<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
    	<atom:link href="http://www.veerrealestate.com/blog/rss/" rel="self" type="application/rss+xml" />
        <title>Real Estate Blog</title>
        <link>http://www.veerrealestate.com/blog/</link>
        <description></description>
        <item>
            <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.



 ]]> </description>
            <pubDate>Fri, 10 Feb 2012 10:59:31 -0600</pubDate>
                    </item>
        <item>
            <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>
                    </item>
        <item>
            <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>
                    </item>
        <item>
            <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>
                    </item>
        <item>
            <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.”
 ]]> </description>
            <pubDate>Fri, 02 Dec 2011 09:02:21 -0600</pubDate>
                    </item>
        <item>
            <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>
                    </item>
        <item>
            <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.”
 ]]> </description>
            <pubDate>Mon, 03 Oct 2011 15:01:01 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.veerrealestate.com/blog/homebuyers-take-advantage-of-affordability-choice.html</guid>
            <link>http://www.veerrealestate.com/blog/homebuyers-take-advantage-of-affordability-choice.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Homebuyers Take Advantage of Affordability &amp; Choice</title>
            <description> <![CDATA[ According to figures released today by CREB® (Calgary Real Estate Board), sales for upper-end homes are above the pace set a year ago. As of Wednesday August 31, there were 948 single family sales over $700,000 recorded this year, compared to 779 reported for the same period in 2010. At the same time, sales for condos priced below $200,000 also received a boost, pointing to a growing number of first-time homebuyers taking advantage of affordability and low mortgage rates. There were 834 condo sales below $200,000 this year compared with 596 for the same period in 2010. “We are seeing a lift in sales at both ends of the market,” says Sano Stante, president of CREB®. “Improving economic conditions coupled with affordability and price stability has given Calgary a boost in buyers for upper-end homes and entry level condos.” According to figures released today by CREB® (Calgary Real Estate Board), the year to date average price for single family resale homes reached $468,051, a one per cent rise over last year. Condominium prices continue to remain one per cent lower than last year’s figures with an average price of $288,167 after the first eight months. The 2011 year to date median price of single family and condominium homes were a respective $410,000 and $263,000.  “When looking at Canada’s major cities, Calgary is one of the most affordable regions for homeownership in the country,” says Stante. “Buyers are benefiting from improved selection at all price ranges in the market. In fact, nearly half of all single family homes sold year to date were priced below $400,000. Well priced properties seem to be moving in this market.” The single family market recorded 1,106 sales in the month of August 2011. This is an increase of 28 per cent when compared to August 2010 sales, which were the lowest levels of August sales since 1994. Year to date sales of 9,485 are 10 per cent higher than last year’s figures.  Single family inventory levels reached 4,573 in August, a nine per cent decline over last year’s levels. The recent rise in listings was counteracted by robust sales, keeping absorption levels at four months compared to the six months recorded in August 2010. As in the single family market, condominium inventories of 1,997 were lower than last year’s levels. The market conditions have changed significantly as inventory levels continue to decline. Recent improvement in sales, combined with lower listings, has resulted in a year over year decline in the months of supply. Condominium sales amounted to 468 units in August 2011, with a year to date total of 3,885 similar to levels recorded in the first eight months of 2010.  Stante states “With Calgary’s energy sector slated to grow, it is expected to lift the city’s employment, income and in-migration, and in turn help contribute to growth in the resale market. We expect price growth to improve as we approach the end of 2011 and move into 2012.”   ]]> </description>
            <pubDate>Thu, 01 Sep 2011 13:38:04 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.veerrealestate.com/blog/calgary-housing-market-on-road-to-recovery.html</guid>
            <link>http://www.veerrealestate.com/blog/calgary-housing-market-on-road-to-recovery.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Calgary Housing Market on Road to Recovery</title>
