CREB® | Market Forecast Report

CREB^® delivers a market forecast twice annually—once at the beginning of the year (typically the second week in January) and again around the mid-point (July/August).

The forecast report provides a comprehensive look at key economic indicators that influence housing within CREB^®’s region boundaries, from energy prices to employment and population trends, to name a few.

It also examines each market sector, explores housing by property type and clarifies how supply and demand is functioning at the district level. 

To learn more and view CREB^®’s latest forecast report, please click here more information.

Proud To Announce

My Recent Prestwick Sale With Competitive Offers And A Sale Of $11,000 Over Asking Price Made National News!
Featured In The Globe And Mail Today!!  For A Direct Link, Click Here

For More Information About This Amazing Sale or If You Want To Experience A Sale As Successful As This One, contact Steven Hill directly!

November Was A Month Of Big Progress

View this online

While the overall Calgary housing market is still in flux, and generally still feeling the effects of overall decline, it can present hidden opportunity if the market conditions are read correctly. Recently, I sold a home in 3 days, with 3 competing offers, for $11,000 over asking price. This month, another client experienced another fantastic result by selling her home in only 8hrs on the market for 99.7% of list price. It certainly was a case of hidden opportunity, by reading the market subtext and doing everything right to make a successful sale happen. Behind the scenes, there was a lot of forward progress too.... Certified Luxury Home Marketing Specialist "Steven Hill has earned the Million Dollar Guild (GUILD) Recognition® owned by The Institute for Luxury Home Marketing®. The GUILD recognition is awarded to residential real estate professionals performing in the million-dollar and above market. In order to earn the recognition, real estate professionals must first earn the prestigious and exclusive Certified Luxury Home Marketing Specialist® (CLHMS) designation and subsequently must provide documentation proving their specialization in the million-dollar and above market. The Million Dollar Guild® recognizes those residential real estate professionals who have demonstrated their experience and proficiency in working with the affluent customer. The Institute only awards the recognition to professionals who have provided verified and notarized documentation of performance reflecting sales in the top 10% of their given market and above the million-dollar threshold." It is important to me to offer the highest caliber of qualifications to service my client's entire real estate portfolio. I Have My Own App - For You - For Free! For years, I have been emailing out various lists of recommended lawyers, home inspectors etc etc to my clients and friends who need good solid referrals. Taking this way beyond a simple spreadsheet, my new app will not only offer a growing list of relevant vendors, but I also see it as a great way to promote my clients businesses to other clients/friends. It has so many easy features built in. You can refer your favorite realtor to your contacts, with just a few 'clicks' and easily find companies to help you with your home - anytime - all the time.   The app is very new and will be growing. If you have a business that you would like to be represented and promoted safely to others, please reach out to me and we will expedite the application process. It's a great way to share great people and businesses, with other great people!   Here is the link to download on your mobile device.  STEVEN HILL - SIRC. I will also be sending out an invitation to download the app on your mobile device soon! New Website! Not only are all my listings showcased globally with the unparalleled marketing reach of Sotheby's International Realty Canada, but they are now represented with the same high quality presentation on my own site. New. Fresh. Crisp. That was the idea behind upgrading my website to a fresh new look. Please take a moment to take a look and see what you think! StevenHill.ca

Steven Hill Realtor, CLHMS, CCS, SRS, ABR Sotheby's International Realty Canada 290, 815 17 Avenue SW Calgary, Alberta T2T 0A1 403-863-6344 shill@sothebysrealty.ca www.StevenHill.ca

The Alberta Real Estate Association (AREA) released this update to its licensed Realtor body yesterday, informing us of the forthcoming regulations to be implemented on October 17th. It offers some important insight as to the changes ahead.

This is their entire message:

AREA remains in contact with REALTORS®, mortgage professionals, lenders and insurers for information that continues to become available as the real estate and mortgage industries continue to prepare for changes to the mortgage insurance rules effective October 17, 2016.

In speaking with lenders, it is our understanding that lenders and insurers are establishing their policies with a limited amount of contact from the federal government other than the government's backgrounder on the announcement, which states:

Based on the information AREA received, the AREA Advisory to members stated that 'Accepted Offers to Purchase signed before October 17, 2016 will qualify under the current rules provided that the mortgage is funded by March 1, 2017'. Discussions with lenders and the government backgrounder indicate that having a legally binding purchase contract prior to October 17, 2016 may not be enough - the mortgage insurance application may also have to occur prior to October 17 for the current rules to remain in effect.

