Real Estate Investment Network (REIN) has compiled what it says are the top 10 Canadian cities in which to invest. The full article is here at canada.com. Please take the time to follow the link as the article explains in detail each cities merits.
1) Calgary, AB.
2) Kitchener-Waterloo-Cambridge, Ont.
3) Edmonton, AB.
4) Surrey, B.C.
5) Maple Ridge & Pitt Meadows, B.C.
6) Hamilton, Ont.
7) St.Albert, AB.
8) Barrie & Orillia, Ont.
9) Red Deer, AB.
10)Winnipeg, MB.
August 24, 2010
August 19, 2010
Home Staging Checklist
Home Staging Checklist - Making Your Home Look Its Best
Basement, Attic, Garage
Basement, Attic, Garage
- Clean out attic, basement and garage and dispose of everything that you are not going to move.
- Package everything that you won’t need until you’re settled in your new home. Make sure there is ample lighting in the basement stairway.
- If the basement is dark and gloomy, paint ceilings and walls a light colour. If undeveloped, paint the floor.
- Repair cracks in basement floors and walls with a ready mixed grout (concrete).
- Wiping clean the furnace and hot water tank will make them appear newer and well maintained.
- Wash down the garage floor and clean any oil stains with a chemical absorbent.
- Stack stored items neatly against walls to make the rooms appear larger.
Kitchen
- The kitchen is the most important room in the house. Make it bright and attractive. If dull, paint or re-stain cabinets, put up attractive new curtains or blinds.
- Clean the ventilating hood in the kitchen. Thoroughly clean to remove any odors especially around trash containers and areas where food is stored.
- If the kitchen floor is badly worn, consider new flooring. Light colours and simple patterns are best.
- Remove small appliances from your counters (toaster, coffee maker, etc.). Clean counters make a room look larger.
Bathrooms
- Repair dripping faucets and unclog any plugged drains.
- Hang fresh towels and use a deodorizer in the bathroom area.
- Use special cleaning products to remove stains from toilets, tubs & sinks; keep sinks and mirrors shining.
- Replace old caulking around bathtubs and clean tiles so they sparkle (purchasers always check the shower).
Living Areas
- Have all plaster in top shape. Cracks, nail-pops or visible seams are easy to repair.
- Check ceilings for leak stains. Fix the cause of the damage, repair ceiling and re-paint.
- In painting and re-decorating always stick to conventional white and easy-to-work-with neutral colours.
- If you have a fireplace, clean it our and lay some fresh logs in it to make it look inviting.
- Wash windows both inside and out. Replace any broken or cracked glass.
- Replace all burned out light bulbs. Use brighter bulbs in all general lighting areas.
- Make the floors shine and have carpets professionally cleaned – repair any creaks (drive two long finishing nails at opposing angles through the floor and sub-floor into the joist).
- Straighten up closets – get rid of excess – store out of season clothes so closets look larger.
- If doors stick slightly, rub a block of paraffin against the surface that shows signs of wear.
- If sliding doors stick, rub the tracks with paraffin or candle wax. Lubricate any squeaky hinges.
Outside
- Invest in landscaping where it can be seen first. A well manicured lawn, neatly clipped shrubbery and cleanly swept walks all create a good first impression.
- Cut back over-grown shrubbery that looks scraggly or keeps light out of the house.
- Paint your house if necessary. This can do more for sales appeal than any other factor
- In winter, walks must be free of snow and ice (liability may also be a concern).
- Inspect the roof and gutters. Any missing shingles to replace? Are gutters clean and downspouts attached?
- Consider putting flowers outside the front door if it’s not in perfect condition (very important for first impressions).
- Repair any broken outside steps.
- Keep lawn closely cut and edged. Clean the yard; store toys, bicycles and tools away.
courtesy of CREB
August 13, 2010
3 things you must do prior to making an offer
So you've found your dream home and you're ready to write an offer. Hopefully you're already familiar with things like agency representation, the purchase contract, mortgage pre-approvals, inspections, conditions, deposits, down payment etc etc etc. These are all topics you should be intimately familiar with before you step foot in a home for sale. So, assuming none of that is a surprise, here are three things you should see before making an offer on a home:
The Title
The title has loads of information, such as: the names of the owners, any liens, caveats or encumbrances, restrictive covenants, the date the title transferred to the current owners, how much they paid for the property, and any mortgages registered on the property. It costs you $5 using Spin to pull title, and another $5 per registered document. Small price to pay considering that you could find out after moving in that your dream home is in a flight path.
