As the new year begins and starts gather steam so does the local 2012 real estate market.  Most industry pundits and experts are calling for a more balanced market for the upcoming year than we have seen in awhile but the official turnaround is certainly still down the road, how far down remains to be seen.
 
Our Broker/Owners Ron and Ray Stader have just released a Calgary market update that we wanted to share with our well-informed clients and contacts.  The report has some excellent observations and information about where we have been, where the market is headed and exactly where things are right now.
 
Have a look through the report and of course let us know if you have any questions at all about the market in general, your local area or community or your specific property.
 
Keep well and talk to you all soon!
 

MARKET UPDATE 

 
 
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Things continue to point to a turnaround in the Calgary economy and by default the local housing market in the near future based on the latest downtown office space leasing numbers.  The average amount of absorption in the core over the past 15 years has hovered around 750,000 square feet annually, this year there has been a record setting 2.2 million square feet of office space scooped up.

 

The energy sector is obviously the biggest player in the office boom as they ramp up for their forecasted real estate needs over the next 6-24 months and are banking space to ensure they do not end up in a compromising space scenario.

 

It will be interesting to see what the effect timeline will be in the local housing market as companies start filling their shiny new offices with desks and employees.

 

For more about the record-setting statistics as well the additional implications and information, click on the link below to read the full Calgary Herald article.

 

CALGARY HERALD ARTICLE

 
 
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Some great news for our brokerage this week as CIR Realty has been selected as a Calgary Herald Readers' Choice award winner in the real estate category.
 
A huge congratulations to our extended CIR family and of course to all the readers who voted this year and helped put us over the top and into the winners circle.
 
For more information, click on the link below to read the Calgary Herald feature.
 
Thanks again for your votes and here's looking forward to repeating next year!
 
CALGARY HERALD FEATURE ARTICLE
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For anyone who may have forgotten, September 1st marks the first day of the new Alberta licensing requirement for resale home inspectors.  The guidelines, announced in May, include minimum levels of education and insurance as well as specific inspection criteria.

 

There have long been appeals from all sides of the issue; homebuyers, inspectors and Realtors, to introduce regulations as the property inspection industry has essentially operated without any official government guidelines.

 

“A home is the single largest investment most Albertans make. They deserve to have confidence that the person they hire to inspect a home is qualified to make a reliable assessment,” said Service Alberta Minister Heather Klimchuk, responsible for consumer protection. “Most home inspectors are professionals, but the financial consequences of a faulty or negligent inspection can be staggering for families.”

 

For more information, click on the links below to for more information about the new regulations and licensing standards and what it means for the industry and the individual homebuyer.


GOVERNMENT OF ALBERTA NEWS RELEASE

 
THE CANADIAN ASSOCIATION OF HOME & PROPERTY INSPECTORS WEBSITE
 
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It’s easy to take for granted the excellent standard of living we enjoy here in Canada and specifically in Calgary; however that quality of life has not been overlooked by the latest rankings of the most liveable cities in the world published by the Economist Intelligence Unit.

The annual list ranking the liveability of 140 cities across the globe was just released and once again Calgary has cracked the top 5.  This year Vancouver was knocked out of the top position for the first time in almost a decade as the coastal city fell to the number three spot ousted by Melbourne, Australia.  Vienna, Austria took the second place spot followed by the three Canadian cities, Vancouver, Toronto and Calgary, to round out the top 5.

 

The rankings are based on the criteria of stability, education, healthcare, infrastructure and culture-environment.  Calgary scored perfect 100’s for education, healthcare and stability and ranked in the 90’s for all categories aside from culture-environment with a score of 89.1.  As subjective as an international ranking process may be, it is certainly never a bad thing to near the top of the list.

 

The continuation of our high global ranking by a respected international source helps solidify Calgary’s international appeal as a desired place to live and work and certainly can’t hurt our immigration rate, which in turn has a direct effect on the local real estate market.

 

Congratulations cowtown and to all of the other great Canadian cities that made the grade.  Let’s continue to build Calgary into the cultural, economic and quality metropolitan area we all envision and hopefully Melbourne will be looking up at us in the years to come.

 

For more information click on the link below to view the EIU's Liveability & Overview Summary.

