may be a storm after the storm.

Everyone's Running in the Wrong Direction

After the aftermath of all that, and people moving in the wrong direction for example closing up their houses, they soon came to realize that they had nothing but problems. They couldn’t sell their homes. And again, why? Mike Holmes advice again was, “If you don't have patience, you're going to have a problem.” It’s best to get good advice from the experts and follow the plan. That’s how to make it right.

The Latest News on Calgary Flooding

City Officials, this year are keeping a closer eye on all the factors that could lead to overland flooding. In a briefing recently they stated that there are areas of potential concern especially if spring runoff occurs too quickly. They did stop short of sounding alarm bells at this point in time.

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Friday 2 May 2014

Huge Appetite for Calgary’s Best Homes



Appetite for Luxury Homes
Huge Appetite for Calgary’s Best Homes

It’s No Secret

A lot has been written in recent news about the ‘hot market’ in Real Estate for the Calgary area. What is still surprising is that luxury homes remains the strongest on the market again. The record monthly transaction level has been the third highest ever for April.

Total Sales Up Again

According to CREB statistics total MLS sales for April 2013 is 2,377 and April of 2014 is 2,545. That’s a 7.70 percent increase. Also interesting is increase in new listings up from April 2013, 3,475 to April 2014 3,754. That’s a whopping 8.3 percent increase in more homes on the market.

Setting a New Peak

What is a stunning new fact is that a new peak for luxury homes is set. During the month of April, according to associate broker with First Place Realty, Mike Fotiou, there have been 79 MLS sales in Calgary of $1 million or more!

Wow! Shorter Time on the Market

According to the recent CREB report, Days on the Market, is down. The average home listing that appeared on the market lasted 33 days in April of 2013 and for the month of April 2014, only 26 days! That is getting close to a 25 percent decrease in days on the market for the average home.

Even Condos Selling in the Luxury Price Category

There were a few condos that sold at the luxury price of $319,615 compared to last years April average of $299,536. In April, 75 single-family homes sold in the luxury price category. This represents a 23.4 per cent hike in sales from a year ago.

Luxury Homes are in Demand

Luxury homes sales are up by 12.8 percent from the same time last year which was also a record breaker. The River condo project in Mission had the most expensive property sold in April, for $3.19 million. Other areas of luxury home sales include Pump Hill, Altadore/River Park, Elbow Park/Glencoe, Springbank Hill, West Hillhurst, West Springs, Discovery Ridge and McKenzie Lake.

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