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By Joe Samson, Calgary REALTOR ®   If you are planning to sell your house this spring, and are disheartened by the amount of brand new homes for sale in your area, take heart! It seems the Government slide off more of our bucks than we probably realize, but at least one of these taxes could work in your favor.

A new report that has been commissioned by combined builder and broker mortgage associations has been be-wailing one big disadvantage when buying a new home. The Canadian Government will levy GST on a new home, whereas re-sale homes are exempt.

On an average house price this can add an extra $20,000 into the outlay. This is $20,000 that is not included in the asking price, it is an add on. Since the GST was introduced in 1991, house prices… Read Full Post

The annual winter lull in the real estate market means that the time is good for prospective buyers who like to take their time. With Canadian unemployment at a 33 year low, the real estate market looks like holding strong despite the U.S. housing crisis.

It is difficult for many of us Canadians to accept that while the U.S. real estate market may be floundering, the Canadian market is steady. In fact, due to the strength of our dollar and the weakness of the U.S. dollar against International currencies, many Americans are actually buying into Canada to preserve their funds, hence further driving up prices by increasing the demand for houses.

While coastal and lake areas would seem an obvious choice for American speculation, many are buying… Read Full Post

 

On January 18th, 2007 Calgary REALTORS® saw their efforts come to fruition with the completion of the 60 unit affordable housing facility, Crestwood, open and ready for move-in. This project, located in the Milligan-Ogden area, has been in the works since 2005, with the Calgary Real Estate Board’s Charitable Foundation partnering with the City of Calgary to raise funds. The CREB® Charitable Foundation raised over 1.6 Million toward the project.

Why did Calgary REALTORS® step forward? Because REALTORS® care about this city, the working poor population, and the community at large. REALTORS® meet their clients and get to know them on a very personal level. It isn’t just about getting a listing, signing a contract, and exchanging keys on possession day.…

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     "Two thousand and eight will be a good year and a year of opportunity for serious buyers and sellers," said Calgary’s newly elected, real estate board president Ed Jensen”. "Seeing a solid Alberta economy, strong employment, predictions of movements to past levels of net migration, I see the Calgary market moving closer to normal market conditions -- as normal as Calgary can be."   The average sale price of a single-family home in the city will flirt with the half-million-dollar mark this year, according to the Calgary Real Estate Board. Jensen said the MLS average will increase by five per cent this year to $495,800 while condominium prices will rise by six per cent to an estimated average of $335,300. Total sales will dip by five per cent for… Read Full Post

It seems there could be an exchange of property buying going on across the Canadian border. On the one hand Canadians are buying over the border in USA, and on the other hand Americans are opting to buy in the stronger Canadian realty market.

Although contradictory, both scenarios can make sound financial sense, depending on which logical trail you are following. According to American Dollar Index figures, the American dollar has dropped to its lowest rating since the Index started in the seventies. In the Index, the dollar is rated against six international currencies. There is speculation that this falling dollar may still continue downwards, causing some Americans to choose to hedge their bets and change some of their green back dollars into Canadian…

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The Calgary Real Estate Board’s Annual Forecast Conference and Tradeshow was held on Wednesday, January 16, at the Round-Up Centre with an exceptional attendance of 1,700 people.Ed Jensen spoke to the crowd about the Value of a Calgary REALTOR® and ended with his forecast for 2008.   What should we expect in 2008? The following provides some highlights of the 2008 forecast:   Listings in towns surrounding Calgary are expected to drop by 5 per cent over 2007, with an extimated total of 8,600. Sales in the same category will be 5 per cent lower than 2007, with an estimated sales number of 5,000. The average price of homes in the bedroom communities is expected to rise by 5 per cent to approximately $396,000.   Calgary’s condo market will see a 5… Read Full Post

 

The value of building permits in the city of Airdrie hit a record in 2007, soaring by 68 per cent over the previous year.

Construction value in 2007 totalled $454 million compared with $270 million in 2006. In 2005, it was $185.3 million.

A record 11,815 permits were applied for in 2007 against 9,443 in 2006, and city inspectors completed 23,866 inspections compared with 18,504 in 2006.

The strength in the provincial economy is a factor in Airdrie's boom, said Kent Rupert, planning and economic development team leader for the City of Airdrie.

"But I also think people are starting to look at Airdrie as an alternative to some of the other major urban centres, whether it's Calgary or Edmonton, because we're starting to have the support services…

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No one is really arguing that the boom in Calgary has tapered off in 2007. Okay, the medium price of a single family house has actually dropped about $32,523 from the peak in June. But why did it happen and what can we expect to see in 2008.

The best way to predict the future is by examining what happened in 2007. A lot of self declared real estate experts are now crying wolf that real estate in Calgary is done and finished. Two main reasons why they are saying this is due to the famous Royalty review of the Stelmach government and a more factual reason would be the 7.3% drop of real estate prices in the second half of 2007.

Let’s look at the situation from an optimistic point of view as well. Calgary’s real estate prices have increased by 10.54% since…

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