Its that time of year again. Spring is in the air and all the long awaited listings are hitting the market. If you are thinking about selling your home this spring, please read on.
Before buyers will take the time to look inside your house they need to be impressed by what they see on the outside. If you live in a condominium ownership community or can't control your landscaping then you will need to work on sprucing up the inside to make your home stand out. For everyone else, read on to see how you can dazzle buyers with nature.
Add or touch up the walkway to your front door.
If you have a pre-existing walkway leading to your front door then you're already one step ahead of competing homes. Fill in any cracks, popping up bricks and other potential nuisances that could cause buyers to walk away. Adding a walkway is a great way to give your front yard some structure and the types of materials you can use are endless. Don't get too crazy spending money though since the return on investment for a walkway is limited.
Plant flowers along both sides of your walkway.
Just as important as having a path to your home is a well manicured set of flowers leading the way. Flowers not only pack a colorful punch but they'll show home buyers that you care about your home by remembering the little things.
Remove seasonal signage and decoration.
When you put your home on the market you want to appeal to buyers of all styles. Part of this is removing personalized decorations from the front of your home. Yes we all love jolly Saint Nick, but he is cluttering up the front lawn.
Add flower boxes to your windows or deck.
Plants tend to evoke the idea of life and growth so strategically adding flower boxes to your deck, balcony or windows will pull that positive energy into the space.
Re-shape aging stone walls.
After 10-15 years many retaining walls tend to develop sink spots where the wall has loosened. Check up on all of your retaining walls and reshape them to make your landscaping look like new.
Add items with character to your landscaping.
Landscaping doesn't just have to be flowers and green plants! Find an old wagon wheel, nostalgic signage or bird fountain and add it to your greenery. Bird fountains are especially useful because they attract beautiful birds of all different types. But keep in mind there is such a thing as too much character.
Trim trees and tall plants to prevent excessive window blocking.
Privacy is very desirable and so we sometimes let trees and plants overgrow in front of a commonly used room in the house to gain more privacy. Unfortunately buyers will find overgrown plants to be a sign of deferred maintenance around the house. In today's market a sign of deferred maintenance can be a kiss of death for the sale of your home.
Courtesy of Joshua Ferris.
April 22, 2011
April 19, 2011
Secondary suites allowed in all new Calgary communities.
A motion passed by council Monday means that homeowners will be able to purchase new residences already knowing their neighbourhood could be built with secondary suites.
Existing homes and zoning that do not allow secondary suites will remain untouched.
Ald. Peter Demong was applauded by Mayor Naheed Nenshi for putting forward this compromise to the previous and contentious proposal to legalize secondary suites in all residential zones.
Demong did not believe the Nenshi’s plan for citywide suite reform was fair because many homeowners had bought their residences on the grounds that their community didn’t have secondary suites.
While some aldermen believe this decision was a step in the wrong direction because it could reduce property value and the number of multi-family dwellings in Calgary, David Watson, the city’s general manager of planning, said this change will give homebuyers more options.
Ald. Druh Farrell agrees, noting she doesn’t see the allowance of secondary suites as a limitation.
“It just offers people some opportunity when they’re trying to get into the housing market,”said Farrell. “Very few of these are built. They’re built on an opportunity basis when the homeowner sees an advantage.”
Farrell added that a range of groups from the Chamber of Commerce to the developers’ association have actually stepped forward and urged secondary suites be legalized in all city residential zones.
“We received a joint submission from Urban Development Institute and the (Canadian) Home Builders Association on February 18, exactly two months ago, stating that they believed that Calgarians need access to safe, affordable housing,” said Nenshi. “They believe in rental accommodation and they strongly believe in making every single house in the city have secondary suites.”
Read more @ Calgary Herald
Existing homes and zoning that do not allow secondary suites will remain untouched.
Ald. Peter Demong was applauded by Mayor Naheed Nenshi for putting forward this compromise to the previous and contentious proposal to legalize secondary suites in all residential zones.
Demong did not believe the Nenshi’s plan for citywide suite reform was fair because many homeowners had bought their residences on the grounds that their community didn’t have secondary suites.
