April was a busy month in the Regina Real Estate market.  As you can see by the charts below we are at an all time high for average sales price - up 17% from April of last year.  Local economists cite a moderately-expanding economy and on going low mortgage rates as factors that should keep the market strong this year.

 Great information from The Mortgage Group Canada Inc:

On Tuesday April 17, the Bank of Canada (BOC) left its key interest rate untouched - it has remained steady at 1% since 2010. However, the BOC's Governor Mark Carney hinted at rate increases starting as early as this summer. If that happens, the cost for consumer loans, lines of credit and variable rate mortgages will increase. The key rate is the interest rate at which major financial institutions borrow and lend one-day funds among themselves. 

Carney's decision to increase rates will depend on a number of variables being played out right now. Last July, Carney sent a strong signal that higher rates were coming, only to reverse that stance in September.  His challenge now is to ensure inflation stays under control as the economy strengthens, but without dampening consumer spending and/or curtailing business investment that will be crucial to the country's growth over the next couple of years. 

The BOC clearly laid out its case for raising rates. The bank boosted its 2012 growth forecast for Canada to 2.4%, from 2 % in January. While it cut its 2013 forecast to 2.4 per cent from 2.8 per cent, policy makers said the economy will be back at full tilt in the first half of 2013, instead of in the third quarter of that year.

But a few days ago, Statistics Canada reported the inflation rate had dipped to 1.9% in March -- the first time since September 2010 that the rate has fallen below the Bank of Canada's target of 2%. And since Carney's interest rate announcement, a few other factors have come into play. 

The U.S. Federal Reserve Board is sticking with its near-zero rate until 2014, putting pressure on Canada to keep its current rate as is. The rebound in the United States, Canada's chief export market, is not as robust as analysts would have liked suggesting the U.S economy is still vulnerable. Considering this is an election year, it's likely to stay that way until the election is over.The euro crisis is still making headlines, which is worrisome; and at the mere hint of an interest rate hike, the loonie shot up more than a full cent against the U.S. dollar, which is not good for many of our business sectors.

In his April 17 announcement, Carney did say the "timing and degree" of interest rate moves would depend on developments in the coming weeks. Those developments are already here. And while he has hinted at a summer hike, well, without a crystal ball, it's still too early to call. 

One thing we can be sure of is that when the hikes do come, they will be gradual.

Thinking about buying a home down in the States? 

Should be very informative.  Here is the link to register

http://reginacbadviceevent.eventbrite.com/

Lot's of pink worn to school or the office today for Pink Shirt Day, an organized push back against all forms of bullying.  The event was inspired by a Grade 9 student in Nova Scotia who was bullied for wearing a pink shirt to school in 2007. Two of his fellow students helped him organize a protest, handing out pink shirts to their classmates to wear in solidarity.

Kids get bullied. It’s a sad fact for many in the school system.  Most children don’t want to talk about it. If kids are left suffering alone, the consequences can be tragic. We all have the power to stop bullying and harassment.  Through education and awareness we can prevent bullying. 

The kids help line has great information on their site about bullying.

As you are getting your income tax done remember if you are a first time home buyer you may qualify for the Governments First Time Home Buyers Tax Credit.  You can claim up to $5000 which could work out to a $750 refund.  Here is a link to the site with more information about this:

First TIme Home Buyers Tax Credit.

This tax credit also applies to people with a disability who are purchasing a more suitable home.

I am often asked if the housing market in Regina is going to drop.  Listen to this video where Brad Wall is promoting Saskatchewan.  I am thinking we are in good shape for the future.  

Sales activity in February continued to reflect the strong level of demand in Regina buoyed by strong economic activity, job and population growth, historically low interest rates and a tight rental market.  While demand levels are healthy, we are short on the supply side.  With just over 400 active listings in the city the market is favouring the sellers.  Here are the stats from February:

If you have any questions about the Regina Real Estate Market don't hesitate to contact me. 

I am often asked if I am worried about Comfree and my business, this was Lyse's response in a blog and I didn't think I could say it any better:

"I don’t fear an empowered and enlightened client who has the “free info” – because that’s not what I was selling! EVER!

My presence in the deal is totally as a consultant/facilitator – someone who has a critical eye and the knowledge that protects my clients biggest assets when buying or selling.

