Real Estate Market Update for Fall 2014

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

 Today we are going to talk about our yearly sales results in the Calgary marketplace. There have been some interesting changes over the past year that we want you to be aware of so you can better understand our market.

In August of 2013, there were approximately 2900 homes sold for an average sales price of $445,000. In August of 2014, both those figures rose. In August 2014, there were 3000 home sold for an average of $475,000. We are seeing a significant increase in values of homes and a huge net migration in the city of Calgary. 

These statistics are relevant right across the board in the city, but you really need to look at each specific neighborhood for your specific purposes. A steady increase in the average sales price over time in an area is a good sign. This sustains value in the market. 

If you'd like to sit down with us and talk about real estate, we would love to meet with you. Give us a call or send us an email so we can set something up. We look forward to chatting with you!

How to Determine Whether We're in a Real Estate Bubble

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

This summer a lot of people have asked us if we are in a real estate bubble. To answer that question, it's important to understand two of the main criteria involved in creating such a bubble.

1. Significant increases in interest rates have a destabilizing effect on the market. Governments are typically cautious about raising them because they can have a substantial impact on manufacturing and job creation. Right now, both internationally and here in Canada,we are still seeing pretty favorable rates.
2. A significant increase in unemployment is another sign that the market may be on shaky ground. Here in Alberta we are seeing significant job growth - in May we accounted for 90% of all new jobs created in Canada. 

Because interest rates are low throughout Alberta and the nation as a whole, and we are seeing job creation throughout the province, we can say with confidence that we are not experiencing another real estate bubble and that we don't expect to see the above criteria met any time soon. But, of course,real estate is hyper-local - some areas have higher turnovers than others, so you need to look at specific neighborhoods to get a good idea of whats going on. Give us a call or shoot us an email with all of your questions and concerns, we would love to be your real estate resource.

Know What to Look for in a Home Insurance Plan

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Insurance made Easy

 

Today I would like to spell out the differences between insurance for a residential home and for a condominium. I'll also be speaking about the changes that are occurring with insurance here in Calgary.

There are two aspects to condominium insurance. One is the building insurance, where the condominium corporation is responsible for the structure. The other is individual insurance for each unit in the condominium, which the individuals living their have to pay.

With premiums increasing by 15-20% you need to know what is being covered in your building insurance and have someone on your team that is acutely aware of what needs to be covered with your condo insurance.

Now, with residential home insurance you might expect some increases on your premium because of the natural disasters that have occurred here in Calgary recently. What has also happened is that companies have actually eliminated certain kinds of coverage, so when you need to make a claim and aren't covered, it can be a major burden.

If you would like to discuss insurance for condominiums or for your residential home in Calgary, please don't hesitate to contact me.