The booming Calgary real estate market has been fuelled by the influx of new residents (Canadian and immigrant) and low interest rates. With the city expanding rapidly over the last few years such that building contractors and materials have been in short supply leading to a surge in prices.
We are lucky to have teamed up with top Calgary area realtor
whose independant "The Real Estate Company" have a fantastic reputation. Darin provides the latest Calgary Real Estate Market information for this page courtesy of the Calgary Real Estate Board MLS® which is updated monthly and his services cover Airdrie, Bragg Creek, Cochrane and the City of Calgary.
"Calgary, June 2, 2008 – “Now is not the time to wait until the sale is over and then decide to buy; after you read a headline, the best time to buy has passed,” cautioned, CREB® President,
Ed Jensen. Home inventories are high; buyers are reaping the benefits of selection and are able to negotiate the best sale price and terms. Today’s market presents buyers with great
purchasing opportunities, according to information released by the Calgary Real Estate Board.
Single family Calgary metro new listings added for the month of May totaled 3,432, a decrease of 6 per cent from May 2007 when new listing added totaled 3,652 and an increase of 1.6 per cent from last month, when new listings coming to the market were
3,377. Calgary metro condominium new listings added in May 2008 were 1,538, showing an increase of 15.5 per cent from the 1,332 new condominium listings added in May 2007 and an increase of 3.0 per cent from last month’s condominium listings of 1,493.
Single family Calgary metro sales for the month of May came in at 1,368, showing a decrease of 31.4 per cent from the 1,995 sales recorded in May 2007 and showing an increase of 0.4 per
cent from last month’s sales of 1,363.
Condominium sales for the month of May were 577, a decrease of 35 per cent from the 887 condominium sales recorded in May 2007 and showing a slight decrease of 0.7 percent over the 581 condominiums changing hands in April 2008.
“The conditions today are perfect for buyers. We have a surplus of homes on the market, there are many great mortgage products available to fit the needs of every buyer, and interest rates
have never been better,” remarked CREB® President, Ed Jensen. Some buyers are waiting and trying to time the next market shift, which is almost impossible to do, a crystal ball is not
a great forecasting tool. New listing numbers dropped slightly in May, sales remain steady and our economy remains very solid. Buying real estate is the best long term investment available to us as consumers; maybe today is the day to make a buying decision. A professional REALTOR® understands what is going
on in the market and can help the buyer make an informed buying decision,” Jensen concluded.
The median price of a single family Calgary metro home in May 2008 was $419,000 showing a decrease of 3.7 percent over May 2007, when the median price was $435,000 and showing a decrease of just 0.2 per cent from last month when the median price was
$420,000. All Calgary Metro MLS® statistics include properties listed and sold only within Calgary’s City limits.
The median 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.
The average price of a single family Calgary metro home in May 2008 was $479,564, showing a very slight decrease of 1.6 per cent from May 2007, when the average price was $487,523. The average price of a Calgary metro condominium was $311,816, showing a 6.2 per cent decrease from May 2007 when the average price was $332,237.”
If you are a newcomer to Calgary, thinking of selling your current property or buying somewhere new then we are pleased to recommend one of the top realtors in the Calgary Real Estate area whose service is second to none. Darin has a wealth of local knowledge and expertise and if you are a buyer then his services come at no cost. Just click on the picture or the text links to make contact with Darin for even more information about his Calgary Real Estate services.
One, fantastic option you have is for all the latest listings to be emailled to you before they are made available to the public at large. Just simply click any of the links above and fill in the contact form with your house "requirements". Darin will then set up an email alert system that automatically sends you the latest listings within hours of them being made available by the MLS® service. Please ensure you include your price bracket, area of choice, house style/size, number of bathrooms or bedrooms you require and any other pertinent information to help refine the search for you.
As with all service providers associated with this website, your private details will not be divulged to any other parties. Should you wish to be delisted from the email service just click the appropriate link on the email you receive and your instructions will be followed.
Here is a testimonial from one of Darins many happy customers:
"Darin's exceptional service has been a breath of fresh air. We put our trust in him and we were rewarded with regular progress reports, honest opinions and up to date information on a very fluid market. He listened to our needs and made sure we were satisfied - a true professional in all regards who we thoroughly recommend to all our friends and family for their Calgary real estate needs."
