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March 2011 Real Estate Newsletter
FROM LOUISE FULLER |
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Visit My Website to View Fantastic Canmore listings.
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Greetings!,
Sales for the month of February 2011 are as follows:
Please remember these are averages only.
Single family: 5 sales, average sale price $814,100, average days on market 139 (DOM).
Half duplex: 1 sales, average sale price $740,000, average days on market 9 (DOM),
Townhouse: 6 sales, average sale price $470,166, average days on market 170 (DOM).
Apartment: 3 sales, average sale price $376,166, average days on market 55 (DOM).
Fourplex: 0 sales.
Lots: 0 sales.
For specific details, please email or call and I would be happy to be of assistance.
Best Regards,
Louise Fuller |
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201, 621 - 10th Street
Feature Listing
Creekside living in downtown Canmore!
Luxurious space, full length windows and panoramic views make this 3 bedroom condo a uniquely luxurious urban living experience. Main level has a grand feel with generous area sizes, open living/dining/kitchen and high ceilings. Morning coffee is a year round pleasure. The perfect breakfast nook offers huge windows and maximum light, quiet creek and mountain views. An oasis in the downtown core! There is a communicating deck with outside fireplace for evening entertainment. Second level has a master with ensuite and walk-in closet. There are two additional bedrooms and bathroom with fully glassed shower. Upper level is a rooftop deck with hot tub for private enjoyment away from the hustle and bustle. Zoned for all uses. Unfinished square footage is separate tandem double car garage. ASKING $950,000
| CLICK HERE FOR MORE INFORMATION
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| OPTIMISM ABOUT SPRING FOLLOWS MIXED JANUARY | |
By Marty Hope, Calgary Herald
Builders in Alberta's two largest centres are optimistic that spring will bring with it stronger new-home sales and construction levels.
But depending on the housing sector and the city, January offered a mixed bag of results.
Work started on 293 single-family homes last month, down from 413 during the same month in 2010, says Canada Mortgage and Housing Corp.
In Edmonton, the decline was more dramatic, with construction starts at 205 in January -down from 397 for the same month last year.
In terms of multi-family housing, construction starts in Calgary more than doubled to 225 units -up from 101while Edmonton had a drop of 12 per cent to 158 units.
In Calgary, new construction activity is expected to moderate in the early months of this year until demand gradually improves -and active listings from the competing resale market decrease from their current "elevated levels," says senior market analyst Richard Cho of CMHC in Calgary.
In terms of the single-family market, part of the decline in Edmonton is because the industry was in the "midst of a strong resurgence" in January 2010, says senior market analyst Richard Goatcher of CMHC in Edmonton.
He also blames the weather for some of the weakness this year, along with competition from the resale market. "But builders are cautiously optimistic that the spring will see improvements," he says.
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| HOUSING AFFORDABILITY THE BEST IN SIX YEARS | |
By MYKE THOMAS, SUNMEDIA
Housing affordability in Calgary in the fourth quarter of 2010 was the best in almost six years, says Robert Hogue, senior economist with RBC, in his Housing Trends and Affordability report.
RBC measures affordability as the percentage of median pre-tax income required to service the cost of mortgage payments, property taxes and utilities on three standard home types.
(The standard qualifier distinguishes between average homes and luxury or executive homes.)
Of the three types, RBC's measure for Calgary for a bungalow was 34.9%, an improvement of 4.8% from the fourth quarter of 2009; for a two-storey home, the measure was 37%, a year-over-year improvement of 5%, and; for a condo, the measure was 22.4%, a 2.7% improvement.
After a slow summer and early fall, leading to a buyers' market, home sales in Calgary picked up slightly near the end of the year, pulling the market toward more balanced conditions, says Hogue.
"Nonetheless, the return to more balanced market conditions in Calgary did not succeed in reversing the tide in the fourth quarter of 2010, because home prices continued to weaken for the most part," he says. "This, however, contributed to further material improvement in affordability - the RBC Measures for Calgary, again, fell the most among Canada's largest urban markets."
A number of factors are at work that could see affordability in the city weaken, adds Hogue.
"We believe that attractive affordability will support further increases in demand as the local economy picks up steam in the year ahead," he says.
The cost of mortgages is expected to increase, as well.
"Earlier this month, Canadian financial institutions raised posted mortgage rates for the first time since November 2010 by 0.25% (taking them) to 5.44% in the case of the five-year fixed term," says Hogue.
The spectre of a rising rate of inflation, due to increased food and oil costs, may force the Bank of Canada to raise its overnight lending rate as soon as May, says a poll conducted by Reuters.
The poll showed all 39 forecasters expect the bank to stand pat on rates at its March 1 policy-setting date, giving a 90% median probability that the key policy rate will stay at 1% through April, but then increase to 1.25% on May 31, based on economic factors at that time.
"There are certainly signs that the U.S. is doing a bit better, so we think Canada is going to get a dividend from that early in 2011," said Peter Buchanan, senior economist at CIBC in Toronto. "The (central) bank does take a forward-looking view. They do think they have to ward off the potential threat of inflation, not one in the next few months mind you, but over the next year or two."
The bottom line: If buying a home is on your radar screen, talk to an expert to explore your options to save money.
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Thanks for reading and I will send you more info next month.
For all your real estate needs I am ready and willing to help you take that next, very important step.
Sincerely,
Louise Fuller
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