Mahogany’s Top Dining Choices: 5 Great Restaurants to Try

Life in Mahogany has a lot to offer including plenty of great dining options. You can find everything from top brunch hot spots to an elegant and luxurious steak house overlooking the lake. Having all of these restaurant options nearby means that there’s no need to head all the way downtown for date night or brunch with the family, you can simply enjoy what is already in your own backyard.  Why not check out some Mahogany Homes for Sale while you are in the neighborhood.

The Bro’Kin Yolk

Started by brothers Jeff and Gil Carlos in 2015, The Bro’Kin Yolk is bringing brunch to the burbs with locations in Mahogany, Signal Hill and Creekside. The Bro’Kin Yoke Mahogany offers an extensive menu of both classic and creative breakfast dishes and is the brunch spot in Mahogany, so if you’re planning visiting make sure you call ahead to get on the wait list. Some of the top menu items include the chicken and waffles, truffle ham and wild mushroom breakfast poutine, the short rib hash and of course the classic farmers’ breakfast. The Bro’Kin Yolk also has gluten-free, vegetarian and vegan options as well as a good selection of kids meals for the littles.  What a great place to live and check out some Mahogany Homes for Sale while you are in the neighbourhood.

Chairman’s Steakhouse

While Mahogany might not seem like the most obvious spot for a high-end steak house Jay Westman, the developer behind Mahogany’s Westman Village, figured that if he built it, the steak lovers would follow. A modern and luxurious take on the classic steakhouse, Chairman’s is a tribute to an iconic era, the glitz and glamour of Old Hollywood and you can help but feel it while dining on selections like truffle deviled eggs with caviar, tiger-prawn cocktails, oysters Rockefeller and, of course, Prime steaks cooked to order. Of course, fancy food calls for fancy drinks. Chairman’s wine cellar boasts 4,000 bottles (plus another 1,000 on racks outside the cellar) at varying price points, as well as a list of old-timey cocktails and well-curated Scotches and other spirits.

Bow Tie Pizza

If you’re looking for something a little more casual then look no further than Bow Tie Pizza Mahogany. Started by three friends, Dustin Blaine, Paul Hebert and Yanie Kosmas, looking to share their love for great food and great customer experience, this pan-style pizza joint is not your run of the mill take-out pizza. Bow Tie Pizza puts thought into every element of their pizza with nearly every ingredient made, cooked, or sliced in house every day. Each aspect of the pizza complements the others so that nothing overpowers or is hidden. Looking for suggestions for your first order? Try the Beard of Zeus, The Mother of Dragons or the donair. They also have vegetarian offerings and a gluten-friendly crust available.  Ever wanted to live near here and see some Mahogany Homes for Sale? 

Pho Hoan Pasteur

We don’t want to go so far as to say it’s the best Pho in Calgary because we know those are fighting words, but if you are looking for the best Pho in Mahogany then Pho Hoan Pasteur is for you. Pho Hoan Pasteur is a fusion noodle house that has been serving quality, authentic Vietnamese fare since 2005 with locations in both Calgary and Edmonton. Their Calgary locations include Quarry Park, Royal Oak, Sage Hill and Mahogany Plaza. With an extensive menu, there are plenty of options for everyone whether you order your favourite item every time or you like to try something different every visit. Some of the bestsellers include the Pho Sate, Pho Dac Biet and the Bun Bi Tom Nem Nuong Cha Gio.

Diner Deluxe

With three unique locations in Calgary, Diner Deluxe focuses on humble, simple service and using local and sustainable ingredients in every dish. Winner of Avenue Magazine’s Best of Calgary three years in a row and the Calgary Herald Reader’s Poll in 2018 and 2019, Diner Deluxe is sure to please just about anyone. Some of the more popular brunch options include the five different types of eggs benedict and the huevos rancheros. Diner Deluxe Mahogany also offers gluten-free substitutions and has great options for kids.

