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Calgary Home Boys Real Estate Blog

The outlook for employment growth in Calgary remains strong with a good lift in full time employment. The Alberta unemployment was an amazing 4.4% and Calgary’s was a healthy 4.7%. Across the province 3,600 full time jobs were created in September, while part-time employment fell by 1,500 people. Normally, job growth is about 2600 per month.

In Calgary, unemployment fell by 1,700 or 0.2 per cent from the previous month. However, Calgary is up 15,400 jobs or 2.1% from last year.  The August Calgary housing report and September economic report were similarly rosy.

Jobs Outlook

The Economic and Jobs Outlook for 2013 and beyond looks excellent too. Calgary and Edmonton are forecast to be the fastest growing CMAs in the country for the next 4 years.

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The conference board of Canada noted a positive upswing in consumer spending across Canada. TheOttawabased department found Canadians are the most positive they’ve been since the summer of 2011. Hard to say why Canadians are so optimistic, but it could be just less bad news is spurring employers and consumers alike.

The Conference Board’s own consumer confidence index increased 6.7 points to 82.2 after a more pessimistic August. 18.4T of survey respondents said their situation had improved over the past six months while 5.2% expected an improvement over the fall and winter months, a rise of 2%. And 15% of respondents said they expected their situation to worsen, which is 2% less than August.

Statistics Canada said retail sales were up 0.7 per cent to

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Calgary Real Estate Sales up in September

Amidst fears of a housing bubble, tight credit, crumbling economies, it seems Calgary can’t lose. CREB reported that Calgary MLS sales in September grew more than 10% from September of 2011. However, sales dropped by about 6% from August 2012 levels.

Total MLS sales in the city of 1,617 were up 10.68 per cent from September 2011 while the average price grew by 0.44% to almost $420,000. September’s totals are the 2nd highest month in the last 2 years. 

Unemployment in Calgary is falling, wages are improving, and the number of full-time job is outpacing national averages. Reports are coming out showing Canadian consumer confidence is rising, and Calgary residents would likely be the most optimistic of all.

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Calgary Home Prices Rise 

Canada’s August real estate sales continued to slump according to CREA. National resale housing activity dropped sharply from July to August by 5.8%. The government’s strong attempt at crushing the market has succeeded at the same time as oil prices and the Canadian dollar have risen and mortgage acquisition has become very tough for most Canadians hoping to buy.

CREA reports that sales activity is down 8.9% from last August yet the national average home price still rose .3%.   Declines were recorded in two thirds of all Canadian markets.  Still, there were 2.8% more real estate transactions in the MLS system so far this year.  Newly listed homes dropped by 1.7% in August. In Toronto, new listings dropped by a staggering 7.7%

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Bob Alexander on Mon, Aug 27, 2012 wrote:

Hope you are all enjoying the summer and getting ready to get back to normal routines.
Back in July, the Canadian Government made changes to the mortgage lending rules and I would like to review four financing situations that highlight how much impact these changes have going forward.

1) Nullified Switch

The Facts: Your existing mortgage with a remaining amortization of more than 25 years is up for renewal. You have less than 20 percent equity. You have found another lender with a great rate but your gross debts exceed 39% of your income.

The new reality: Kiss the better rate goodbye. Only your existing lender with the higher rate can re-lend without re-qualifying you.


2) Consolidation Blues

The Facts:

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Garry Marr Apr 27, 2012 – 6:33 PM ET

Finance Minister Jim Flaherty would consider taking Canada Mortgage Housing Corp. out of the mortgage default insurance business he told the National Post’s editorial board.

"Over time, I don’t think it’s essential that a government financial institution provide mortgage insurance in Canada. I think what’s key is that mortgage insurance is available at a reasonable cost in Canada. I think there is a role to regulate but whether we, the Canadian people, have to be the owners and shareholders of a financial institution to do this is a question. I don’t think it’s essential in the long run.

In a wide-ranging discussion on the housing market, he said he has no plans to increase CMHC’s current $600-billion loan…
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Bob Alexander on Mon, Mar 19, 2012 wrote:

I have been a Mortgage Broker for over a decade and like all of us, went through the 2007 boom time in Calgary. One of the things that struck me looking back on the boom was how poorly a number of residential building projects were handled. Demand for housing in Calgary had been steadily building from 2002 to 2007. Several big housing projects were started in 2007 and when the boom ended, many of these projects were left incomplete. The builders involved misread the signs to start earlier so that when the boom hit, the project was finished and not just a hole in the ground.

The lesson from all this is that timing plays a big part in successful investment property purchasing. Don’t repeat the mistakes the big

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The MLS® Housing Price Index (HPI) is coming to Calgary in February, as part of a nationwide rollout involving boards in Canada’s largest cities.

CREB® has been working with CREA and other boards and associations across Canada to develop the MLS® HPI.
 
The MLS® HPI allow housing price trends to be tracked over time within local communities and national markets for different property types including:

  • one-storey single-family homes
  • two-storey single-family homes
  • townhouse/row units
  • apartment units

As you know, the average price in a market can vary widely from month to month, depending on volume shifts in various price segments. Reporting the average price can sometimes falsely exaggerate trends, causing a lot of confusion. This new monthly

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The Ultimate Hockey Experience Contest

We here at CIR Realty have created an EXCITING contest for all of you out there reading this.To Enter all you have to do is simply visit our contest website: www.cirrealty.ca/contest and enter your contact information. Starting on December 20, 2011 (the day after MY birthday), we will be giving away 10 sets of Calgary Flames Tickets. The seats are valued at whopping $324 a set and are along the best in the Saddledome!! The games are in the months of December 2011-April 2012. We will be announcing the winners on our CIR Facebook Fanpage. However the BIG GRAND PRIZE is an ALL expense paid trip for TWO to watch the New York Rangers play against the Pittsburgh Penguins live in Madison Square Gardens on March 15, 2011

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