CIR REALTY Real Estate Review for Calgary and Surrounding Area - November, 2017
 


Market Summary

As Albertans we tend to have higher expectations as to what a good market looks like compared to a bad one. We are so used to full steam ahead, that when we see a slow down, it feels like a snails pace. Our market in October continues to slow coming into the Winter months which feels like the brakes have been hit hard. With a climbing inventory due to more listings coming onto the market, and sales declining, the average days on market has climbed to 50 days. Even with the market slowing, prices remain stable in most sectors and the market is just slightly weighted towards a buyers market.

Our CREB Chief Economist Anne-Marie Lurie was quoted,  “While economic activity has improved in 2017, it will take some time for this to translate into housing market growth. There have been employment gains, but most of this has occurred in areas with traditionally lower income. We also continue to face weak migration, higher lending rates and changes to lending policy. The combination of these factors is impacting housing demand, which is prolonging the pace of recovery."

What is interesting about Ann-Maries comments, and Octobers market, is that the inventory between $600,000 and $1,250,000 continues to see an uptick in sales compared to October of 2016. The slow down month over month continues to be in the lower price points. This could be due to existing homes owners taking advantage of a great market to upgrade, and first time buyers being more reluctant.

With everything going on in our economy, and the world today, consumer confidence continues to be what is fuelling our markets. There is no such thing as the perfect market to make a move in, timing is all about when it makes sense for an individual or family and their situation. All we can ever do is make an educated decision relevant to personal circumstances. It is important to evaluate every micro market with in our macro market across the Calgary Real Estate Board to determine if the timing is right for personal circumstances.
 
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IMPORTANT and TIMELY For your upcoming SELLERS 

Starting November 1st, the new price point for a residential listing to qualify for Luxury Portfolio has decreased in our market and now will be $935,000 CAD (compared to $989,000 the previous year). If a listing is under this price point, it will NOT appear on luxuryportfolio.com and will not qualify to receive the black CIR Luxury Portfolio sign.  

Please also keep in mind that for any of your truly exceptional properties that are priced just under your threshold, Luxury Portfolio is happy to review and potentially make an exception for such listings.

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Here are the latest rates from Trish McKean Folks!

From the desk of Patricia McKean

Rates as of Oct 12, 2017

Term

Posted Rates

Best Rates*

1 Year

3.04

2.89

2 Year

3.04

2.99

3 Year

3.44

2.99

4 Year

3.89

2.99

5 Year

4.94

3.09

Prime Rate 3.20 - Variable Rate 2.35

 

*OAC. Rates subject to change without notice.

Benchmark qualifying rate for High Ratio Mortgages is 4.84%

 
   
 
 
 
   
   

Patricia McKean
Broker Lic. No.
Mortgage Lead Planner

P (403) 637-0140
C 403-875-2969
F (866) 465-2870

  Broker
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Taken from the CIR REAL ESTATE REVIEW fo Calgary and are (SUNDRE) Oct 2017

 

The market did not respond to the interest rate increases,and the end of summer as expected in September. The expectation for September was that there would be an uptick in sales after the holiday months were over. This was not the case as sales dropped across CREB by just over 7%. The sales to new listings ratio across CREB are 45.74% which is resulting in rising inventory. The pricing has continued to remain stable in most sectors but pricing is expected to soften with rising inventory.

 

What does this mean for sellers? For the sellers that NEED to sell, it would be wise to get ahead of the market and price aggressively to sell. It will be competitive getting the attention of the buyers that are in the market. For the sellers that have the flexibility to sell, it may make the most sense to wait till spring when the market typically picks up. The tire kickers testing the market will only help drive values down by contributing to the high inventory levels. As always, it is important to determine what is happening in the community prior to creating a price strategy .

 

What does this mean for buyers? The potential for a "better deal" is just around the corner with softening markets. The challenge is, that should interest rates continue to rise, the affordability may become less. The higher cost of lending could off set any drops in pricing that we see over the winter months. As always, REAL ESTATE is a long term investment and all we can do is time our move so that it works with our current lifestyles and requirements. With lots of options available on the market, it's a great time to buy.

