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Evanston Open House!
On Saturday, October 15, 2016, I will be hosting an open house at 477 Evanston Drive NW from 1.00pm – 3.00pm. Come by to check out this gorgeous, entirely finished home featuring over 2000 square feet of living space.
Quick Details:
– Listed at $465,000
– 1484 Square Feet
– 4 Bedrooms
– 3.5 Bathrooms
– Double Detached Garage
Check out the full listing details here.
As always, if you have any questions you would like answered before Sunday, feel free to give me a call at 403.703.1052.
See you soon!
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403.703.1052
Changes to Mortgage Insurance Rules
October 17, 2016 is a critical date – changes to mortgage insurance rules were announced by the federal government and will take effect that day.
Mortgage insurance rules will change to require all insured mortgages (anything less than a 20% down payment) to undergo a ‘stress test’ from the lender. That test will require the buyer to qualify for a mortgage at the Bank of Canada posted rate, currently 4.64%, even though they would still receive the contract rate.
The buying power of the client will be lowered by the need to qualify at the higher rate.
Example (as provided by a mortgage professional)
Family A is qualifying for a mortgage using the following information:
| Current Annual Family Income | $87,000 |
| Household Debt Payments | $700 per month |
| Property Tax Payments | $3,000 per month |
| Down Payment | 5% |
| Mortgage Rate | 2.49% |
Result:
- Qualifying for a mortgage today, Family A qualifies for a purchase price of $450,000.
- Qualifying for a mortgage after October 17, 2016, given the need to qualify at the Bank of Canada rate of 4.64%, Family A qualifies for a purchase price of $360,000.
If you are looking to purchase soon, I highly recommend speaking with a mortgage professional about your circumstances. In many cases, the changes will affect your buying power and adjustments may need to be made to your search criteria.
Accepted Offers to Purchase signed before October 17, 2016 will qualify under the current rules provided that the mortgage is funded by March 1, 2017.
As always, if you have any questions you would like answered or are looking for a recommendation on a mortgage broker, feel free to give me a call at 403.703.1052.
Sarah Paranych, REALTOR®
Century 21 Bamber
linktr.ee/yycrealtor
sparanych@outlook.com
403.703.1052
CREB® Statistics – Detached Prices Stabilize in Soft Market
The Calgary Real Estate Board (CREB®) has released their statistic report for September. A couple of quick statistics to take away from the article:
- Residential inventory levels totaled 5,877 in September, 5 per cent higher than last year
- Benchmark detached price in Calgary $503,400, a year-over-year decline of 3.3 per cent
- Condominium apartment benchmark price average $274,700, a year-over-year decline of 6.75 per cent.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.
New listing levels starting to match sales
The segment of Calgary’s housing market with the greatest influence on the overall market is showing signs of pricing stability. The detached benchmark price totaled $503,400 in September, which is 3.3 per cent below last year, but the second consecutive month at this price level.
While overall economic conditions remain soft, for now the detached sector is demonstrating some steadiness in terms of pricing.
“The decline in demand has caused many to anticipate steeper price declines for detached homes,” said CREB® chief economist Ann-Marie Lurie. “That hasn’t happened in large part because detached supply levels haven’t climbed as sharply as many expected. There was a limited amount of supply in the overall market when this cycle began, and while levels did rise and remain somewhat elevated, they were well below previous highs.”
The level of detached new listings also eased compared to last year, helping push down year-over-year inventory levels for the second consecutive month.
“Consumers are really starting to come to terms with the current environment,” said CREB® president Cliff Stevenson. “Most sellers have adjusted their expectations at the same time that many buyers are realizing the price of a home is influenced by factors like location, supply in specific price ranges and condition of the property.”
Residential inventory levels totaled 5,877 in September, five per cent higher than last year, due to gains in both the apartment and attached sectors. City-wide months of supply neared four months, but ranged from a low of three months in the detached sector to a high of eight months in the apartment sector.
