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Featured Property

168 Wildrose Green Strathmore,

Lot: 554 Sq.Ft. Built: 2016 Type: 2 Storey

*OPEN HOUSE Sat/Sun Sept 15/16th 1-430pm*

Welcome to Wildflower Ranch. This 3 Bed/2 Storey Home is BRAND NEW/Never Occupied, a Former SHOWHOME, over 1600 sq.ft. Developed Living Space, built by GULF HOMES Builder & is LOADED with UPGRADES.

MAIN Level comprises; Living Rm has Bay Window & a Gas Fireplace with Stone Surround. Kitchen with Quartz Countertops, S/S Appliances & Pantry. Dining Rm has Patio Doors leading to Deck. Laundry Room & Half Bathroom complete this Level. Spacious Master Bedroom with 4 piece Ensuite, SOAKER Tub with Stone Feature Accent Wall, Separate Shower & Walk in Closet. 2 more Good Sized Bedrooms & 4 Piece Main Bathroom complete the UPPER Level. LOWER Level is awaiting your Finishing Touches.

Double Attached Garage is Drywalled & Insulated.  New Home Warranty.  Huge 554m2 Lot is Fully Landscaped and extends all the way to the Rear Fence. Located close to Shops, Restaurants, Schools, Golf, Rec Ctr, Playground & Pond. 20-25 drive approx. to Calgary.

Call Listing Realtors to arrange an appt for your Private Viewing of this Home!

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Media release: Unemployment rate slows housing market recovery

City of Calgary, September 4, 2018 – Easing sales, gains in new listings and elevated inventory levels continue to slow Calgary’s recovery in the housing market in August.

Persistent oversupply in the Calgary housing market continued to weigh on prices in August. Citywide benchmark prices edged down over previous months by 0.8 per cent and are 2.4 per cent below last year’s levels. 

“Calgary’s employment market has persistently high unemployment rates at 7.9 per cent and recent job losses in full time positions. The struggles in the employment market are one of the factors weighing on our local housing market,” said CREB® chief economist Ann-Marie Lurie. 

“A slow recovery in the energy sector combined with tighter lending conditions and competition from the new home sector are also contributing current housing market conditions.”

Citywide sales totaled 1,490 units this month, down nearly seven per cent from last year and 14 per cent below long-term trends. 

Sales and price declines were not consistent across all districts and product types. Prices have recently trended down across most areas based on year-to-date figures, but have remained comparable to last year’s levels in the City Centre and West districts of the city.  

“Both buyers and sellers need to be realistic about their objectives. Buyers need to be aware that price changes differ depending on what and where you are buying. The decline in sales does not mean price declines across the board,” said CREB® president Tom Westcott.

“Sellers need to be well informed to be competitive. They need a good understanding of what has been selling around them and how their property compares to homes that have successfully sold.” 

HOUSING MARKET FACTS

Detached

  • Year-to-date detached sales eased across each district. Elevated inventory levels caused months of supply to remain just below five months in August and continued to weigh on housing prices across all districts.
  • Detached benchmark prices totaled $497,000 in August. This is a 0.74 per cent decline over last month and 2.6 per cent below the previous year. 
  • Prices have trended down in all districts in August, however, on a year-to-date basis prices remain above last year in both the City Centre and West.
  • Year-to-date average detached benchmark prices have eased by 0.56 per cent over the previous year, reducing some of the price recovery from last year.

Apartment

  • Year-to-date sales totaled 1,892 units, seven per cent below the previous year. However, sales did not ease across all districts. Sales in both the North East and North West districts remained slightly higher than levels recorded last year. 
  • New listings in the apartment sector eased compared to the previous year, preventing more significant gains in inventory levels. However, oversupply in this sector persists, causing further price declines. 
  • Year-to-date city-wide prices eased by nearly three per cent, with the largest declines occurring in the North East, South and East districts. Overall prices remain nearly 14 per cent below 2014 highs.

Attached

  • Like the apartment sector, sales have eased in the attached sector. However, year-to-date sales have improved in some districts of the city for semi-detached and row product. Semi-detached sales improved in both the North West and West districts. 
  • Row sales remained relatively stable in both the North East and East districts of the city.
  • Oversupply in the semi-detached sector has placed some downward pressure on prices this year, but year-to-date average benchmark price remains higher than last year in the City Centre, North
  • East and East districts of the city. Gains in these areas were enough to offset declines in other areas, keeping semi-detached prices one per cent higher than last year.
  • Year-to-date row prices eased by 1.5 per cent over last year. However, price movements ranged from relatively stable levels in the City Centre and North West to declines of nearly seven per cent in the North East district.

