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        <title>Real Estate Blog</title>
        <link>http://www.veerrealestate.com/blog/</link>
        <description></description>
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            <guid>http://www.veerrealestate.com/blog/april-calgary-real-estate-sales-statistics.html</guid>
            <link>http://www.veerrealestate.com/blog/april-calgary-real-estate-sales-statistics.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>April Calgary Real Estate Sales Statistics</title>
            <description> <![CDATA[ For the month of April 2012, year-over-year sales activity improved across all sectors in the city.  Calgary residential sales total 2,200 for the month, a 26 per cent increase over levels recorded last year. “The growth in full-time employment, combined with improving migration levels, is translating into improved demand for housing,” says Ann-Marie Lurie, CREB® chief economist. “While sales growth does seem exceptionally strong, it is important to keep in perspective that the sales activity in Calgary is returning to levels more consistent with the long-term average.”The single-family market continues to tighten, with months of supply dropping below three months.  Sales growth continues to outpace new-listings activity, placing downward pressure on inventories.  As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing.  The MLS® Home Price Index for the month of April recorded a year-over-year price increase of 5.5 per cent for a total benchmark price of $449,500. “While the balance between demand and supply in the single-family market has shifted towards sellers’ territory, there are several components that make today’s market different from five years ago,” says Bob Jablonski, president of CREB®.  “The main difference is there is still significant supply for consumers in surrounding towns and the condominium market in the city, and the new-home builders do have the ability to absorb some of the excess demand,” Jablonski adds. After the first four months of the year, the condominium apartment sales totaled 1,133, a 2.2 per cent increase over the same period last year.  Tighter supply in the single-family market has translated to improved demand for condominium apartments, and consumers active in this market have a sufficient amount of supply and new listings to choose from. New condominium apartment listings for the month of April rose by 5.9 per cent compared to last year, and remain at similar levels on a year-to-date basis.  As the gap between inventories and sales narrows, the months of supply continues to trend toward levels that are more consistent with a balanced market.While the condominium apartment market moved into more balanced territory, index prices remain relatively unchanged.  The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over-year index price increase of 2.7 per cent.  Overall for the month of April, the condominium townhouse and apartment markets recorded a benchmark price of 294,500 and 248,300, respectively.“While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year,” says Jablonski.  “As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home.” ]]> </description>
            <pubDate>Tue, 01 May 2012 14:43:24 -0500</pubDate>
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            <guid>http://www.veerrealestate.com/blog/calgary-single-family-homes-lead-growth.html</guid>
            <link>http://www.veerrealestate.com/blog/calgary-single-family-homes-lead-growth.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Calgary Single Family Homes Lead Growth</title>
            <description> <![CDATA[ 
Residential sales continued to rise in March 2012, reaching 2,167 units, an increase of 12.6 per cent over last March.


“The rise in activity is related to the continued improvement of our economy and consumer confidence, as some concerns regarding the global economy have eased,” says Ann-Marie Lurie, CREB chief economist.


After the first quarter of 2012, sales are up by 7.3 per cent over the same time last year. While the increase is significant, when compared to historic activity, residential sales continue to remain below the long-term trend. Monthly new listings remain slightly lower than last year, whereas year-to-date figures show 7.2 per cent fewer listings have come onto the market in the first quarter of this year.


“While the number of listings for the first quarter of 2012 remains low compared to last year, the level of decline has lessened,” says Bob Jablonski, president of CREB; “therefore pointing to the fact that those people who have been on the fence are starting to list their homes, and this trend is expected to continue.”


The year-over-year decline in new listings, combined with improving sales, has pushed down inventory levels to 5,092 units from 5,866 last year, as well as months of supply. However, as Jablonski notes, “it is not uncommon for the months of supply to decline in March as we transition from the winter season to the spring season.”


Recently, the tightening supply has brought about much discussion of multiple offers on houses. “It is important to note that multiple offers can happen during any market with a well priced listing or a unique property,” says Jablonski. “New listings coming onto the market at a good price are generating a lot of activity, but year-over-year index price growth for the typical home in Calgary in March was 2.9 per cent, which is considered a normal range. Also, the sales-price to list-price ratio does not reflect levels recorded during the peak of the market, when there were supply shortages,” Jablonski adds.