These are only a small selection of all the great dining options available in Mahogany. This master-planned community is one of the fastest-growing, most desirable, and most popular new areas in Calgary and its urban village is bringing the best element of the inner-city to Calgary’s southeast while still maintaining a friendly and relaxed atmosphere. All the fine agents here at Elite Home Real Estate hope you’ll take the time to go out and enjoy at least one of the great restaurants listed here – we know you’ll be glad you did!

Looking for a home in one of Calgary’s southeast communities and want to see some Mahogany Homes for Sale? Then get in touch with us to get the full scoop on what each of these great communities has to offer! Our decades of combined experience can help you find the perfect neighbourhood to call home, and we’re always happy to be of service.

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How to Make Money in Calgary Buyer’s Market

Calgary real estate finds itself in a buyer’s market. Calgarians looking to take advantage of the buyer’s market by getting valuable property at a discount would be well advised to do one thing: follow the money.  When there is a downturn in the market, investment tends to move towards real estate that is stable and likely to have long term value. So, where you see increasing investment after a recession, you are likely to find long term value. The trick is to buy in the right market before it gets saturated. Easier said than done. This article will help you get started by digging through the data to find where money is being invested right now and follow the money to the top buying hot spots.

This isn’t guesswork. The data we are using is pulled straight from the City of Calgary database on construction permits going back to 2010. We added some qualifiers to what data was used in this article in order to ensure we are comparing apples to apples. The three qualifiers we put in place for inclusion were:

•        Permit application was for construction over $100,000
•        Permit application was for residential single construction permit
•        The application was made in an established neighbourhood

The results show pockets of communities that are picking up steam while most communities saw significant drop-offs. Included in the results are the lowest price point of entry a buyer could expect for each type of property (apartment, attached, detached) in each community, as well as the pre and post-recession average investment. The cut off is 2014, as 2015 was the year of Calgary’s recession.

The Bow Trail Corridor

The data shows that this is the hottest pocket of investment in the city right now, and for good reason. The location has exceptional connectivity to major routes, transit, amenities, and schools. Commutes downtown from any of these neighbourhoods will rarely go over 20 minutes, even with traffic.  Large lots and a quiet lifestyle offer the work-life balance that many are seeking for their families. 

Shaganappi

Shaganappi is looking to be the new Killarney: it’s seen its investment go up every year since 2014, with 2018 not seeing a single application below $300,000 – all of them yet to be completed and their value added to the market.  This was a strong investment market before the recession and this has only ramped up since then. Shaganappi’s really got in all in terms of connectivity (road, transit, & bike infrastructure), access to amenities/recreation, schools, and safety – all markers of stable long term value.  

Rosscarrock

Rosscarrock is the other hot market in the Bow Trail Corridor, benefiting from many of the same qualities as Shaganappi.  Its overall investment is not as strong due to being less connected to city center, but the floor to get in the market is lower here with a larger stock of homes all built in the 60’s and 70’s on large lots. If Shaganappi is out of reach, Rosscarrock should be where you’re looking next.

Patterson

Investment in Patterson is skyrocketing, even if it’s spread out among a large housing stock.  The level of investment has been quite high, double that of nearby Rosscarrock. The drawback here is that the floor to get in the market is higher, but there are excellent options if you’re willing to forego a single family detached home.  Even if you don’t, you’re going to get a good deal long term. 

Wildwood

There’s no doubt Wildwood is still a hot market, but it’s cooling off. The high level of investment continues, however there are signs of saturation starting to appear. This coupled with a relatively small housing stock will likely put Wildwood out of reach shortly. However, there are still a couple homes available for under $500,000, you might want to move on them fast.

Reservoir

The communities of Lakeview and North Glenmore have shown strong growth since 2014.  Both have seen increases in investment above 50%.  What’s the main driver? The impending completion of the Tsuu T’ina Trail.  This major infrastructure upgrade will cut travel times between these communities and SW Calgary substantially – not to mention improving connections to the NW.  This will add a significant and permanent value boost that will be realized immediately. 

