January 17 2012- The Bank of Canada announced today that it will not be changing its overnight rate. Therefore the Prime lending rate remains at 3.00%.
The outlook for the global economy has deteriorated as a result of the European debt crisis. The recession in Europe is now expected to be deeper and longer than originally thought. The Bank expects the US recovery to proceed at a modest pace owing to household deleveraging, fiscal consolidation and the spillovers from Europe.
The Bank feels that the pace of Canadian growth going forward will be modest largely due to the external environment. Prolonged uncertainty about the global economic and financial environment is likely to dampen the rate of growth of business investment. In contrast, very favourable financing conditions are expected to buttress consumer spending and housing activity.
With rates remaining the same, we are continuing to recommend that clients stay in their variable rate mortgages. The date of the Bank of Canada's next announcement is scheduled for March 8 2012.
Bob Alexander
Verico Maximum Mortgage Inc
Posted on January 16, 2012 - New CREB president forecasts upswing in real estate market.
Bob Jablonski will take over as president of the Calgary Real Estate Board on Wednesday when the organization officially releases its forecast for the 2012 housing market.Jablonski, who replaces outgoing president Sano Stante, comes in after Calgary’s resale MLS market showed some signs of rebounding in 2011.
Single-family home sales of 13,186 were 9.06 per cent higher than the previous year while condominium sales rose by 3.98 per cent to 5,382.
Jablonski, who has been a realtor since October 1987, was interviewed Friday by the Herald. Because of the upcoming forecast, he couldn’t offer specific predictions about the 2012 market.
Here is an edited version of the conversation:
Question: How would you describe the Calgary real estate market in 2011?
Answer: “It was becoming more of a stable market towards the end of the year. The pricing was more stable. A more relaxed market.”
Question: What do you mean by that?
Answer: “Well, there wasn’t a lot of up and down. There was some up and down to it but basically it flattened out at the end of the year.”
Question: What were the main factors influencing the market?
Answer: “I think the consumers started seeing more confidence in the economy overall and they got off the fence and started buying properties. Well-priced listings were selling. There’s always a market for well-priced listings. So people are moving on those.”
Question: Looking at some of the economic factors, what would be the key ones that would signify a change up or down in the real estate market?
Answer: “I think the affordability in Calgary has demonstrated itself. There’s a lot more product that people can afford to buy with the low interest rates. They felt more comfortable in their jobs and security and the indications are that there’s job stability, there’s in-migration coming into the city and the economy is getting better. So there’s no reason not to buy.”
Question: The Bank of Montreal has lowered its five-year fixed mortgage rate to a record low of 2.99 per cent. What impact will this have on the market?
Answer: “It’s going to help the market. Again, it’s showing signs of stability. Interest rates haven’t changed for a number of years and the prediction is they won’t change for awhile. So people are now more relaxed in the fact that the bottom is not falling out. The world hasn’t gone in the tank. We’re OK. And Calgary’s fine.”
Question: Where do you see the market in Calgary headed this year?
Answer: “My personal opinion is the market will be a good market. It will be an improvement over 2011 and it will be a gradual increase in both sales activity and in pricing.”
Question: Why do you foresee that?
Answer: “Again, because the consumer is feeling confidence in the market in Calgary. All the indications are that people have jobs to go to. Deerfoot’s packed every morning. People going to and from work. There’s lot of activity downtown in the construction. The Bow (tower) is one example. And the interest rates are low and the affordability is there.”
Keep this in mind if you are working with clients who don't quite have enough saved for the 5% down payment. I work with lenders who will provide your client with 5% cash back that they can use for their down payment. I have a lender right now that is offering 4.99% on a 5 year fixed rate. This is an amazing rate considering your client doesn`t have to wait to save the down payment and can take advantage of the great prices in the market today. Please let me know if you have any questions about this product.
Just sold this listing: "This absolutely beautiful home has over 5,000 sq ft of exquisite living space on a superb 15,000 SQ FT RIDGE LOT!! The details of this home are stunning from curved walls, crown mouldings & large picture windows, to site finished hardwood floors & 9 ft ceilings. Grand formal living room has a wood burning fireplace with an antique mahogany mantle & window seating. French doors lead into a large formal dining room. Kitchen & family room look out to a stunning PARK LIKE S ...
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Just added this listing: "One of the best lots on sought after 21st street situated among many new homes. Original two bedroom fifties character bungalow with walk-out basement suite, hardwood floors on main, large windows, eat-in kitchen, separate dining room, large living room, heated and insulated double detached garage with 220. Mountain views from upper levels over private back yard. R2 zoning."