Single family homes continue to record strong activity, with sales increasing by 10.3 per cent at the end of the first quarter. Meanwhile, quarter totals for listings of single-family homes remain 8.3 per cent lower, resulting in a tightening of supply. The benchmark price reached $433,500, while the MLS® Home Price Index points towards a price growth of 3.6 per cent compared to last year.


The apartment condominium market continues to exhibit lower sales, with 782 sales recorded in the first quarter of 2012, a decline of 2.1 per cent compared to last year. However, March sales activity did post a 7.2 per cent gain over last year and is closer in line with typical March sales in this sector. Overall market conditions continue to favour the buyer.


If you have any questions, please dont hesitate to contact a member of our team!
 ]]> </description>
            <pubDate>Mon, 02 Apr 2012 18:31:08 -0500</pubDate>
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            <guid>http://www.veerrealestate.com/blog/rising-sales-activity-seen-in-calgary.html</guid>
            <link>http://www.veerrealestate.com/blog/rising-sales-activity-seen-in-calgary.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Rising Sales Activity Seen in Calgary</title>
            <description> <![CDATA[ 
According to the data released by the Calgary Real Estate Board, sales activity has improved across all residential sectors when compared to a year ago. February 2012 saw sales activity in the metro Calgary area up by nearly 12 percent compared to February 2011.


Bob Jablonski, CREB President: “City sales were boosted by a lot of activity in the last week of the month, this points towards the improvements that we expect to see in our spring market activity.”


Single family sales and townhouse sales drove sales figures upwards in the city of Calgary, while condo apartments continue to lag in volume of sales. There were 1,284 single-family homes sold in February 2012, a 10.9-per-cent increase over last-year figures, and a 5.6-per-cent year-to-date increase. Townhouses gained 11.4 per cent year-over-year in February sales.


“More selection and a wider range of prices have drawn consumers to the condominium townhouse and single family markets,” says Jablonski.  “As is the case with all property types, we saw modest price improvements compared to February last year, but overall levels remain below peak pricing.”


With a year-over-year decline of over 10 percent, there are fewer new city listings coming to the market. Inventories also fell by 8.5 per cent over last year’s figures, with a total inventory of 4,736 for the month.  


Within the city of Calgary, the decline in new listings, combined with improving sales, contributed to reduced inventory levels, pushing absorption rates for single-family and condominium townhome markets into balanced territory.  However, the condominium apartment inventories rose and sales activity weakened, keeping the market in buyer’s territory.


Pricing showed modest improvement in February 2012 over January, with the single-family MLS® Home Price Index increasing by 1.0 per cent after several months of relatively flat pricing. Single-family prices rose by 3.2 per cent over February 2011.  



 ]]> </description>
            <pubDate>Thu, 01 Mar 2012 18:09:39 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/calgary-population-growth-expected-to-fuel-housing-demand.html</guid>
            <link>http://www.veerrealestate.com/blog/calgary-population-growth-expected-to-fuel-housing-demand.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Calgary Population Growth Expected to  Fuel Housing Demand</title>
            <description> <![CDATA[ 
The 5 Fastest Growing Metropolitan areas in Canada:






Calgary 			


12.6%




Edmonton


12.1%




Saskatoon


11.4%




Kelowna


10.8%




Moncton


9.7%






Yesterday, Statistics Canada reported that the Calgary metropolitan area had the highest rate of population growth in the country at 12.6 per cent between 2006 and 2011. The city now boasts a population of more than 1.2 million.


While industry experts dont expect the cycle to mimic the frenzy of 2006, there is little doubt that the population growth will lead to increased MLS sales and new home construction. 


Ann-Marie Lurie, chief economist for the Calgary Real Estate Board, said the growing population will help support increased demand for housing in the resale market. “In the resale market, especially moving forward, we think this will also help really take up some of that inventory that is in the market because we had some out-migration in the past few years. 2010 in particular, in-migration levels were extremely slow and so that impacted our housing market as well,” said Lurie.



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            <pubDate>Fri, 10 Feb 2012 10:59:31 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/inspecting-the-home-inspector.html</guid>
            <link>http://www.veerrealestate.com/blog/inspecting-the-home-inspector.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Inspecting the Home Inspector</title>
            <description> <![CDATA[ 
I am sitting at a home inspection in South Calgary and wanted to remind our readers of the recent rule changes regarding home inspectors in Alberta. Provincial legislation enacted in September of 2011 now requires that everyone performing a home inspection must now be licensed. 