What does this mean?

• Have your client contact their lender to learn more about their policies on the application of the new mortgage insurance rules.
• In many cases, we understand lenders will require the mortgage insurance application to occur prior to October 17, 2016 to fall under the current rules.
• Where the application does not occur until on or after October 17, 2016, the new 'stress test' would apply, requiring the buyer to qualify for a mortgage at the Bank of Canada posted rate, currently 4.64%, even though they would still receive the contract rate.

The example in the October 7 Advisory illustrating the effect of the new rules continues to apply. Family A is qualifying for a mortgage using the following information:

Result:

• Qualifying for a mortgage and applying for mortgage insurance under current rules, Family A qualifies for a purchase price of $450,000.
• Qualifying for a mortgage and applying for mortgage insurance after October 17, 2016, given the need to qualify at the Bank of Canada rate of 4.64%, Family A qualifies for a purchase price of $360,000.

Questions

Have your client speak to their lender and their mortgage professional about their circumstances. Depending on where they are at in their search or the purchase process, the changes may affect their buying power and adjustments may need to be made to their search criteria.

 - As always, it is important to have all the facts and the best representation possible from your licensed real estate professional and your lender. If you have any questions, please feel free to contact me anytime.

Steven

Sold After Only 3 Days On Market For $11,000 OVER LIST PRICE With 3 Competing Offers!

Excited To Announce The Firm Sale Of This Amazing Family Home In Prestwick! 

My wonderful clients can now enjoy a little piece of mind being sold!

I am sincerely grateful for amazing clients willing to share their story for others.  It has been an honour working with them.

CLIENT TESTIMONIALS:

"Steven will be our realtor for life! From selling our downtown condo, to our first family home, his professionalism, humor and hard work has made the task of buying and selling real estate not only seamless but enjoyable. Most recently, he sold our family home in McKenzie Towne in 3 days for 11K above list price. Having 3 young children, showing a home is a huge undertaking and Steve made it easy on us and stress free. We have trust in him that he has our best interest in mind, as both as sellers and buyers and this is probably the most important trait to look for in a realtor. Thank you for all your hard work, we appreciate it more than you know and will recommend you to everyone we talk to!"  

- Brittany

---

 

"We first used Steven when we were looking for our first home, after having an uninspiring showing with a different realtor.  During our first meeting, we knew right away that Steven was a man who had our best interest at heart.  Right or wrong, this wasn’t something I was expecting from a realtor.  After going through several different homes, we found one that was perfect in every way, except for the price.  I still don’t know how he did it, but he got the seller’s down to a price that we were comfortable with and we’ve spent almost 7 great years in this house. 

Fast forward to today, with a bigger family now, we’re looking at something that can comfortably accommodate all of us.  There was never any question who we would use as our realtor.  Steven came in and made the whole process so easy.  And just like the first time with this house, we’re still not sure how, but he had it sold within three days at 11k over list price, dealing with three competing offers. 

As we now take the next step and search for what we’re calling our ‘forever home’, Steven continues to impress with his professionalism and knowledge.  There’s nobody we’d rather have in our corner, making one of the biggest purchases we’ll ever make, than Steven.

We’re very fortunate to not only be able to call Steven our realtor, but also our friend!"  

- Josh

For More Information About This Particular Sale or About Selling Your Own Amazing Home With Steven Hill, Please Contact Steven Directly at 403.863.6344 or SHill@SothebysRealty.ca

6 Common Mistakes Home Buyers Make

Home buying is a little like love—when the right one comes along, you know it. Even the most sophisticated buyers can let their hearts rule their head when it comes to real estate. Solid research is key to any successful home buying transaction, so do your homework no matter how enchanting the property. Here are six common mistakes to avoid:

No Home Inspection

The house is brand new and built of the finest materials. Everything in it is state-of-the-art. Do you really need an inspection? The answer is, of course, “yes.” It’s always possible something is wrong, even if the dwelling meets local building codes. Thorough scrutiny by a qualified inspector—one who’s a member of a professional association like the Canadian Association of Home and Property Inspectors—is always money well-spent. As with any home inspection, accompany the inspector so you understand why a problem may exist, and ask questions.

In some especially hot markets, such as Vancouver, certain homes are marketed as subject free: no inspections, no financing. That’s always risky. You might win the bidding war, but end up with a very expensive house with structural or other issues. Enlist the help of a qualified REALTOR® to avoid potential issues later on.