Mr & Mrs Irvin, Calgary
There are plenty of options to satisfy your accommodation needs in the "Calgary Real Estate area", with a brief overview below. Please also read the
House Buying in Canada
pages for a detailed "how to" guide.
The Rental Market
provides good news as many people are now buying their own property and with more vacancies, rents are coming down. There may even be discounts available if you commit to a long term lease and can negotiate. Also, there is plenty of choice available to prospective renters so you should be able to find a decent, well maintained property.
It is very important for your safety to ensure that the property is correctly maintained. There are plenty that aren’t and could have potentially dangerous faults due to lack of maintenance, illegal development by an unqualified tradesman and non adherence to building regulations and safety standards. Ensure you understand your
Rights and Obligations
before signing any rental agreement. In all cases you will be required to pay a damage deposit with the first months rent. This will be held by the landlord until you move out and is normally equivalent to one months rent. Don't forget that as a tenant you will have insurance responsibilities so make sure you understand what they are and have the right coverage!
New Build Homes
With the new builds in the Calgary Real Estate market, you can buy a “spec home” normally already built to a builder’s standard floor plan. Or you can meet with the different new home builders and either choose the home you want from their selection of blueprints with different “upgrades” or have one designed for you.
There are a multitude of builders in the area and it is definitely worth teaming up with one of the reputable firms. They may be slightly more expensive, but will be worth it in the long run. This is especially true when it comes to warranty work and attracting competent tradesmen to complete the project on time. Whichever builder you choose in the calgary real estate area definitely enlist the help of a realtor - they are free to buyers and will ensure you have accurate information and helps with great advice on your rights and obligations.
With a new home you will receive a minimum 1 year builders warranty (some builders now offer more) backed up by a 5 year (extendable to 10 for a small fee)
Alberta New Home Warranty.
The builder should schedule a series of inspections throughout their warranty period to deal with any issues and should also respond to urgent problems (loss of heat in winter, dangerous faults etc.).
In most cases you will be able to use the builder’s lawyer free of charge to close the transaction but in the event of legal issues they will represent the builder and you will have to find your own. The mortgage provider will require a home inspection which is normally a paperwork exercise with a fee attached!
New Build homes will attract GST of 6%, some of which should be rebated directly to you by the builder off the price and this will then be confirmed by Canada Revenue about 6 months after the sale. It’s a very long winded way of doing it, but basically you will be charged GST at a reduced rate on the sale!
Depending upon the deal negotiated with the builder, be prepared for a lot of expense to landscape and fence the gardens, any basement development and all the “small” things add up like curtains and fittings.
If you don't mind either landscaping yourself or paying for it, the benefits of a new home are obvious. It is one less thing to worry about during your first few years of settling if the house is under warranty!
There are a lot of pre-owned homes on the market and are advertised in the free Calgary Real Estate News.
The neighbourhood you move to should be thoroughly researched. It's definitely worth renting for at least 6 months if you don't have any reliable connections in the area to guide you. At the minimum I'd check with the local Police station or RCMP detatchment to take advice on bad area's.
Also, visit the area at different times of the day and night over several weeks - even take a few walks around and talk to people. You'd be surprised how much information - good and bad - you can gather, as well as how the place feels. A realtor like Darin Ruff should be able to offer guidance on all aspects of the Calgary Real Estate market, though please use your judgement.
Some of the benefits of a pre-owned home are that it will normally be landscaped, could be developed in the basement and any teething problems should have been dealt with. There will be no GST applied to the house price which is quite a saving, though the price of the house will be adjusted for the landscaping etc. The most important benefit is that you may be able to take possession very promptly and could save you money on a rental property.
Hiring a lawyer is essential for your legal protection, to explain all the jargon and ensure a smooth possession. Lawyers perform similar duties to those around the world but be prepared for it to be a lot faster. It's possible to take possession in 2 weeks!
Some extremely creative financing is available in the Calgary real estate market to enable those who wouldn’t normally qualify for the full mortgage amount to purchase their own property. Because of the unique opportunities for financing your own home in Alberta it is imperative that you take expert advice - see Dave Cooke above - to ensure that you know all of your options.