– Underground Film Fest – Monday, April 13 – Sunday, April 19
– Lake Bonavista Home and Garden Expo – Saturday, April 18
– Calgary Comic and Entertainment Expo – Thursday, April 16 – Sunday, April 19
– Calgary Performing Arts Festival – formerly Kiwanis Festival – Mon, April 20 – Thurs, April 30
Inventory gains influence housing prices
First quarter activity reflects economic uncertainty
Elevated inventory levels and low sales for three consecutive months caused unadjusted benchmark prices to ease by 0.44 per cent in March, relative to the previous month, for a total of $454,300. Based on first quarter statistics, conditions are consistent with buyers’ market conditions.
Typical home prices have declined by 0.59 per cent in the first quarter of 2015, compared to the fourth quarter of 2014. The sales to new listings ratio also dropped to 41 per cent and months of supply averaged 4.03 for the quarter. This is a significant change from one year ago when the market was facing inventory shortages and price gains.
“Based on current sales activity and rising supply levels, the change in pricing does not come as a surprise,” said CREB® chief economist Ann-Marie Lurie. “However, the recent price adjustments have not eroded all the higher than expected price gains recorded last year. While conditions have likely tempered growth in new listings, further near term price adjustments will be dependent on changes to inventory levels.” said Lurie.
Sales activity fell by nearly 30 per cent in March, compared to this time last year, and remains well below 10-year averages. City of Calgary sales totaled 3,843 units at the end of the first quarter.
“In this market, buyers and sellers should be thinking about their short term and long term objectives,” said CREB® president Corinne Lyall. “This is a challenging economic time and people need to know their long game, so they can make the right real estate choices for today and tomorrow.”
While Calgary’s housing market has demonstrated buyer market conditions for the first quarter, the recent pullback in new listings in March has helped ease the growth in inventory levels, resulting in better absorption rates.
The apartment sector has the highest months of inventory in Calgary. This has resulted in higher quarterly price declines in this sector, when compared to the detached and attached sectors. By the end of March, the apartment quarterly benchmark price declined by 1.46 per cent, against the previous quarter. This compares to the 0.4 per cent declines in the detached and attached sector over the same time frame.
“Market influence is always wide-ranging and everyone has different reasons for making a move,” said Lyall. “Consideration must be given to the amount of inventory that’s available for a similar property based on the specific features of that home. The amount of competition for a property is often what influences the price that buyers and sellers will agree on.”
When considering the inventory that is available in the City of Calgary, there are 878 units priced under $300,000, of which 99 per cent are either apartment or attached product. The majority of inventory falls in the range of $300,000 to $600,000, of which 56 per cent of the product is detached. Meanwhile, at the other end of the spectrum, there are 1,933 units in inventory at a price over $600,000, of which more than 72 per cent are detached homes.
“Concerns in the energy sector continue to persist, and employment figures are starting to support those concerns,” said Lurie. “In February, employment figures pointed towards job losses related to the energy sector. While monthly employment gains offset the losses, most of the gains were in the traditionally lower paying industries such as the personal services sector. If this trend continues, it may influence the composition of housing demand,” said Lurie.
As requested by some of my clients, I have listed below the codes for residential dwellings and what they stand for.
RR-1 = RESTRICTED RESIDENTIAL SINGLE-DETACHED DISTRICT
R-1 = RESIDENTIAL SINGLE-DETACHED DISTRICT
RS-1 & RS-2 = RESIDENTIAL SMALL LOT DISTRICTS
R-1A = RESIDENTIAL NARROW LOT SINGLE-DETACHED DISTRICT
R-2 = RESIDENTIAL LOW DENSITY DISTRICT
R-2A = RESIDENTIAL LOW DENSITY DISTRICT
R-MH = RESIDENTIAL MOBILE HOME DISTRICT
RM-1 = RESIDENTIAL LOW DENSITY MULTI-DWELLING DISTRICT
RM-2 = RESIDENTIAL LOW DENSITY MULTI-DWELLING DISTRICT
RM-3 = RESIDENTIAL MEDIUM DENSITY MULTI-DWELLING DISTRICT
RM-4, RM-4/125, RM-4/100, RM-4/75 = RESIDENTIAL MEDIUM DENSITY
MULTI-DWELLING DISTRICTS
RM-5 = RESIDENTIAL MEDIUM DENSITY MULTI-DWELLING DISTRICT
RM-6 = RESIDENTIAL HIGH DENSITY MULTI-DWELLING DISTRICT
RM-7 = RESIDENTIAL HIGH DENSITY MULTI-DWELLING DISTRICT
Written by Kevin Chapman Realtor (Realty Executives Apex)
In my experience as a licensed realtor, I have strongly benefitted from having a good knowledge base and general understanding of the City of Calgary’s Land Use Bylaws.