Missing Financial Documentation

Purchasing a luxury home may require you to provide more information to a lender—or a seller—than a lesser-priced abode. In addition to the disclosures with which you’re already familiar, the lender may want detailed information from your accountant. The seller may require that any potential buyers provide proof they can indeed afford the property before permitting a viewing. Get your documents in order before starting your search. These include:

• Tax returns
• Corporate profit and loss statements, if applicable
• Other properties
• Asset statements
• Cash reserve proof

The extra documentation involved in purchasing a luxury home may mean an extended verification period.

No Zoning Check

You’ve found your piece of heaven with a mesmerizing view and a landscape that looks much the same as it did a century ago. Just make sure you check the zoning before making an offer. That picturesque farm on the corner could soon become the site of the new regional high school, or the zoning may permit new developments on relatively small lots. Even if the new homes are high-end, they change the character of the area. You can often check zoning maps online or inquire at the city hall. There are resources available for most cities, including Calgary, Montreal, Toronto, and Vancouver.

If you’re purchasing an equine property, don’t mistake the number of stalls in the barn for the number of horses you can keep on the land. Restrictions are often based on horses per acre.

Not Everything is in Writing

Experienced home buyers know the importance of getting everything in writing before purchasing a home. Still, you might assume that an item, such as lighting, is a fixture and comes with the property. Avoid assumptions, and make sure any appliances you want to remain are staying put, and that attractive fixtures are indeed part of the deal. Request a written breakdown of room sizes and details so you know exactly what you’re getting.

Lifestyle Clash

Does the house fit your current and anticipated lifestyle? You might adore the grand staircase and second-floor balustrade, but if you plan to expand your family, that configuration is a nightmare for parents of small children. How much upkeep will the house and grounds require? Practicality often takes a backseat in the presence of beauty.

Unqualified Agent

Even a savvy homebuyer might make the mistake of using an under-qualified agent, one who doesn’t understand the high-end real estate market and who lacks the proper credentials. Sotheby’s International Realty Canada agents not only possess comprehensive knowledge of the local real estate market, but have the expertise and skills to ensure a client does not make these common errors when purchasing a home. Clients receive accurate market and property information, prompt access to coveted properties and the highest level of service and discretion. They also receive exclusive access to some of the best properties on the market—many of which may never be available to the public on MLS.

Ready to start your search? Visit Sotheby’s International Realty Canada to browse listings in your preferred region.

Honored That Steven Hill Was Featured In The Globe and Mail's Real Estate Article "Done Deals" For Selling This Spectacular Former Show Home In Somerset, Southwest Calgary.

Read The Article Here

 An AMAZING story and unique to this home was the fact that after taking the advice of Calgary Realtor Steven Hill, the sellers of this beautiful Somerset Home lowered the asking price to attract more families to it.  This worked spectacular and an offer was soon accepted.  Unfortunately, the deal fell through and the home was relisted but within 2 days, a new offer was reached with new buyers. 

Then the original buyers came back with a backup unconditional offer and awaited hearing from Realtor Steven Hill if the second deal would go firm.

It did and the sale of this home, right across from the Somerset School was a "Done Deal".

Client Testimonial

We were referred to Steven Hill through my mother-in-law who had nothing but positives to say about her experience with Steven and without hesitation I would wholeheartedly agree. My wife and I feel extremely lucky that we had Steven Hill's expertise and knowledge to apply to what ended up being a very intricate process that was buying a home before selling our house. The fact that everything worked out so perfectly is seriously nothing short of amazing on Steven's behalf. It's currently a pretty tough market for anyone to sell their home but especially with the type of restrictions we placed onto Steven in terms of openly admitting to a backyard structural issue, seriously if not for the very smart advice and strategy Steven came up with, i honestly don't believe any other realtor could have sold our house in the short amount of time Steven was able to do so. We always appreciated how organized and professional Steven was while consistently being extremely attentive by always making time for us, replying to our calls, emails and texts and making us feel we were his only clients. It was awe inspiring how quickly Steven would follow up with feedback from prospective buyers and turn it into a positive as we never felt discouraged or weren’t sure of the next step he was going to take. Steven was always happy to explain and provide encouragement while it was clearly obvious how well he understood the Calgary market, and we benefited from that knowledge in all aspect of our sale and purchase.

When it came time to buy a house we had very specific parameters which did not make it easy but with the help of Sotheby's daily market watch emails in which Steven set up plus his dedication to finding us a new home, we never felt it wasn't possible. The fact that Steven was able to purchase our home under a sale-of-buyers-home-condition, with the seller agreeing to well under their asking price and with a 72 hour closing window was completely brilliant and we will feel forever indebted to him. We both felt throughout this process that Steven always wanted the best for us and was there to represent our interests, we trusted him implicitly, and that was more than earned.