It’s not just residential developers, major commercial development is coming from the Tsuu T’ina reserve and confidence about this stretch of land is rapidly growing.

There is a lot to like about the future of these communities.  The main drawback is the high pricing floor to get in.  Neither community has detached homes available for under $500,000 – but there is a smattering of attached row houses and condos to choose from. 

Access to the Glenmore Reservoir makes this spot a favorite for the outdoorsy types, while the charm of the Heritage Park steam engine adds a truly unique vibe.  There’s not much to separate these two communities – both are in same place with the same access.  However, Lakeview is the cheaper option right now.

Albert Park

If you’re looking off the radar, Alberta Park is an inner city community in NE Calgary that should be catching your attention. 

Albert Park is a great option if you have a restricted price range and want to get in during this buyer’s market. There are some incredible deals here, with the potential for strong upwards trajectory. This is evidenced by the big developers have been putting money into this overlooked community for a while, with mid-scale condo complexes currently in the works. 

Albert Park’s proximity to downtown puts your commute at the 15 minute mark, with alternative options in transit and cycling.  Connections to major routes are good too at the nexus of Deerfoot Trail and Memorial. 

Cheap houses on big lots that are primed for upgrading or replacing.  Furthermore, since the recession, construction has only ratcheted up as well with overall permit applications increasing 33%, comparing 2010 – 2014 with 2015 – 2018 (more applications in a shorter time frame).  

Bowness

For those ‘in the know’ in Calgary, this one comes as no surprise.

Bowness has long been a unique community full of character that is resilient in maintaining its identity against the encroaching Calgary area. Life here truly feels like a town unto itself.  It’s no surprise then that this resilient, eclectic community is holding strong – its investment levels barely changed after 2014, only modestly increasing by 13% by average dollars spent. 

The price floor to get in here is equally modest, with detached homes running at $299,000. You might not find as a high of a ceiling in terms of value, but buying here is a very safe bet. The mixture of housing available also leaves something for everyone. 

Not to mention, Bowness Park is an absolute gem among Calgary’s parks.

Crowchild Corridor

Bringing up the rear are the two large communities lying along Crowchild Trail near the University of Calgary – Brentwood and Dalhousie. 

These communities have seen only moderate investment above $100,000 since 2014, but in the current market that is a good sign.  There are large homes here built in the 70’s on even larger lots to match, making this a popular family spot. Proximity to the University seems to be driving a lot of this investment, as most of it has been put into upgrading basement suites. 

It’s “unlikely” the University is going to be moved anywhere (read: impossible), so these communities should hold their value as income properties through up and down markets. 

They’re also just nice places to live with excellent access to major routes, LRT stations, and all the amenities you need for life’s necessities…  Having Nose Hill Park for a backyard isn’t too shabby either!

Cross Neighbourhood Comparison

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Calgary Condo Living!

Buying a condo in Calgary can be a great way to get out of renting and start building equity or a good option for those who are looking to downsize their home. Like any home, there are pros and cons to condo living but the process does differ from buying a house. So if you’re considering condo living here are six questions you should always ask before buying a condo.

Does condo living fit your lifestyle?

Condos are great for people who love to get out and about and don’t spend a lot of time at home or those who want to spend less time and money on maintenance. If you’re looking for a private yard to host large get-togethers or love a good renovation a condo might not be ideal. This is also a good time to consider the area and nearby amenities in the neighbourhood. Think about your lifestyle—both now and in a few years—and make sure a condo is the right fit.

Are the condo finances in order?

One cost that comes with condos that you won’t get with a house is condo fees. Condo associations fees are calculated based on how many units there are, what it costs to maintain the property, both short and long-term, whether or not the community is professionally or self-managed, and funds set aside for litigation and major repairs.

Newer condos require less maintenance and may have lower fees but those fees will go up with the age of the unit. Another consideration is to find out the delinquency rates on monthly dues. When other owners fail to pay their monthly dues this often leaves everyone else responsible. A good community will have a delinquency rate of 15% or less.