The Home Inspection Business Regulation,requires all home inspection businesses and individual inspectors be licensed by the provincial government. To qualify for a licence, inspectors must have successfully completed training from an educational institution approved by the provincial government and pass a test inspection, or hold a Certified Master Inspector or Registered Home Inspector designation. 


According to Service Alberta, Alberta consumers, home inspectors, and the real estate industry all indicated widespread support for regulation during public consultation by the government.


The regulation also provides additional protection for homebuyers:




requiring home inspection businesses carry errors and omission insurance in case an inspector makes a mistake or is negligent;


requiring home inspection businesses post a security to cover consumer losses if the regulation is not followed;


establishing what parts of a home and property must be included in a home inspection; and


prohibiting contract clauses that limit the liability of the business and inspectors.




For more information or to find out if your home inspector is licensed, please contact us!
 ]]> </description>
            <pubDate>Thu, 09 Feb 2012 11:23:39 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/cmhc-backing-fewer-loans.html</guid>
            <link>http://www.veerrealestate.com/blog/cmhc-backing-fewer-loans.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>CMHC Backing Fewer Loans</title>
            <description> <![CDATA[ 


According to an article in the Financial Post, Canada Mortgage and Housing Corp. is cutting back on mortgages it insures as the Crown corporation edges closer to a $600-billion cap imposed on it by the federal government. 


Following the third-quarter, a CMHC spokesman confirmed that the agency had committed to back $541 billion in mortgages. The CMHC guarantees high loan to value ratio mortgages held by financial institutions and is backed by the federal government. “CMHC has recently received an unexpected level of requests for large amounts of CMHC portfolio insurance.” said Charles Sauriol, a spokesman for the Crown corporation.


Financial institutions are required to have mortgage-default insurance when a consumer has less than 20% equity. However, the banks have been seeking insurance on loans with even high downpayments — something not required by law — so they can securitize those bulk lending loans, thereby getting them off their balance sheets and reducing their capital requirements. In those cases in which the loans to value is less than 80%, the bank pays the insurance charge instead of the consumer.


It is worth noting that the $600 billion loan limit was increased from $450 billion, just 3 years ago. 


What does this mean to you? In particular, what does this mean to you as a taxpayer? 


The risk to a taxpayer, in my opinion, is small. Canadian mortgage defaults are well below 1%. The CMHC holds a substantial cash reserve to cover any small downturn on the market. On the other hand, there are doomsayers out there that propose we could see a U.S. style meltdown if CMHC failed to cover those defaults and Ottawa was on the hook for any shortfall. 


At the time of writing this post, the CMHC has made no indication that it will seek an increase to its limit. In the event that they do, it could be interesting to hear a respose from Bank of Canada Governor Mark Carney and Finance Minister Jim Flaherty who have been carefully scrutinizing the Canadian housing market. 


 


 ]]> </description>
            <pubDate>Fri, 03 Feb 2012 18:02:52 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/typical-january-for-calgary-real-estate.html</guid>
            <link>http://www.veerrealestate.com/blog/typical-january-for-calgary-real-estate.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Typical January for Calgary Real Estate</title>
            <description> <![CDATA[ 
Home sales in the City of Calgary are off to a slow start as buyers show continuing caution, according to figures released today by CREB®.


 


“Overall, the market is behaving as expected for the winter season,” says Bob Jablonski, president of CREB®.


 


The year-over-year volume of residential sales in the City of Calgary dropped, but the inventory of available homes declined even faster in January 2012.


 


The City of Calgary residential market recorded 1,078 sales in January, nearly one per cent below the same month in 2011. This is in part related to the drop in new listings, which declined by 8 per cent over January 2011, causing inventory levels to continue to contract over 2011.


“A lower number of sales is not uncommon for the month of January,” says Jablonski. “The number of sales is offset by the number of listings, ultimately pushing the housing market towards a balanced market territory.”


 


The single-family market recorded a one-per-cent drop in sales over last year levels, while the condominium market recorded a one-per-cent gain.  However, the decline in new listings in the single-family market was much higher than the condominium market, with a year-over-year decline of 11 per cent and 6 per cent, respectively. 


