https://darrenhartel.ca/mortgages/current-rates/


This could be the perfect time to buy!

During the month of October Calgary did experience an increase in Real Estate sales.

So far this year prices remain well below previous highs

Inventory levels are at 4 months of supply.

 Interest rates for 3 year fixed are as low as 1.69% OAC.

A perfect storm for buyers, plenty of choices, well priced and low interest rates.


Click the link below for payment Calculator.


Now is the time! Call for more details.


Lionel Sale “the sale” First Place Realty 403-606-5586

https://darrenhartel.ca/mortgages/current-rates/

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Good Afternoon

Some good news for a change. I’ve attached the CREB Monthly stats, October sales of detached homes in Calgary was better than expected.

A 23% increase over last year. Year to date sales are 6% below last year’s levels. Taking into consideration what we have been through in 2020 this seems like a remarkable recovery.


Benchmark prices have trended upwards over the past 4 months. On a year to date basis we are still 1% below last year levels and 10% below previous highs, but still showing improvement.

Inventory levels fell below 3 months’ supply, this is a significant improvement from the 4 months supply recorded over the past few years.

This trend indicates it could be a perfect time for a “Move-up” as the market is stronger in the under $500,000 price range than in the $600,000 plus price range.


For buyers wanting to take advantage of the current market to add revenue property to their portfolio, prices of Multi-family properties are lower than previous years. Apartment Condos sales are down 30% from long term averages, prices remain 17% below previous highs.

For more details and community specific market information contact me, I can provide detailed information.

With many sellers feeling the pressure to sell, interest rates below 2% and prices at historical lows it could be a great time to buy. The Calgary market will bounce back.


https://www.creblink.com/-/media/Members/CREBLink/Statistics/Monthly/PDFs/City_of_Calgary_Snapshots/2020/10_2020_Calgary_Monthly_Snapshot.pdf

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Ready to start a new chapter?

Scale back and enjoy more leisure time.

Advantages: Easier to maintain, less yard work, in a condominium just lock-n-go, less time cleaning, lower utility costs.

Finding a new place to call home isn’t easy. Let’s meet over coffee, I can provide answers to many of your questions and put your concerns to rest.

It makes financial sense to downsize your home as you prepare for retirement. Over the years I’ve helped many clients make the change.

 I’ve also compiled a list of tips to make it easier.

Even if you’re only entertaining the idea of a move, I’m happy to share my in-depth knowledge of the market.


Let’s Talk

403-606-5586

View Adult Living listings at: www.50pluslivingcalgary.com

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IN THIS TIME OF THE PANDEMIC, WE ALL NEED TO DO OUR PART IN REDUCING THE SPREAD OF COVID-19. IT IS IMPORTANT YOU UNDERSTAND SOME THINGS ABOUT ME AND PRECAUTIONS I AM TAKING DURING THIS UNPRECEDENTED TIME IN ORDER TO BEST SERVE YOU. ON MARCH 11, 2020, THE WORLD HEALTH ORGANIZATION DECLARED THE OUTBREAK OF THE COVID-19 VIRUS A GLOBAL PANDEMIC. ON MARCH 17, 2020, THE GOVERNMENT OF ALBERTA DECLARED A PUBLIC HEALTH EMERGENCY REGARDING THE COVID-19 OUTBREAK. THE BROKERAGE ENCOURAGES STRICT COMPLIANCE WITH THE RECOMMENDATIONS PROVIDED BY BOTH THE ALBERTA GOVERNMENT AND THE GOVERNMENT OF CANADA REGARDING THE SPREAD OF COVID-19. 


First Place Realty and the Calgary Real Estate Board has provided detailed precautions regarding the showing of homes and allowing buyers to view homes during this time. These precautions are an effective way to keep everyone safe. 

Please contact me for a copy of : How to Conduct showings. & Prepairing home prior to showings. 

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  • April 17, 2020 
  • It is now official the amnesty period for secondary suites has been extended to December 2021. The city will be updating their website today. Anyone with an "illegal" secondary suite (basement) should take advantage of this extra time to make their suite legal, the city has stated there will be heavy fines for anyone operating an illegal suite after this date. I have some excellent contacts to help with the process of getting suites made legal, as well as contractors who are very familiar and experienced with work required. Feel free to contact me for more details.



 14/04/2020

City of Calgary website still has the following information posted:

What’s changing in 2020?