The MLS® history
This shows you if and when the property has been listed on the MLS system, for how long and for how much (including price changes). That information can be priceless as it will give you an indication of the Sellers motivation. Ex. MLS history can show you that the sellers have been trying to sell their home on and off again for 3 years, and have had deals fall through because of financing. That information is power. Mind you that tiny little bit of information still needs to be interpreted and kept in perspective but nevertheless its power.
Comparable Sales
This will help you determine the actual value of the property. Many buyers get caught thinking if they get a certain amount off of the list price they are getting a deal, but if you get $50k off the list price for a home asking $75k more than it's worth….it's not a good deal.
These pieces of information are vital to anyone writing an offer. This will help you gauge the position the seller is in, how motivated they may be, and what the property is actually worth and more. TMS (title, mls, sales) don't write without it!
Good luck,
The Title
The title has loads of information, such as: the names of the owners, any liens, caveats or encumbrances, restrictive covenants, the date the title transferred to the current owners, how much they paid for the property, and any mortgages registered on the property. It costs you $5 using Spin to pull title, and another $5 per registered document. Small price to pay considering that you could find out after moving in that your dream home is in a flight path.
The MLS® history
This shows you if and when the property has been listed on the MLS system, for how long and for how much (including price changes). That information can be priceless as it will give you an indication of the Sellers motivation. Ex. MLS history can show you that the sellers have been trying to sell their home on and off again for 3 years, and have had deals fall through because of financing. That information is power. Mind you that tiny little bit of information still needs to be interpreted and kept in perspective but nevertheless its power.
Comparable Sales
This will help you determine the actual value of the property. Many buyers get caught thinking if they get a certain amount off of the list price they are getting a deal, but if you get $50k off the list price for a home asking $75k more than it's worth….it's not a good deal.
These pieces of information are vital to anyone writing an offer. This will help you gauge the position the seller is in, how motivated they may be, and what the property is actually worth and more. TMS (title, mls, sales) don't write without it!
Good luck,
August 10, 2010
Frequently asked questions by Landlords.
In the Calgary Real Estate market today it seems just about everybody has a rental property on the side. Whether you are a full time investor or just a dabbler it is always best to know tenants rights and practices. The following are answers to some of the most frequent questions that I hear.
1) How often can I increase the rent and by how much?
You can increase the rent every 365 days and there are no caps on the amount of the increase.
2) How much notice do I have to give my Tenants for a rent increase?
If your tenants are periodic (month to month) you must give them 3 months written notice. If your tenants have a lease agreement then rent can be increased at the end of the lease as long as it has been 365 days from the time they moved in or from the last increase.
3) How much notice is required before I turn my apartment building into condominiums?
You need to give a full year notice to end their tenancy and rent cannot be increased during that time.
4) How much notice do I need to give if I need the unit to be vacant in order to do major renovations?
You need to give a full year notice to end their tenancy and rent cannot be increased during that time.
5) How much notice is required if I want the tenants to move out in order to facilitate a sale?
Three months notice must be given for a sale of the unit. This only applies to periodic tenants. Tenants with a fixed contract or lease agreement do not have to move out until the end of the term.
6) Who is responsible for giving a tenant notice if a buyer wants to occupy the unit themselves or does not want that particular tenant in their rental property?
The buyer is responsible. She must request in writing that the Seller issue the three month termination notice to the tenant, as a condition of the sale.
7) What if the buyer does not give the seller a request to terminate the tenancy?
If the tenancy is not terminated then the buyer inherits the tenant when she takes ownership of the property.
8) How much notice do I need to give my tenant for a showing?
The law states that you must give 24 hrs notice for a showing. However, I find the best practice for selling a tenant occupied property is to give the tenant some incentive. One months rent rebate for a successful sale can go a long way as incentive for the tenant to show the unit quickly and cleanly.
The biggest thing you can take away from all this is that if you are considering selling your rental property in the immediate future try to negotiate a month to month lease with your tenants. Conversely if you are already on a fixed term lease then list your home about 3 months prior to the end of the lease and clearly indicate on the listing when the lease expires. If you would like more information please visit Service Alberta.