While some aldermen believe this decision was a step in the wrong direction because it could reduce property value and the number of multi-family dwellings in Calgary, David Watson, the city’s general manager of planning, said this change will give homebuyers more options.
Ald. Druh Farrell agrees, noting she doesn’t see the allowance of secondary suites as a limitation.
“It just offers people some opportunity when they’re trying to get into the housing market,”said Farrell. “Very few of these are built. They’re built on an opportunity basis when the homeowner sees an advantage.”
Farrell added that a range of groups from the Chamber of Commerce to the developers’ association have actually stepped forward and urged secondary suites be legalized in all city residential zones.
“We received a joint submission from Urban Development Institute and the (Canadian) Home Builders Association on February 18, exactly two months ago, stating that they believed that Calgarians need access to safe, affordable housing,” said Nenshi. “They believe in rental accommodation and they strongly believe in making every single house in the city have secondary suites.”
Read more @ Calgary Herald
April 14, 2011
Federal leaders not addressing Realtors needs.
By Shane Buckingham
CRE Senior Staff Writer
Realtors’ federal lobbying efforts came to an abrupt stop when the federal election was called on March 26, and according to industry insiders so did the parties’ focus on Realtors’ concerns.
Three key issues Realtors have been fighting for, Manitoba Real Estate Association (MREA) President Lorne Weiss said, are getting a capital-gains-tax rollover for commercial properties, raising the amount first-time homebuyers can borrow from their Registered Retirement Savings Plans (RRSPs) and requiring lenders to provide better disclosure to homeowners about the costs of ending a mortgage early.
But so far all three of those issues haven’t gotten much play among federal politicians.
“We think the federal parties should be addressing our issues because they aren’t just specific to our industry,” Weiss told CRE Online. “Something like giving young people the ability to borrow more from their RRSPs to buy their first home doesn’t just apply to the real estate industry; it really applies to the economy as a whole.”
In 2009, the federal government adopted a policy proposal by the Canadian Real Estate Association (CREA) to increase the limit first-time homebuyers can withdraw from their RRSPs to purchase a property from $20,000 to $25,000. Now, Weiss said the organization wants the federal government to index that amount to inflation.
“Rather than having to go back to the federal government every four or five years, we would like to put a mechanism in place to have the amount indexed to the rate of inflation, just in the same way a pension is. We feel that would make RRSPs a more effective tool for first-time homebuyers,” said Weiss, the former chair of the CREA Federal Affairs Committee.
Give investors a break
Next, Weiss said the federal government should give property investors a year to reinvest their capital gains into another property before it’s taxed.
“We think that allowing a capital gains rollover for commercial properties will give investors more incentive to provide affordable rental units, something this country sorely needs. It will also allow more ma-and-pop-type investors to expand their portfolios,” he said. “And the money will be eventually taxed once investors cash out of their properties.”
Lastly, he said there needs to be better disclosure explaining the penalties homeowners will incur if they end their mortgage early.
Now, since there is no disclosure requirement many homeowners have been blindsided with bills in excess of $10,000 to break their mortgage. And how the banks actually arrive at the amount of the penalty has many Realtors confused, he added.
“When people go to sell their home and buy another one they find out the penalties for early discharge of their mortgage are humongous. So what we’d like to see is greater disclosure on mortgage documents, clearly stating what the penalties will be for early discharge of a mortgage and how those penalties are determined.”
As Realtors prepare to go to Parliament Hill to discuss policy on May 8 to 10, their lobbying efforts have been left in limbo since the fate of the current government is in question.
Pierre Leduc, a spokesperson for CREA, said that the organization was caught off guard like the rest of the Canadians when the election was called. Since the Realtors’ event was already scheduled, he said the organization chose to go ahead with it, but is still determining the nature of the event.
Complete article here.
CRE Senior Staff Writer
Realtors’ federal lobbying efforts came to an abrupt stop when the federal election was called on March 26, and according to industry insiders so did the parties’ focus on Realtors’ concerns.