Sales were equally inconsistent, improving by four percent in the detached market while declining by 23 percent in the apartment sector. Nonetheless, in every category, sales activity year-to-date sales activity has declined over levels recorded last year and remains below long-term averages.
The resale apartment market has recorded large inventory gains and a sharp pull-back in sales. This, combined with additional competition from new builds, is resulting in steeper price adjustments in this sector.
Condominium apartment prices totaled $274,700 in September, 0.1 per cent below last month and 6.8 per cent below last years’ price.
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary Region monthly stats package.
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052
Evanston Open House!
On Sunday, September 30, 2016, I will be hosting an open house at 477 Evanston Drive NW from 1.00pm – 3.00pm. Come by to check out this gorgeous, entirely finished home featuring over 2000 square feet of living space.
Quick Details:
– Listed at $475,000
– 1484 Square Feet
– 4 Bedrooms
– 3.5 Bathrooms
– Double Detached Garage
Check out the full listing details here.
As always, if you have any questions you would like answered before Sunday, feel free to give me a call at 403.703.1052.
See you soon!
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403.703.1052
Just Listed – 477 Evanston Drive NW
Just listed today, 477 Evanston Drive NW, a gorgeous, entirely finished home featuring over 2000 square feet of living space.
Quick Details:
– Listed at $475,000
– 1484 Square Feet
– 4 Bedrooms
– 3.5 Bathrooms
– Double Detached Garage
Upon entering your new home, you are welcomed into an inviting living room with hardwood throughout the main floor. The large kitchen, complete with a tech centre, has been fully upgraded with an over-sized island, granite countertops, and stainless steel appliances.
Retreat to your master bedroom featuring a large walk-in closet and ensuite bathroom. The ease of laundry is right down the hall complete with a folding station! Two additional bedrooms, and a full bathroom offer a generous finish to the second floor.
The basement is fully finished with a fourth bedroom, third full bathroom, a rec space, and wet bar!
To top it all off, the backyard is entirely landscaped with a two-tiered deck and a double detached garage. Evanston Towne Centre and Creekside Shopping Centre only minutes away, with Sobeys, Shoppers Drug Mart, Starbucks, and more!
Furniture package included, contact me for more details.
Check out the full listing details for 477 Evanston Drive NW.
Call today to book a private viewing!
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403.703.1052
CREB® Statistics – Housing Market Tells Different Stories in August
The Calgary Real Estate Board (CREB®) has released their statistic report for August. A couple of quick statistics to take away from the article:
- On average, this year benchmark prices declined by 2.6 per cent for semi-detached product compared to the 5.7 per cent decline in row style properties
- Benchmark detached price in Calgary $503,200, a year-over-year decline of 3.3 per cent
- Condominium apartment price average $274,900, a year-over-year decline of 7 per cent.
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.
Detached versus higher-density segments paint different pictures of health
Overall resale residential housing sales activity in Calgary was down again in August, totalling 1,567, reported CREB® in its monthly housing summary.
However, the organization noted this figure does not reflect the big differences in activity between the detached sector, versus the high density apartment and attached segments of the market.
“While overall sales have eased for detached homes, so too has the amount of new listings on the market preventing inventories from reaching previous highs and limiting the downward pressure on pricing,” said CREB® chief economist Ann-Marie Lurie. “This is not the case in both the attached and apartment sectors which have recorded inventory levels near August highs.”
The detached benchmark price totaled $503,200 in August, 3.3 per cent below last year, but similar to levels recorded last month, noted CREB®. Meanwhile, condominium apartment prices continue to decline totaling $274,900 in August, seven per cent below last year and are at levels comparable to figures reported at the end of 2013.
Price declines were higher in the apartment sectors, due to the more pronounced imbalance between supply and demand, said CREB®. On average, apartment inventories rose to levels well above historical norms. At the same time, sales are at their weakest level since 2003 causing months of supply to average over six months so far this year.