Good Luck!
1) How often can I increase the rent and by how much?
You can increase the rent every 365 days and there are no caps on the amount of the increase.
2) How much notice do I have to give my Tenants for a rent increase?
If your tenants are periodic (month to month) you must give them 3 months written notice. If your tenants have a lease agreement then rent can be increased at the end of the lease as long as it has been 365 days from the time they moved in or from the last increase.
3) How much notice is required before I turn my apartment building into condominiums?
You need to give a full year notice to end their tenancy and rent cannot be increased during that time.
4) How much notice do I need to give if I need the unit to be vacant in order to do major renovations?
You need to give a full year notice to end their tenancy and rent cannot be increased during that time.
5) How much notice is required if I want the tenants to move out in order to facilitate a sale?
Three months notice must be given for a sale of the unit. This only applies to periodic tenants. Tenants with a fixed contract or lease agreement do not have to move out until the end of the term.
6) Who is responsible for giving a tenant notice if a buyer wants to occupy the unit themselves or does not want that particular tenant in their rental property?
The buyer is responsible. She must request in writing that the Seller issue the three month termination notice to the tenant, as a condition of the sale.
7) What if the buyer does not give the seller a request to terminate the tenancy?
If the tenancy is not terminated then the buyer inherits the tenant when she takes ownership of the property.
8) How much notice do I need to give my tenant for a showing?
The law states that you must give 24 hrs notice for a showing. However, I find the best practice for selling a tenant occupied property is to give the tenant some incentive. One months rent rebate for a successful sale can go a long way as incentive for the tenant to show the unit quickly and cleanly.
The biggest thing you can take away from all this is that if you are considering selling your rental property in the immediate future try to negotiate a month to month lease with your tenants. Conversely if you are already on a fixed term lease then list your home about 3 months prior to the end of the lease and clearly indicate on the listing when the lease expires. If you would like more information please visit Service Alberta.
Good Luck!
August 4, 2010
Summer Cool Down Continues in Calgary Housing Market.
Calgary, August 3, 2010 – The summer cool down in Calgary’s housing market continued in the month of July, according to figures released today by the Calgary Real Estate Board (CREB®).
The number of single family homes sold in July 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 44per cent from the same time a year ago.
July 2010 saw 915 single family homes sold in the city of Calgary. This is a decrease of 14 per cent from 1,061 sales in June 2010. In July 2009, single family home sales totalled 1,585. The number of condominium sales for the month of July 2010 was 396. This was a decrease of 11 per cent from the 445 condominium transactions recorded in June 2010. In July 2009, condominium sales were 702.
“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period. This slow-down is not all that surprising in the face of tighter mortgage regulations and rising interest rates. The post-recession rally we saw in the summer of 2009 was unique and that pace couldn’t be sustained,” says Sano Stante, president-elect of CREB®.
“The sense of urgency seen last summer, fall and winter in the lead-up to tighter mortgage-lending measures has diminished,” says Stante. “Rising mortgage rates and increased inventories will be the primary head-wind facing Calgary’s housing market, but improving job prospects will offer some tail winds in the latter half of 2010 and into 2011.”
The average price of a single family home in the city of Calgary in July 2010 was $464,655, showing a 4 per cent decrease from June 2010, when the average price was $481,964, and showing an increase of 6 per cent from July 2009, when the average price was $436,782. The average price of a condominium in the city of Calgary was $291,168, showing no significant change from June 2010, when the average price was $292,238 and a 2 per cent increase over last year, when the average price was $285,032. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
“We are seeing relative stability in our average and median prices for the Calgary market,” says Stante. “A gradual return to moderate interest rates will not trigger any kind of steep decline in prices in our housing market. Prices may soften in select markets where inventory has bulked up, but for the most part they will remain relatively sticky as the economy improves.”
“Nonetheless with the combination of historically low interest rates and a large inventory of homes, there are some great buys out there—particularly in areas where comparable stock is ample such as the condominium and multi-family market. This presents a great opportunity to get into the market or to trade up,” adds Stante.
The median price of a single family home in the city of Calgary for July 2010 was $400,000, showing a 5 per cent decrease from June 2010, when the median price was $418,900, and a 3 per cent increase from July 2009, when the median price was $390,000. The median price of a condominium in July 2010 was $268,000, showing a 1 per cent decrease from June 2010, when the median was $269,900. That’s up 2 per cent from July 2009, when the median price was $263,000.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price 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.
