It is property tax season! If you own a home and are confused about what exactly property taxes are, how they are calculated, or how to pay them, read on!
First off, there are some incredibly important reasons why we have to pay taxes. Oliver Wendell Holmes Jr. once said, "taxes are the price we pay to live in a civilized society." Paying taxes are not just your legal duty, but your civic duty. Taxes help Canadians receive the services that make Canada great, such as schools, courts, roads, parks, hospitals, garbage collection, sewer maintenance, clean drinking water, public transit and more. In 2013 it was reported that the average Canadian receives about $41,000 in public services each year. This would not be possible without everyone
Sales are continuing to struggle in this tight economy. Paired with stricter lending rules that are making it more difficult for people to get approved for a mortgage following a stress test, the Calgary market is not thriving. Supply levels have also not changed, which is putting more pressure on sale prices. Despite all of this, we are optimistic that now that the snow has melted and the spring market is in full swing, things will start to get better.
CREB® chief economist Ann-Marie Lurie says, "Slower sales do not come as a surprise, given the economy has not yet improved enough to offset the impact of changes in the lending industry. While the rising inventories are being monitored, prices have remained relatively flat as gains in some areas
The Calgary housing market in March went exactly as expected. Unfortunately, due to economy not yet being fully recovered and due to stricter lending rules, sales were slow and inventory rose. First quarter sales totaled 3,423 units, which was 24 per cent below long term averages and18 per cent below last year's stats. Months of supply have reached four months.
The benchmark price for a detached home was $503,800, which may have been 3.6 per cent below highs before the recession, but was one per cent above the lows recorded during the recession. So, there is very modest improvement.
"Economic conditions are slowly improving, but it has not been enough to outpace the current impact of higher lending rates and more stringent conditions,” said CREB®
The Calgary Real Estate Board held its annual conference where the forecast for what the Calgary real estate market will look like this year took place. These forecasts are created by gathering data from the previous year, analyzing year over year trends, applying economic variables and evaluating any recent changes to the housing industry. This report gives a reliable prediction of what the market will look like in 2018, lest there be any major, unforeseen events.
We highly recommend visiting www.creb.com to explore all the resources they have available to make you an informed buyer, seller or investor. You can also find a more in-depth report on the forecast on their website, but here are some of the highlights you need to know specifically:
The new mortgage rules that we have been warning you about have finally arrived. Global News writes that as of "January 1st, 2018, Canadians getting, renewing or refinancing a mortgage might have to prove that they would be able to cope with interest rates substantially higher than their contract rate." This stress test is to ensure that anyone applying for a mortgage could handle that mortgage, no matter what the interest rates jump to.
While this may not seem like a major deal, a recent "analysis by the Bank of Canada suggested... some 10 per cent of Canadians who got an uninsured mortgage between mid-2016 and mid-2017 would not have qualified under the new standards" (Global News). Even those able to put a full 20% down or more on their future home
We are committed to keeping our valued clients informed on what is happening in the Calgary real estate market. An informed buyer, seller or investor is a better buyer, seller or investor. Understanding the market allows you to make decisions that are educated and strategic. Remember that we are with you every step of the way: if you have any questions, comments, concerns or suggestions please let us know. You can call us directly at 403-630-6363 or email us at email@example.com
As real estate agents in Calgary we are members of CREB®, the Calgary Real Estate Board. They are a great resource for us and anyone looking for information on the market. Each month they post the statistics from the market the previous month, which we always do a summary of
CREB®, the Calgary Real Estate Board, did not have the best news to share during October's market statistics summary.
October’s housing market conditions closely echoed previous month’s trends with easing sales, rising inventories and downward price pressure. Like last month, the monthly activity was not enough to derail gains that occurred earlier in the year.
So what exactly were the stats? Here are some highlights to know:
October Sales: 1,467 units
Inventory: 6,463 units
Most Inventory: Detached homes under $500,000
City-wide Unadjusted Benchmark Price: $438,900 (this is 0.6 % below last month)
CREB® chief economist Ann-Marie Lurie says, "while economic activity has improved in 2017, it will take some time for this to
Good news, Calgary! Gains in the real estate market for the first half of 2017 have bumped sale levels 7% higher than last year!
Inventory levels rose to 6,861 units in September. While this increase was seen across all the different property types, attached homes and apartments saw the largest increase. CREB® chief economist AnnMarie Lurie reported:
“The recent rise in inventories is preventing further price recovery as sales activity has moderated over recent months. This does not come as a surprise as sales activity is expected to remain modest by historical standards until more substantial economic improvements take hold. Some may consider this a setback, but it is important to note that recent movements are balancing out the higher than
What was the Calgary Real Estate Board's overall message when summarizing the Calgary housing market for the month of August? Listings are outpacing sales.
CREB® chief economist Ann-Marie Lurie had this to say about the market: “Employment growth is contributing to the stability in sales activity, but it is not enough to meet the recent rise in listings and make a substantial dent in inventory levels. Unemployment rates remain elevated and job growth is mostly occurring outside the energy sector, slowing the recovery process. Broader economic improvements will be required prior to it translating into substantial improvements in the housing market.”
Inventory levels are high, totaling just over 6000 units. While this is 16% higher
Every month we post a summary of what happened in the Calgary real estate market in the month previous. These housing statistics come from CREB®, the Calgary Real Estate Board. CREB® is dedicated to providing sellers, buyers, investors and renters information they need to be successful in the real estate market. Just like us, their mission is to equip and inform consumers.
There is a reason why reading through the market summaries are important. When you are entering the market you need to know what you are getting yourself into. Being informed allows you to make wise, calculated decisions that will benefit you. Remember that the market is always changing; be flexible and stay on top of things.
The Calgary Real Estate Board is a great resource, but
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.