  • In June 2020, we will reinstate fees for the development permit ($471) and suite registry ($232).
  • All new secondary suites built after March 2018 must comply with the National Building Code - 2019 Alberta Edition. The most notable requirement is a second heating source, such as a furnace, for each unit. However, starting June 2020, owners of suites that existed before March 2018 should discuss their suite with a Safety Codes Officer regarding minimum life safety requirements and whether a second furnace will apply to them.
  • All secondary and backyard suites must be on our suite registry by May 31, 2020 in order to avoid fines.
  • April 17, 2020 
  • It is now official the amnesty period for secondary suites has been extended to December 2021. The city will be updating their website today. Anyone with an "illegal" secondary suite (basement) should take advantage of this extra time to make their suite legal, the city has stated there will be heavy fines for anyone operating an illegal suite after this date. I have some excellent contacts to help with the process of getting suites made legal, as well as contractors who are very familiar and experienced with work required. Feel free to contact me for more details. 
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The amnesty period for secondary suite application, allowing reduced costs and some relaxation in rules to have existing suites made legal, is scheduled to end June 2020. However City council is due to vote today, April 6, 2020, to extend the deadline 18 Months to end of Dcember 2021. Due to Covid-19 there is a back-log of inspections and applications. Vote is expected to pass. 

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If your thinking about adding a basement suite, or have one and you want to apply to have it made legal.


This link will be very helpful 

https://www.calgary.ca/PDA/pd/Pages/Home-building-and-renovations/new-secondary-suite.aspx


In regard to attached or semi-detached dwellings there has been a couple of helpful changes brought forward by the City. Links are here; 

https://www.calgary.ca/_layouts/CoCIS/SearchResults.aspx?q=PUD2019-1203&W_srch_res=31


This Bylaw change is #76P2019 regarding attached and semi-detached dwellings link;

https://www.calgary.ca/_layouts/CoCIS/SearchResults.aspx?q=76P2019&W_srch_res=4


RE: Extension to the June 2020 deadline. My contact at P&D City of Calgary tells me No extensions have been made official, Amnesty period for secondary suites deadline remains June 2020. If this changes I'll post it here. 

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Whether you're a home-buyer or a seller, it pays to understand the real estate market if you want to get a good deal. Unfortunately, a series of damaging ideas has grown up around real estate which can get in the way of a smooth transaction for both sides.


Here are six of the worst myths you need to ignore.


1) Spring is the Busiest Season.


Traditionally, the best time to list a home was in spring. This was because parents would try to move home over the summer holidays, minimizing the disruption to their children's education. Naturally, spring became the busiest season with the most homes appearing on the market.


However, today's home-buyer profile is a lot more varied than in the past. More than half of buyers are unmarried and have no children, and the school timetable is no longer nearly so relevant.


Instead, as a seller focus on getting your home In the best sale-ready condition you can before listing, rather than rushing to meet an outdated deadline. And as a buyer, start your search whenever you're ready to move, whatever time of year that is.


2) Start With a Low Offer


When you've found a home you want to buy, the traditional advice is to put in a low offer far below what you're really prepared to pay. The idea is to test the water and avoid paying more than you need to.


Today, this is poor advice. Whatever the overall state of the real estate market, desirable properties can sell extremely quickly. If you put in too low an offer, you run the risk of being outbid by another buyer leaving you no time to react.


What's more, most asking prices today are set according to well-established guidelines, and the vast majority of homes are priced more or less correctly. As a buyer, offering an insultingly low figure makes you seem like a time-waster, alienating the seller and souring negotiations from the start.


As a seller, if you receive an offer far below what you're asking for, you shouldn't hesitate to reject it out of hand rather than using it as a starting point for negotiation.


3) Cash is King 


It's often thought that a cash payment is the most attractive option for a seller, and therefore the best choice for a hopeful buyer. This idea is completely without foundation.


The vast majority of homes are bought using a mortgage, and it's the expected mode of payment. If anything, an unusual cash buyer might raise the suspicions of a careful seller, who may choose to opt for a well-documented, traceable, bank-financed buyer instead.


4) Making Improvements Boosts the Value 


While it's important to make your home look presentable if you want to sell it quickly, it's a mistake to think investing in home improvements will boost its value by much. Most improvements won't raise the value by enough to pay for themselves, with the possible exception of major structural work such as an extension or basement conversion.


For sellers, it's usually much more cost-effective to concentrate on fixing problems and improving appearances rather than spending a fortune on upgrades and remodels.


For buyers, don't let home improvements you don't need lure you into paying a premium.


5) You Can't Trust Real Estate Agents 


There's a common idea that real estate agents should be treated warily, and any advice they give taken with a pinch of salt. It's not clear why this myth has developed.


Most agents earn their living from commission on successful sales, where both the buyer and seller need to be happy for the sale to close. It's in the interests of a real estate agent to help strike a fair deal, not to propose unrealistic prices in either direction.


6) Buyers Can Leave Finance Until Later 


Arranging a mortgage isn't as exciting as exploring listings to find your dream home, but it's not something to put off. If you don't get a pre-approval right at the start of the house-hunting journey, you can risk several major problems later on.