There was a slowdown in the number of Calgarians putting homes up for sale in the month of July. Single family listings in the city of Calgary added for the month of July totalled 1,942, a decrease of 29 per cent from June 2010 when 2,733 new listings were added, and showing a decrease of 7 per cent from July 2009, when 2,089 new listings came to the market.
Condominium new listings in the city of Calgary added for July 2010 were 890, down 18 per cent from June 2010, when the MLS® saw 1,084 condo listings coming to the market. This is a decrease of 3 per cent from July 2009, when new condominium listings added were 918.
“Indeed Alberta and Calgary’s economic recovery is lagging behind the rest of the country right now. But on the bright side we see this trend reversing itself as we move into 2011. We expect Alberta to lead in economic growth and recovery—outperforming much of the country in 2011,” says Stante.
courtesy of CREB.
The number of single family homes sold in July 2010 in the city of Calgary was down 42 per cent from the same time a year ago, and condominium sales saw a decrease of 44per cent from the same time a year ago.
July 2010 saw 915 single family homes sold in the city of Calgary. This is a decrease of 14 per cent from 1,061 sales in June 2010. In July 2009, single family home sales totalled 1,585. The number of condominium sales for the month of July 2010 was 396. This was a decrease of 11 per cent from the 445 condominium transactions recorded in June 2010. In July 2009, condominium sales were 702.
“Calgary’s housing market is cooling off after its record-setting pace in the post-recession period. This slow-down is not all that surprising in the face of tighter mortgage regulations and rising interest rates. The post-recession rally we saw in the summer of 2009 was unique and that pace couldn’t be sustained,” says Sano Stante, president-elect of CREB®.
“The sense of urgency seen last summer, fall and winter in the lead-up to tighter mortgage-lending measures has diminished,” says Stante. “Rising mortgage rates and increased inventories will be the primary head-wind facing Calgary’s housing market, but improving job prospects will offer some tail winds in the latter half of 2010 and into 2011.”
The average price of a single family home in the city of Calgary in July 2010 was $464,655, showing a 4 per cent decrease from June 2010, when the average price was $481,964, and showing an increase of 6 per cent from July 2009, when the average price was $436,782. The average price of a condominium in the city of Calgary was $291,168, showing no significant change from June 2010, when the average price was $292,238 and a 2 per cent increase over last year, when the average price was $285,032. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
“We are seeing relative stability in our average and median prices for the Calgary market,” says Stante. “A gradual return to moderate interest rates will not trigger any kind of steep decline in prices in our housing market. Prices may soften in select markets where inventory has bulked up, but for the most part they will remain relatively sticky as the economy improves.”
“Nonetheless with the combination of historically low interest rates and a large inventory of homes, there are some great buys out there—particularly in areas where comparable stock is ample such as the condominium and multi-family market. This presents a great opportunity to get into the market or to trade up,” adds Stante.
The median price of a single family home in the city of Calgary for July 2010 was $400,000, showing a 5 per cent decrease from June 2010, when the median price was $418,900, and a 3 per cent increase from July 2009, when the median price was $390,000. The median price of a condominium in July 2010 was $268,000, showing a 1 per cent decrease from June 2010, when the median was $269,900. That’s up 2 per cent from July 2009, when the median price was $263,000.
All city of Calgary MLS® statistics include properties listed and sold only within Calgary’s city limits. The median price 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.
There was a slowdown in the number of Calgarians putting homes up for sale in the month of July. Single family listings in the city of Calgary added for the month of July totalled 1,942, a decrease of 29 per cent from June 2010 when 2,733 new listings were added, and showing a decrease of 7 per cent from July 2009, when 2,089 new listings came to the market.
Condominium new listings in the city of Calgary added for July 2010 were 890, down 18 per cent from June 2010, when the MLS® saw 1,084 condo listings coming to the market. This is a decrease of 3 per cent from July 2009, when new condominium listings added were 918.
“Indeed Alberta and Calgary’s economic recovery is lagging behind the rest of the country right now. But on the bright side we see this trend reversing itself as we move into 2011. We expect Alberta to lead in economic growth and recovery—outperforming much of the country in 2011,” says Stante.
courtesy of CREB.
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