Anyone can make appointments and show houses – anyone can list a house on the internet – it’s all the other stuff that sets me apart…

Knowing how to make things smooth and easy – knowing good value – spotting and solving potential problems – knowing values and neighbourhoods – listening to my clients and making sure their needs are met – understanding their constraints and priorities and working creatively with them – saving them huge amounts of time and money – knowing the best inspector, contractor, schools, lawyers, designers, photographers, engineers, mortgage brokers, insurance providers – and bringing all of them to bear on a moment’s notice – strong negotiation and strategic critical thinking skills – empowering the client and arming him with enough good info and advice to make a strong buying or selling decision – and being there along the way to make it happen!

Parting thought:
There will always be people who want to design and build their own boats, kitchens, fix their own cars etc…and buy and sell their own homes!

That’s o.k. – because there’s a lot more people who are convinced that when they go to market with their biggest asset, they want MORE!!"

Thanks Lyse for saying it perfectly!  If you have any questions about the Regina Real Estate market don't hesitate to give me a call.  

I am still on the renovation topic.  Before starting your renovation CMHC (Canadian Mortgage and Housing Corporation) has a lot of great information on their website.  They start with the step by step approach to renovating and even offer videos with information and tips about popular renovation projects. This is a great site to check out for answers to a number of questions - from buying a home to maintaining a home CHMC is a great source of information.

It is a good idea to keep in mind which renovations give you the best return if you are considering selling your home.  The Appraisal Institute of Canada has a link on their site called Renova.  You can fill in the amount you are budgeting for almost any renovation and it will calculate the percent of costs you can expect as return on your investment.  For example a kitchen renovation will typically give you a 75-100% return, while installing a hot tub is a 0 - 50% return.  Here is the link to Renova.

Happy Renovating!

If you have any questions about a renovation project or the Regina Real Estate Market don't hesitate to give me a call. 

Warm January temperatures have translated into a hot start to the 2012 residential real estate market. The market appears to be favouring sellers with just 380 active listings in the city.  Demand is supported by strong economic activity, job and population growth, and a tight rental market.  We are hoping for more supply to satisfy demand levels as we approach the busy spring period. Here are the stats from January:

As many of you know our daughter, Kayla, was accepted as a volunteer with Canada World Youth the day before her Grade 12 graduation.  She left September 4th, spent 3 months in New Brunswick and then headed to Ghana, Africa.  She kept a blog in New Brunswick and since she has always loved to write we enjoyed it immensely.  When she arrived in Ghana with no running water, limited access to internet, and a bit of a culture shock she wasn't able to keep up her blog.  Today she started blogging again!  It was so nice to read about her experience.  Hope you enjoy it as much as I do (although I am more than a little biased).  

Kayla's blog

Modular storage is a great option to get your home ready to sell and to help with your move.  When you are getting ready to put your home on the market they will deliver totes to your door for you to pack up.  This helps declutter your home and get it "staged" for showing.  Once you pack them they will pick them up and store them for you until you are ready to have them delivered to your new home. Once your home sells you can contact them for more totes to complete your move.  Their totes come in a variety of sizes, are light, durable, and eco-friendly. This is a great option to help with the sale of your home and the move.

In Regina Modular Storage Systems is located at 100 Dewdney Avenue.  

Phone: 306-525-9921. 

I wanted to share this article with you by Carla Hill "Kitchens Sell a House."  The Regina Real Estate market, with so few listings, is definitely favouring the sellers right now but I am still asked all the time "what can I do to make my home show better?"   Carla talks about just getting rid of the clutter to a high end kitchen renovation.  As she mentions it is important not to price yourself out of your market with a high end kitchen renovation.  It is important to know what your market is and what your kitchen needs to make it competitive with other listings in your area.  I can help you with all of this.  For a free market evaluation of your neighbourhood give me a call anytime.  

Here is a link to Carla Hill's article "Kitchens Sell a House"

Did you know the Regina Commissionaires provide a home watch program? While you are away you can have them check your home for a very reasonable fee.  Depending on your insurance policy your home may be require checking every few days or daily.  What they will do or check is up to you - they can do an exterior or interior inspection, grab the mail, they are even taking pictures for one guy who is having renovations done while he is away.  Their phone number is 757-0998, ask for someone in the Home Watch program.