“It is very important for both buyers and sellers to pay close attention to the data in their particular area, segment, and price point,” said CREB® president Cliff Stevenson. “We are clearly seeing a significant difference in the performance between our detached, and our attached and apartment segments of the market, making it very difficult to use city-wide housing data for decision making purposes in today’s market.”
In its release, CREB® noted trends in the attached segment of the market tend to resemble the apartment sector. However, the extent of the pullback was not as severe in the attached sector mostly due to the semi-detached product within this segment. On average, this year benchmark prices declined by 2.6 per cent for semi-detached product compared to the 5.7 per cent decline in row style properties.
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052
CREB® Statistics – Demand down with net migration
The Calgary Real Estate Board (CREB®) has released their statistic report for July. A couple of quick statistics to take away from the article:
- Overall sales in July 1,741 units, a year-over-year decline of 12.6 per cent
- Benchmark detached price in Calgary $502,300, a year-over-year decline of 3.4 per cent
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.
Prices similar to last month, down more than four per cent from last year
In step with City census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.
“Continued pullback of sales activity is a sign of economic conditions,” said CREB® chief economist Ann-Marie Lurie. “The number of unemployed workers keeps rising and when you combine job losses with declining net migration, the result is going to be weaker housing demand.”In step with City census data on declining net migration levels, housing sales activity totaled 1,741 units in July, a 12.6 per cent decrease over last year and the 20th consecutive month of year-over-year sales declines.
Slower sales were accompanied by declining new listings in July. This helped prevent further inventory gains and minimize the downward pressure on benchmark prices. By months end, the residential benchmark price was $440,000, similar to last month, but 4.2 per cent below July figures from the previous year.
While detached prices seem to be leveling, this is not the case for all property types. With over six months of inventory in the apartment sector, oversupply continues to create steep price declines.
The apartment benchmark price totaled $277,000 in July, a 0.4 per cent decline over the previous month and 6.6 per cent below last year’s levels.
City-wide benchmark prices for detached product totaled $502,300 in July, which is similar to last month, but 3.4 per cent lower than last year’s levels. Meanwhile, semi and row attached product recorded a year-over-year decline of 3.1 and 5.5 per cent for July prices of $385,200 and $310,300.
“To buyers and sellers that have been paying attention to the housing market in Calgary and surrounding areas, it should come as no surprise that we continue to see a slowdown in sales activity,” said CREB® president Cliff Stevenson. “Buyers are expecting further declines in sold prices, and sellers are adjusting to softer demand with price decreases. When these expectations intersect, we’re seeing sales activity in the market, but not at the level realized over the last several years.”
Click here to view the full City of Calgary monthly stats package.
Click here to view the full Calgary Region monthly stats package.
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052
Sage Hill and Garrison Green Open House!
This weekend I’m hosting two open houses!
On Friday, July 28, 2016, I will be hosting an open house at #1211, 450 Sage Valley Drive NW from 4.00pm – 7.00pm. Come by to check out this gorgeous, second floor, corner condo in Sage Hill offering plenty of living space in a bright, contemporary setting.
Quick Details:
– Listed at $299,900
– 882 Square Feet
– 2 Bedrooms
– 2 Bathrooms
– Underground Parking
Check out the full listing details here.
On Saturday, July 29, 2016, I will be hosting an open house at 258 Mike Ralph Way SW from 1.00pm – 3.00pm. Come and view this luxurious 3-storey townhouse in Garrison Green.
Quick Details:
– Listed at $639,900
– 1766 Square Feet
– 3 Bedrooms
– 3.5 Bathrooms
– Double Detached Garage
Check out the full listing details here.
As always, if you have any questions you would like answered before the weekend, feel free to give me a call at 403.703.1052.
See you soon!