Just added this listing: "Enjoy breathtaking views from Toronto Crescent NW in the well-established inner city neighbourhood of St. Andrews Heights. A fabulous sunny south facing location on a no through traffic road. Walk to Foothills Hospital and University of Calgary. Quick access to Children's Hospital, McMahon Stadium, Market Mall, and Downtown. Rare 180 degree panoramic view of downtown Calgary to the east, the Bow River Valley to the south, and gorgeous sunsets to the west. Original 1956 ...
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Just added this listing: "This absolutely beautiful home has over 5,464 sq ft of exquisite living space. Superb 15,000 sq ft ridge lot. The details of this home are stunning from curved walls, crown mouldings & large picture windows, to site finished hardwood floors & 9 ft ceilings. Grand formal living room has a wood burning fireplace with an antique mahogany mantle & window seating. French doors lead into a large formal dining room. Kitchen & family room look out to a stunning park like south ...
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Just added this listing: "This executive walk-out bungalow is located on a park like setting. With over 2000 sq ft of living space on the main floor & a fully developed basement with 2 additional bedrooms & 4 pce bathroom it is the perfect family home. The open main floor plan boast a formal dining room which opens to a large living room that has floor to ceiling windows that look out to a beautifully landscaped yard & green space. The kitchen is spacious with loads of cabinets, separate pantry ...
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Just added this listing: "Unique 2 storey home with over 2700 sq ft of living space in the heart of sought after Briar Hill. Just minutes to downtown. Walking distance to U of C, SAIT, Footills Hospital, Shopping & LRT. Exceptional lot size of 60 x 120 great for redevelopment. Tremendous value with 5 bedrooms, Three 4 piece bathrooms, upper family room with vaulted ceilings, wood burning fireplace & balcony with downtown views. Bright & sunny home with vaulted floor to ceiling windows. Large ma ...
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Just sold this listing: "A rare opportunity! This property is situated on one of the best streets in West Hillhurst among million dollar homes. Walk to downtown, Kensington, schools, parks, playgrounds, Bowview outdoor pool, Bow River, and community shops. Live in this quaint, 1.5 storey, open concept home on this wonderful street, or build your dream home on this great lot!"
Just added this listing: "A rare opportunity! This property is situated on one of the best streets in West Hillhurst among million dollar homes. Walk to Kensington, downtown, schools, parks, playgrounds, the outdoor swimming pool, and community shops. Live in this quaint, 1.5 storey, open concept home on this wonderful street, or build your dream home on this great lot!"
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Just added this listing: "This one is a GEM! Gorgeous CARDEL fully developed, 2024 sq ft, 2 storey home with heated, TRIPLE detached garage in award winning McKenzie Towne. Too many features and upgrades to mention... main floor 9 ft. ceilings, entrance foyer, angled dining room, hardwood & stone tile flooring, open style kitchen with rich MAPLE cabinetry, plenty of counter and cupboard space, STAINLESS appliance package, Frididaire professional series gas stove, Samsung french door fridge, gar ...
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Just added this listing: "This gorgeous luxury custom built home has high end architectural design & meticulous attention to detail. Warm rich hickory hardwood floors through out main floor, staircase, & landing. Gourmet kitchen with stainless steel Wolf appliances, custom dark rich maple cabinets,subway tile backsplash & large granite island with loads of storage. Traditional floor plan has main floor office with custom maple built-ins. Beautiful living room with gas fireplace & dining room wi ...
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As an active member of Leading Real Estate Companies of the World, not only can we get you access to the best REALTORS® in over 35 countires, but we can assure that you will receive professional and consistent service from the beginning to the end of your real estate transaction. Please contact Charlene or Darlene to learn how we can help!
posted in General
at Mon, 31 Jan 2011 21:30:29 -0700
Government of Canada Mortgage changes January 17 2011 The Government of Canada announced today that it is changing some of the rules for obtaining a mortgage. These rule changes were not announced with the budget. There had been rumors about the first change but not the rest! Changes are: 1) Maximum amortizations will be reduced from 35 years to 30 2) Maximum Loan to Value for refinances will be reduced from 90% to 85% 3) The government will no longer offer insurance for Lines of Credit ...
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posted in General
at Mon, 17 Jan 2011 14:52:52 -0700
“CIR REALTY embraces a consumer-centric focus which guides all of our actions. We understand that our Client's experience is directly determined by the quality of their agent, and we therefore attract, develop and retain great agents. We also position ourselves to develop a winning team of management and staff to foster a collaborative, inspiring, innovative and energetic corporate culture. CIR REALTY's founding qualities of caring, integrity and trust continue to motivate us to achieve t ...