Three key issues Realtors have been fighting for, Manitoba Real Estate Association (MREA) President Lorne Weiss said, are getting a capital-gains-tax rollover for commercial properties, raising the amount first-time homebuyers can borrow from their Registered Retirement Savings Plans (RRSPs) and requiring lenders to provide better disclosure to homeowners about the costs of ending a mortgage early.
But so far all three of those issues haven’t gotten much play among federal politicians.
“We think the federal parties should be addressing our issues because they aren’t just specific to our industry,” Weiss told CRE Online. “Something like giving young people the ability to borrow more from their RRSPs to buy their first home doesn’t just apply to the real estate industry; it really applies to the economy as a whole.”
In 2009, the federal government adopted a policy proposal by the Canadian Real Estate Association (CREA) to increase the limit first-time homebuyers can withdraw from their RRSPs to purchase a property from $20,000 to $25,000. Now, Weiss said the organization wants the federal government to index that amount to inflation.
“Rather than having to go back to the federal government every four or five years, we would like to put a mechanism in place to have the amount indexed to the rate of inflation, just in the same way a pension is. We feel that would make RRSPs a more effective tool for first-time homebuyers,” said Weiss, the former chair of the CREA Federal Affairs Committee.
Give investors a break
Next, Weiss said the federal government should give property investors a year to reinvest their capital gains into another property before it’s taxed.
“We think that allowing a capital gains rollover for commercial properties will give investors more incentive to provide affordable rental units, something this country sorely needs. It will also allow more ma-and-pop-type investors to expand their portfolios,” he said. “And the money will be eventually taxed once investors cash out of their properties.”
Lastly, he said there needs to be better disclosure explaining the penalties homeowners will incur if they end their mortgage early.
Now, since there is no disclosure requirement many homeowners have been blindsided with bills in excess of $10,000 to break their mortgage. And how the banks actually arrive at the amount of the penalty has many Realtors confused, he added.
“When people go to sell their home and buy another one they find out the penalties for early discharge of their mortgage are humongous. So what we’d like to see is greater disclosure on mortgage documents, clearly stating what the penalties will be for early discharge of a mortgage and how those penalties are determined.”
As Realtors prepare to go to Parliament Hill to discuss policy on May 8 to 10, their lobbying efforts have been left in limbo since the fate of the current government is in question.
Pierre Leduc, a spokesperson for CREA, said that the organization was caught off guard like the rest of the Canadians when the election was called. Since the Realtors’ event was already scheduled, he said the organization chose to go ahead with it, but is still determining the nature of the event.
Complete article here.
April 1, 2011
Calgary Real Estate 1st Quarter 2011 Update
Calgary, April 1, 2011 – According to figures released today by CREB® (Calgary Real Estate Board), Calgary Metro sales remained at levels similar to the first quarter of 2010. Improved sales in the single family market have largely been offset by declining sales in the condominium market, indicating that the gradual recovery will continue to be driven by the single family market for the better portion of the year.
Single family home sales in the first quarter of 2011 were 3,309, a 4 per cent increase over the first quarter of 2010. The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fueling the growth.
March 2011 single family home sales totaled 1,355, a 3 per cent decrease over March 2010 figures. The decline in sales was accompanied by a 19 per cent year-over-year decline in new listings. As a result, inventory remained at three months, which indicates a balanced single family market.
The NW sector boasted the largest gains in single family home sales in the first quarter of 2011 with 1,198 sales, a 13 per cent increase over the first quarter of 2010. Sales in the SE posted quarterly gains of 5 per cent, while the SW remained relatively unchanged and NE sales declined by 9 per cent.
“Improved affordability levels in single family homes have offered some individuals the opportunity to purchase homes in areas of the city that were once unattainable,” says Sano Stante, president of CREB®.
The SW sector recorded the highest single family average home price in the first quarter of 2011 at $570,748, while average home prices in the NW and SE were $464,990 and $422,821 respectively. The NE sector continues to remain the most affordable, with average prices hovering around $282,713.
“Average single family home prices remain relatively stable compared to the first quarter of last year, as people continue to purchase more homes at the lower end of the price spectrum,” says Stante. “The rise in sales has been primarily offset by a corresponding increase in listings, resulting in stable average prices.”
