Joining Remax

Sean has recently joined REMAX Real Estate ( Mountain View ). Sean was with Remax for 7 years at the beginning of his career, so he has come full circle. He can still be reached directly at at 403-830-9063. If you are an investor looking for revenue property, call Sean immediately. He currently has a number of full and 1/2 duplexes for sale in great areas of town, priced to sell!

Sean carries listings in all areas of Calgary and in all price ranges. If you would like information pertaining to your own property and want to be added to our list of clients wanting regular maket updates, simply e-mail us at scochlan@telus.net.

Interest rates increased this week. The benchmark interest rate increased by 25 basis points to 0.5 percent. Strong Canadian economic data met all the criteria for a rate increase. The Canadian Real Estate Association however says that 2010 housing sales will not be as strong as was previously forecast. CREA expects 490,600 sales through the MLS systme in 2010, a 5.5% jump from a year earlier. With the rise in interest rates, Canada is believed to be entering a typical demand driven downturn due to recent price increases and rising interest rates. A downward national trend along with an increase in listings will result in a more balanced market and prices will remain stable. Conservative lending practices mean that the country will not experience the same type of correction that the United States has had.

Calgary home sales in the month of May showed a marked decline according to figures released by CREB. The number of single family homes sold in May 2010 was down 20% from the same time a year ago. 1,262 single family homes sold in May in the City of Calgary. This is a decrease of 7% since April when sales totalled 1,352. Creb attributes the slowdown to a decline in the overall number of first time homebuyers entering the market as well as the rise in monthly carrying costs with the interest rates rising. The average price of a single family home in Calgary in May 2010 was $483,240, an increase of 5% from April 2010, and an increase of 11% from May 2009. Our housing inventory seems to be shifting to higher price points as move-up buyers enter the market says Dianne Scott, President of the Calgary Real Estate Board. She says that the days on market however has decreased which suggests that competitively priced homes are selling. Scott says that our economic fundamentals including employment and net migration are contributing to an overall positive outlook for Canada. These steady improvements should offer some stability to Calgary's housing market as we enter the second half of 2010.

If you would like more information on the price of your home please call Sean Cochlan at 403-830-9063.