TEAM CANMORE REAL ESTATE NEWSGRAM

CANMORE REAL ESTATE TEAM NEWSGRAM

MAY 2017

www.CanmoreRealEstate.pro

www.CanmoreRealEstate.ca

Scroll Down for the latest exciting Canmore Market news and statistics

We Work Hard to Keep You Informed:

Notes from Your Team ~ Jim & Jordy

Royal Lepage Shelter Foundation

~ What it is and How Can You Participate?

Helping Women And Children Escape Violence And Rebuild Their Lives

Because we are committed to strengthening the communities where we live and work, Royal LePage is the only Canadian real estate company with its own charitable foundation. The Royal LePage Shelter Foundation is Canada’s largest public foundation dedicated exclusively to funding women’s shelters and violence prevention programs.

Every dollar raised goes directly to helping the more than 30,000 women and children who are served each year by the shelters and support programs we fund. Since 1998, the Shelter Foundation has raised more than $24 million and currently supports 200 local women’s shelters and national partners. Our agents donate a portion of their commissions and Royal LePage offices across Canada hold local fundraising events. Our brokers, agents and staff also volunteer and provide in-kind goods to benefit the women and children residing in their local shelters.

To read brave stories of hope from families whose lives have been touched by abuse or to learn more about domestic violence, please visit us at www.shelterfoundation.ca

Jordy and Jim are proud to be part of this useful and necessary community program and you too, as a Buyer or Seller Client of ours can feel pride knowing that a portion of the fees we earn through our business relationship goes to the Foundation. Thanks to you for allowing us to help others.

Jim and Jordy's Hot Pick for the Month

921 Lawrence Grassi Ridge

This is a wonderful single family home with private walk out space that could be used as a nanny or in-law suite. Comes with stellar deck views, single car garage and meticulously cared for. $770,000, available July 18th. Call for viewing anytime, easy to show.

View Listing

We can represent Buyers on Private Purchases, extending opportunities to you, our Buyers.

Should you wish any further info on these Hot Picks, please call, text or email and we’ll be happy to send additional info. Please note this data is current as of printing and is subject to changes.

What our Statistics mean or could mean to Buyers and Sellers

While knowledgeable Buyers of discretionary property may feel they can take their time gathering market information and perhaps either wait for prices to drop or find that perfect property; we are finding that many Buyers are missing out on opportunities to select from the ever dwindling supply of housing here in Canmore. This is evidenced in three ways. First the number of Days on Market is quite low proving that there are a many interested parties for each listing presented. Second, many properties are not even making it to market, instead selling to a Buyer of the Listing Agent, as we now have wait lists for certain types of properties. Third, many properties are selling for asking price or above asking price under multiple offer situations.

What can you do to ensure you have the best opportunity to bid on your desired type of property.

Here are some tips:

1) Get pre-approved from your Lender for the type and price of property you intend on buying. You may not be aware that all Visitor Accommodation (Hotel Condo) and all Employee Housing District zoned condos are challenging to finance and in fact the majority cannot be mortgaged, thereby requiring cash to purchase. This applies to many Tourist Home units as well.

2) Move savings funds around to allow for cash purchases and/or deposits on purchases.

3) Sign up for our complimentary Private Client Services (PCS) email notification of listings. This data feed will keep you abreast in real time of new listings, price changes and sale prices. If you currently subscribe to PCS, consult with us regarding changes to your search profile due to recent price increases.

4) Book viewings of properties with us in order to become more familiar with the wide range of locations in town that you may not have considered. With low product inventory you may need to consider areas of town that previously you discounted.

5) Be ready to instruct us to prepare offers, even if you have not viewed as we can include a Condition of Purchase “subject to viewing and approval”, in order to secure the property.

Currently there are 144 properties on markets total; including 38 single family homes, 9 duplexes, 30 townhouses, 33 apartment condos, 1 manufactured home, 17 lots, 17 hotel condos. This includes new construction that have not been built yet.

Last a tip for Sellers: If you are considering listing you may consider getting a Property Inspection done ahead of listing so that you are aware of potential problems with your property you may not be aware of that could hold up a sale.

