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YYC Real Estate - During & Post COVID-19


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We're living in a time when there are more questions than answers and from two different directions—the unknowns of COVID-19 and the outcome of our Oil & Gas sector in the most recent tailspin.


Current events are so unpredictable that industry experts are giving a series of possible outcomes instead of one opinion.


One of the many questions being asked is, what's going to happen to YYC's real estate market? Every day I search for answers and opinions from industry experts from all sectors, and here is a summary of seems most realistic to me with what we know now.



LAST 14 DAYS

For the last two weeks, the number of firm sales and conditionally selling are moving up and forward. 


Who's buying?   


Former sellers that sold this past December, January, and February. 


Another category of buyers will be investors jumping back to real estate from the even more volatile stock market. These buyers include institutions such as...

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What To Know About Condos With Post Tension Cables

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If you're shopping for a condo, you've likely come across units you've like in buildings with Post Tension Cables (PTC).  You may have also heard concerns, warnings, and stories about them, which makes you question if they are right for you.  Let's take a look at the pros and cons so you can make a confident decision on if they are right for you.



WHAT ARE THEY?


Post-tension cable concrete is a construction method used in condos, parking garages, and also office buildings, bridges, etc. It's a process by which sleeve- covered steel cables stretch along the width of a structure, anchored at either end and encased in concrete. Because the cables add strength to the slab, longer spans are possible, and fewer supports are needed. The benefits are lower construction costs and more design versatility.



WHAT COULD GO WRONG?

Some of the considerations for this construction method are the ongoing maintenance/costs and potential for corrosion and...

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FTHBI


There seems to be more criticizing than applause, so let's discuss some of the pros and cons so you can decide for yourself if the program is right for you.



WHY?

The Liberal government introduced the FTHBI program in September 2019' intending to make it easier for first-time homeowners to purchase a property and lower the monthly payments through a shared equity mortgage.



THE BASIC 411

  • Canada Mortgage and Housing Corp (CMHC) administers the program that offers qualified first-time home buyers a 10 % shared equity mortgage for a newly constructed home, 5 % existing homes home in exchange for an equity stake. Consider the Incentive as a second mortgage.
 
  • The Incentive must be paid in full when the property is sold, after 25-years, if you are buying out the co-borrower, porting your mortgage, or there is a change in use.
 
  • A qualified buyer can withdraw funds from an RRSP to purchase or build a home without...
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Do Open Houses Work To Sell Homes?


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This is one of the most common questions I receive, so let's talk about the pros and cons so you can decide for yourself.



OLD SCHOOL 

Once upon a time, Open Houses were effective selling tools because it was one of the few ways buyers could see properties, so they increased the home's marketing exposure. However, technology has drastically changed how buyers shop for their new home now; in fact, statistics show that less than 4% of buyers attend.



THE NEW WAY TO SHOP

With the latest viewing tools, buyers have full exposure to property details, an endless number of still and panoramic photos, videos, 3D tours, conveniently available 24-7, and from anywhere and at their convenience.

Because there is so much information available now, one could consider online viewings to be the buyer's first showings. After researching the property, if buyers are interested in a walk-through, they will book a private showing with the listing...

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How Albert's New Condo Regulations Could Affect You




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HOW THEY COULD AFFECT YOU


Changes have been made to Alberta's condominium legislation, and it seems more are on the way. As for the recent revisions enforced as of January 1, 2020, CCI (Canadian Condominium Institute) worked directly with the Government of Alberta. The goal for the new legislation was too...


“significantly improve the lives of condominium owners, boards, and industry members. These changes will help simplify condominium governance for volunteer boards, especially regarding voting procedures, conducting AGMs efficiently, and clarifying the insurance claims process.”



SOME KEY AMENDMENTS 


  • The Board can issue "chargebacks" to owners deemed responsible for the damages without having to go to court. This new legislation takes some of the burdens off bystanders.
 
  • The Bylaws will stipulate the offenses and fees. Regulations cap the fines up to $500 for a first infraction, $1,000 for subsequent violations...
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