            <description> <![CDATA[ According to figures released today by CREB® (Calgary Real Estate Board), residential sales continue to trend towards recovery.  After the first seven months of the year, single family and condominium sales totaled 11,798, a 5 per cent increase over the previous year.  While the improvements signal market recovery, overall sales levels remain 17 per cent below the 10-year average for this period. “The recent rise in average days on market, especially in the single family sector, shows that while properly priced homes are selling quickly, over-priced listings remain on the market for a longer period of time. Improving market conditions may have signaled some sellers to be overly optimistic regarding pricing, resulting in a disconnect between seller and buyer expectations,” says Sano Stante, president of CREB®.  Single family sales for July 2011 were 1,153, with a total of 8,380 sales for the first seven months of 2011, an 8 per cent increase over the same period last year.  Meanwhile, year-to-date listings continue to remain lower than last year, resulting in inventories trending lower than last year as well.  Overall months of supply remain around four months within a balanced range. “A good selection of housing inventory, combined with positive economic fundamentals, is encouraging buyers into the market,” says Stante.  “Buyers are still quite value conscious, and in the current market are able to take advantage of the range of selection in a stable price environment.” Condominium sales continued to bounce back this month.  July 2011 condominium sales total 453, a 14 per cent rise over last year, while year-to-date sales remain 3 per cent lower than the same period in 2010.  “Excess supply and lower demand have negatively impacted the condominium market over the past year,” says Stante. “Nevertheless, the recent pickup in sales, combined with fewer new listings, has gradually reduced inventory levels of condominiums, lowering the month’s supply of inventory from over six months last year to just above four months in July 2011.”  The average price of single family homes in July 2011 was $455,849 and the median price $409,000, similar to levels recorded in July of last year.  Condominium prices also remained at levels similar to the previous year.  “Interest rates will likely remain low for the remainder of the year.  This factor, combined with relatively stable housing prices and wage growth, will help support affordability levels and promote a healthy housing market in Calgary,” Stante concludes. ]]> </description>
            <pubDate>Tue, 02 Aug 2011 12:51:26 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.veerrealestate.com/blog/condo-home-sales-find-their-footing.html</guid>
            <link>http://www.veerrealestate.com/blog/condo-home-sales-find-their-footing.html</link>
            <author>jeff@veerrealestate.com (Jeff Jackson)</author>
            <title>Condo &amp; Home Sales Find Their Footing</title>
            <description> <![CDATA[ According to figures released today by CREB® (Calgary Real Estate Board), residential sales surged in the month of June 2011 to 1,979 units.  While this indicates a third more sales than June 2010, the year-to-date increase proved a moderate 2 per cent. Strong monthly increases does not imply a housing boom, as it is important to put into perspective that sales activity remains below long term averages.  While the single family market has shown signs of improvement throughout the first half of this year, this is the first time since April 2010 that condominium sales have recorded a year-over-year increase.    “Improved housing demand is being fueled by a younger demographic and, with the affordability of homes in Calgary, we are continuing to see young Calgarians pursue ownership over rentals,” says Sano Stante, president of CREB®.  “Historically, Calgary’s average family income has been higher than the national average and a younger more mobile demographic has been attracted to good paying professional jobs in Calgary.  As the economy continues to build momentum, we expect this same trend will support a balanced and healthy housing market in the second half of 2011 and into 2012.”    With 581 sales for the month of June 2011, the condominium market improved by 31 per cent over June of 2010, however year-to-date figures show a 5 per cent decrease over the same period last year.  “Condo sales bounced back this month, and we now have less than four months of supply on the market. Stronger condo sales, combined with a decline in inventory, will lend more balance to this market in the months to come,” says Stante. After the first half of the year, average prices of condominiums are still slightly lower than levels recorded last year, as more buyers bought condominiums under $200,000 in 2011 compared to 2010 for the same period.  “Buyers in this market expect value and many are taking advantage of some affordable buys in both the single family and condo markets. It highlights using a skilled REALTOR® to properly price your home for your unique market area,” says Stante.  The single family market recorded 1,398 sales in the month of June 2011.  This is an increase of 32 per cent when compared to June 2010 when 1,059 single family homes sold in the city of Calgary. With a total of 7,231 sales after the first half of the year, year-to-date single family sales are 6 per cent higher than last year.   “While new listings are still lower than levels recorded last year, the rate of decline has eased. With the market shifting to more balanced conditions in recent months, sellers are feeling more confident to list their home. Overall our absorption rate has remained relatively stable, staving off any significant rise in prices,” says Stante.  Year-to-date average price of a single family home in Calgary is $472,330, while the median price is $410,000, virtually unchanged over levels recorded in the previous year.  The distribution of sales by price range has not shown any significant shift compared to last year, pointing to continued stability in the market.  “After the first half of the year, it appears the recovery in the housing market is starting to find its footing.  This gradual leveling has been fueled by growth in employment, and in particular growth in full time jobs.  Improved job prospects, combined with an increase in the number of people moving to Calgary, will give lift to our housing market for the remainder of this year and into the next,” says Stante. ]]> </description>
            <pubDate>Mon, 11 Jul 2011 10:38:11 -0500</pubDate>
                    </item>
    </channel>
</rss>
