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FREE aug 24 to aug 30 2012 issue 02-33 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
A steady pace
Despite slowing, growth in resale market expected to continue kelsey hipkin
reporter/photographer
C
algary and area’s resale housing market is expected to continue to grow in the latter half of 2012, but at a slower pace than the first seven months of the year CREB® said in its mid-year update. In an update of its forecast, CREB® said Calgary’s resale housing market is expected to continue to grow but at a slower pace in the latter half of 2012. “Typically we do see slowing down occurring in the second half of the year for sales activity,” said CREB® economist Ann-Marie Lurie. “The key thing to note, even though improvements in housing sales are occurring, we’re just returning to more typical levels. We’re really recovering in the housing market so we’re just returning to more typical levels of activity.” The slowing pace of growth in the market not only comes with the seasonal slowdowns in the latter part of the year but also on the heels of recent mortgage rule changes combined with tight supplies in the single-family market. Mortgage rule changes announced early this summer by federal Finance Minister Jim Flaherty include the reduction of the maximum amortization period from 30 years to 25 and the limit Canadians can borrow when refinancing their home decreasing from 85 to 80 per cent of the value of the home. “Usually in the summer (sales) slow down a little bit but I think it’s good news all around,” said CREB® president Bob Jablonski. “Our price point is a little over a two per cent increase this year which is a good, nice steady pace and we are slowly recovering back to the times when it was higher, but we’re not there yet.” With the shortage of available listings in the single-family market, Jablonski said buyers are turning to other avenues when it comes to finding a place to call home.
steady pace A3
SINGLE FAMILY
Canadian contents re-sale activity news briefs remains stable industry
2761 2980 3093 3367 3501 3842 3817 3646
4024 4395 4616 4744 4630 4573 4753 4486 3761
Why you should use a REALTOR®
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mortgage rates A10 business directory A10 market A10
market A3
*All statistics based on monthly data compiled by CREB® via MLS® activity.
Bill Bateman
403-270-7300
BEARSPAW - WOODLANDS
$1,695,000
A3 A6
CREB® STAFF ccording to the Canadian Real Estate Association (CREA), resale-housing activity in Canada remained stable from June to July. While the number of newly listed homes in the country fell by 3.3 per cent between June and July, not seasonally adjusted sales increased 3.3 per cent over July 2011’s numbers. “Some first time home buyers may have difficulty qualifying for mortgage financing due to shortened amortization periods included in the recent changes to mortgage regulations,” said Gregory Klump, CREA’s chief economist.
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2712
3073
3504
3869
5046 4880 4528
5525
MLS® MONTH END INVENTORY* JUL ‘10 – JUL ‘12
OPEN HOUSE SAT & SUN 2-4:30 PM 31221 WOODLAND WY
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Allan J. Klassen
A15 B1 B19
commercial map open houses Fax: 403-592-2150 Email: billbateman@remax.net www.billbateman.ca
®
RE/MAX Real Estate (Central)
McKinley masters luxurious appointments and finishings are evident in this three bedroom walkout bungalow with cherry wood and slate flooring to the gourmet kitchen with state-of-the-art appliances, granite counters and breakfast nook to the huge master retreat, formal dining room, private office, cozy great room with access to the covered patio deck, built-in barbeque and spectacular views of the pond, streams, water fall and surrounding pathways. The welcoming foyer leads to the fan staircase and lower level with in-slab, heated travertine tile flooring, two more adult bedrooms, games room/entertaining area, fireplace, wet bar, fridge and dish washer, wine room and state-of-the-art media centre. The bright open span four vehicle garage has heated, epoxy flooring, two floor drains, storage cabinets, work bench and access to the lower level utility area. Located in the midst of mature aspen trees and spectacular landscaping, this estate home with paved drive, is protected by an electronic gate and fencing. MLS®C3534131