Is there a good/healthy reserve fund?

A reserve fund is built from a portion of the condo fees that are set aside to help cover major repairs when they come up. The older the condo complex, the greater the amount that should be in the reserve.

If a condo association doesn’t have enough money in its reserves when a big repair comes up, such as the replacement of an ageing roof, there will most likely be a hike in monthly fees or a one-time special assessment to cover the costs. This is also a good time to find out if the unit has any current special assessments or major repairs needed in the near future.

Are the condo fees worth it?

So you’ve reviewed the condo associations finances and everything looks good on that end but are the things included in the fees things that you want or need? Not only should you make sure you can truly afford this extra payment but that you understand what you’re getting for this payment.

Can you live by the rules?

Does this community allow pets? Can you rent out your unit if you need to? Every condo association has rules. While some associations’ rules may provide most of the liberties of owning a stand-alone residence, others can be restrictive or even downright bizarre. Every association has a different set of rules, but examples of common ones you might find include no dogs, no window air conditioners, no kids, or outdoor decorations. Make sure you go over the community rules line by line and ensure the condo doesn’t have any rules that you simply can’t live with.

What are the biggest complaints?

Get your hands on the minutes from the last few meetings, the annual general meeting (AGM) or talk to current owners. This will give you an idea of the complaints people are airing and give you some insight into how quickly and effectively the condo is maintained, how the condo board and residents interact and even the people who live within the community.

Like any property purchase, there are many things to take into consideration when buying a condo. That’s why it’s important to go in knowing what to look for and what questions to ask. If you’d like more hands-on help with your condo search or purchase the Elite Home team is happy to help. Get in touch with one of our experienced and reliable Calgary realtors today.

We’re here to help YOU!

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Income Property in Calgary: What You Need to Know – Part 1

Income property in Calgary is a popular topic – and not just because of the hit HGTV show with the same name. 

The current climate for buying and selling homes in Calgary is among the fieriest in the country. And with long-term population projections suggesting that people will keep flocking to our beautiful city for years to come, there really has never been a better time to invest in Calgary real estate than right now.

But what exactly is “income property” and is it really the right investment for you?

Income property is any property that has been bought or developed for the purpose of earning an income through renting, leasing, and/or price appreciation. Other terms used to refer to this type of property are “rental property” and “non-owner occupied” (for residential properties).

Rental property (AKA: income property) in Calgary is a strong investment venture, but as with all investments, it does have a certain amount of inherent risk. Read on to learn more.

Income Property Basics

Before we delve any further, let’s cover some basics. The first being why should you even bother considering this type of investment?

The answer is 4 simple words: Potential positive cash flow.

Yes, potential. As with any investment, nothing is 100% guaranteed. But in Calgary’s current market, this type of investment is considered one of the most likely to see a significant positive return on investment (“ROI”) .

Further, investing in income-generating property has the potential to do more than just provide positive cash flow. It can be:

• A big tax write-off opportunity
  • A chance to retire early (if you invest early, wisely and successfully)
  • An opportunity at long-term financial security for you & your family

Tax write-off opportunity

Tax write-offs for rental properties include such things as mortgage interest, property insurance, maintenance & repairs, property taxes, travel expenses, and even legal and professional fees.

According to Young and Thrifty, there are 2 different categories for the multiple expenses that can be claimed as tax deductions in Canada:

• Current expenses – something that reoccurs both often and every once in a while, such as general maintenance.
  • Capital expenses – a more long-term improvement that will help increase the value of the property itself, such as structural renovations or additions.

To get a clearer idea of what can and can’t be written off with income generating properties, it’s always best to speak with an experienced accountant.

Retirement goals and financial security

Logic states that the earlier you start wisely investing in income-generating rental properties, the quicker you could potentially retire while seeing a more substantial ROI. It’s a dream that seems too good to be true… And sometimes, it can be.

However, if you invest in the right properties with the right timing, the right tenants, the right locations, and an appropriate rental/lease price, then that dream is way more likely to become a solid reality.