REGIONAL MARKET FACTS

Airdrie

  • Sales activity in Airdrie continued to ease compared to last year totalling 851 units so far this year.
  • Despite some of the recent pullback in new listings, year-to-date new listings remain just above last years levels keeping inventories elevated at 597 units. 
  • The persistent oversupply in the market started to weigh on homes prices. Detached home prices totaled $366,900, 0.7 per cent below last month and 3.4 per cent below last year. When considering year-to-date averages, the benchmark price is 1.5 per cent below last years levels.

Cochrane

  • Year-to-date sales activity in Cochrane totaled 431 units. This is a decline over the previous year, but activity remains comparable to activity recorded over the past five years. This makes it a centre that has not seen the same pullback in demand seen in many other areas. 
  • The challenge in the Cochrane area is the continued rise in supply. New listings continue to rise and are well above normal levels for the area. This has pushed up inventories to new highs, causing the months of supply to rise.
  • The excess supply in the area is starting to weigh on prices. Detached benchmark home prices in August edged down over the previous month to $426,100. Despite the recent easing, prices remain comparable to the previous year both for the month of August and year-to-date average figures.

Okotoks

  • Easing sales in Okotoks were met with further gains in new listings causing inventory levels to edge up to 280 units. 
  • Recent gain in inventory compared to sales have placed some downward pressure on prices in the area. However, the easing was not enough to cause year-to-date prices to fall below last years levels. 
  • Detached benchmark prices averaged $436,350 so far this year, just above last year’s levels.

Welcome

OPEN HOUSES


168 Wildrose Green

Strathmore

Sat/Sun Sept 15-16th

1-430pm

Former Showhome

BRAND NEW/Never Occupied

3 Bed 2.5 Baths

1601 sq.ft.

Dbl Attached Garage

LOADED with Upgrades !!

$389900

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 Upcoming Listings

2 Storey in Bridlewood

Dbl Attached Garage 

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Important changes to Mortgage Rules January 1, 2018

The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters took effect January 1, 2018.

In October of 2016, OSFI implemented the stress test for all insured mortgages - those with less than 20% down payment. Now they are extending that same stress test to everyone, regardless of down payment.


OSFI said they will be holding information sessions through the fall to discuss implementation expectations. This new stress test means that borrowers will be qualified at the greater of their contract rate + 2% or the five year benchmark rate published by the Bank of Canada, which is currently 4.89%.

To give you some numbers, per $100,000 in mortgages:

     

  •  Mortgage Payment - $488.25 (3.29% with 25 year amortization)
  • Benchmark Rate Payment - $575.36 (4.89% with 25 year amortization)
  • Stress Test Payment - $598.22 (5.29% with a 25 year amortization)

 

Lenders determine how much money you can borrow by determining what percentage of your income can go towards your mortgage and debt payments. The new requirement will determine the mortgage payment based on the higher of the benchmark rate or stress test rate, even though your contract rate is 3.29%. This will reduce your maximum allowable mortgage by approximately 20%.

These are not the only changes made, below is a summary of all the changes:

 

  • A new minimum qualifying rate (stress test) for uninsured mortgages 
  • Lenders will be required to enhance their Loan to Value (LTV) measurement and limits to ensure risk responsiveness
  • Restrictions will be placed on certain lending arrangements that are designed or appear designed to circumvent LTV limits.

 

The guidelines went into effect January 1, 2018. If you are currently looking for a home and you have 20% down, we should talk. It's possible you no longer qualify for as much as you did when you were pre-approved.

 

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A Good Real Estate Agent does not disappear once the closing papers are signed.   This may be our chosen Profession and Ultimately our Livelihood, but it is more than that.  We absolutely LOVE our Profession, and are there for you long after the transaction is complete. When we say we are available 24 hrs a day/7 days a week, we mean it and you can count on us to always work in our clients best interests and represent you to the utmost of our ability.  We can proudly say that all our Clients have become our Friends.

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View all the up to date Real Estate Stats on the Calgary Real Estate Board website at:

http://www.creb.com

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