I can’t say enough about the expertise, attentiveness, warmth and professionalism Steven Hill brought to this process. Thanks to him, we were able to sell our home within an astounding 20 days especially when considering the market has an oversupply of inventory and an under supply of buyers. After our first deal fell through, thanks to Steven we successfully received a new offer the very next day and again for 99% of list price which made us so exceedingly grateful. During the time of our second buyers conditions, our first buyers came back after being able to secure their previously unsuccessful financing and was going to wait to see if our now current offer would fall through but Steven actually managed to convince them to write an unconditional backup offer, which turned out to be a massive benefit to us in closing our then current deal. Through having to juggle possession dates, amending contracts to ensure full security with certain specific details, Steven Hill managed to bring it all together with ease. Thanks to Steven we sold our house and now have our “forever home” in an up-and-coming neighborhood, we can’t wait to move in and start the next chapter of our lives. We are very glad we got to work with Steven and we wouldn’t hesitate to recommend him!

Thank you for everything,
- Steve & Amanda

For more information on this home or to contact Steven Hill of Sotheby's International Realty Canada for your Real Estate needs, please contact here!

What an honour to be featured in another article of the Globe and Mail's Real Estate Section "Done Deals".

This Beautiful Copperfield Condo Was Listed and Sold In Two Days! Thank You To Sydnia Yu For Writing About This Amazing and Successful Story!  For More Information, Please Contact Steven Hill at 403-863-6344.

View The Globe and Mail Article Here!

When Your Clients Have This To Say About Their Recent Experience, You Kind Of Want To Shout It From The Rooftops!!

We were referred to Steven Hill through my mother-in-law who had nothing but positives to say about her experience with Steven and without hesitation I would wholeheartedly agree. My wife and I feel extremely lucky that we had Steven Hill's expertise and knowledge to apply to what ended up being a very intricate process that was buying a home before selling our house. The fact that everything worked out so perfectly is seriously nothing short of amazing on Steven's behalf. It's currently a pretty tough market for anyone to sell their home but especially with the type of restrictions we placed onto Steven in terms of openly admitting to a backyard structural issue, seriously if not for the very smart advice and strategy Steven came up with, i honestly don't believe any other realtor could have sold our house in the short amount of time Steven was able to do so. We always appreciated how organized and professional Steven was while consistently being extremely attentive by always making time for us, replying to our calls, emails and texts and making us feel we were his only clients. It was awe inspiring how quickly Steven would follow up with feedback from prospective buyers and turn it into a positive as we never felt discouraged or weren’t sure of the next step he was going to take. Steven was always happy to explain and provide encouragement while it was clearly obvious how well he understood the Calgary market, and we benefited from that knowledge in all aspect of our sale and purchase.

When it came time to buy a house we had very specific parameters which did not make it easy but with the help of Sotheby's daily market watch emails in which Steven set up plus his dedication to finding us a new home, we never felt it wasn't possible. The fact that Steven was able to purchase our home under a sale-of-buyers-home-condition, with the seller agreeing to well under their asking price and with a 72 hour closing window was completely brilliant and we will feel forever indebted to him. We both felt throughout this process that Steven always wanted the best for us and was there to represent our interests, we trusted him implicitly, and that was more than earned.

I can’t say enough about the expertise, attentiveness, warmth and professionalism Steven Hill brought to this process. Thanks to him, we were able to sell our home within an astounding 20 days especially when considering the market has an oversupply of inventory and an under supply of buyers. After our first deal fell through, thanks to Steven we successfully received a new offer the very next day and again for 99% of list price which made us so exceedingly grateful. During the time of our second buyers conditions, our first buyers came back after being able to secure their previously unsuccessful financing and was going to wait to see if our now current offer would fall through but Steven actually managed to convince them to write an unconditional backup offer, which turned out to be a massive benefit to us in closing our then current deal. Through having to juggle possession dates, amending contracts to ensure full security with certain specific details, Steven Hill managed to bring it all together with ease. Thanks to Steven we sold our house and now have our “forever home” in an up-and-coming neighborhood, we can’t wait to move in and start the next chapter of our lives. We are very glad we got to work with Steven and we wouldn’t hesitate to recommend him!

Thank you for everything,
- Steve & Amanda