 

With recovering oil prices and the economy further stablizing, there is great confidence building which should transfer to the REAL ESTATE market.

 

Jennifer McInnis

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Well, we've had our first taste of winter here in SUNDRE and, I for one, don't care for it!!

A common question at this time of year from potential REAL ESTATE clients is, "Is this a good time to sell or is this a good time to buy?" and of course the question they ask is depending on whether they're buying or selling a piece of REAL ESTATE.

Any REALTOR will tell you that that all depends on several factors, your choice of REALTOR being one of the most significant, and these are factors that are often dependant on things that are totally out of the REALTOR'S control or sphere of influence.

Autumn, in my experience, is usully a good time to either market your REAL ESTATE or purchase that HOME or other type of REAL ESTATE, be it bare LAND or maybe even that COMMERCIAL piece you've had your eye on.

Whatever it may be, the knowledgeable and professional band of REALTORS at the CIR REALTY office on CENTRE STREET in SUNDRE will be able, and more than willing, to help you out with any and all  your REAL ESTATE needs!

Stop in at the CIR REALTY CENTRE STREET office and begin your POSITIVE REAL ESTATE experience!

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It's another beautiful day in Sundre today and the REAL ESTATE market in town is prime for ALL levels of HOME BUYER'S from the 1st time REAL ESTATE explorers right up to the experienced HOME BUYER and REAL ESTATE investor.

If you are any one of the above, we, at CIR SUNDRE HOME TEAM, would love to sit down and have a coffee and chat about any and all your REAL ESTATE needs!!

C'mon in to our SUNDRE HOME TEAM, CIR office today!

We'd love to see you!

We're on the corner of CENTRE STREET and HWY 27 in the heart of SUNDRE.

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Congratulations Debra King for being # 4 at CIR REALTY'S NW office for sales in REAL ESTATE for the month of August 2017!!!

You've done the SUNDRE HOME TEAM proud!!!

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September's almost half done, kids are back in school, Centre Street North is all torn up, looks like the roundabouts are being planned and life in Sundre's but a dream!

Better still......real estate in Sundre's pickin' up!

C'mon by and see what's out there for land, acreages and homes for sale in town.

Our REAL ESTATE AGENTS can help you out with ALL your REAL ESTATE needs!!

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Well, it was ineviitable. Interest rates took another 1/4 point increase yesterday. Is it time to lock in?

Might not be a bad idea as we may be seeing another hike in a month or so.

Don't be like me and miss the boat!

Tom King

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Here's something that only CIR offers for clients who list with them.

Check it out at

 

http://www.luxuryportfolio.com/

 

 

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If You're looking for REAL ESTATE in SUNDRE ALBERTA, look to the right at the lights as you head west and you can't miss us! We're right on the corner of HWY 22 and Centre St North.

We have 8 really great REALTORS and if we can't help you with ALL your REAL ESTATE needs, nobody can!

Stop in and have a coffee!

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GOOD AFTERNOON TO ALL OUR FRIENDS AND CLIENTS.    BE SURE TO STOP IN AND LET ONE OF OUR LICENSED, EXPERIENCED REALTORS ASSIST YOU WITH ALL YOUR REAL ESTATE NEEDS.   WHETHER YOU ARE THINKING OF BUYING OR SELLING LET ONE OF OUR AGENTS ASSIST YOU IN THE PROCESS.   WE ARE ALWAYS HERE TO HELP!!

 

 

            BECAUSE NICE MATTERS!!!

 

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GOOD MORNING!!!   WE HOPE EVERYONE HAD A SAFE AND ENJOYABLE LONG WEEKEND.    WE WOULD BE HAPPY TO DISCUSS ANY OF YOUR REAL ESTATE NEEDS WITH YOU.   STOP BY....COFFEE IS ALWAYS ON!!SmileSmile

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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