You could fall in love with a home that's out of your financial reach in reality. And even if you can afford the asking price, starting a mortgage application from fresh can introduce a deadly delay, opening the door for competing buyers.


And lastly, seeking a pre-approval will highlight any problems with your credit file, giving you a chance to fix them before getting too deep into the buying process.


Buying or selling a home is complicated enough, with plenty of pitfalls along the way. Don't make it even harder by accepting these all-too-common myths that serve no purpose in the modern market.


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It's a dream to be able to pay off your mortgage early, but is there a downside?  While it sounds like a great idea, there are some factors to consider before doing so.  This article will explore some of the reasons you may want to hold off on that final payoff amount.


Other Debts 


If you have various other debts (credit cards, auto loans, etc.) it's a good idea to pay those off before the mortgage.  Why?  Well, credit cards usually have astronomical interest rates so that outstanding balance will only grow if you choose to put all your money towards your mortgage.


That extra interest on your credit card or auto loan isn't tax deductible, which leads to the next point.


Check for Penalties 


Some mortgages come with a prepayment penalty.  If you're thinking about paying yours off early, then check the fine print to see if it applies, and also run the numbers to see if early payoff makes sense.


Fund Your Retirement Plan 


Before you go paying the mortgage off, consider funding your retirement plan.  If you don't have one already, it may be a good idea to set one up as they are tax advantageous.


Once you get a good handle on your retirement plan, paying off the mortgage might be next on your list.  A good-sized nest egg and a home that's mortgage-free sounds like a great way to start off retirement.


Consider the Side Effects 


When deciding to pay off the mortgage, there seems like no downside but there are various things to consider.  Will making additional payments put a strain on your savings?  How about your emergency fund? 


It's essential to consider your overall financial health when making such a big decision.  Although being mortgage-free would be a fabulous feeling, you don't want to do it at the detriment of your cash flow.


Pull the Trigger 


After reviewing all your financial information and deciding what's best for your situation, be confident in your decision and follow through.  It's a great feeling to be mortgage-free or on your way there.  The bottom line is that you need to do what makes you comfortable for your family.


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Buying a home is always a big decision, but when you're a first-time buyer it's even more important to get it right.


Without home-buying experience to draw on, it's easy to make mistakes you could regret for years to come. Here's what to avoid

1) Don't Rush the Mortgage


In the excitement of buying your first home, it can be tempting to sign up for the first mortgage offer you're approved for. Being too hasty is a serious mistake which can cause difficulties for a long time to come.


It's a good idea to speak to an impartial mortgage adviser before committing yourself to any deal, but in any case, always bear some simple points in mind.


- Be very cautious about how much you try to borrow, making sure you leave plenty of headroom in your budget. Owning your own home has many extra costs compared to renting, and you need to leave yourself some breathing space to handle them.


- Explore your down payment options. The larger the down payment you can afford, the lower your monthly payments will be. Could it be worth waiting a couple of years to save up a bigger deposit? However, don't break the bank to increase your down payment, as you'll need to keep some cash in reserve as an emergency fund.

 

2) Get a Pre-Approval


But whichever mortgage you wind up getting, set the process in motion with a pre-approval before actually searching for a home. Doing this has several advantages,


- It lets you know exactly which price range you can search in, so you don't waste time viewing homes which are over your budget.


- It puts you in a stronger position to drive a bargain, as the buyer knows you can access the funds to complete the purchase.


- Seeking a pre-approval will give you an early warning about any credit rating problems or other delays which could slow things down. You don't want to see your dream home slip through your grasp because of unnecessary delays.

 

3) Hire a Buyer's Agent


Most sellers will have a real estate agent to handle their side of the transaction, but it's less common for a buyer to hire their own agent. However, there are several good reasons why you should consider doing so.


- Having an expert fighting in your corner means you're much more likely to pay a realistic price.


- You'll have a better chance of spotting problems with a home before you're committed to a purchase.


- A buyer's agent also speeds up the purchase by smoothing out glitches and making sure you're fully prepared at every stage.


- A good agent's experience and contact list mean you can find the right property more quickly.

 

4) Arrange a Full Home Inspection


Before proceeding with a purchase, hire the services of a reputable home inspector. A good inspector will make sure no nasty surprises are waiting for you with the property's heating system, plumbing, roof, or general structure.

 

5) Be Careful During Closing


Lastly, once the buying process is underway, avoid making any changes to your financial situation. Don't switch jobs, take out new credit, or spend large amounts of money.


Anything which changes your credit status, even just by a small amount, could introduce delays or even kill off the sale altogether. Be patient until you finally have the keys to your new home in your hand.


There are plenty of pitfalls lying in wait for the first time buyer. However, if you take your time and learn from others' mistakes, you'll soon be happily moving into your new home.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.