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403.703.1052
CREB® Statistics – Home Prices Down, Not Out
The Calgary Real Estate Board (CREB®) has released their statistic report for June. A couple of quick statistics to take away from the article:
- Overall sales in June 2,028 units, a year-over-year decline of 7 per cent
- Benchmark detached price in Calgary $502,400, 0.4 per cent incline over last month, however, a year-over-year decline of 3.4 per cent
For the full report, continue below. As always, if you’re interested in finding out what these statistics mean for you and your specific property, feel free to get in touch with me at any time; sarah.paranych@century21.ca or 403.703.1052.
Resiliency in the detached and semi-detached markets temper price fluctuations
Calgary home prices continue to slide in most areas of the market, but not at the rate that many might expect, reported CREB® in its June housing summary. (Click here for the full report.)
CREB® partly attributed June’s stats to resiliency in the detached and semi-detached sectors of the market, where sales compared to new listings and standing inventory started returning to more balanced levels.
“The detached market has been gradually moving towards more balanced conditions, helping to prevent price levels from declining at the faster rates we saw in the previous two quarters,” said CREB® chief economist Ann-Marie Lurie. “While this is welcomed news for sellers, it’s very likely that pricing challenges will persist in the housing market until economic conditions start to improve.”
Detached benchmark prices totaled $502,400, which is 0.4 per cent higher than last month, but 3.4 per cent lower than last year’s levels, said CREB®. This is the first time in eight months that detached prices recorded a monthly gain, helping ease the quarterly decline from 2.2 per cent in the first quarter to 0.7 per cent in the second quarter.
“THE PRICE ADJUSTMENTS THAT WE’VE SEEN IN THE PAST YEAR HAVE ALLOWED SOME BUYERS TO GET INTO HOMES THAT WERE PREVIOUSLY UNATTAINABLE.”
Overall sales activity remained relatively weak in June, falling by seven per cent to 2,028 units, reported CREB®. Inventory levels went in the other direction and continued to climb in June to 5,973 units, 16 per cent higher than last year.
Both the attached and apartment segments of the market have recorded inventory gains around 30 per cent, far greater than the year-over-year increase of five per cent in the detached sector, noted CREB®.
Higher inventories and weaker demand continued to have a larger impact on pricing in the apartment and row sectors. June apartment prices slid by another 0.1 per cent over last month, pushing the average year-to-date benchmark price down 5.3 per cent below last year.
Attached product experienced a monthly slide of 0.3 per cent, mostly due to steeper price declines in row style product.
“The price adjustments that we’ve seen in the past year have allowed some buyers to get into homes that were previously unattainable,” said CREB® president Cliff Stevenson. “This is especially true for homeowners with financial stability and a good amount of equity in their home. With so much choice out there, it’s giving consumers an opportunity to find their ideal home at a price they can afford.”
Other updates from June’s housing market:
- Overall year-to-date sales declined across all areas of the city. However, we continue to see detached sales growth in the City Centre, West and North West areas of the city.
- Despite some recent quarterly improvements, most districts have recorded year-to-date price declines for each property type, relative to last year.
- Price declines have been highest in the City Centre, North West and West districts of the city this year.
- City-wide June inventory gains were limited to product priced under $600,000.
- YTD apartment and row sales have declined by 21 and 16 per cent. In comparison, the detached and semi-detached market declined by 6.4 and 4.4 per cent.
Click here to view the full City of Calgary monthly stats package.
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403-703-1052
South Calgary Open House!
On Sunday, July 3, 2016, I will be hosting an open house at 1734 32 Avenue SW from 1.00pm – 4.00pm. Come by to check out this gorgeous 2-storey, 1912 home! One of my excellent mortgage specialists, Becky Money, will also be in house and available to answer any of your financing questions.
Quick Details:
– Listed at $512,500
– 1227 Square Feet
– 2 Bedrooms
– 1 Bathroom
– Double Detached Garage
Check out the full listing details here.
For more information on mortgaging with Becky Money, visit here.
As always, if you have any questions you would like answered before Sunday, feel free to give me a call at 403.703.1052.
See you soon!
Sarah Paranych
sellingcalgaryproperties.com
sarah.paranych@century21.ca
403.703.1052
