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"Specializing in Service!"
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New Calgary Metro Stats Update
NOVEMBER 2011
(Updated oct 2011)
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Calgary Metro-Single Family
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2011
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2010
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Month end Inventory
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3,761 |
3,869 |
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New Listings Added
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1,285 |
1,315 |
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Sales |
962 |
890 |
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Avg DOM |
65 |
66 |
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Avg Sale Price
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$470,665
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$455,596
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Median Price |
$402,925 |
$399,900 |
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Calgary Metro - Condominium
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Month End Inventory
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1,676 |
1,882 |
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New Listings Added
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562 |
634 |
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Sales
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393 |
310 |
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Avg DOM |
67 |
69 |
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Avg Sale price |
$273,356 |
$284,667 |
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Merdin Price |
$250,000 |
$254,150 |
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Total Calgary & Area MLS®
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Month End Inventory
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9,615 |
9,439 |
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New Listings Added
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2,547 |
2,691 |
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Sales
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1,731 |
1,495 |
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Average DOM |
96 |
89 |
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Avg Sales Price
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$409,729
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$411,295
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Median price |
$355,000 |
$360,000 |
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DOM= Days on Market
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Calgary Housing Sales Trending Up
Stable Pricing Providing Opportunities for Buyers
Calgary, December 1, 2011 – 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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HOMEBUYERS’ CONFIDENCE HOLDS STEADY DESPITE GLOBAL TURMOIL
Sales gain momentum in the first three quarters of 2011
Calgary, October 3, 2011– 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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EMPLOYMENT AND MIGRATION NEEDED TO SHAKE OFF WINTER CHILL Low Interest Rates and Affordability to Support Housing Recovery in 2011 Calgary, January 4, 2011 – Home and condo sales in Calgary and area remained relatively unchanged in December 2010, indicating that a full-fledged recovery in the housing market has yet to take hold, according to figures released today by the Calgary Real Estate Board (CREB®). The number of single family home sales in the month of December 2010 were 734, compared with November 2010, when sales were 891—a decline of about 18 per cent. The number of condominium sales for the month of December 2010 was 320. This was up from the 310 condominium transactions recorded in November 2010. Year-over-year, the number of single family homes sold in December 2010 in the city of Calgary were down 8 per cent. In December 2009, single family home sales totaled 799. Condominium sales saw a decrease of 6 per cent from the same time a year ago. In December 2009, condominium sales were 341. Looking back in 2010, total single family home sales in the city of Calgary were 12,095, a decline of about 16 per cent from 2009, when total single family sales were 14,440. 2010 marks the lowest number of single family home sales since 1995, when 9,534 single family homes were sold. Total MLS® sales for Calgary and area in 2010 were 21,789, a decline of about 15 per cent from 2009, when total MLS® sales for Calgary and area were 25,719. This is the lowest number of total MLS® sales for Calgary and area since 2000, when total MLS® sales were 20,488. “Undoubtedly housing markets in Alberta and Calgary underperformed in 2010, as sales recoveries did not materialize as forecasted. In many ways, re-sales in 2010 showed a repeat of 2008, with a short lived resurgence in the first few months, when confidence returned to the market,” says Diane Scott, president of CREB®. “Employment and net-migration have been slower to pick up here in Calgary—and these are key drivers of our housing market. The good news is we are now seeing marked improvements in investment and employment in the energy sector. We believe these green shoots in our economy, supported by improved affordability and low interest rates, will eventually translate into a gradual recovery of our housing market as we move into 2011,” adds Scott. The average price of a single family home in the city of Calgary in December 2010 was $441,341, showing a 3 per cent decrease from November 2010, when the average price was $455,460, and a 2 per cent decrease from December 2009, when the average price was $451,341. The average price of a condominium in the city of Calgary in December 2010 was $282,768, showing a 1 per cent decrease from November 2010, when the average price was $284,667 and a 2 per cent decrease over last year, when the average price was $288,640. