Go Big! - Home Owners Seek to Upgrade

 Go Big! - Home Owners Seek to Upgrade 

Big Backyard - Big-time Fun

The Trend for Tiny Homes is a Thing of the Past

The recent market trend for that tiny, more efficient home has ended. Covid-19 has changed the way people live and where they work. Goodbye commute, many Calgarians work from home. This is a movement that will stay for the 'for-seeable' future and may be a development that is here forever. People think about the square footage they now occupy day in and day out. They want to increase the space of their home and by a lot!

Single Family Home Sales are Up

The time when buying downtown meant a place to invest is no longer a sure bet, at least not for the time being. The real estate movement these days is buying into suburbs, up by 45%. The average price is in the $600,000 range. Consequently, apartment sales this past season have fallen by one per cent compared with the same time last year.

Main Floor Office Space a High Priority.

"Buyers during the COVID pandemic are favouring larger homes," says Barb Richardson, senior vice-president at Sotheby's International Realty of Canada. It reflects a growing preference among buyers for space. Having plenty of room especially for an office on the main floor is important. "Office space in homes is paramount," she says.

Big Backyards are in Demand

Most families dream of a back yard where the kids can play and be safe. Due to the Corona Virus pandemic, it is more important than ever. Recent numbers from the Calgary Real Estate Board show that there is an increase in buyers wanting a big yard, landscaping and even a vegetable garden.

Think of Selling to Upgrade - Don't Expect a Crowd at Open Houses

Calgary realtors say they are surprised by the level of activity in the city's housing market but open houses aren't what they used to be. The Calgary Real Estate Board (CREB) has reported that much has changed when it comes to open houses because of Covid-19.

New technology with 3-D scans of the homes, inside and out allows buyers and sellers to have open houses 24/7 online. Realtors have stated that website traffic has definitely spiked since the pandemic hit.

Any questions? Give Chris a call 403-6804479

Losses - Disaster - Lower - Declining - Falling but Wait!

Losses - Disaster - Lower - Declining - Falling but Wait!

These words all sound like doom and gloom. This is an unprecedented time in Calgary's history, Covid-19, job losses, oil prices, fear, yes but what if you still want to sell your home or buy one? The housing market has, over the last few weeks, adjusted to the pandemic.

The Facts - Should You Buy Now?

According to the Calgary Real Estate Board, April sales hit 573 units, a decline of 63 % over last year. CREB® chief economist Ann-Marie Lurie, said, "The combined impact of COVID-19 and the situation in the energy sector is causing housing demand to fall." But she also stated, "Demand is also falling faster than supply. This is keeping the market in buyers' territory and weighing on prices."

Buyers have Power

A greater share of home/condo sales has occurred in the lower price ranges. A homebuyer household earning $99,000, which is the median Metro Calgary household before-tax income, could get a mortgage that would be enough to buy for example a small condo. Maybe a $475,000 house is now achievable. Many sellers are uncertain about the state of the economy and more nervous about selling their home, which gives buyers increased power they normally don't have.

When will it End? Who Knows?

When the news of the world turns negative, you may be tempted to stop. During a shattered market economy it seems like the world is ending when you are in the middle of it. Time and again, when terrible events occurred, the same thing always happened, they ended. Throughout history when people seem to think the situation is hopeless, we always pulled through. This time should not be different.

Two examples of market extreme, is the internet bubble of the late 1990s and the stock market crash of 2008. In those moments, we saw the same headlines of doom and gloom. The trends kept going in the downward direction—until, that is, they didn't.

After the storm you may be happy you invested in something stable like a home. 

Several Incentives Help Cushion the Blow

There are many risk factors with Covid-19. Risks are events that may or may not happen. People need to live someplace. Why pay rent? A home is something many first-time buyers can now be hopeful for. The Federal Government, the Bank of Canada and the country’s biggest commercial banks are pulling out all the stops to try and head off a serious recession.

The central bank has cut interest rates spurring mortgage rates lower.  Banking regulators have loosened bank capital requirements to free up C$300 billion of lending capacity. Robert Hogue, senior economist at RBC Royal Bank says, "In all likelihood, this will be a temporary hit with a rebound taking place later this year once the COVID-19 situation settles down."

The Facts - Should You Sell Now?

Given the current recession combined with the pandemic, sellers may want to push ahead and sell. Home prices may not regain the current low levels because a Coronavirus-induced recession may inflict long-term economic damage.

If you're selling a home during the pandemic, you can expect technology to play a big role.  

For details on restrictions and challenges see my blog on What I Am Doing - Virtual Touring. https://yourhomeinalberta.blogspot.com/2020/03/what-i-am-doing-during-covid-19-pandemic.html

Carry on and Keep Calm and…

If you have questions give me a call, Chris at 403-680-4479

Understanding the Canada Emergency Response Benefit

Navigating the Canada Emergency Response Benefit & Employment Insurance Benefits

I wanted to share this graphic with you to help simplify whether you qualify for the recent Canadian Emergency Response Benefit, CERB. Please note that this is a guide only. Things change rapidly and to get the most up to date information check the federal government’s website regularly. If you haven’t done so, set up “my account” on the CRA website.  Call Chris 403-680-4479

What I am Doing – During the Covid-19 Pandemic

What I am Doing – During the Covid-19 Pandemic

Chris at Work 2020

Buying a Home? – I'm Chris - Your New Virtual Realtor

If you have Corona Virus worries but still want to buy a home, I can save you the travel by offering you a virtual tour using video calling like facebook messenger or skype. I have years of experience showing houses, drawing up offers and basically handling transactions from start to finish doing it all remotely. From the comfort of your favourite safe spot, I will tour the home with you, pointing out the distinctive features and answering any questions you have. I am here to help you take advantage of the lack of buyer activity and negotiate hard on a new property.

New Social Distancing Rules

Once you have narrowed it down to a short list, I can also meet with you at the homes you are interested in, using the latest and safest 'Social Distancing Requirements.' For example, showing you a home will be restricted to a private in-person tour with two people at a time. We use an alcohol-based hand sanitizer before entering a home. During the tour I will maintain a distance of six feet from you and won’t shake hands or enter small bathrooms or crawl spaces.

Selling a Home? Virtual Tours More Important than Ever

For many years I have used my exceptionally reliable photographers who are experts at creating a virtual tour of homes for sale. While on site they follow Alberta Health recommended procedures. With video and audio clips I will help people experience the particular features your home has to offer, ensuring the best chance of a sale.

NEWS - Government Announces $82 Billion Dollars in Aid - Alberta will Benefit

On Wednesday, the government announced money to offset the downturn in the Canadian economy and the job-loss crisis. This is good news for Alberta. There is special attention to airlines and the energy sector that will boost a welcome relief to our province.

Banks Have Loosened the Purse Strings

Interest rates are at their lowest in years. Investors are taking encouragement from the recent rate cuts implemented to combat the economic crisis. Selling or buying a home is now easier than ever. The governments have stepped in, to not only slow the market volatility but also assisting people with their daily and monthly bills. The financial situation changes daily. If the bank refused you a mortgage before, you may even be encouraged to try again.

Poised for a Boom – Big Time – The New Roaring Twenties

History has a story to tell. The housing market in Canada did not experience a noticeable adverse impact from SARS as evidence suggest from a report in the Financial Post back in 2003. If any, the effect of Corona Virus is likely to be moderate in the short run. Many economists believe that if the challenge persists for a more extended period, the Canadian housing market may become more attractive to investors. They may likely move their capital from markets with more threatening health risks to the relatively safe environs in Canada. This could be the new age of The Roaring Twenties!

Why not give me a call? 403-680-4479