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Calgary’s housing market stages remarkable rebound: ‘It’s like a scene out of Mad Max’ – Globalnews.ca

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Calgary’s re-sale housing market is enjoying a recent surge in sales following several years of dismal downturns.

Read more:
‘We haven’t seen anything like this before’: pandemic boosts Canadian real estate

“I just don’t think anyone could have seen this coming,” RE/MAX First realtor Jonathan Ashkin told Global News.

“It’s kind of like a scene out of Mad Max.

“As soon as the property goes live, all the realtors and all their clients are running to these properties as soon as they possibly can.”

Ashkin just got into the real estate business last March, before “the world shut down.” He said he definitely didn’t expect this kind of activity.

“These first couple of months of 2021 — especially the last three-to-four weeks — have been absolutely crazy.”

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Calgary re-sale housing market compared to a ‘scene out of Mad Max’ amid COVID-19


Calgary re-sale housing market compared to a ‘scene out of Mad Max’ amid COVID-19

Veteran realtor Len T. Wong of Len T. Wong & Associates said he also didn’t expect this, especially after six long years of a “buyer’s market.”

“We’ve seen a buyer’s market go to a balanced market into a seller’s market in less than 30 days,” he added.

Recent statistics on the Calgary Real Estate Board’s (CREB) home page show a red hot month.

As of Feb. 17, a total of 975 homes had already been sold. That’s compared to 592 in the same time period in February of 2020 — a hike of almost 65 per cent.

So-called “days on market” have also declined dramatically. CREB’s stats show that number dropped to 46 days from 58 days for the same time period — a drop of about 21 per cent.

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Read more:
Calgary Real Estate Board predicts COVID-19, decreased demand for oil to hamper housing market

“It’s really, really getting crazy out there right now and inventory is quite low, especially in the detached market,” Ashkin added.

“So it’s super competitive. You have to view that house in the first 24 to 48 hours, otherwise it’s gone.”

“It’s created a bit of urgency,” Wong added.

Leading the pack

The urgency has really been seen in Calgary’s detached home segment. According to CREB, as of Feb. 17, detached sales totaled 596 units, compared to 335 the year before — a hike of almost 78 per cent.

Other types of properties have also seen an increase, but not as much of one or as fast.

“People prefer detached over attached,” he said. “I think also with low interest rates and those types of things, people are much more wanting to buy detached for long term.”


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Best and safest ways to borrow in today’s low-interest-rate environment – Nov 17, 2020

Low interest rates have definitely played a part in Calgary’s recent spike in sales, according to CREB. It also lists relatively low inventory — especially in the detached sector — and still affordable prices.

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Although, Wong added prices for detached homes have seen a rise, thanks to multiple offers on those properties.

“It’s a bit superficial so we have to be careful,” he said.

Good news for sellers; bad news for buyers

Calgary couple Chris and Dixie Brann listed their two-storey home on Jan. 8 of this year.

They had put a lot of work and love into their “fixer-upper,” so they weren’t surprised their Cranston home sold. What did surprise them was that it sold just days after they listed it.

“In the first three days we had 17 showings,” Chris said. “And the house sold by Monday evening.”

“The phone just keep beeping with this alert and we thought, ‘Oh, we got two, oh we got three, oh my God, like there’s nine!’” Dixie added.

The Branns, who had already bought a new home in the same community, accepted the final offer — over list price — and have started to settle into their new home.

“We were very happy,” they said.


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Real estate trends looking optimistic in 2021


Real estate trends looking optimistic in 2021 – Jan 13, 2021

Calgary homeowner Artemis Immel hasn’t been as fortunate with either her home selling or buying experience.

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“It’s been crazy. The houses that we found, they’ve sold within days,” she said.

“There was one that we both loved, and it was 24 hours that it was listed and it was gone. We didn’t even have a chance to go see it.”

Unlike the Branns, she’s can’t afford to buy a new home without selling her old one. So, she said, she’s a bit stuck.

“Most places are selling immediately, and probably with no conditions, because someone is ready to buy it right away,” she added. “We have to sell and buy at the same time.”

She’s still hopeful, that like the Branns, she will one day find her forever home.

“Not yet, but hopefully, fingers crossed.”

Read more:
Calgary home sales slump to recent record lows in April amid COVID-19 pandemic

Wong warned both buyers and sellers to act quickly, especially as the interest rate situation can change.

“In my career, I’ve never seen interest rates this low,” he added. “I think it’s a great time to take advantage of it right now because you know once you think things are looking good, something happens to change it.”

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Wong added he doesn’t expect that shift to happen right away, at least not in red hot Calgary.

“We’re going to see this constant in the marketplace for at least the next 60 to 90 days.”

© 2021 Global News, a division of Corus Entertainment Inc.

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These are the cheapest real estate listings in Calgary right now | Urbanized – Daily Hive

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Good news for YYC house-hunters – you don’t have to break the bank to purchase your own home.

In this month’s roundup of Zoocasa’s cheapest real estate listings in Calgary, affordable properties can be found throughout the city for under $300,000.

A lower budget doesn’t mean you have to compromise your standards, as most of these properties offer updated kitchens and bathrooms, recently replaced flooring, and state-of-the-art appliances.

