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CREB Now
NOVEMBER SALES SLIDE INTO OLD PATTERNS
Detached prices dip below $500,000 for first time since 2014
Coming off a month of stronger sales activity, November's resale residential housing market returned to previous trends, according to CREB®.
In its November housing summary released Dec. 1, year-over-year monthly sales totaled 1,227 units, which is nearly three per cent lower than last year and 17 per cent below long-term averages.
"November was the first full month with CMHC's new lending rules in effect," said CREB® chief economist Ann-Marie Lurie. "As suspected, the gains in last month's sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand."
While supply levels eased in November, the decline in sales resulted in a slight rise in months of supply. This caused benchmark home prices to contract even further, said CREB®.
City-wide prices totaled $436,200 in November, a 0.6 per cent decline over the previous month and nearly 4.1 per cent below last year's levels.
Detached home prices totaled $498,300 in November, making it the first time since early 2014 that the monthly benchmark price dipped below $500,000.
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The OWL
ATB Financial's Economics + Research Team
NATURAL GAS PRICES JUMP UP...quietly
In case you missed it, natural gas prices have climbed to levels not seen for about two and a half years. As of yesterday, the Canadian benchmark's (AECO) spot price closed around C$3.40/MMBtu while the North American benchmark, Henry Hub settled around $3.50/MMBtu.
The reason? Supply and demand.
First, let's start with supply. Natural gas is required by oil producers for upgrading purposes and to run oilsands operations. As these businesses start to piece things back together and pick up the pace, they have been forced to draw a bit more natural gas from inventories thereby reducing supply. But, it's not just businesses drawing down stockpiles, it's us, the consumers too!
With temperatures dipping around -30*C, this cold snap that has covered much of the province has caused many Albertans to crank the temperature on their thermostats. Doing so has increased the amount of natural gas required to heat our homes and run Alberta's businesses which has also caused a drawdown on storage supplies.
Collectively, these draws on natural gas inventories have boosted demand and caused the price to rise. Of course, as supply diminishes, demand bumps up and causes the price of natural gas to increase.
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Below are some great links to some useful mortgage calculators.
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How quickly this year has flown by!
It's been a year of challenges that have affected the economy of the city and the lives of many. However, there is a sense of cautious optimism that 2017 will bring better things.
Although the real estate market was certainly affected by the price of oil, our experience was that buyers were cautious during the first half of the year - looking at homes, but not necessarily writing offers - but as the year progressed, they seemed to accept the new "normal" and realized that although there were some downward price adjustments, there weren't any dramatic price-drops, and the buyers went from "looking" to "buying".
Correct pricing for the market will always be all-important for sellers and as long as they keep this in mind, we believe anyone considering selling in 2017 will be successful.
2016 turned me into a grandmother of four! Those of you who follow us on Facebook may recall that my grandson William was impatient to meet his family and couldn't wait for Mom and Dad to get to the hospital and I had the unplanned, but totally awesome experience of delivering my grandson. The word "awesome" is overused these days, but trust me - this was very much an awesome experience!
I want to thank all the members of our team for their contributions this year. The McKelvie Group finished 36th out of over 17,000 Royal LePage realtors nationally and finished 2nd in Alberta and this accomplishment was very much a team effort. And of course - none of this would have been possible without our wonderful clients - thank you!
All of us wish all of you a very Merry Christmas and warm wishes for a very happy and healthy New Year!
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Request an Thinking of Client
Evaluation? Buying? Testimonials
Click on the images above to go to valuable links on our website.
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Request an Evaluation?
Want to know what your home is worth? Click on the image above to link to a simple form on our website.
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Client Testimonials
View the McKelvie Group testimonials page to see what our clients are saying. Please feel free to write a review by clicking the red ADD REVIEW link on the left side of the page.
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CREB Now
By Barb Livingstone
FUTURE OF HOUSING
Stakeholders say Alberta can't be overlooked when creating national strategy
As the federal government moves closer toward a national strategy on housing, key Alberta stakeholder groups say recognition of different local and regional challenges is critical to any policy changes.
"We are encouraged the federal government is doing this, but we are hoping its actions will be localized," said Kevin McNichol, vice-president of strategy for the Calgary Homeless Foundation, leader of the city's plan to end homelessness.
"In Calgary, we have the highest median income in the country, so it might be easy to overlook us. But we also have the lowest rate of affordable housing in Canada."
He added the federal strategy, "can't be 'one-size-fits-all.'"
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New programs could see homeowners coming out ahead
If you've been paying attention, you're aware that, starting Jan. 1, we'll be paying about a penny more per gigajoule for natural gas to heat our homes and a few extra cents a litre to fuel our cars.
It's the provincial carbon levy, and it's inevitable.
If you're like me, you want to know what the government is going to do with the revenue.
For starters, it's setting up an agency whose goal is to reduce our utility bills, decrease emissions and save energy in general.
The agency is called Energy Efficiency Alberta, and, if it works as promised, it should take the sting out of the carbon levy - and then some.
Announced in last spring's provincial budget, Energy Efficiency Alberta will oversee a five-year plan to help household and businesses use less energy, with its $645-million tab funded entirely by the carbon levy.
Whether you're a fan of the carbon tax or not, it looks like homeowners, and homebuyers, may be able to come out ahead.
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CREB Now
WINTER IS COMING
Knowing your local snow clearing bylaws may not be cool, but it's necessary
Winter is coming, and with it the one chore that many homeowners dread: shoveling their snowy sidewalks and driveways.
And while snow removal is often the last thing homeowners want to do on a chilly winter day, officials say it is important in protecting the public's safety.
"Sidewalks need to be kept clean for public safety, [and] a snow removal bylaw shares that responsibility without adding to municipal costs," said Charlene Ruttle, Cochrane's manager of municipal enforcement.
"It's important that everyone take responsibility for and contribute to community safety."
While snow removal bylaws in Calgary and the surrounding area do not follow a one-size-fits-all theme, they do share some similarities. For example, snow removal bylaws in Calgary and neighbouring municipalities place the onus of clearing snow from residential walkways and sidewalks on homeowners or tenants.
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Do You Know the Calgary Bylaws?
Here are a few of the Bylaws that every Calgarian should know...
1. Street Addresses:
Under the Community Standards Bylaw, all property addresses must be clearly visible from the roadway and clearly displayed at the back of your property, if adjacent to an alley or public walkway. Fines for violations range between $100 and $300.
Under the Community Standards Bylaw, private property owners must ensure that grasses and herbaceous plants do not exceed 15 cm (six inches) in height. Fines for violations range between $100 and $300.
Under the Community Standards Bylaw, loose garbage, yard waste, bottles, cans, boxes, household furniture, packaging materials, parts of machinery, equipment, appliances and automobile parts must be stored so that they are not visible from outside of the property. Fines for violations range between $200 and $300.
To see more, click on the link below.
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CREB Now
By Kathleen Renne
Rebranded Calgary Renovation Show to feature what's hot for 2017
New Year's resolutions are almost as inevitable as the New Year itself. And if those resolutions include home renovation projects, then the Calgary Renovation Show is here to help.
Previously known as the Calgary Homexpo, the rebranded show returns to Calgary for its 46th year Jan 13 to 15, 2017, but with a new name, new look and new presenter - Marketplace Events, the group behind the Calgary Home + Design Show and Calgary Home + Garden Show.
www.calgaryrenovationshow.com
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Delicious Things To Cook In December
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GETTING THROUGH THE HOLIDAYS
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The Huffington Post
Real Simple
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Sincerely,