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas. The median price of a single family home in the city of Calgary for December 2010 was $389,000, showing a 3 per cent decrease from November 2010 when the median price was $399,900. This was a 3 per cent decrease from December 2009, when the median price was $401,000. The median price of a condominium in December 2010 was $258,500, showing a 2 per cent increase from November 2010, when the median price was $253,300, and a 2 per cent decrease from December 2009, when it was $265,000. All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price is the price that is midway between the least expensive and most expensive home sold in an area during a given period of time. During that time, half the buyers bought homes that cost more than the median price and half bought homes for less than the median price. “Supply outstripped demand in the second half of 2010, establishing conditions for a buyers’ market. Overall we did see significant improvements in affordability in the Calgary market in 2010—and I think the message to prospective buyers is that this is a great time to buy if you’re looking for good selection, specific locations and price points. The median price did indeed decline in 2010, signaling a year-over-year price correction of about 2 per cent for single-family homes, just over 4 per cent for condos and 6 per cent for the outlying towns,” adds Scott. Single family listings in the city of Calgary added for the month of December 2010 totaled 744, a decrease of 44 per cent from November 2010 when 1,318 new listings were added, and showing a decrease of 8 per cent from December 2009, when 806 new listings came to the market. Condominium new listings in the city of Calgary added for December 2010 were 369, down 42 per cent from November 2010, when the MLS® saw 632 condo listings coming to the market. This is a decrease of 17 per cent from December 2009, when new condominium listings added were 444. “There has been some curbing of inventory levels during the last three months of 2010, albeit at a slow pace. Early 2011 will see inventory levels adjust, resulting in a gradual return to a more balanced and sustainable housing market. All in all we believe it will be a slow and gradual warm up in 2011, but it will take some time for the housing market to bring inventory levels down and shake off these winter blues,” says Scott. |
New Mortgage Guidelines Last Monday, the Finance Department of Canada, under the direction of Jim Flaherty, in order to help manage the Canadian debt situation the following rules and regulations will affect how you are able to acquire a mortgage as of March 18th: - Maximum amortization has been lowered from 35 years to 30 years
- Maximum Loan to Value (LTV) on refinances (only) has been lowered to 85% from 90%
- CMHC will no longer back Home Equity Lines of Credit (HELOC)
The changes came as a bit of a surprise to the mortgage industry as there had been a little bit of talk about wanting to make changes to HELOC's near the end of 2010, but the rest more or less blindsided the industry. What this means for Canadians, is that you will no longer be able to easily roll high interest consumer debt into their homes equity unless they have more than 15% equity available after adding the debts in. For those Canadians looking to purchase, especially first - time home buyers, the maximum purchase price will be decrease by up to $20,000 in many cases.
So this means if you were planning on lightening your household burden after the holidays and refinancing to lower your monthly payments, now is the time to do so, before the March 18th deadline. And if you were thinking about buying, with the low prices, low rates and now the threat of even lower buying power, now is the best time to get into the market.
If you would like to get pre-approved please give us a call, text us, or email us today!
Sincerely,
JoAnne & Todd Purcell
Today's Best Rates:
*5 Year 3.69%; *3 Year 3.39%;
ARM 5 Year @ *Prime - 0.80%
*Some conditions may apply; Rates are subject to change without notice
Contact the Purcell Mortgage Team
JoAnne: 403.519.1167 | Todd: 403.700.9252
jpurcell@dominionlending.ca
or go to. . .
www.purcellmortgageteam.co |
First-Time Home Buyers’ Tax Credit Budget 2009 proposes to introduce a new non-refundable tax credit based on an amount of $5,000 for first-time home buyers who acquire a qualifying home after January 27, 2009 (i.e. the closing is after that date). The credit for a taxation year will be calculated by reference to the lowest personal income tax rate for the year and is claimable for the taxation year in which the home is acquired. An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. A qualifying home is one that is currently eligible for the Home Buyers’ Plan that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence not later than one year after its acquisition. Budget 2009 also proposes that the credit be available for certain acquisitions of a home by or for the benefit of an individual who is eligible for the disability tax credit (DTC). In particular, the credit will be available in respect of a home acquired after January 27, 2009 (i.e. the closing is after that date) by an individual who is eligible for the DTC, or by an individual for the benefit of a related individual who is DTC-eligible, if the home is acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person. For the purpose of this credit, a "DTC–eligible" individual is an individual in respect of whom an amount is deductible under the DTC for the taxation year in which the agreement to acquire the home is entered into, or would be deductible if costs for an attendant or care in a nursing home were not claimed for Medical Expense Tax Credit purposes by or on behalf of that person. Where the home is acquired by or for the benefit of a DTC-eligible individual, the home must be intended to be the principal place of residence of that individual no later than one year after its acquisition. The credit may be claimed by the individual who acquires the home or by that individual’s spouse or common-law partner. For the purpose of this credit, a home is considered to be acquired by an individual only if the individual’s interest in the home is registered in accordance with the applicable land registration system. Any unused portion of an individual’s First-Time Home Buyers’ Tax Credit may be claimed by the individual’s spouse or common-law partner. Where more than one individual is entitled to the First-Time Home Buyers’ Tax Credit (for example, where two individuals jointly buy a home), the total amount of the credits claimable for the year by those individuals shall not exceed the maximum amount of the credit that would be claimable for the year by any one of those individuals. |
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