 


“As presented in our housing forecast report, a slow start to the year is anticipated, as consumers continue to be cautiously optimistic regarding purchasing and/or listing their home,” says Jablonski.


 


The average price of single-family homes in January 2012 was $438,683, a 3-per-cent drop over last year, and over December 2011.  Meanwhile, median prices in the single-family market remain relatively stable over last month at $395,000, while posting a 1-per-cent gain over the previous year. 


 


“The price changes are related to the composition of what was sold.  The rise in the median price was likely due to the increase in the number of homes sold in the $450,000-$549,999 category, as this category recorded a significant jump in activity in January.  The decline in average price is due to the rise in sales in the under-$300,000 category, as well as the decline in the number of homes sold in the upper-price ranges,” Jablonski explains. 


 


The condominium market continues to favor the buyer; however, this market is trending towards balance.  The average and median price of condominiums for the month of January 2012 were $268,526 and $245,000, respectively.  This corresponds to a 7-per-cent decline in average prices and a 4-per-cent decline in median prices.


 


“Last January, there was a significant jump in sales in both the $600,000+ price range and the under-$200,000 price range in condominiums.   For January 2012, while sales under $200,000 remain strong, there has been an increase in activity in the $200,000-$299,999 price range, mostly at the expense of the condominiums priced above $400,000. This explains the significant decline in condominium prices,” Jablonski concludes.
 ]]> </description>
            <pubDate>Wed, 01 Feb 2012 12:44:10 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/stable-pricing-providing-opportunities-for-buyers.html</guid>
            <link>http://www.veerrealestate.com/blog/stable-pricing-providing-opportunities-for-buyers.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Stable Pricing Providing Opportunities for Buyers</title>
            <description> <![CDATA[ 
According to figures released today by CREB® (Calgary Real Estate Board), Calgary residential sales in November increased eight per cent over last year, at 17,538 after the first 11 months of the year. 


 


While sales activity tends to taper off in the winter months, so far this year Calgary area sales remain significantly stronger than levels recorded last year. Single family home sales totaled 962 for the month, an increase of eight per cent from November 2010. Meanwhile, year-to-date sales totaled 12,464, a 10 per cent increase over last year. Over the long term, however, sales remained a tepid 17 per cent below the 10 year average. 


 


“Despite any global economic cautions, consumers are actively seeking well priced listings in the market, a reflection of their positive long term outlook for the city,” says Sano Stante, president of CREB®. “Following two years of employment losses, the current growth in jobs is translating into improvements in the housing sector and a more optimistic consumer.”


 


November listings have edged down over last year’s levels, decreasing by two per cent. Lower listings combined with the increase in sales helped reduce the months of inventory to less than four months. 


 


The year-to-date average and median price of single family homes were a respective $467,140 and $406,500. Overall, prices remain relatively flat compared to last year. 


 


“This stable pricing provides an opportunity for buyers in our market. The addition of historically low interest rates, combined with a good selection of inventory, makes it a trifecta,” Stante says. “With positive wage growth in the wind, this is a signal, and a reminder, that this market opportunity will not remain forever.”


 


Condominium sales for the first 11 months of the year totaled 5,074, a five per cent rise over the same period last year. Inventory levels declined to 1,676 units, helping push down the months of supply. 


 


“The rise in condominium sales can be attributed to the confidence in the market, and is typical of this phase of a normal market recovery,” says Stante.


 


Condominium year-to-date average and median prices in 2011 were $287,545 and $261,500, respectively, a decline over the first 11 months of 2010, mostly due to increased sales in units priced under $200,000. 


 


“Calgary continues to record impressive employment growth and long term fundamentals remain strong,” Stante concludes. “The strength in our economy, combined with affordability levels that outperform most major centers, will continue to attract migrants to the city and spur further growth in our Calgary housing market.”
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            <pubDate>Fri, 02 Dec 2011 09:02:21 -0600</pubDate>
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            <guid>http://www.veerrealestate.com/blog/calgary-townhomes-for-sale.html</guid>
            <link>http://www.veerrealestate.com/blog/calgary-townhomes-for-sale.html</link>
            <author>shane@veerrealestate.com (Shane Melanson)</author>
            <title>Calgary Townhomes For Sale</title>
            <description> <![CDATA[ If you are looking for a Townhouses in Calgary, I've created a report- "The 7 Most Expensive Mistakes Buyers Make When Buying a Townhome".  You can request it just by contacting me at shane@veerrealestate.com

I understand which mistakes most buyers make when looking to buy a town home in a new complex. Something as simple as reviewing the minutes of meetings can 
tell you alot about your neighbors.


