Issue # 14                                   www.shelleysoles.ca                               February 2010

Greetings!2010 Olympics
 

It's already mid February.  I'm not sure where the days are going, but it seems like the holidays were just yesterday.  And until this week, I was pretty sure that spring was here...well it sure felt like it.  (I can dream, can't I?)  Talking to people this year, I'm feeling such a sense of optimism about the economy, jobs and life in general.  It's refreshing. 

 

Are you watching the Olympic Games?  I've decided I could become an Olympic couch potato for the duration - I just love the winter games and am so proud to be a Canadian.   GO CANADA GO!

 
Signature
 
Calgary Home Show  Free Tickets Available
 
  The Calgary Home + Garden Show 
  takes place February 25-28 at
  Stampede Park. Advice, solutions 
  and inspiration for all your decorating, renovating and landscaping projects from more than 650 home and garden specialists. 
 
I have 40 tickets to give away.  These tickets are valued at $14 each and if you'd like a couple, let meOrder Now know I'll get them to you.  A portion of each ticket goes to the Calgary Real Estate Board Charitable Foundation, supporting some great charities in the Calgary community - so know that you are doing a good thing - for free!
Wine Women & Wealth
 
An associate of mine, Paula Cook of Investors Group, has put together a series of seminars for women to help educate them about the various aspects of their financial well being. These are fun, informative and inexpensive sessions that you really should check out. 
  • Get the Swing on Spring - March 13 - Golf Lesson & Lunch  
  • Wedding Bells & Whistles - April 14 - Practical Strategies for Women going into Marriage
  • The Glory of Non-Galas - May 6 - Calgary Women's Emergency Shelter Gala
  • Puzzling Pieces - May 26 - Restructuring your Finances for More Opportunities
Call Paula at 403-284-0494 or email her  for more information.
New Lending Rules 
 
The Canadian Government announced restrictions for any borrower who needs to have their mortgage backed by Canada Mortgage & Housing Corp (CMHC) this week. Here are the three key changes.
 
· The maximum amount consumers can borrow to refinance their mortgage is being lowered to 90% of the value of their home - down from 95%.
 Lending Money
· All borrowers will have to be able to prove that they could make payments on a 5 yr, fixed rate mortgage, even if they choose a mortgage with a variable rate that would result in lower monthly payments.
 
· Investors, or anyone needing a government insured mortgage to buy a home they will not live in, now have to come up with a minimum down payment of 20% (up from 5%).
 
Who needs mortgage loan insurance?
 
Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.  (cmhc.ca)  
 
 
Until next time...  

Thinking of selling, or know someone who is?  Now is the time.  Call me.

My business is built on referrals and I'm never too busy for yours!

Feature Listing

10221 Tuscany Blvd

2305, 10221 Tuscany Blvd. NW

Sales Price:$455,000

  Current Market Update

Single

Family

  Jan  

  10

 Dec 

 09

 Nov 

 09

Sales

762

799

1095

*Median Price ($000)    

398

401

408

**Average

Price ($000)

441

451

464

Days on

Market

43

47

42

Month End Inventory

2513

2054

2658


 

Condos

Jan

  10

 Dec

   09

Nov

  09

Sales

376

341

504

*Median Price ($000)

265

265

265

**Average

Price ($000)

283

289

294

Days on

Market

50

47

46

Month End Inventory

1397

1204

1434

Source: Calgary Real Estate Board
 
*Median price (in 000's) is midway between least expensive and most expensive.
 
**Average price (in 000's) is useful in establishing trends over time, however can be influenced by sales of a few very expensive properties in an community.
 
Real Estate Update 
 
With low mortgage rates and motivated sellers, first time home buyers continue to drive the real estate market in 2010.  Consumer confidence is reflected in the 39% increase in the number of sales in single family homes from this time last year, and 67% increase in the sale of condos.
 
The forecast is for a more balanced and steadier market for the balance of the year.  In some communities, we are seeing properties sold in just a few days - so if they are priced right and show well - they move quickly.
 Quick Links
 
Shelley SolesRoyal LePage BenchmarkArbour Lake Listing
Royal LePage Benchmark
403.259.9327
 
Supporting the Calgary Real Estate Board Charitable Foundation
 
This communication is not intended to cause or induce a breach of an existing agency agreement.