Take a look at this great condo in ‘The Wedgewoods’ of Discovery Ridge.
This well appointed condo features over 1300 square feet, an open floor plan, granite throughout, stainless steel appliances, vessel sinks and high efficiency washer and dryer. You will enjoy the heated underground parking and ‘The Wedgewoods’ is a well managed condo complex with great amenities such as gym, games room. Priced at $370,000 this condo is priced well below other units of the same size.
Call Lina Horner with Smart Calgary Homes at (403) 923-7237 to view today!
This video is a great tool now used for all of Smart Calgary Home’s client listings. Check our www.smartcalgaryhomes.com
This website will let you take a look at properties using Google Streetview, find distances and drive times with Google Directions, book showings, get updated market information including sales and sales prices and much more. It also features it’s own blog to keep you up to date on real estate news!
Come to my Kensington open house this Saturday February 27 from 1 - 3 PM. LOCATION 101, 1222 KENSINGTON CLOSE, NW. This affordable and spacious 1 bedroom condo is a great investment for a first time home buyer or investor. With great access to downtown, SAIT and the University. This condo is located in the center of one of Calgary’s trendiest inner city neighborhoods - Kensington. Kensignton is a hub of activity with shopping, restaurants and night life. This condo is well priced and has a low monthly condo fee that includes heat and cable.
If you are unable to attend this weekends open house please call or email Lina Horner at (403) 923-7237 or homes@linahorner.com and set up your own personal showing.
See you on Saturday!
This well run condo is located next to the Kensington Wine Market
This condo has a very spacious living area as well as in suite storage and laundry
Large master with plenty of closet space
Recently upgraded kitchen with full tile blacksplash
Bathroom has also been upgraded with new tile surround, vanity and mirror
Kensington is a bustling neighborhood with shopping, restaurants and nightlife
CALGARY - It’s one of the most highly anticipated residential urban developments in Calgary and on Thursday sales are expected to begin for a small number of lots at the Currie Barracks. It’s all part of the first phase of a major redevelopment at the former military site that proponents say will create a marquee place to live and work. It’s also a major step in the conversion of the former CFB Calgary.
A small number of upscale “estate” lots for yet-to-be built homes are expected to go on sale Thursday, with another 37 single-family residential lots due to hit the market on Friday, according to Jonathan Allen, vice-president of investments with Unity Builders Group, which has about a third of those lots.
The prices for the properties are expected to range from $700,000 and up with the estate properties starting at about $1.6 million.
The project is also significant because it’s received the gold certification for Leadership in Energy and Environmental Design Neighbourhood Development. The prestigious designation is for sustainable development and the Currie Barracks project was the first to receive the distinction in Canada.
Given time, Allen said the certification will add signifi-cant value to property in the area. But Allen says he believes there is a more basic reason people are attracted to the development
Potential buyers, he said, look to how Canada Lands Company took other parts of the former military base and successfully redeveloped them into Garrison Woods and Garrison Green. The Currie Barracks, Allen said, will be the “piece de resistance.”
“It’s the capstone or the keystone, if you will, for the entire project,” Allen said.
“There are some very significant, very compelling attributes to the master plan for the entire community which I think Calgarians are going to appreciate.”
There also appears to be keen interest from potential purchasers. During four days last week, 800 people visited the sales centre at the Currie Barracks and got access to the array of builders, Allen said.
A representative with Canada Lands Corporation refused to comment on any potential sales, citing confidentiality
All of the 80-hectare Currie Barracks site will be redeveloped during 10 years and will feature offices, 3,200 housing units, a European-style High Street, and a Parade Square, among other amenities.
This first phase of the project will cover about 12.1 hectares and is located at the west corner of the Currie Barracks by Sarcee Road.
The alderman for the area, Brian Pincott, said the development puts special emphasis on public space. It’s the kind of project he wants duplicated in other parts of the city, from the inner parts of Calgary to the outskirts.
“Certainly this is the next wave of urban development that we need to do,” he said. “We’ve been waiting for it and anticipating this for a long time.”
The Currie Barracks development should prove to be a boon for the adjacent community of Rutland Park.
