Lawrence Cuming Sells Calgary!

If you thought that the Calgary Real Estate Market was hot right now, then the surrounding Markets like Airdrie, Okotoks

and Cochrane are on Fire!  I am constantly taking buyers into the surrounding communities around Calgary

y and when a listing goes on the market it is as good as sold!  Unit sales are way up from previous years and prices have increased substantially.  To what do we owe this increase to, well it is still less expensive to live in these areas and they offer all of the amenities that a big city has.  The commute to work will cost a bit more but not what the difference will be in calculating the cost of a home vs gas and maintenance.  If you are looking for a home in Airdrie, Cochrane or Okotoks then I would love to help you with that, if you are wanting to list your home for sale I am one of the Market Experts.  To read more about the surrounding Calgary Communities and Real Estate news for those areas this article in the Calgary Herald has some very good information in it. 

 

 

 

 

 

 

CALGARY - The heat from Calgary’s sizzling resale housing market is reaching out to communities outside the city as Airdrie, Okotoks and Cochrane have experienced record MLS sales.

In a report released Wednesday, the Calgary Real Estate Board said housing activity in Calgary’s surrounding communities continued at a brisk pace with record-setting quarterly sales in those three centres.

Year-to-date, 2,938 units were sold in surrounding towns until the end of June, a 30.46 per cent increase over last year.

“In addition to lifestyle preferences, tighter supply conditions for Calgary single-family homes in more affordable price ranges are fueling demand in many of the areas surrounding Calgary,” said Bill Kirk, CREB’s president.

In Airdrie, there were 563 sales in the second quarter, up 40.4 per cent from last year with the single-family home average price at $431,512, representing a year-over-year increase of 12.13 per cent. The benchmark price - what CREB describes as a ‘typical home’ - was $385,667, up 7.45 per cent.

Okotoks saw sales in the second quarter rise by 35.32 per cent to 272 transactions with the average price for a single-family home increasing by 4.10 per cent to $476,612. The benchmark price rose by 6.73 per cent to $416,833.

And in Cochrane, sales rose by 35.47 per cent to 233 units with the single-family home price up by 5.04 per cent to $476,504. The benchmark price of $421,833 was up 4.48 per cent.

By comparison, the City of Calgary’s single-family average sale price was $544,749 in the second quarter, rising by 6.8 per cent from last year and the benchmark price experienced a 10.3 per cent hike to $503,567.

“Buyers seem to be flocking to outskirt communities as amenities are building up at a record pace and property values are rising strong like the rest of the market but are still significantly less than Calgary,” said Shayna Nackoney-Skauge, a realtor with RE/MAX Rocky View Real Estate. “The other day I had a buyer choose between pretty much the exact same home – one was in Airdrie and one was Coventry Hills in Calgary. Looking within a price range of around $425,000, the home in Airdrie was priced $25,000 less. They didn’t hesitate to write an offer on the home in Airdrie that day.

“The convenience of living in a smaller town that has everything you need is quite appealing especially when people can get more of a house for their budget. The commute to different areas of Calgary is also so much easier with the expansion of the ring road and highway access. Families seem to be looking for more of a small town lifestyle with the convenience of a big city so close by.”

She said it is not uncommon to have a lineup at the door when a house in Airdrie first hits the market particularly for homes under $500,000.

Mike Fotiou, associate broker with First Place Realty, said supply of listings in Calgary has been very tight over the first half of the year, so buyers have had to expand their search radius.

“And they’ve discovered that their dollar can go a lot further outside of Calgary . . . Anecdotally, I’ve had clients that work in north Calgary end up buying in Airdrie because in exchange for a slightly longer commute, they found comparable properties for tens of thousands of dollars less,” said Fotiou.

mtoneguzzi@calgaryherald.com

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© Copyright (c) The Calgary Herald

 

 

For more information on Real Estate in Calgaries surrounding communities of Airdrie, Cochrane and Okotoks please feel free to contact Lawrence Today!

 

For most Canadians, their most valuable asset is their home. And yet too many have only a vague understanding of the insurance policy that covers their house and contents. Unfortunately, many find out too late — when they have an expensive claim denied — that their understanding of their policy is based more on misconceptions than on fact. The P&C experts from Desjardins Insurance would like to help you by clarifying some of the common misconceptions about property insurance.

Misconception 1 - Your home insurance will cover any type of major loss.

