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No matter how you look at it Calgary's resale housing market took a beating in January compared with a year ago. MLS sales plunged by a staggering 50 per cent sending the average sale price of a single-family down by over nine per cent and 13 per cent for condominiums, according to the Calgary Real Estate Board. In the single-family home market, there were 550 sales last month - a decrease of 49.2 per cent from the 1,083 sales in January 2008. The average sale price was $413,049, down 9.28 per cent from $455,297 a year ago. The median sale price of $374,700 was down 8.6 per cent from $410,000 in January 2008. The average days on the market to sell a home was 62, up 24 per cent from 50 days last year. And the month-end inventory increased by 1.1 per cent to 4,040 this year from 3,997 a year ago. New listings during the month were 31.6 per cent less than a year ago at 2,068 compared with 3,023. Recommend this article... |
The appraisal process typically involves three approaches to value. These approaches are based on the following three facets of value: 1. Cost Approach - The current cost of replacing a property less losses in value from deterioration and functional and economic obsolescence (accrued depreciation). 2. Sales Comparison Approach - The value indicated by recent sales of comparable properties in the marketplace. 3. Income Capitalization Approach - The market value that the property's net earning power will support based upon a capitalization of net income, stabilization, and residual equity buildup. The requisites of the appraisal process call for approaches made independently of each other, specifically a Cost Approach, a Sales Comparison Approach, and an Income Capitalization Approach. The Cost Approach assumes that a property's value is equivalent to its replacement cost, less accrued depreciation and obsolescence. This falls under the theory of substitution where the rationalization of its support is premised upon the assumption that a property's optimum value cannot exceed the cost of duplicating the property on a similar site. Recommend this article... |
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This is infomation in regards to what benifits are envolved with working with a mortgage broker. Why work with a mortgage broker? Who are mortgage brokers and who do they work for? The question is one you hear a lot about these days. Here in Canada approximately 25% of mortgages originate through Mortgage Brokers (versus approximately 75% of mortgage deal in the United States). In the past, it was only those who had poor credit ratings who sought the help of a Mortgage Broker to obtain a home loan. The mortgage broker of todays works with the borrowers of all credit types and specializes in being able to find a mortgager of any size and type on any given day. Mortgage Brokers also service to educate their clients on the various types of mortgages available, how to understand what all the paperwork means, how to decide between mortgage options and so much more. They can connect you to a lender and they can help you navigate through the steps the lender requires of you as well. It is like having an advocate on your side during the lending process. There is also a miss conception that a mortgage broker costs you money. In 90% of cases it does not they are strictly paid by the lender based on the dollar amount of the mortgage. In cases where it has to go to a private lender those are paid by clients and taken out of the mortgage proceeds. Long ago if you wanted a mortgage your only option was to visit your local bank and apply for one. You gave them all of the required paperwork, and at the end of the day they decided on whether or not they wanted to lend to you and at what interest rate. With the vast number of lenders and mortgage options available today, this strategy just doesn't make sense anymore. You are much better off going through a mortgage broker and letting them do the legwork to find you the best deal available. With a significant variety of lenders to choose from, you can be confident that you will get the best deal available to you. Mortgage Brokers build their business on referrals, providing personalized service and education to their clients, which larger banks are just simply unable to provide. Because of this, you can rest assured that your mortgage broker has your best interests in mind with everything they do. By providing you with the "one stop shopping" a mortgage broker can get you a good deal and educate you along the way. If you are looking for a mortgage, discuss your needs with a mortgage broker and see what kind of deal they can offer you - you might be pleasantly surprised at the results. Give us a call to see what we can do for you! Mountain View Mortgages is here to provide excellent service and knowledge. 1-403-637-0140 www.mountainviewmortgages.ca Recommend this article... |
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Homeowners in line for 15% rebate on renos Janice Tibbetts, Canwest News Service/National Post Published: Tuesday, January 27, 2009 OTTAWA -- Canadians who want to sod their lawns or renovate their bathrooms will get a tax break worth up to $1,350 as a key plank of the government's effort to inspire spending. For a certain sector of consumers, 2009 could become the year of the reno, following the announcement Tuesday of a Home Renovation Tax Credit Tax Credit that lets taxpayers claim 15% of their fixups until Feb. 1, 2010. "The HRTC will provide a temporary incentive for Canadians to undertake new renovation projects or accelerate planned future projects," the budget documents said, "thus providing timely stimulus to the Canadian economy while boosting energy efficiency and the value of Canada's housing stock." The government said the incentive is expected to provide about $3-billion in tax relief to some 4.6 million families. Recommend this article... |
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House prices historically have outpaced inflation by 0.7% nationally. In a normal market, this is the only appreciation homeowners obtain. This appreciation is caused by wage inflation translating into higher housing payments and the ability of borrowers to obtain larger loan amounts to bid up prices. In some areas where wage growth has outpaced the general rate of inflation, the fundamental valuation of houses has increased faster than inflation. Of course, inflation also erodes the buying power of money, so properties that only appreciate at the rate of inflation do not see any real benefit. The property sells for a profit later, but the buying power of the money received is no greater than the buying power of the money put in to the deal. With no real benefit, inflation equity serves merely to preserve capital. It does not contribute to wealth generation. Recommend this article... |
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Many property flippers are questioning their approach to real estate investing. What was once an easy profit has become something of a struggle, and investment properties are continuously taking longer to sell. This has led many investors to discontinue flipping real estate and begin searching for other investment opportunities. Some investors have even bailed completely out of the real estate market.
Granted, times are getting harder for real estate investors, but that does not mean that there is no longer any money to be made in flipping. As times inevitably change, it is up to the investor to revamp his strategy so that he can continue making money in a tight market.
One of the benefits of a declining real estate market is that properties can be purchased at rock bottom prices. Yes, homes are losing value, but this only means that you can purchase more home for each dollar that you invest. And as any investor will tell you, the key to making money is buying low and selling high. That makes the current real estate market a perfect place to buy, buy, buy. Recommend this article... |
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With so many different real estate programs out there to try I lost a lot of money doing things that just did not work for me. I did however FINALLY find a program last year that made me a pretty decent amount of money, but that success was also shadowed by years of failure, losing money, stress and rejection. So I decided to take my time to write this article for people that may not know how to find programs they can be successful in. The first step you should take when trying to find a great real estate investing program should be to realize what your strong points are. Recommend this article... |
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Property Management Forms
2009 Feb Housing Stats