First things first…

But let’s tap on the brakes for a moment – while you may feel ready to hit the ground running and begin pursuing your own property investment goals, it’s absolutely crucial to get fully informed on the ins-and-outs of investing in Calgary real estate.

Start by talking to the right people and performing your due diligence so you can stay on the smart, realistic path to success. Connecting with knowledgeable people and educating yourself on the nuances of rent-generating property investments can ensure that you properly account for possible risks and make informed decisions about this type of investment.

Want to talk to a professional? Then get in touch with Elite Home Real Estate’s income property specialists! With the combined experience of 45 years handling local income property investments, our team of knowledgeable pros can help you find the answers you need to make the right real estate investment decisions.

We’re here to help YOU!

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Calgary Condos: What to Know Before Buying – Pt. 3

Condos. Love them or hate them, if there’s one thing you can find in abundance in Calgary right now it’s condos. Especially downtown. But in a housing market like Calgary’s, where larger single-family detached dwellings can be out of the price range for a great many folks, condo living is a very viable option!

In part 1 of this mini blog series, we discussed some of the big things that folks who are looking at buying a condo in Calgary should be aware of – things like getting a certified, professional home inspection and reviewing the condo documents. In this post, we’re going to discuss some of the smaller details of condo living – the “pros and the no’s” – based on the decades of combined experience that our fine realtors here at Elite Home Real Estate bring to the table.

Those Devilish Details

Condominiums (AKA: “condos”) are properties that folks can sell or buy like a house, but they’re attached to a larger building complex, typically in the same manner as an apartment.

When you buy a condo in a building, you own the condo unit outright… BUT you also share ownership of the rest of the building and attached property with your fellow condo unit owners. This is a crucially important aspect of condominium living to keep in mind, as sharing community space ownership has its own benefits and costs. It’s also what most distinguishes condo ownership from house ownership.

The Pros vs. The No’s of Condos

The most obvious benefit of a condo over a house is the relative cost. Condos are usually less costly and can be a way to become a homeowner in an expensive urban real estate market, such as Calgary’s.

However, the fees associated with your condo association can make the condo more expensive than originally planned. Because of this (and for so many other reasons), it’s always a good idea to closely examine and plan out the costs associated with owning a condo throughout years to see if it works for you.

Care to Share?

Because condo ownership involves sharing a certain level of ownership responsibilities with other residents, condo building maintenance and management gets handled by a condo board (or another similar entity). This board is made up of condo owners who are charged with managing building maintenance, landscaping, cleaning, and any other shared property work that must be done.

This work is funded through condo fees that each condo owner pays on an ongoing basis, with the specific amount depending on the respective condo board and the amenities available… However, you can expect the fees to be in the thousands of dollars each year.  

Also be aware that some maintenance costs can come out of the blue. If a hot water heater breaks, or a pipe bursts, or foundation repair is needed, or all the balconies are deemed to be in dire need of repair, then each condo owner will have pay his or her share to fix it. The fees are often referred to as “special assessments”, and many condos that were hastily built during Calgary’s last big boom are seeing a lot of these “special assessments” right now.

Other costs are anticipated and covered by the board (well, technically by your condo fees which are set aside by the board for such occasions). For example, at some point elevator repairs or new roofing will be required – these costs should be covered by a specific fund the condo board has reserved for such things. As well, the interior design and maintenance of community areas, their furnishings, flooring, and security cameras are other costs that should be anticipated. 

Other Condominium Considerations

Sometimes, things happen that nobody can anticipate and that can’t or won’t necessarily be covered by a special assessment or reserve fund… In other words, be prepared to expect the unexpected.

Things like pest control issues (such as bed bugs or rodents) can spread from one condo unit to another, and depending on your condo’s bylaws you may be responsible for covering these costs yourself.

Another potential issue is loud neighbours or those who frequently entertain at late hours are other problems. And even if the neighbours themselves aren’t loud, sometimes they may have a creature living there that is… Such as a small, poorly trained dog or vocal & vicious guard cat.