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posted in General
at Thu, 06 Jan 2011 18:11:07 -0700
http://www.calgaryherald.com/business/Calgary+home+sales+drop+lowest+level+years/ 4059473/story.htmlCalgary MLS home sales drop to lowest level in years, but average prices continue to rise (Local) - Data released Tuesday by the Calgary Real Estate Board showed single-family MLS sales in the city were the lowest in 2010 in more than a decade and condominium transactions were the lowest since 2001.
posted in General
at Thu, 06 Jan 2011 18:02:14 -0700
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Just sold this listing: "Only a few steps from "Confederation Park". This 1950's bungalow had extensive renovations done over the past few years. As you enter the home you will be impressed with the custom front door & front expansive steps. The "Artisan" kitchen is complete with custom cherry wood cabinetry, built-in pantry, gas cook top, and high end stainless steel appliances. The kitchen also has heated floors, pot lights & built-in speakers. What makes this home so wonderful is the french ...
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Just added this listing: "Beautiful maintained bungalow in Horizon Village. 50+ age restrictions. One of the largest homes in this complex. 1,276 Sq ft of main floor living space. Spacious front entry with double closets. Living room is very large & bright with loads of natural sun light. Dining room has plenty of room for a full dining room suite. Kitchen with oak cabinets and ample counter & cupboard space. Separate eating nook with ceiling fan. South deck off kitchen is maintenance free. Mas ...
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Just added this listing: "This elegant 3500 sq ft. walkout bungalow has been completely renovated from top to bottom. Custom kitchen with cream antique cabinets, high end S/S appliances & rich granite counter tops. Kitchen nook with additional built-in custom cabinets, desk, china cabinet, wet bar & granite counter tops. New 3 1/2" oak H/W flooring, vaulted cedar ceilings, picture windows, new doors, baseboards, & a designer paint palette through out the main floor. Spacious living room is open ...
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Just added this listing: "Only a few steps from "Confederation Park". This 1950's bungalow had extensive renovations done over the past few years. As you enter the home you will be impressed with the custom front door & front expansive steps. The "Artisan" kitchen is complete with custom cherry wood cabinetry, built-in pantry, gas cook top, and high end stainless steel appliances. The kitchen also has heated floors, pot lights & built-in speakers. What makes this home so wonderful is the french ...
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Just added this listing: "This is an exceptionally large studio apartment with loads of floor to ceiling windows. Lots of potential for someone wanting to do some upgrades and have great inner city living. Buyer can choose new arbrite counter top at seller's expense. The patio area surrounds the entire unit and will be completed when this unit is sold. Titled underground parking spot is also included with unit. Laundry can be added to the unit. Great urban location. Close to 17th Avenue, restau ...
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Just sold this listing: "This beautiful inner city home has a unique modern/contemporary design. Built by Osborn Homes it reflects true sophistication. Features of this home include 9ft ceilings, solid core doors, large ample windows which allow for loads of natural light, plus skylights. Open main staircase is finished in birch hardwood & glass railings for a sleek design. Rich birch hardwood floors on the main level & upper hallway. Custom kitchen with dark maple cabinetry, sleek nickel hardw ...
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Just sold this listing: "Live among the patios & shops of the new First Street Village just minutes to Downtown. Host friends before concerts & games at the Saddledome while you show off the breathtaking city & mountain views through the 180 degree floor to ceiling windows in this sunny southwest corner suite in Chocolate Condos. Stroll down 17th Ave, hop the C-train to Chinook, or make your way to Mission through Lindsay Park along the Elbow River bike paths. Walk to your workout at the world ...
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Just added this listing: "Live among the patios & shops of the new First Street Village just minutes to Downtown. Host friends before concerts & games at the Saddledome while you show off the breathtaking city & mountain views through the 180 degree floor to ceiling windows in this sunny southwest corner suite in Chocolate Condos. Stroll down 17th Ave, hop the C-train to Chinook, or make your way to Mission through Lindsay Park along the Elbow River bike paths. Walk to your workout at the world ...
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Just sold this listing: "Beautiful Starter Package. Mint condition. Shows as good as new. Open kitchen, island counter w/eating bar and a door out to the balcony. Gas outlet for BBQ on balcony. Living room has corner fireplace. Private entrance from garage to your unit. Insuite laundry upstairs. Extra large Master has a walkin closet with organizers and a 4 piece ensuite. Second bedroom has double closet and a door to the upstairs balcony. Very clean and bright, Lots of natural light throughout ...
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Just added this listing: "Beautiful Starter Package. Mint condition. Shows as good as new. Open kitchen, island counter w/eating bar and a door out to the balcony. Gas outlet for BBQ on balcony. Living room has corner fireplace. Private entrance from garage to your unit. Insuite laundry upstairs. Extra large Master has a walkin closet with organizers and a 4 piece ensuite. Second bedroom has double closet and a door to the upstairs balcony. Very clean and bright, Lots of natural light throughou ...
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