What's Happening in January 2018

Posted by JoAnne Purcell on Friday, January 26th, 2018 at 10:31am.

JoAnne & Joseph Purcell at SmartBuyCalgary.com are thrilled and honored to be named the Top Producing Partnership at CIR Realty for December 2017. Thank you to our clients, friends and family for supporting us in a career that allows us to help our clients while doing something we enjoy so much!

Calgary real estate market report

It was a pleasant surprise in December that the Holiday Season brought with it higher sales numbers than we have seen in the previous couple of years in the same month.  While sales increased, so did the number of listings which helped push our absorption rate up to 4.29 months, slightly in range of a Buyer's Market.  the Calgary Benchmark price remained stable at $ 433,200 and average days on market increased slightly to 58 days.  

Sales in most price ranges and many property types were up year over year for the month of December.  Most notable was apartment style condos, where the amount of sales increased 15.75% while listings only increased 8.75%.  This has reduced the absorption rate which is another good sign for the struggling condo sector. 

The improved sales numbers seem to be the result of the resurgence in inter-provincial migration, showing a net increase in population for the first time in 2 years.  The improving economy, job creation and gradual momentum building in consumer confidence are just a few of the many positive signs for the New Year. 

Might this be the right time for your next move?   Discussing the pros and cons with knowledgeable real estate and mortgage professionals with help you make the best decision for your  circumstances. 

 

NOSY NEIGHBOR PROGRAM 

Did you see that house on your street went up for sale and sold right away? Curious what it sold for?   How about the one you drive by every morning that has been listed forever but hasn't sold? 

We'd like to satisfy your curiosity and set you up on our "Nosy Neighbor Program"    You'll receive:  

- Monthly market reports for sales in your neighborhood

- Market reports for sales in other areas you're interested in (let us know where!) 

The information you'll receive will keep you current on the value of properties you care about - the ones near you and where you want to be! 

Just call us at 403 612 5298 or email smartbuycalgary@gmail.com and tell us you're a Nosy Neighbor and where you want to be Nosy! 

Happy Home Contest - Best My Nest

We are happy to share with you the launch on CIR Realty's 12 Months of Homeowner Giveaways!  

Starting  January 2018, as part of our Best My Nest Home Ownership Program, CIR Realty will be giving away 12 months of prizes from 12 of our Best My Nest Partners, all focused on making your home a better, more beautiful place to live in. 

There will be a new draw every month, but you will have to return to the contest website every month to enter to win the new prize.  this means you have a chance to win more than once (as long as you go back and re-enter when the new prize is announced).

You can enter the contest by visiting  www.cirrealty.ca/contest  

The winner of each month's prize will be contacted the first week of the next month.  You must be an Alberta resident and live within the service area of the company providing the price (Calgary and surrounding areas).  The first prize offered in January is $ 500 in free interior home painting. Don't forget to mention JoAnne or Joseph Purcell - your favorite CIR Realtors® when you enter! 

Good Luck!

What is Best My Nest?

Best My Nest by CIR Realty is a program that focuses on connecting those in the Greater Calgary Area to the people, services and ideas in the community that make living your best life in your home possible. 

It equates to partnerships with local business who provide special discounts, add-on services, helpful home-care articles and workshops for clients connected through CIR Realty!  

If you would like a membership to this program let us know - the registration is on us.  Check out www.bestmynest.com for more information.

mortgage changes

Determining what mortgage amount, products and rates you qualify has become more complex with the recent mortgage rule changes that took effect January 1, 2018, as well as the previous changes from late 2016.  With these government policy changes which have impacted mortgage lending policies, products and rates, it is important to make sure you speak with a qualified mortgage professional to help you navigate your home financing plan.   

Here is a brief summary of mortgage categories:

INSURED

 

MEETS CRITERIA FOR INSURABLE MORTGAGES, AND YOU PAY THE MORTGAGE INSURANCE PREMIUM


INSURABLE

 

MEETS CRITERIA FOR INSURABLE MORTGAGES, HAVE MORE THE 20% EQUITY/DOWN PAYMENT, AND YOU DO NOT PAY THE MORTGAGE INSURANCE PREMIUM


UN-INSURABLE

 

DOES NOT MEET CRITERIA FOR INSURABLE MORTGAGES, SUCH AS REFINANCING, 30 YEAR AMORTIZATIONS, OR 1-UNIT RENTAL PROPERTIES


With the recent rule changes, ALL mortgages must now qualify at a rate greater than their contract rate.  For Insured and Insurable Mortgages the benchmark rate (currently 5.14%) is used and for Un-insurable Mortgages you now must qualify at the greater of the Benchmark Rate or the contract rate + 2%.  

 J Purcell & Associates can help with your real estate and mortgage questions! Contact JoAnne or Joseph today.

 

 

 

 

 

 

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