If you’re in the market for a new home, take a peek at these Calgary real estate listings.

5. $299,992: 6420 26th Avenue NE

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 826 sq ft

This Pineridge home is close to schools, playgrounds, and shopping, making it a convenient location for anyone. The property offers a detached garage and a fully-fenced yard.

4. $274,900: 21 Copperstone Villas SE

Courtesy of Zoocasa

Listing details: 

  • Four bedrooms
  • Two bathroom
  • 1,132 sq ft

Located in Copperfield, this townhome features a fully developed basement, spacious tiled front entryway, and upgraded appliances in the kitchen. This is an end-unit property boasting tons of natural light and electric fireplaces.

3. $225,000: 14625 Shawnee Hill SW

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • Two bathrooms
  • 1,174 sq ft

This bungalow-style condo is located in The Highbury building in Evergreen Estates-Shawnee Slopes. The unit was recently updated and has stainless steel appliances, a spacious master bedroom, a walk-through closet, and luxury vinyl plank flooring throughout. Condo fees include everything except electricity.

2. $219,900: 3 – 812 McNeill Road NE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Two bedrooms
  • One bathroom
  • 441 sq ft

In this Mayland Heights bi-level home, house-hunters will find large windows, a dining area with a cozy built-in bench, and a spacious balcony with downtown and mountain views. The unit has been freshly painted and boasts new laminate floors.

1. $179,000: 32 – 3800 Fonda Way SE

cheapest real estate Calgary

Courtesy of Zoocasa

Listing details: 

  • Three bedrooms
  • One bathroom
  • 1,099 sq ft

Live in this new Fonda condo, featuring a renovated kitchen with stainless steel appliances, a main floor office, and laminate-engineered hardwood flooring throughout. The upper level is home to a spacious master bedroom and recently renovated four-piece bathroom.

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Real estate company says demand for housing in Niagara will continue to grow – NiagaraFallsReview.ca

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A Hamilton-based real estate company says Niagara’s economy as well as its real estate market are poised for continued growth.

After placing a renovated 12-unit apartment on Drummond Road on the market, Crescendo Equity secured a total sale of $2.9 million. That translates to $247,000 per unit, compared to a previous benchmark of $176,000 for units in the area.

The company predicts demand for housing in Niagara will continue to grow through 2021.

”Market conditions are being strengthened by interprovincial migration, as home buyers and renters from the Greater Toronto Area, Peel and Halton regions look to Niagara for more space and better affordability,” said Mathew Moxness, Crescendo Equity’s founder.

The Drummond Road property is part of the company’s larger strategy to take older, underperforming stock and reposition properties for maximum occupancy and potential.

“With growing demand for multi-family housing throughout Ontario, repositioning aging and underperforming assets will help to supply the segment and provide housing for those who need it,” Moxness said.

The company, which offers opportunities to private and group investors, purchased a shuttered retirement home in Niagara Falls last year, and plans to convert the property into apartments.

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BCREA: BC Government Proposes Changes to Real Estate Services Act Paving Path for Single Regulator – Business Examiner

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BRTISH COLUMBIA – On March 2, Bill 8: Finance Statutes Amendment Act, 2021 was introduced in the BC Legislature. With its introduction, the BC Government’s intention to create a single financial services regulator, including real estate, announced in September 2019, was finally made clear.

The bill creates the path for the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) to become part of the BC Financial Services Authority (BCFSA). According to the government’s news release, this is expected to happen “later in 2021.”

BCREA reaction:

We welcome a more cohesive regulatory structure, which is something we asked for early in 2019. Unfortunately, the legislative changes introduced yesterday don’t include the creation of the Professional Standing Committee BCREA proposed more than a year ago.

When the BCFSA becomes the real estate regulator, administration of the Real Estate Services Act (RESA), Real Estate Development Marketing Act and parts of the Strata Property Act will be added to the BCFSA’s current regulatory responsibilities, which include credit unions, mortgage brokers and insurance. BCFSA’s Chief Executive Officer will become the new Superintendent of Real Estate.

As a result of the omission of the Professional Standing Committee, BCREA is concerned that real estate licensees will have fewer opportunities to provide input into rules and policies that impact the practice of real estate. Although the Professional Standing Committee isn’t included in the proposed amendments to RESA, we hope it will be implemented in the practical application of the new regulatory structure. We will continue to work with the BCFSA, OSRE and RECBC to this end. Our goal is to ensure a consistent, meaningful process for practitioner input.

Other Changes:

At a high level, the government also proposes the following changes, among others:

  • expanding the administrative penalty system, including the option of requiring further education and doubling the maximum penalty (currently $50,000),
  • eliminating discipline committees, and
  • strengthening the new superintendent’s options for handling urgent circumstances.

Next steps

BCREA is carefully reviewing the proposed changes to RESA, including seeking legal analysis and meeting with government staff.

This bill – like all bills – will be debated in the legislature and subject to further changes as part of that process. Once it’s passed, it won’t take effect right away. Instead, the government will implement it at a later date by regulation.

As BCREA learns more about the proposed changes to RESA, we’ll provide updates in future blog posts. If you have any concerns, please contact Senior Policy Analyst Norma Miller.

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