Calgary Metro average price of single family homes in March 2011 was $462,947, a 2 per cent decline from March 2010, and virtually unchanged from the previous month. Meanwhile, the median price declined by 5 per cent compared to March 2010.
Quarterly condominium sales continue to fall over levels recorded in the previous year, down by 11 per cent compared to the first quarter of 2010, while quarterly average prices are down by 1 per cent. It is important to note the quarterly average price of condominiums is skewed upwards for 2011 due to the sale of a $4.1 million condominium. If we remove this sale, quarterly average price would have declined by over 2 per cent.
The average price of condominiums in March 2011 was $280,781, while the median price was $256,000, a respected 5 per cent drop and 7 per cent, respectively, from levels recorded in March 2010.
Improved selection of affordable single family homes and higher inventory levels of new condominiums have reduced the demand for resale of condominiums. It is anticipated that demand should gradually recover in the latter half of the year, as Calgary’s economic recovery continues to take hold. “This provides a window of opportunity for condo buyers early in the year to discover a large selection of available product at affordable prices,” says Stante.
Calgary’s labour market has shown some recent improvements, however, it is still in the early stages of recovery as job growth remains below the 5-year average. Improvements in the energy sector are anticipated to show stronger job growth in the second half of the year, providing the foundation for continued recovery in the housing market.
Single family home sales in the first quarter of 2011 were 3,309, a 4 per cent increase over the first quarter of 2010. The combination of stable home prices, low interest rates and year-over-year improvements in employment are the primary factors fueling the growth.
March 2011 single family home sales totaled 1,355, a 3 per cent decrease over March 2010 figures. The decline in sales was accompanied by a 19 per cent year-over-year decline in new listings. As a result, inventory remained at three months, which indicates a balanced single family market.
The NW sector boasted the largest gains in single family home sales in the first quarter of 2011 with 1,198 sales, a 13 per cent increase over the first quarter of 2010. Sales in the SE posted quarterly gains of 5 per cent, while the SW remained relatively unchanged and NE sales declined by 9 per cent.
“Improved affordability levels in single family homes have offered some individuals the opportunity to purchase homes in areas of the city that were once unattainable,” says Sano Stante, president of CREB®.
The SW sector recorded the highest single family average home price in the first quarter of 2011 at $570,748, while average home prices in the NW and SE were $464,990 and $422,821 respectively. The NE sector continues to remain the most affordable, with average prices hovering around $282,713.
“Average single family home prices remain relatively stable compared to the first quarter of last year, as people continue to purchase more homes at the lower end of the price spectrum,” says Stante. “The rise in sales has been primarily offset by a corresponding increase in listings, resulting in stable average prices.”
Calgary Metro average price of single family homes in March 2011 was $462,947, a 2 per cent decline from March 2010, and virtually unchanged from the previous month. Meanwhile, the median price declined by 5 per cent compared to March 2010.
Quarterly condominium sales continue to fall over levels recorded in the previous year, down by 11 per cent compared to the first quarter of 2010, while quarterly average prices are down by 1 per cent. It is important to note the quarterly average price of condominiums is skewed upwards for 2011 due to the sale of a $4.1 million condominium. If we remove this sale, quarterly average price would have declined by over 2 per cent.
The average price of condominiums in March 2011 was $280,781, while the median price was $256,000, a respected 5 per cent drop and 7 per cent, respectively, from levels recorded in March 2010.
Improved selection of affordable single family homes and higher inventory levels of new condominiums have reduced the demand for resale of condominiums. It is anticipated that demand should gradually recover in the latter half of the year, as Calgary’s economic recovery continues to take hold. “This provides a window of opportunity for condo buyers early in the year to discover a large selection of available product at affordable prices,” says Stante.
Calgary’s labour market has shown some recent improvements, however, it is still in the early stages of recovery as job growth remains below the 5-year average. Improvements in the energy sector are anticipated to show stronger job growth in the second half of the year, providing the foundation for continued recovery in the housing market.
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