 


Whether you are looking to downsize (as many empty Nester's are these
 days) or are a first time home buyer (newly married or just starting 
your family) buying a townhouse can be an excellent investment.  My 
caution to you is this- understand what you are getting into before you 
buy. 


 It is too late to find out that the condo board is voting in 2 
weeks to not allow dogs over 85lb's in the complex.  Or that the decks 
in the complex are being replaced and condo fees will jump 50% next 
year.


I've also created a comprehensive list of town-homes in Calgary- so
 when a new home hits the market you'll see it.  If you'd like to be 
notified the minute they hit the MLS there is a form you can fill in.  Its not necasary but its an option if your serious about finding your next home (townhome).
 ]]> </description>
            <pubDate>Thu, 20 Oct 2011 14:31:38 -0500</pubDate>
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            <guid>http://www.veerrealestate.com/blog/homebuyer-confidence-holds-steady-despite-global-turmoil.html</guid>
            <link>http://www.veerrealestate.com/blog/homebuyer-confidence-holds-steady-despite-global-turmoil.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Homebuyer Confidence Holds Steady Despite Global Turmoil</title>
            <description> <![CDATA[ 
According to figures released today by CREB® (Calgary Real Estate Board), residential sales continued to gain momentum in Calgary this year, totaling 14,832 after the first three quarters, a seven per cent per cent rise over last year.


 


“Despite recent turmoil in the global economy, Calgarians are showing confidence in the long term prospects for the city and are taking advantage of affordable and stable home prices,” says Bob Jablonski, president-elect of CREB®.


 


“Undoubtedly, there are a lot of unknowns in the world’s current financial situation, but Calgary and Alberta may be relatively safe havens amidst this uncertainty.   Granted, gains in the housing market have been very gradual—but we are seeing signs of improvement. Our province’s growth is expected to outperform the national average, and this will help buoy consumer confidence in Calgary and Alberta.”


 


Single family home sales totaled 1,036 for the month of September, 2011, an eight per cent increase over last September. Year-to-date sales totaled 10,518 units a 10 per cent increase over last year. Monthly gains in listings brings inventory to 4,753 units, a level still lower than the previous year.


 


“Clearly there is a market for well priced listings. In particular, we are seeing strength in detached single family home sales. Relative affordability in this market has meant these homes are selling faster than condominiums and townhouses,” says Jablonski. 


 


“And single family homes are selling closer to asking price—suggesting that homes will move in this market, when priced right,” added Jablonski.


 


The average price of single family homes for the month of September, 2011 was $466,167, while the median price was $400,000. Jablonski indicated that while prices have marginally improved compared to September 2010 figures, on a year-to-date bases both the average price and median price have remained relatively stable.


 


After the first three quarters of this year, condominium sales totaled 4,314, a two per cent rise over the same period last year. “While the increase is modest, it is a move in the right direction,” noted Jablonski, adding that a boost in condominium sales, along with a lower number of listings is helping to tighten this market. At the end of September, 2011, condominium inventories totaled 2,008 units compared to 2,204 units recorded in September 2010.


 


Average condominium prices reached $299,508 in September, 2011, appearing to record a significant increase. However, the increase in price is not caused by a general price rise, but has been pushed up by a $4 million plus sale. In fact, both the median price of $260,000 and the year-to-date figures continue to trend lower than figures recorded last year.


 


“The recent news of financial turmoil may be a shot across the bow for the world economy, but Calgary and Alberta are relatively safe harbours in the storm,” concludes Jablonski. 


 


“Calgary continues to add full-time jobs to the economy, and migration is moving in the right direction. These are positive factors that will give momentum to our housing market and give wind to the sails of Calgary’s economy.”
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            <pubDate>Mon, 03 Oct 2011 15:01:01 -0500</pubDate>
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