There is a small elementary school in their neighbourhood and more children in the area means that school can be sustained, according to Rutland Park community association president Peter Forte. There’s also talk of expanded public transportation and locals are looking forward to shopping along the High Street that will be built in the Currie Barracks.
“I think it’s been a long time coming,” said Forte, whose community association will represent new Currie Barracks residents. “It’s very creative and very imaginative. It won’t be . . . a cookie-cutter development.”
For more information concerning the new Currie Barracks development please call Lina Horner at 403-923-7237 or contact via email at homes@linahorner.com.
For years, policymakers have been warning that things will be different when boomers start retiring in large numbers. You’ve probably heard the phrase so often that it’s lost all impact. But guess what? It’s no longer a matter of “when.” It’s a matter of now that the boomers are retiring in large numbers.
Stephen Gordon, a professor of economics at Laval, has the numbers (as well as a scary chart) on Worthwhile Canadian Initiative, the excellent blog on Canadian economics which he co-authors. His post shows that the working-age population as a percentage of the total population is beginning a sharp decline. Since 2005, the data have been at the extreme bad end of the 13 scenarios imagined by Statistics Canada.
Gordon figures the decline in the size of the labor force is going to cut per-capita GDP growth rates by about 0.4% a year. While Gordon doesn’t go into all the ramifications, it seems safe to assume that an aging population and slower economic growth will put pressure on the government’s deficit projections—not to mention Canada’s booming real estate market.
Marty Hope, Calgary Herald Published: Saturday, January 23, 2010
Pent-up demand for resale housing that bubbled to the surface midway through 2009 will continue to be a factor this year, says the new president of the Calgary Real Estate Board.
In her inaugural address to the city’s real estate industry, Diane Scott said sales, prices and listings will continue to increase as the local economy and consumer confidence rebounds from the recession.
It’s the “new kids on the block” — the 25-to 34-year-olds who helped fuel the recovery in the latter half of last year — that will continue to fuel the 2010 market, she said.
Scott, who is broker/owner of Royal LePage Solutions Inc., said the average price of detached homes within Calgary’s city limits will likely move up slightly more than six per cent this year to $470,000.
At the same time, Scott predicted there will be 17,000 resale homes changing hands, an increase of 17 per cent — while the number of new listings will likely rise to 25,0000, up from nearly 22,500 in 2009.
The average price of condos will also likely climb this year, going to $296,000 from a year-end average of $283,734 in 2009, said Scott.
Sales will likely grow by 10.6 per cent to 7,000, she said, predicting that listings will likely increase to 10,750 this year, up from 10,323 last year.
“Single-family resale prices will again outpace condos in 2010, as equity gains from pre-2006 will enable move-up buyers to afford more,” said Scott, a 30-year veteran of Calgary’s real estate industry. “Consequently, the price gap between single-family homes and condominiums will continue to widen for the short term.”
For young buyers, low mortgage rates and relatively low prices provided the impetus to get into home ownership, said Scott, who opened her real estate business last February.
“Affordability has been the silver lining in last year’s housing market, even in the face of slowing wage growth,” she said.
For the previous two years, first-timers had been pretty much shunted to the sidelines until the market turnaround in 2009.
From having a maximum buying power of about $250,000, families found that with the mortgage rates slipping to 50-year lows, their buying power went as high as $375,000, said Scott.
“In two years, (the market) has gone from sizzle to fizzle to simmer — and today, the market has entered a more balanced and stable condition,” she said.
Yesterday was the 6th Annual Calgary Real Estate Board Forecast Breakfast Tradeshow and Conference. Calgary Realtors were given an overview of what to expect in the following months. I thought I would share some of the information with you that was shared with me.
CONDO MARKET LAGS IN THE FACE OF STEADY INVENTORY
Calgary’s recent housing boom pushed single family prices up at a rapid rate and demand for condominium and multi-family homes quickly followed. In repsonse builders generated an average of 1200 starts per month from 2004 through 2007 resulting in a build-up of inventory under construction that peaked in 2008 at nearly 15,500 units.