On the other hand, living in such close proximity to your neighbour has certain advantages. If you’re responsible for covering your utilities, particularly heat, then the proximity of one unit to another definitely helps keep those costs down. Further, the sharing of maintenance and repair costs helps to buffer the blow of any special assessments. You also have strength in numbers should the condo board or management corporation try to pull a fast one.

Rules & Regulations

Condo boards will also apply rules that each owner must follow, with a prime example being smoking. Smoking may be prohibited in your building by the condo board, making it against the rules to smoke even in your own private unit.

Other rules can include restricting the type of pets that you’re allowed to keep, the style of window coverings you can have, whether or not you can put festive lights on your balcony, and a plethora of other possible things.

You will also be tasked with regular external maintenance and safety checks within your own home. Condo boards will expect that your fire alarms are functioning properly with regular checks from the condo board, for example. So if you enjoy a lot of privacy and autonomy then a condo may not be the best fit for you.

On the flip side, condos do give you a sense of community that you may not find in owning a house. The regular interactions with your neighbours can be a great way to make friends and get involved in your community. You can even serve on a condo board yourself – something a number of condo owners enjoy and take pride in. (That said, the downside of this can be managing the needs and expectations of your fellow condo association members can be difficult and frustrating.)

In the end, the pros and no’s of condos is entirely dependent on your own lifestyle and habitation preferences. For some, the advantages of condo living are worth their weight in gold and these folks would not trade it for even the most sprawling of country manors… Yet others would sooner live in a tin can than a condo. This is why it’s important for you to have a thorough understanding of your unique needs and lifestyle preferences before making any sort of significant property purchase.

Still unsure of whether a condo is the right property purchase for you? Have some lingering questions that need answers? Then get in touch and chat with one of our experienced, reliable Calgary realtors. We have more combined realty experience than we care to admit, so chances are high that we can help you with your Calgary real estate needs!

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Calgary Condos: Getting a Big Bang for Your Bucks

Condos in Calgary have an undeniable appeal for a lot of homebuyers. In addition to being a more affordable option than Calgary’s detached single-family dwellings and even townhouses, they also offer buyers a pretty low-maintenance lifestyle.

Imagine living in a community where weeding gardens, cutting grass, shoveling snow, and property repairs and maintenance are all taken care of for you… That’s condo life.

But what about a tangible ROI for your investment? Would a condo offer a similarly strong ROI as a house or townhouse?

Both are good questions. Read on to find out their answers.

Property Assessments and Assessing Your Property Options

If you’re looking into buying a condo in Calgary then you’ve likely heard about Calgary’s condo assessment values dropping this year. But what does this mean in terms of a long-term return on investment? Is it worth it, or should you reconsider purchasing a Calgary condo?

Getting the Bang for that Buck

If there’s one thing the smart agents here at Elite Home Real Estate know about, it’s ROIs on real estate investments!

Some of these costs were unique to rental properties, but some were applicable to an ROI on any type of real estate investment – such as understanding and being prepared for the on-going costs of property ownership. These on-going costs are obviously a key consideration when calculating a property’s ROI, whether you choose the “Cost” or the “Out-of-Pocket” method of calculating this.

Luckily, with condos the on-going costs of ownership are typically much less than those of a house or townhouse. After all, it’s the condo board that pays for the building’s repairs and maintenance!

But like we discussed in our last blog post, there are some condo buildings in Calgary which were built during our last big boom that are now in need of serious upgrades and repairs. As a result, condo owners in these buildings are starting to feel the pinch as the special assessments roll out.

Calculating ROI for a Condo:

There are two ways of calculating a condo’s ROI: The “Cost Method” and the “Out-of-Pocket Method”.

Here’s a very brief run-down of what both of these looks like:

Cost Method: Divide the equity of the property by all its costs, which involves calculating your “equity position”. So if you buy a condo for $100,000 (we know, not realistic in Calgary’s market, but let’s just imagine here) and spend $50,000 upgrading, then the property’s new value will be higher. Let’s say for this example the new value comes to $200,000.

