Calgary Real Estate News & Blog

real_estate_marekt_report_april_2020

After a really strong start in 2020 that our brokerage saw in sales and activity, we have seen some changes, as expected. Many homeowners are still having possession taken place over the coming weeks from the sales that happened over a previous couple of months.⁠ ⁠ With all the COVID-19 talk and impact on Calgary, we are starting to see some of it affecting our market. Here is what we've noticed:⁠ ⁠

  1. If you are still thinking of selling and are ready, DO IT! 
    Here's why... Many homes are coming off the market, sellers taking a pause in their transition for many reasons. With the inventory low, our agents are actually calling agents who had listings that have expired to see if their client would be open to selling because we have buyers who are
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should_I_defer_mortgage_payments_covid_19We have been asked many times, and have even asked ourselves, "Should I defer my mortgage payment with COVID-19 here and is it worth it?" We took these questions to one of our amazing mortgage brokers Lindsay Labrecque and this is what she let us know!

Over the last 2 weeks, several articles, recorded Zoom calls and Podcasts regarding the economic effects of COVID 19 and mortgage deferrals have surfaced.  We’ve listened to and read many of these articles and have spoken to several clients, landlords and lenders about the programs available.

Many mortgage industry members were quick to jump to an opinion on deferrals with some saying things like, “unnecessarily deferring your mortgage is like parking in the handicapped stall without a permit” or “Defer

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calgary_real_estate_covid_19_caronavirusAs the world changes and adjusts to what will be a new normal for the foreseeable future, we wanted to keep you up on what is happening in terms of changes that you as a Calgary home buyer and seller need to know. 

You may be in a position that you are taking or giving possession of a home in the coming weeks or months. Perhaps you were on the hunt for your next home and want to make a move but are unsure of what to expect or on the other hand, you have your home currently for sale and trying to sort out what is happening.

I can safely say we don't have all the answers, but we will update this page with news we find, the conversations we have and with links that are important for all homeowners.

I want to thank Chad Moore for his help in putting

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best_lake_community_in_calgary

Welcome to this week's battle of the communities!

This week we are taking a look at two amazing communities that both have incredible lakes and amenities. The sun was out this week and we started to get a taste of what is coming very soon in terms of a great summer. 

If you have ever been to either of these communities before, you know that they are both sought after and when you live here, your friends are sure to follow. We've seen this happen with our own clients as a group of them have all started to or already have moved into one of these two communities! I'm not going to say which one, as I want you to be the judge for yourself!

Let's meet this week's contenders:

On the east side of the Bow River, we have McKenzie Lake! It is

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calgary_hot_list

Here are this week's hottest homes you should check out!

These are some of the hottest homes we've seen that have hit the market in the last 7 days, that we've compiled and put into one place for you to browse through! This week we spread our search as far as Canmore and Airdrie for a couple amazing homes outside of our city limits too!

Take a look below at these homes below and let us know if you would like to head on out and take a look at them!

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129_winchester_cr_swOne of the amazing communities in the west end of Calgary that you should know about is Westgate. This highly desirable area and location of this home as well as the community in general needs to be on your radar! This week we are crushing on 129 Winchester Cres SW. 

View all Photos and Details of this home:

129 Winchester Cres SW Calgary

Here is what we love about it:

  • Beautifully renovated home
  • Amazing location in a crescent
  • Easy access to major roads
  • Over 1,500 sq ft on the main floor
  • Oversized rear garage

List Price: $819,000

Listed By: Hayley Green of EXP Realty

 

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bank_of_canada_cut_rates_coronavirus_concerns

Effective this morning the Bank of Canada has decreased its overnight lending rate by 50 basis points or .5%.  Although many expected a rate drop in late 2020, this was certainly a more substantial drop than anticipated.  This drop comes on the back of general weakness in the global economy due to the Coronavirus or COVID-19 outbreak and the .50% drop by the Federal Reserve yesterday, March 3rd 2020.

Before today, the last move in the Bank Prime Rate was in October of 2018.

This is a great announcement for both buyers and sellers in Calgary as the market hasn't been kind over the past 5 years. As we mentioned in our March Calgary Real Estate Market Report that we saw a massive jump by over 23% in the number of sales in February over 2019. There

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Real Estate Market Report March 2020

This month saw a double-digit gain in sales, but last February was one of the slowest levels of activity since the late ’90s. With the extra day this February, monthly sales totalled 1,197 units. A combination of these two factors resulted in a 23% improvement over last year, but sales remain well below long-term trends and consistent with the lower levels reported over the past 5 years.

Whether your thinking of buying or selling, the market is generally seeing a balanced market or slightly into the buyer's market ranges. Many areas of Calgary that have detached homes under $500,000 are seeing inventory being bought up quickly. Make sure you have a real buying and selling strategy to help you prepare for what could happen when making the move.

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New_Mortgage_Rules_2020There is finally some good news in the real estate world when it comes to your financing and qualifications! As of April 2020 there are some new mortgage rules you need to be aware of!

If you are planning on purchasing a home, you could easily qualify for more. If you have been turned down by the banks or the amount you were qualified for just wasn't enough, it could be your time to finally make that jump. 

We were talking with Lindsay Labrecque with Spire Mortgage Team from MMG Mortgages and here is the low down.

Buyers with less than 20% down will qualify at an average interest rate plus 2%, instead of the current Benchmark rate of 5.19%. Based on assumptions, this is a -0.50% difference from the current qualifying rate and will increase

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calgary_hot_list

Battle of the Communities

Are you ready to see which of these two communities you would choose? 

Let's take a look at two communities... cancel that... let's look at two "area's" that are made up of two communities each that are on the north and south of the river. Can you guess what these areas are?

 

Kensington vs Marda Loop

Your two challengers this week are made up of the following communities:

Kensington = Hillhurst + West Hillhurst

Marda Loop = Altadore + South Calgary

Take a look below at the hottest homes in these areas and place your vote on which community you think has the hottest homes right now!


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