Cycle City

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real estate news from industry experts

FREE may 22 to may 28 2015 issue 05-19 editorial 403-781-1324 advertising 403-263-4940 crebnow@creb.ca

keeping it

interesting

Interest rates, economic uncertainty impacting Calgary market

Cody Stuart managing editor For Calgarians Matt and Vanessa Haug, the stars aligned when they decided to purchase a new home in southeast Calgary. The couple cited low interest rates and competitive house prices behind their decision to act now rather than wait ? a sentiment slowly emerging since energy-sector uncertainty took hold in Calgary?s housing market late last year. ?We got 2.69 [per cent] on a five-year fixed rate. It definitely impacted our decision,? said Matt, who also cited house prices behind their decision to buy and noted the lower rate did not impact how much they ultimately spent on their new home. ?It is definitely nice to have a lower rate because it lowers our monthly payment ? it is definitely nice to know that we will have a low rate for five years.? Following a period that saw the Bank of Canada?s overnight rate unchanged at one per cent for more than two years, the rate dropped to just .75 per cent in January. The move, which came as a surprise to many at the time, has since presented dream scenarios for many homebuyers in Canada, said Mortgage 360?s Nolan Matthias.

CITY OF CALGARYMLS

® TOTAL SALES* APR ?13 ? APR ?15 2374 2535 2305 2265 2190 1918 1948 1724 1172

???the

concern regarding the impact a slower energy sector will have on the residential housing market has outweighed the impact of a falling interest rate.?

1439

APR13 MAY13 JUN13 JUL13 AUG13 SEP13 OCT13 NOV13 DEC13 JAN14 FEB14 MAR14 APR14 MAY14 JUN14 JUL14 AUG14 SEP14 OCT14 NOV14 DEC14 JAN15 FEB15 MAR15 APR15

*All statistics based on monthly data compiled by CREB ® via MLS ® activity. Includes detached, attached and apartment. 1850 2481 2539 ann-marie lurie creb ® chief economist ?The Bank of Canada made this perfect storm even sweeter in January by lowering rates, which have now trickled down to the consumer in both fixed and variable terms,? he said. ?With the average five-year fixed rate at all-time lows, Calgary?s homes are becoming even more affordable, which is the most common-sense measure of our real estate market.? The Bank of Canada estimates a household that has renewed a $100,000 mortgage would save around $250 in interest payments this year as a 2945 2664 2328 2263 2146 2145 result of the 0.25 per cent drop. CREB® president Corinne Lyall said resiliently low interest rates are giving homebuyers or those looking to refinance plenty to be happy about. ?The real opportunity in terms of interest rates is for qualified buyers who are already out there looking to make a purchase,? she said. ?These buyers not only have more choices in the marketplace, but they also have increased affordability with the low mortgage rates available right now.? Even with the favourable rates, some buyers in Calgary have been reluctant to make a move. According to CREB®, sales activity in April totaled 1,957 units, 22 per cent below last year?s levels and nearly 15 per cent below April?s long term averages. 1779 1082 880 1217 1782 rates A3 1957

fire dept. charges illegal suite owners

CREB® STAFF

The

owners of two illegal secondary suites in Calgary have been charged by the Calgary Fire Department (CFD) under the Safety Codes Act. In two incidents, CFD responded to fires originating in secondary suites. Following investigations, multiple fire code deficiencies were found at both properties. MUNICIPAL A3

contents

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. Council approves carless condo

five things.

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weekly feed.

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event listing.

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mortgage rates.

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did you know

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map

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open houses.

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Randy

if you are considering buying or selling a home, or if you have any questions about the current real estate market!

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