September 2009

With summer coming to a close, it is a good time to reflect on the local resale market. August numbers continued the positive trend set in July with sales and average prices up, year over year. 2009 has thus far continued to surprise market watchers.

“We are seeing an upward revision of our housing market forecasts at the national level,” says Bonnie Wegerich, President of the Calgary Real Estate Board. “I think it is fair to say the recovery in the market has been a little brisker than first expected—and all signs indicate the rebound, all be it gradual, will have some longevity.”

The increase in demand for existing homes has been widespread across different housing types and price ranges. This suggests many categories of home buyers have chosen…

Buying or selling real estate can be a tricky process. There are hundreds of commonly used terms that could make up a language of their own. Here are some home buying terms that you will most likely encounter when you purchase your home.

Amenities
Features that enhance and add to the value or desirability of real estate. Common amenities include swimming pools, professional landscaping, gourmet kitchen and so on.

Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.

Appraisal
An estimate of the value of property,…

Many people are debating whether they want to buy a property now or whether they should wait. They are getting mixed messages from the media about the market conditions and the state of the economy. Reports are indicating that the real estate market is rebounding. However, we are still hearing negative news about businesses folding and job losses. So is now a good time to buy?

The decision whether to buy a home now or wait is very tricky at the moment. On the one hand you have very low mortgage rates as the Bank of Canada had cut the interest rate several times in the last few months to try and get the banks lending again. Deals as low as 2.75% are being advertised to entice new customers into the market and get the chain moving again. Also,…