Canmore Market Report

Canmore Real Estate Sales up 43%

The Spring Canmore Real Estate market is very strong, 1st Quarter (Q1) sales volume was up almost 20% over Q1 of 2016 and 43% higher than the 10 year average of 92 Q1 sales.

Q1 2017 was the 3rd busiest our market has ever experienced. In March of 2016 the market had 40 properties sell and in March of 2017 saw a jump of 34% to 54 properties sold and the 10 year average is 39 and equal to March of 2007.

Average Days on market had dropped dramatically by 43% with the March 2017 average days on market down to 53days compared to the12 months ending March 31, 2017 was 76 days.

In 2007 we had very low inventory with 2.55 months of inventory at the beginning of April 2007, at the beginning of April 2017 we had 2.93 months of inventory.

At the beginning of April 2017 we had 158 active listings which is almost 60% lower than the year over year number of 251 for 2016, the 10 year average is 279 - April 2017 is comparable to 2007.

Summary - This very stronger sales data shows a steady enough flow of new inventory purchase options available for buyers and in some cases buyers need to be ready to move on quickly as evidenced by the 43% drop in days on market stat and I do not see that changing in the near term.

Banff Real Estate Market

The Banff Real Estate Market continues to look for more product, February and March saw 8 new listings hit the market and half of them are sold showing that the demand remains strong in Banff as well.

Canmore Banff Commercial

Interest in Canmore and Banff Commercial has been strong in 2017 with new Hotel, investment and Restaurant buyers looking for quality assets as well as renewed leasing interest. I am presently working with several buyers, please stay tuned for more details in this area of focus and interest.

A Increase the Value of Your Home with a Kitchen Renovation

Article and Photos by Jordy Shepherd

As a professional Realtor in Canmore, Alberta Canada (www.CanmoreRealEstate.ca), and a real estate investor, I appreciate the upside of completing renovations and upgrades on my own home. Over the years I have gained substantial home renovation experience (and renovation tools!) from being a homeowner and landlord, and from flipping homes. This past November, my wife and I decided to do a full renovation of our circa 1992 kitchen. The original kitchen was in good condition still, and we sold it to people that were going to install and use the cabinets, sink, appliances and countertop. This was very important to us, as we did not want our old kitchen going to the landfill.

After living in our home for the past six years, we felt we knew what we wanted to do with the renovation. We planned well in advance, purchased and stockpiled materials, and scheduled several contractors. We hired an electrician to do the bulk of the electrical changes, but I finished off the final electrical work myself near the end of the project. We hired a tile contractor to install the backsplash, as there were many 3’x6’ tiles, and we had a local countertop company do the quartz countertop. I did the demolition, plumbing, flooring, cabinetry, appliance and range hood installation myself.

The renovation took about two months, with most of it being completed within five weeks. By doing much of the work ourselves, including being the general contractor, we saved quite a bit of time and money. We saved time, money and effort by purchasing pre-constructed cabinets.

The main change we made to the layout was to remove a closet that jutted into the kitchen from the master bedroom, and we purchased a free-standing wardrobe to use as a 2nd closet. This allowed us to move the fridge to where the closet had been, and then install a wall of cabinets that were less deep where the fridge has previously stood. This meant we gained quite a bit of floor space and a feeling of modern openness.

Some features that we installed were:

A large French door fridge with water/ice
Toe-kick dust vacuum
Cork flooring
Soft-close drawers
Quartz countertop, an under-mount sink, and a modern tile backsplash
A slide in gas range, with a modern stainless range hood
A space for a mid-century secretary desk
An overhang on the peninsula, that allowed for three modern stools
Pendant lights over the peninsula, and wave-activated LED undercabinet lighting
A tip-out in front of the sink, plus additional under-sink storage solutions
An electrical outlet on the side of the peninsula, with USB and 110V plugs

We are quite happy with the result. It has opened up our kitchen area to the dining and living rooms, increased the functionality and lighting, and it has most definitely increased the value of our home!