A steady supply of new and resale multi-family units has meant little price growth for the condominium market, while a diminishing inventory of singles has put upward pressure on the average price of a single family home.
In 2010 single family resale prices will again outpace condos as equity gains from pre-2006 will enable move-up buyers to afford more. Consequently, the gap between single family homes and condominium prices will continue to widen in the short term.
AVERAGE PRICE COMPARISON, SINGLE FAMILY TO CONDO, CITY OF CALGARY
AFFORDABILITY WILL BENEFIT CONDO MARKET LATER IN 2010
Multi-family supplies are typically “lumpy” with building completions adding hundreds of units to the market at one time. Late 2008 saw many of the multi-family starts from 2007 completing at the same time. Longer build-times of condos also complicate market timing and the rate of supply. Completions of unsold unitys, especially in the downtown apartment segment, will contiunue through 2010. The oversupply of complete and unoccupied condo apartments is expected to persist as completions of investor units are added to the rental stock or are immediately listed for sale.
On a more positive note, once this excess inventory works through the marketplace, the extremely low level of new starts will again drive prices up, particularly for the lower priced end of the market that connot be supplied by the single family market.
source: Calgary and Area Housing Market Forecast 2010
The Calgary housing market continues to show signs of a sustained recovery according to figures released January 3, 2010 by the Calgary Real Estate Board.
”The number of single family homes sold in December 2009 in the city of Calgary was up 78% from the same time a year ago, while condo sales saw an increase of 66% from the same time a year ago.”
“What a difference a year makes. Undoubtedly the recovery in Calgary’s housing market came sooner than expected this past year,” says Bonnie Wegerich, president of CREB®. “Pent up demand by first time buyers, record low mortgage rates and improved affordability have helped bolster the Calgary market in 2009.”
In fact, we are close to seeing a sellers’ market. With continued limited resale home supply and a robust buying public…the pendulum is swinging in favor of sellers which will, more than likely, push prices up.
There are also fears that interest rates are going to rise and this has buyers anxious to lock into more favorable rates now.
With the additional fear that the government may make 10% down payments mandatory and maximum 30 year amortization periods, we may see many buyers pushing their plans forward.
If you are thinking of purchasing a home, moving up or down sizing, now would be a most favorable time to do so and I would love to help you.
Welcome to 2010! A New Year, a new decade and as usual likely a fair share of new goals and resolutions to go around.
While you were making plans for the upcoming 12 months the federal government as well was talking about plans of their own. Hot on their list? The possibility of changing the way Canadians buy homes, yet again.
In the fall of 2008, the federal government took away 40-year amortizations, 100 per cent financing (or no money down purchases) and made it so interest-only mortgages and home equity lines of credit could no longer exceed 80 per cent of one’s property value.
This time around they are speculating on the need to further scale back amortizations, to a suggested maximum of 30 years, and proposing increasing the amount of down payment required when buying. Currently applicants can apply for mortgage financing with a five per cent down payment and their mortgage could be amortized over 35 years.
The government’s concern is that low interest rates and increased market activity in 2009 might be creating a housing bubble. So what could that mean if the government follows through with these ideas?
First-time homeowners are the obvious hardest hit group. As of December 2009 Calgary’s Metro average house price was $451,349 according to the Calgary Real Estate Board. That means to purchase an “average” home (right now) buyers would have to come to the table with at least $22,567. Condos are a slightly easier pill to swallow with an average price of $288,640 lowering the currently required down payment to $14,432 — which is part of the reason why condos are so popular with first-time buyers.
So if you were in the market for a single family home and the government did follow through with increasing the down payment required (seven or 10 per cent has been tossed around as a possible new minimum) then any way you look at it your goal just moved that much further out of arms reach. Considering December’s average price on single family homes seven per cent down payment would be $31,594 and a 10 per cent down payment would be $45,135.
Additionally, by reducing the maximum amortization buyers could stretch their mortgage over, purchasing power is reduced as the required mortgage payments would be increased which then pushes against the debt ratio ceilings which lenders use to determine an applicants ability to pay their monthly expenses (gross income vs. monthly payments).
