Posted on
May 1, 2024
by
Tamara Nellissen
Tight supply of homes for sale along with a market with an appetite to buy could push home prices upward.
Calgary’s resale real estate market, already marked by high buyer demand amid dwindling supply, is likely to get a lot hotter now that the busy spring season has arrived.
Traditionally, the busiest time of the year for real estate, the spring market began March 1 and will end June 30. And it could very well be among the busiest in Calgary’s history given already strong demand in January and February in the face of very low supply, realtors note.
“It feels like the spring market has come early,” says Trung Bien, realtor with eXp Realty.
“Wicked low” inventory, along with buyers — many of whom held off last year — now eager to transact this spring are fuel for already tinder-dry market conditions set by a strong start to the year, he adds. Calgary Real Estate Board statistics show sales grew 23 per cent in February year over year, while new listings only increased 14 per cent.
At the current pace, the supply of homes for sale can only sustain about one month of sales.
Already, the benchmark price for a home climbed 10 per cent to $585,000 year over year last month, marking yet another consecutive month of record highs.
Prices are likely to continue their ascent this spring season with more buyers and sellers entering the market, based on findings of a recent study from Zoocasa.
It examined spring market activity across Canada for the last five years, uncovering that 2019’s peak for activity nationally occurred in May. In 2020, the apex of sales actually happened in July due to the pandemic, which mostly froze sales activity in April and May.
Source: Calgary Herald
Posted on
May 1, 2024
by
Tamara Nellissen
When you are buying or selling a home, it is important to review a current copy of the title to ensure everything looks accurate. Along with reviewing the names and legal description of the title, you also want to look at the registrations on the title and understand what they mean.Here is a list of commonly seen registration and what they mean.Please note that this is not an exhaustive list and if you see a registration you do not understand, you should speak to a real estate professional.Restrictive Covenants: This covenant places a restriction as to what can be done with the piece of land and can vary significantly. It is best practice to have a client read those covenants so they know whether there will be restriction as to what types of fences they can have, whether they can operate a certain business there, etc.Liens: A lien is registered on title based on the law. A lien on title indicates that the owner of the property owes money to someone. Regardless of the situation, the owner needs to discharge the lien before agreeing to sell the home or prior to possession day or the sale may not close.Caveats: these are registered is there is a written agreement charging the land, including debts (mortgages or promissory notes), dower interests, builder’s liens and more. Like restrictive covenants, these can vary and as such, it is important to review the actual document that is registered at the Land Titles office.Utility Right of Way: This shows that there is a strip of land under which utilities are buried and a landowner will not be able to build anything on top of the utility right of way. If there is something built on top of it, then the homeowner will not get Municipal compliance.Overland water drainage: Similar to a utility right of way, this is a strip along the back or side of a property containing a concrete swale, which allows the water to run to a street or sewer. This means that there cannot be anything built onto the reserved space or block the water drainage. If you do, you may be required to remove the structure or it may be removed or destroyed for you.Encroachment Agreements: When a structure is built on a property and it extends past the property line onto the neighbouring property, an encroachment agreement is signed and registered with the Land Titles Office. The agreement sets out the “rules” that allow the encroaching structure to remain in place and addresses maintenance, liability and what happens if the structure needs to be rebuilt. These agreements are common and not a cause of immediate concern, but it is good to have your clients be aware of them.Easements/ Right of Way: These run with the land and cannot be discharged. They allow someone other than the property owner access the property. Some examples are allowing for maintenance to adjoining properties, allowing for use of a shared road that is located on only one property, and access to utility lines or shared wells.Writs and Certificates of Lis Pendens (CLP): These registrations indicate that the property is involved in a litigation matter. When you see a CLP, know that the owner of the property has likely been sued but there is no judgement yet. If the court rules in favour of the plaintiff, a writ is registered on title to show that the plaintiff has actual interest in the property. Note: A seller MUST discharge this registration prior to the closing of the sale.
Source: CREB
Posted on
May 1, 2024
by
Tamara Nellissen
For most of us, buying a home will be the biggest purchasing decision we make in our lifetime. Adding to the weight of that decision is going through it the first time.
First-time homebuyers can benefit tremendously from receiving extra advice throughout the purchase process. It's difficult to know exactly what to expect, but most issues can be resolved by doing a little homework at the outset.
The good news is first-time homebuyers are not on their own. Here are five tips to help you navigate the journey:
1. Do your research
Ask questions and do your homework. Speak with other homeowners to get a real-life perspective on what it's like to own property. Also take some time to think about where you want to be today and five years from now, and plan accordingly!
2. Get pre-approved
It is best for first-time buyers to get pre-approved for a mortgage so they know how much they can spend.
Talk to a mortgage specialist about mortgage products, terms, payment options and rates. Then, share the pre-approval with your REALTOR® so they only show you homes that fit your budget.
3. Use a REALTOR®
Many homebuyers research potential homes using realtor.ca, but what's really important is the interpretation of that data, and that's where a REALTOR® comes in.
A REALTOR® is a trusted source for all your real estate needs. Not only do they provide invaluable expertise, but they are also committed to a high standard of professional conduct focused on the consumer.
A REALTOR® also provides a homebuyer with all the information to make an informed decision in terms of comparable prices in the neighbourhood, market conditions and the proper steps to go through in a home purchase.
4. Seeing is believing
While most people begin their home search online, shopping that way may not tell the whole story of a property. Photos can be deceiving, so it's important to get inside a house and explore it for yourself.
Things like the size of a home, the condition of the interior and exterior and the neighborhood can vary when looking at a home online versus in person.
Schedule a showing with your REALTOR® or visit an open house to help you make a much smarter buying decision.
5. Get a home inspection
A home inspection could identify a simple cosmetic problem or safety issue that could be potentially life threatening.
Many first-time buyers walk into a home, love the kitchen or the bathrooms or the general layout, and can look right past everything else. That's why you need an unbiased, independent review of the home.
Your home inspector should not care whether you buy the home or not. They have no vested interest in the transaction and present you with the facts.
Source: CREB