 

EIU LIVEABILITY & OVERVIEW SUMMARY
 
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Our June 2011 real estate newsletter is out and has some great information about our new website revamp and our restructured intelligent discounted commission system that will save you thousands more.
 
Click on the link below to read more and join our mailing list to ensure you receive all the latest real estate news and information.
 
 
THE HOME PAGE :  Real Estate Newsletter : June 2011
 
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In a widely anticipated move earlier this week, the Bank of Canada left its overnight lending rate at the current level of 1%.  As the economy continues its gradual recovery and economic indicators begin to solidify across the country it appears that experts are somewhat split in their forecasts for when the inevitable rate increases will occur.

 

The Financial Post recently reported that in a survey of 12 banks that deal directly with the Bank of Canada, three predicted the first interest rate hike will occur in July while six others forecast a September increase. So given the survey respone, 75% of the big banks anticipate a rate hike within the next 4 months. 

 

So what does it all mean?  The overwhelming consensus from the big banks and financial experts across the country is that the end of historically low interest rates is coming; the million dollar question is when?  I personally do not possess the powers of Carnac to pick the exact date, but following along the lines of the banking survey, I strongly believe you can bet on some sort of increase before the calendar turns to 2012.

 

If you are currently looking for a new home or plan to start your search in the next three months it certainly wouldn’t hurt to pay your mortgage broker or specialist a visit and lock in a rate now.  You may not find your new home within the locked-in period but it will provide you with a modicum of security if the rates do actually head north earlier than widely expected this July.

 

For more information about the recent rate decision and the contributing factors that are going into the pundits prognostications, click on the links below to visit the Bank of Canada's official website and read the related Financial Post article.
 
BANK OF CANADA WEBSITE
 
FINANCIAL POST ARTICLE
 
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More foreshadowing of a healthier 2012 real estate market after a recent Altus Group Housing Report forcasts housing starts to climb again in 2012 after receeding this year.
 
The economic consulting firm cites job growth as the key factor for the increased forecast.
 
The projections coincide with other analyst opinions and reports forecasting 2012 to be a much more robust market.
 
For more information click on the links below to read the related Calgary Herald article and browse through the Altus Group website.
 
CALGARY HERALD ARTICLE
 
ALTUS GROUP WEBSITE
 
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New homes in Calgary’s newest outlying communities may get more expensive in the immediate future as City Council approved a five-year deal that will see local developers cover an increased portion of the cost of infrastructure development.

 

The new levy agreement will more than double the $7,000 per home fee that developers currently pay by adding another approximately $8,000 to the fee.  Neither side has claimed a victory in the negotiation and final agreement as some industry members claim they are now saddled with too heavy a burden while Mayor Naheed Nenshi was quoted as saying “I think we could have got a better deal...I think we could have been a little more aggressive.”

 

The spinoff effect for local new home buyers remains to be seen.  Some developers have said the increase will be passed on 100% to buyers in the form of higher prices however it would be hard to imagine that an immediate $8,000 increase will be the norm across the board.

 

For more information and additional insights and commentary on the new levy agreement, click on the links below to the related Calgary Herald and canada.com articles.

 
 
CALGARY HERALD ARTICLE:
 
CANADA.COM ARTICLE:
 
 
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More protection is on the way for homebuyers in Calgary and across the province as the Alberta Government has passed new rules requiring resale home inspectors to be licensed by the province.

There have long been appeals from all sides of the issue to introduce regulations as the property inspection industry has essentially operated without any official government guidelines.  The new rules will encompass resale inspections only and will cover, among other items, minimum inspection criteria and education requirements.

 

The new rules, which come into effect this September, should be widely accepted and welcomed as the they stand to benefit all parties involved; homebuyers, inspectors and Realtors.  Inspection services and companies that do quality work will now be recognized for their diligence and the risk of a fly-by-night outfit, completing shoddy work or offering unqualified inspectors, tarnishing the industry’s image will be greatly reduced.

 

For more information, click on the links below to the Herald article and the government website.
 
 
CALGARY HERALD ARTICLE:
 
ALBERTA GOVERNMENT WEBSITE:
 
 
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