So if you have already made the leap to ownership, should you then take a sigh of relief? Well yes, that is until you want to sell your home and you realize that your pool of eligible buyers has been reduced — especially if your Calgary home is worth $450,000 or less, as this is widely considered the first time buyers arena.
Canadians have earned a reputation as being conservative. Lending in Canada is no different. If we are in fact in a housing bubble, then perhaps the government is right to be concerned. That said, if this is an exaggerated concern than many Canadians will be affected by this proposed scale back, both now and in the future.
It is worth noting that although the prime lending rate is incredibly low right now, historically, the majority of Canadians opt with fixed interest rate mortgages, more proof of our conservative nature. Fixed rates and the prime lending rate operate independently and only the prime lending rate is directly affected by the Bank of Canada’s (BoC) benchmark rate, meaning fixed rates will not automatically climb when the BoC starts bringing the prime rate back to realistic levels.
Also, many homeowners choose extended amortizations, even if they don’t need to for qualifying purposes, for a large variety of reasons. Situations such as maternity leaves, extended travel or wanting greater cash flow to maximize RRSP’s are just a few examples why people prefer to go with a lower mortgage payment then they could swing if need be. Choice is a powerful thing and it is possible our financing options may be further reduced over 2010.
If you have been thinking about making the move from tenant to owner, then why risk it and wait? The same would apply if you are contemplating selling your current home and moving up. Secondly, you can voice your opinion to your Member of Parliament about how you think this change could affect you and your family. If your goals for 2010 involve real estate in any way it is wise to get started early while the options available are still clear. Call today to discuss your plans for the New Year and ensure you avoid disappointment.
Noone likes tax time, and even though it’s a ways away we should probably start thinking about it. I came across some informative tips to help you make the most of your tax return this year. Enjoy!
Tax-planning should be a year round activity. Even if you’ve been otherwise occupied this year, you still have time to save money on your 2009 taxes by using strategies like these.
Be deadline savvy — File your tax return and make tax payments on time to avoid penalties and interest. Payments that qualify for tax credits and deductions should be made by Dec. 31.
Deduct to save — Take full advantage of all tax deductions including the most important — your Registered Retirement Savings Plan (RRSP) deduction. Be sure to fill up all your RRSP contribution room.
Give yourself all the credit — Make full use of tax credits to reduce your tax bill by:
• Pooling medical expenses on the tax return of the lower earning spouse.
• Pooling charitable donations or carrying them forward for up to five years to surpass the $200 threshold that increases your credit.
• Using the spousal credit for the higher-earning spouse.
• Transferring the age, disability, tuition and/or education credits to a spouse or supporting relative when not used by a dependent.
• Don’t forget the first time homebuyer, home renovations and moving expenses credits.
Split to save — Income-split by sharing pension income with a spouse, through a spousal RRSP or by paying a salary to (eligible) family members.
Be RRSP savvy — If you’re turning 71 this year, you must wind up your RRSP and need to decide whether to take the cash (poor choice) or transfer the funds to investments held within a Registered Retirement Income Fund (RRIF) or annuity (much better choices). If you have earned income, you can continue making contributions to a spousal plan until your spouse reaches age 71.
Save tax-free — Make up to a $5,000 contribution to a Tax-Free Savings Account (TFSA). The contribution isn’t tax deductible but money and interest inside your TFSA is tax-free and so are withdrawals that you can make at any time for any purpose. Amounts withdrawn are added to your TFSA contribution room for the following year.
Make down investments pay off — Plan to sell money-losing investments by the Dec. 31 settlement date, which creates capital losses, which can then offset capital gains.
Buy now to save — If you’re self-employed and claiming the capital cost allowance (CCA) on depreciable assets, buy them before year-end to speed up tax write-offs.
Move to save — If you’re moving to a province with a lower tax rate, do it before Dec. 31 and you’ll pay the lower rate for the full year. If you’re moving to a province with a higher tax rate, try to delay until 2010.
What’s best tax-saving tip of all? Talk to your advisor before year-end to be certain you make the most of the other tax-reduction strategies available to you.
