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March 2013
Real Estate Newsletter
FROM LOUISE FULLER |
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Visit My Website to View Fantastic Canmore listings.
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Greetings!,
If you know anyone who is thinking of buying or selling their home we will ensure they are well taken care of! Sales for the month of February 2013 are as follows:
Please remember these are averages only.
Single family: 16 sales, average sale price $914,678, average days on market 102 (DOM).
Half duplex: 4 sales, average sale price $852,750, average days on market 36 (DOM).
Townhouse: 9 sales, average sale price $478,855, average days on market 77 (DOM).
Apartment: 14 sales, average sale price $337,300, average days on market 94 (DOM).
Lots: 0 sales
Best Regards,
Louise Fuller |
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127 Carey Unit 36
Feature Listing
"Contemporary stand alone Town home!
Located in "The Village", a quiet area of the desirable Homesteads neighborhood this well presented bungalow condominium is perfect for the full time resident or weekender. Enjoy a central location...easy access to all of Canmore amenities. The condo is fully stand alone. Privacy is ensured, only the front entry scenic view deck connects to the neighbor. There is a view from every window...A mountain panorama! Hardwood, tile, carpeted floors and bathrooms were professionally executed and will appeal to more urban style living. The open plan living room has a gas fireplace and views of Mt Lawrence Grassi...great combination. The kitchen was extensively remodelled including stainless appliances and granite countertops. The master is on the main floor and ensures comfortable living on one level with impressive ensuite/walk-in. Lower level has a family room, bathroom, 2 bedrooms and walkout to covered patio. Large single car garage is ready for all your mountain gear.
$695,000
| CLICK HERE FOR MORE INFORMATION
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Calgary Housing Market Experiencing Positive Momentum
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By Mario Toneguzzi
CALGARY - Calgary's housing market is experiencing positive momentum and is a "lone shining star" in the Western Canadian real estate market, according to a report by TD Economics.
In the first edition of its Metro Beat, reviewing economic trends on a quarterly basis, TD called Calgary's situation ideal in comparison to what's happening in Vancouver with the resale housing market seeing sales decrease there by 26 per cent in 2012.
"(Calgary) was the only one among its peers to register positive sales growth in 2012 at 14.3 per cent," said the report. "Calgary is also benefiting from a double digit increase in new housing starts (38.2 per cent), a sharp rebound from 2011. Residential building permits were up as well in the region, signalling more projects to come over the near term."
TD said average home prices will rise from $411,927 in 2012 to $423,400 this year and then to $431,400 next year. Those include all residential homes in Calgary and surrounding region.
Last year there were 27,212 total MLS residential sales under the Calgary Real Estate Board's jurisdiction - a hike of 18.84 per cent from the year before. TD said sales this year will rise to 27,700 followed by a slight dip to 27,500 in 2014.
Sonya Gulati, senior economist with TD Economics, said the economic growth overall in Calgary is quite strong.
"We're seeing that in the housing figures. We're seeing that in the employment figures," said Gulati. "And that's partly because the province is doing quite well from an economic point of view and Calgary tends to get the spillover there."
Canada Mortgage and Housing Corp. is forecasting MLS sales in the Calgary CMA to grow by 1.37 per cent this year followed by another 2.59 per cent in 2014.
The average sale price is expected to rise by 2.59 per cent this year to $423,000 and by another 2.6 per cent in 2014 to $434,000.
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Mortgage War Worries Flaherty
Banks urged to be prudent when lending
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By Gordon Isfeld
In order to prevent a mortgage war from escalating, Finance Minister Jim Flaherty is asking banks not to hurry to the bottom end of lending rates in order to attract customers.
Photograph by: The Canadian Press , Postmedia News; With Files From Gordon Isfeld And Garry Marr
Finance Minister Jim Flaherty is attempting to prevent another mortgage war from escalating, warning Canadian banks not to "race to the bottom" end of lending rates in a competition for customers.
"Our government has taken action several times to make sure the housing market remains sound," the minister said in a statement Monday, after the Bank of Montreal cut its five-year fixed-rate mortgages to a low of 2.99 per cent from 3.09 per cent.
A similar move by BMO early last year sparked a rate war as Canada's housing market was still heating up.
In July, Flaherty introduced tougher mortgage rules to cool the market, while avoiding a housing crash. These measures included shortening mortgage amortization to 25 years - compared to 40 years at one point during the peak of the boom.
Flaherty has said the government will consider other measures if the mortgage environment appears to be threatening households.
"As for decisions by individual banks, as I have said repeatedly before, my expectation is that banks will engage in prudent lending - not the type of 'race to the bottom' practices that led to a mortgage crisis in the United States," Flaherty said.
Nevertheless, others may follow BMO's lead, although analysts note that many borrowers had been able to negotiate the new BMO posted rate, and in some cases even lower costs, for some time.
Analysts said the banks are merely responding to natural forces in the market given that the Bank of Canada appears rooted to keeping its trendsetting policy rate at one per cent for much longer than was anticipated a few months ago.
Borrowing costs for banks have fallen, freeing room for banks to lower their rates, said David Madani, chief economist with Capital Economics in Toronto.
He noted Royal Bank chief executive Gord Nixon last week observed demand for mortgages has also dropped.
"Banks will be banks. It's not the first time the banks have tried to undercut each other in order to prop up their loan growth," Madani said.
CIBC chief economist Avery Shenfeld said interest rates are unlikely to feel any upward pressure any time soon. On Monday, CIBC World Markets extended its forecast for when the central bank would start hiking rates to the third quarter of 2014 - six months longer than it had previously anticipated.
Shenfeld said he would like to see Bank of Canada governor Mark Carney drop his tightening advisory on Wednesday, the next rate setting meeting, but doubts he will for fear of enticing Canadians to borrow beyond their means.
"I think the bank should drop that rate hike warning to help cool the currency even further to help exports, but I doubt they'll do that," he said. Lower mortgage costs could revive what has been a slowing housing market, say analysts, but given that household debt is at record highs and income growth has been modest, the inducement may not be as effective as it might have been in previous years.
"Borrowing is slowing anyway, so I don't believe that a modest drop (will make much of a difference)," said Shenfeld. "A modest drop in five-year mortgage rates might induce more people to lock in rather than take a variable mortgage, but I doubt it will have a huge impact on the volume on borrowing."
Scotiabank's Derek Holt also said he was not convinced by the "mortgage wars" scenario, suggesting the recent sudden loss of momentum in housing had more to do with indebted households than moves to tighten mortgage rules. "With pretty much all of the run-up in (housing starts and construction) being due to rising condo construction over recent years, what has prompted the cooling may have considerably more to do with a turn in the leveraged investor's math than tighter mortgage rules," Holt said.
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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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