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Home prices are down and holding making now a great time to buy. Do you know anyone that is thinking about buying their first home? Condo prices are now back to about $200,000. Now could be the perfect time to make a move and stop renting as a mortgage on a $200k condo with 5% ($10,000) down payment is about $950 a month. That could be less than renting. Mortgage rates are still low but don't wait too long! Click to see the LATEST MORTGAGE RATES Click to see the LATEST CALGARY SINGLE FAMILY STATS Calgary Market Update | | May 2008 | May 2009 | | June 2008 | June 2009 | SINGLE FAMILY | | | | | Month End Inventory | 7,099 | 3,861 | 6,543 | 3,395 | New Listings Added | 3,432 | 2,235 | 2,787 | 2,244 | Sales | 1,368 | 1,584 | 1,439 | 1,837 | Average Sale Price | 479,564 | 436,427 | 473,774 | 447,142 | Median Sale Price | 419,000 | 390,000 | 408,000 | 399,000 | Avg. Days on Market until Sold | 42 | 45 | 46 | 44 | | | | | | CONDO | | | | | Month End Inventory | 3,308 | 1,952 | 3,093 | 1,744 | New Listings Added | 1,538 | 998 | 1,234 | 927 | Sales | 577 | 653 | 556 | 738 | Average Sale Price | 311,816 | 275,212 | 315,042 | 285,595 | Median Sale Price | 285,000 | 255,000 | 282,000 | 265,500 | Avg. Days on Market until Sold | 50 | 51 | 51 | 51 |
All statistics reported above are for Calgary Metro" only (within Calgary city limits). From Calgary Real Estate Board.
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Want to be first to learn of the hottest new homes for sale in Calgary? Try my New Listings Notification. Do you own real estate that you're thinking of selling? Get a FREE Home Evaluation. If you have any general questions about buying or selling real estate in Calgary, please contact me, as I can help. I work in all areas, in and around Calgary. Please browse my website for listings, reports and important local real estate information. To view my office's listings please click here. I'm looking forward to helping YOU reach YOUR real estate goals! Sincerely, Nancy Jakovac Direct 403-921-8060 Email me! This link has good advice on selling your home...http://www.msnbc.msn.com/id/21134540/vp/26405734#26405734 | |
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March/April 2009 AREA Update An Urban Myth: Foreclosures Are Always a Bargain For Canadians, it’s mind-boggling to hear about the prices foreclosures are going for in the United States. Fifty thousand dollars for a 5-bedroom, 3-bathroom, single-family, semi-detached home with enough closet space to hold fifty thousand pairs of shoes_ Where do I sign?! Busted! Typically, foreclosures aren’t as glorious in Canada as they are south of the border. Why? In Canada, there are two methods for lenders to recover mortgage debt: 1. Judicial Sale – Lenders must receive the court’s permission before they can sell the property. 2. Power of Sale – Lenders can sell the property without the court’s involvement. Judicial sale is the primary debt-recovery method used in Alberta. Two other important factors differentiate Canadian foreclosures from those in the United States. In Canada: v Properties cannot be sold under market value v Properties must be accompanied by an appraisal. Risks Aside from the likelihood that the foreclosure isn’t a great bargain, purchasers of foreclosure properties face several other risks. For example, banks have the ability to sell or dispose of property “as is”. This means that, before putting a property on the market, banks don’t have to remediate or repair structural defects, environmental or health hazards, or homes that have been condemned. The Bottom Line Before packing their shoes or reaching for their wallets, buyers should be advised to seek professional assessments. It’s never wise to buy something sight unseen. And if profit is the motivation behind purchasing foreclosures, Canadian buyers may be disappointed. |
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