It is very important to know some of the general rules of residential development to avoid receiving a fine by the City or even worse, having to redevelop to meet compliance. I have included some basic guidelines that I have found from the City of Calgary Land Use bylaws for you to resource.
• Front yard must be a minimum of 6 meters from the property line to the building
• Side yard must be a minimum of 1.2 meters from the building to the property line unless you are on a corner lot. A corner lot must be 3m from the building to the property line.
• Rear yard must be a minimum of 40% of the lot depth.
• Building height may be no higher than 5.5 meters from grade to the roof if you have a flat roof.
• Building length may be a maximum of 16.8m in length for the first storey. Any additional storey may be no more than 15.2 meters.
• Lot depth must be a minimum of 30.4 metres.
• Lot coverage: may not have more than 45% of the building covering the lot.
It is advised that you reference the City of Calgary Land Use Bylaws for specific details on all your Land Use questions.
Written by Kevin Chapman Realtor (Realty Executives Apex)
I often receive the question “who should get insurance on rental properties?”
The quick answer to this question is both the owner and the tenant should have their own insurance on the property. As a property manager, I always insist that I get a copy of insurance from both the tenant and the owner.
The owner needs to ensure that their property is covered for fire and third party damages, or damages and injuries that can occur to others while in the property. The owner should also get insurance that would cover the loss of rental income while the home is under repair.
The tenants need to cover the contents and belongings in the rental property. The tenant insurance should also cover costs of any damages they may cause any third party individuals, neighbours or other unit owners.
Calgary is truly an amazing city to live. I found this video to be a reminder of what a great city we live in ! If you are looking to buy a home or rent a home in Calgary, you might want to see a little history on the City.
Very useful mortgage calculator. Link provided by Kevin Chapman Realtor, Realty Executives Apex
Renfrew is a great choice to live when you consider purchasing a home in Calgary. This is one of Calgary’s most sought after communities due to its proximity to the downtown, its strong community relations, and its beauty and character. The boundaries for Renfrew are located east of 6th Street between 8th Ave and 16th Avenue NE. Some of the main advantages of living in Renfrew are: ability to walk to the downtown, direct access to main travel roads (Deerfoot trail, 16 Ave, and Memorial Drive), community recreation (soccer pitches, indoor pool, indoor ice arena, and community parks), many shops and nearby restaurants, not to mention its character and charm. The streets of Renfrew are full of mature trees and character homes. Because this area was developed in the 1940’s, it offers a lot of the old charm and character of Calgary. Specific streets will offer breathtaking views of Calgary’s downtown, but remain distant enough to appreciate and enjoy the tranquility of a small-town community feel.
Real-estate Activity in Renfrew:
There are currently 40 active listings in the Renfrew Regal Terrace area. 26 Single family homes and 14 condos. Of the active listings, the average list price is $543,182 with an average square footage of 1200.
The most expensive house in Renfrew currently listed is $1075, 000. The highest price listing ever sold in Renfrew for $1,400,000 in 2008.
2011: 147 listings sold in Renfrew in 2011. Average list price was $387.602; average sold price was $375,308; average days on market was 47.
Comparatively,
2010: 129 listings sold in Renfrew in 2010. Average list price was $383,398; average sold price $370,677; average days on market was 46.
Listings and additional stats can be found at www.sellyourplace.ca
Article written by Kevin Chapman Realtor. Realty Executives Apex
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