CHIMNEY SWEEP
REFINISH YOUR CABINETS
SALES FORECAST
Keeping your fireplace and your home safe this winter
Take your old worn out woodwork from drab to fab
US expands into thriving market
A6
HOME SAFETY
HOW TO A10
COMMERCIAL A12
FREE oct 28 to nov 3 2011 issue 01-41 www.creb.com
STABLE INTEREST RATES BRING CONTINUITY TO BUYERS
CODY STUART, Managing Editor
Bank of Canada benchmark remains unchanged CODY STUART
managing editor
C
iting a volatile global market and a weaker outlook for the Canadian economy, the Bank of Canada announced that it would be maintaining the overnight rate at one per cent.
“Overall, the Bank expects that growth in Canada will be slow through mid-2012 before picking up as the global economic environment improves, uncertainty dissipates and confidence increases,” said the bank in a statement, adding that the Bank predicts the Canadian economy will expand by 2.1 per cent in 2011, 1.9 per cent in 2012, and 2.9 per cent in 2013. While the tone of the Bank’s statement was far more dovish than in previous releases, touching on the slowing economic momentum and modest growth in household expenditures, it still comes as a positive for those in the market for a new home. The continuation of the bank’s near-
SINGLE FAMILY
record low rate, which has remained at or below one per cent since Jan. 19 of 2009, means that those in the market for a new home can look forward to the same favourable conditions that have greeted buyers for the last two years. “The key point is that the Bank of Canada has held the rate to allow Canadians to finance home purchases at the prevailing costs,” said Lai Sing Louie, regional economist for the Canadian Housing and Mortgage Corporation (CMHC). “The economy is not in the position right now to have interest rates go up, so basically the policy of keeping [the overnight rate] as is will likely continue deep into 2012. That’s the projections that we have.”
3148 SEP09 3003 OCT09 2658 NOV09 DEC09 2054 2513 JAN10 3106 FEB10 4014 MAR10 4986 APR10 5649 MAY10 5991 JUN10 5525 JUL10 5046 AUG10 4880 SEP10 4528 OCT10 3869 NOV10 2712 DEC10 3073 JAN11 3504 FEB11 4024 MAR11 4395 APR11 4616 MAY11 4744 JUN11 4630 JUL11 4573 AUG11 4753 SEP11
MLS® MONTH END INVENTORY* SEP ‘09 – SEP ‘11
Louie’s sentiments were echoed by fellow economist Todd Hirsch, who added that despite being completely expected, the announcement from the Bank of Canada should still be viewed as good news by plenty of Canadians. “If anything, this will probably just give a little more support, in the longer term, to the housing market in Canada,” said Hirsch, senior economist for ATB Financial. “So we’re not anticipating any big mortgage rate increases coming up. Therefore we probably won’t see the dangerous situation where perhaps some people who have gotten in over their head with a mortgage that’s too high for them.”
With the Bank of Canada announcement that they would be maintaining their near-record low interest rate, Canadian homebuyers can look forward to a continuance of favourable mortgage rates.
RBC: CANADA’S HOUSING MARKET SHOWING ‘RESILIENCE’
CONTENTS NEWS BRIEFS
A3
EVENT LISTING
A6
POP THE QUESTION
A8
CREB STAFF
Green Calgary’s Michael Ireton
®
D
espite the volatility seen in global markets, a new report from RBC Economics calls Canada’s housing market “balanced,” citing recent numbers from the Canadian Real Estate Association (CREA) which indicate home resales rose modestly by 2.7 per cent in September overall in Canada, with the majority of provincial markets posting gains.
*All statistics based on monthly data compiled by CREB® via MLS® activity.
> Ideal Family Home on Kincora Pond Ideal family home located in desirable Kincora! The expansive slate flooring starts at the front door and leads you to the open concept living space. The living room features a beautiful stone-faced fireplace & a wall of windows looking onto the private backyard. The kitchen provides granite countertops, a raised breakfast bar, pantry and large dining area that opens to the deck. Upstairs you will find a large bonus room and 3 bedrooms including the master with ensuite, walk-in closet & private upper deck to enjoy the spectacular view! The fenced and landscaped yard backs onto a remarkable green space with pond. MLS® C3494407 30 Kincora Landing NW l
www.sanostante.com
$489,900
403.289.3435
MARKET A3
MORTGAGE RATES
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BUSINESS DIRECTORY A10 COMMERCIAL
A12
Sales forecast
MAP
B1
OPEN HOUSES
B15
Upscale Inner City
SE U O 29 H t m N Oc ll 4p NW PE at, n ti ve O S o A o 2 N 5-2 71
$1,199,000
Jim Barbaro
403.650.7472 jbarbaro@shaw.ca
INDUSTRY A3
REAL ESTATE PROFESSIONALS inc.
Executive upscale 2 storey, with a total of 4 bedrooms. The stunning open floor plan features a large cathedral entry to a large living/dining room combo. Spacious kitchen with island, walk-in pantry, high-end stainless steel appliances, granite countertops, cappuccino stained maple cabinets, separate eating area which looks over the large family room with fireplace. Upstairs you will find a large master with fireplace, huge ensuite with heated floor, jetted tub, tiled shower, dual sinks, and a huge walk-in closet with lots of built-ins. The 2 other good sized bdrms share a 5 pce Jack and Jill bathroom, laundry room is also upstairs... The professionally developed bsmt features a large media room with lots of built-ins, wet bar, surround sound, large bdrm, large bath with steam shower, infrared sauna with DVD player... Other features include rich maple hardwood floors, and many built-ins... Also included is a double heated garage, Gas BBQ hook up, Central Air. MLS®C3492030