The typical home insurance policy will cover a fire loss, as well as damage caused by lightning, windstorms, hailstorms and even tornados. However, damage from earthquakes is not covered by standard homeowners' insurance. You can purchase special coverage, though the cost can vary considerably depending on the risk in the area where you live. Not surprisingly, earthquake coverage is more expensive in Vancouver than in Winnipeg. Standard homeowners' policies in Canada also exclude flood damage. However, policies generally cover other kinds of water damage, for example from a broken water main on the street or a burst pipe in a house.

Misconception 2 – I will receive full market value for my house if it burns to the ground.

The value of a home insurance policy is usually based on the cost to rebuild the house, not to sell it on the marketplace. Replacement costs will include the material (lumber, roofing shingles, siding material, carpet, drywall, etc), the labor costs, architectural services and so on. It is important if you do any renovations or additions to your home, that you let your insurance company know, as this could change the replacement cost of your home.

Misconception 3 – I will automatically get full replacement value for any personal belongings that are damaged.

No, depreciation would be factored in, which could reduce the value considerably unless you had optional replacement-cost coverage. In that case, you would be able to replace the item with a new one with the same or similar features. In addition, valuable items such as jewelry or artwork are usually subject to a payment cap, unless additional coverage is purchased.

Misconception 4 – Renters who don't own any fancy stuff don't need insurance.

Not true. You'd be surprised how much it costs to replace even basic contents, such as furniture, kitchen supplies, clothing, and electronics like computers, TVs and cell phones. Plus, you need to ask yourself if you could afford to rent a hotel for a few weeks if your apartment needed major repairs. If not, then tenant insurance is a must. This insurance protects your property and also covers you in case you accidentally cause damage to the property of others. It's simple, affordable and definitely necessary.

www.newscanada.com

If you are Selling or Buying a Home in Calgary Contact Lawrence today!

Housing supply improves in June Condominium apartment benchmark price surpasses previous highs Calgary, July 2, 2014 – Residential sales and listings in Calgary increased by double-digit rates in June compared to the same time last year. This increase is partly due to the floods impacting housing activity throughout the second half of June 2013.

“Last June was not a normal month, so it’s difficult to compare the two,” said CREB® president Bill Kirk. “The historic floods of 2013 forced residents and business owners from their homes and places of work. It’s not surprising that many Calgarians were not focused on purchasing or listing their home at that time.” Despite the unusual circumstances of last year, the housing market continues to demonstrate strong demand. Residential sales totaled 2,670 units this June, which was 18 per cent above the 10-year average. Total sales for the first half of 2014 increased to 13,929 from 12,257 in 2013. New listings totaled 3,814 units in June, representing the first time since June 2010 that it outpaced the long-term average.    

The monthly influx of new listings also helped ease some of the tightness in the market by improving inventory levels, which totaled 4,726 units compared to 4,584 in June 2013. “Economic conditions continue to support housing demand growth. However, improving supply should help push our market toward more balanced conditions,” said CREB® chief economist Ann-Marie Lurie. “Over time, this will cause price growth to ease from its current levels.” Single-family unadjusted benchmark prices totaled $509,700 in June, a one per cent increase over the previous month, and a 10.9 per cent increase over June 2013. Single-family sales for June totaled 1,769 units, which outpaced the 10-year average by 10 per cent. The rise in sales activity was largely due to improved new listings. While this helped ease some of the tightness in this market, supply levels continue to fall in this sector. The boost in single-family new listings for June was largely due to an increase in units listed at more than $500,000 – rising to 1,359 units in June from 954 the year prior.

“With less resale single-family product available in the lower price ranges citywide, this market continues to be fairly competitive,” said Kirk. “However, for consumers looking in the higher price ranges, there is often more choice.” Condominium apartment sales for the first half of 2014, totaled 2,494 units, compared with 2,027 during the same period a year prior. While new listings growth kept pace with sales activity during the first part of the year, it has exceeded sales growth over the past two months, pushing up inventory levels and moving this market into more balanced conditions.

Apartment-style benchmark prices totaled $299,700 in June, a new high in the condominium apartment sector and 13.5 per cent increase over the previous year. Meanwhile, the benchmark price for townhouse-style units reached $326,000, still shy of previous records. “As citywide condominium apartment prices have finally recovered from 2007 highs, we would expect this will continue to encourage some listings growth,” said Lurie. “However, as this market has moved into more balanced conditions, and if inventories continue to rise, price growth should ease throughout the remainder of the year.”

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