Blog Archives
What you can expect for Calgary Real Estate in 2014
The last ten years have been a pretty heady time for Calgary home and condo owners. Between 2003 and 2007, home prices in Calgary increased by an exhilarating 118%. Then, the market ground to a near halt during the recession of 2008. Thanks to a buoyant economy, demand for real estate and prices have been steadily gathering steam. 2012 was a boom year, and home sales were the highest they’d been since 2007.
How Urbanism will Change the face of Calgary
Mixed use neighborhoods were once the norm in most North American cities. Homes and shops were side by side, and people walked to the store, parks, churches, schools, and the hockey rink. Then the Second World War came along and changed the face of North American cities forever – or at least for a while.
Buying a Foreclosure – Should You do It?
For years we heard about the great real estate deals that Canadians were taking advantage of in areas of the US like Arizona and Nevada. At one time, almost anyone could get a mortgage in the US. When a lot of those people started to default on their payments, the real estate market was flooded with thousands of foreclosed properties. After the meltdown, it wasn’t unheard of for properties in the US to sell for as little as one quarter of their market value. Canada hasn’t experienced a mortgage crisis like the one in the US. However, people sometimes fall behind on their mortgage payments here too and banks are forced to foreclose. Having heard about the great deals on real estate in the US, many people in Canada wonder if foreclosures offer the same great savings here. Real estate laws in Canada are different than laws in the US. Banks here try to sell foreclosed properties for a fair market value. A typical foreclosure in Canada usually represents a maximum savings of around 15% over market value. If you are considering purchasing a foreclosed property, there are a few things that you should do: If possible, have the house […]
Planning a Reno? The Best Places to Invest Your Money
Renovating a house can be very expensive. If you’re renovating your home to make it more livable for you and your family, return on investment might not be your main consideration. In that case, go ahead and install a swimming pool, notorious for not paying for itself when a house is sold. However, if your goal is to sell your home in a few years and make money off of it, you need to consider where you spend your reno dollars carefully. Some renovations have a much higher rate of return than others. Here are a few areas that you can focus on to increase the resale value of your home when it’s time to sell. Kitchens and bathrooms have always been a good investment because, well, let’s face it, women love a nice kitchen and a beautiful bathroom. You can expect to recover 75% to 100% of your investment in a bathroom or kitchen renovation. Of course, if the renovation is poorly designed or just plain hideous, you’re not going to get that much back. The other thing to remember is a $30,000 bathroom renovation in a house that’s only worth $100,000 isn’t going to make the house worth […]
Tiny Houses – Real Estate’s Next Big Trend?
Imagine living in a house that’s not much wider than your arm span. You’ve probably seen them on the news, the Discovery Channel, or even Oprah – tiny houses as small as 90 square feet (yes you read that right). They’ve become a small but rapidly growing real estate trend among people who want to simplify their lives, live more affordably, and have less impact on the environment. Tiny or at least small houses are nothing new and used to be the norm. Large families lived in single room cabins or small multi-room houses. As incomes and personal wealth increased for North Americans, so did the size of a typical house. Since 1970, average house sizes have increased 50% in the US and other western countries. The small house countermovement was started by Sarah Susanka who published the influential The Not So Big House in 1997. After hurricane Katrina devastated the Gulf Coast in 2005, Marianne Cusato developed “Katrina Cottages” to provide a more comfortable alternative to the FEMA trailers supplied to people who had lost their homes. At 308 sq. ft., they attracted the attention of resort developers and prepackaged building kits are still available for purchase. The housing […]
Is Winter a Good Time to Buy a House?
Almost as soon as the crocuses start to stick their heads out from under their blanket of snow, For Sale signs begin to pop up around Calgary. Springtime is traditionally the start of the busiest time of the year for home sales but if you’re willing to brave the snow and cold, winter can actually be the best time of the year to buy a house. Whether out of necessity or grim determination, some people list their house during a traditionally very slow time of the year for house sales. During the winter, even though there are fewer house listings, supply still far exceeds the demand. Prices are at their lowest in December and anyone who maintains their listing over the holiday season is clearly serious about selling their house. Here are some reasons why it makes a lot of sense to buy a house during the winter: You are competing with fewer buyers. Most people are much more motivated to house hunt when the weather is nice. The spring buying and selling frenzy is months away and because of lower demand for real estate, good deals can be found everywhere. Slow sales mean that most sellers are more motivated […]
Should you Buy a House that was Used for a Grow Op?
It’s a sad sign of the times, but these days it’s fairly common for a house that was used for a marijuana grow op or a meth lab to come up for sale. Grow op houses usually sell for 25% to 35% less than market value for a comparable house. But, is it worth the money you can save on the initial purchase price? Most banks won’t finance a home that was used for a grow op unless it has been professionally remediated and even then you may have to pay a higher rate when you take out a mortgage and at renewal time. You might pay less up front for a grow op house, but it may cost you more in the long run because of higher finance rates. Another important consideration when thinking about buying a grow op house is how long you intend to live in it. If you’re going to stay in the house for 15 or 20 years, when it’s time to sell and you declare that it was once a drug house, a lot of the stigma will have worn off. If you try to sell after only two years and the stigma […]
Protecting Your Home When you Head South for the Winter
If you’re jetting off to warmer climes for the winter or for an extended vacation, there are some things that you need to do to keep your home safe while you’re away. Get Your Insurance in Order First of all, check with your insurance agent to ensure that your house will be covered adequately while you’re gone. Some insurance policies specify that if you’re away for a certain length of time, you must have someone responsible check on your house every 48 hours. If your home is going to be vacant for 30 days or more, you likely won’t be covered by insurance unless you have unoccupied property coverage. Ask someone you can Trust for Help Ask someone you can count on to check on the house regularly. Show them where the water shutoff valve and electrical panel are. Also give them the name of your insurance company and your contact number while you’re away. Ask them to put a bag of their garbage by your driveway for pick-up every week. No garbage is a clear sign that nobody’s home. Prevent Flooding It’s always a good idea to turn off the water supply to the house to prevent flooding […]
Protecting Your Home from Old Man Winter
With winter upon us, it’s important to take steps to protect your home from Calgary’s sometimes wild winter weather. Make sure your windows and doors are sealed. Not only will you stay warmer in your house, you’ll save a lot of money on heating costs. Check for drafts around windows and doors with a stick of incense. If the smoke wavers, you have a draft. If the draft is coming from the gap between the window frame and the wall, re-caulk. Apply plastic film over drafty windows. It’s not that noticeable, and you’ll be amazed by the difference a thin layer of plastic can make. Add extra insulation to your attic. You can lose a lot of heat through your roof if there isn’t enough insulation. Adding insulation doesn’t have to cost a lot and it can save you a lot of money in the long term. Wrap pipes close to exterior walls or in unheated crawlspaces or garages with insulation. It will help prevent heat loss from hot water pipes, and can also prevent pipes from freezing and bursting during a cold snap. Remove garden hoses to prevent exterior taps from freezing and make sure that they are turned […]