With the Cost Method, you would calculate it like so:

Equity position is calculated as:
(200,000 – [100,000 + 50,000])

Then divide this equity position by all costs related to the purchase, upgrades, etc.:
50,000 ÷ 150,000 = .33, or 33%

Out-of-Pocket Method: The preferred ROI calculation of almost every realtor, this method involves the money you actually spent yourself (in other words, the money that has come “out of your pocket”). It still involves calculating your equity position, but a bit differently.

So let’s say you got a mortgage and used a down payment of $20,000. Your “out-of-pocket” expense would then $20,000 plus the $50,000 for upgrades, making your total out-of-pocket expense $70,000.

Equity position calculation:
(200,000 – [20,000 + 50,000])

“Out-of-Pocket Method” ROI calculation:
130,000 ÷ 200,000 = .65, or 65%

For more on calculating the ROI on a real estate investment, Investopedia has a good article on the topic.

How This Translates to Today’s Calgary Condo Market:

Simply put, the lower property assessments we mentioned earlier are not as “doom and gloom” as the media sometimes makes them out to be… In fact, for a buyer, it’s not bad at all.

Keeping in mind the above methods of calculating ROI and the lower condo assessments that came out this year – in combination with the growth forecasts for Calgary in the coming years – we can easily speculate that now could very well be a pretty good time to buy a condo in Calgary!

Why? Because as property value assessments for condos going down this year, so too go condo prices – which is good news for homebuyers since it makes for a “buyers’ market.”

However, this all depends on your long-term intentions. If you’re thinking of buying a condo only to turn around and sell in within the next few years then your ROI will understandably not be as impressive. But if you’re looking to buy a condo with the intention of holding onto it for several years then your ROI would understandably be much better.

Condo Considerations

Our last post listed 4 big considerations for first-time condo buyers, so we won’t go back into them here. But we will mention that there are some areas in Calgary where buying a condo is anticipated to be a stronger investment, both now and in the next few years.

The reasons for this include considerations as simple as supply & demand, as well as community development and effective revitalization initiatives.

According to Calgary property assessor Harvey Fairfield, communities such as Scarboro/Sunalta West, Rosedale, Roxboro, Mount Pleasant, West Hillhurst, and Rosscarrock are projected to show value increases of around 8% for 2018.

These are all communities that have a strong balance in terms of types of residential dwellings, urban revitalization initiatives, infrastructure upgrades, and nearby amenities.

Furthermore, unlike many areas in the downtown core, west end, and Beltline, the above named communities don’t already have a glut of condos that are even now being added to with continued condo developments.

Does this mean you shouldn’t buy a condo downtown, in the Beltline, or in Calgary’s west end? Not at all! But in terms of ROI and property value, there are communities that inevitably fare better right now than others.

But ROI is one of many, many things to consider when buying a condo in Calgary. Other critical considerations include your own lifestyle, community accessibility, community population density, nearby amenities, affordability, and a vast plethora of other things that time, space, and readability prevent us from getting into here!

Looking for some more information about condo buying in Calgary? Then we’re your agents! We have helped client buy and sell more condos than you can imagine, so you can be confident that we know what we’re talking about.

Feel free to contact us with any questions you might have – we’re always happy to help!

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Calgary Condos: What to Know Before Buying – Part 1

In our decades of experience, the good agents here at Elite Home Real Estate have learned that summer is the #1 season for first time buyers. In fact, the number of first-timers that we help is consistently the highest during this season than any other time of the year… And for a whole lot of first time buyers, condos are the property type of choice.

Thing is, we’ve also learned that very few buyers – first timers or not – are 100% aware of the many ways in which owning a condo differs from owning a house or even a townhouse. It’s with this in mind that we write this blog series, “Calgary Condos: What to Know Before Buying”… Because a little bit of extra knowledge goes a long way!

The Benefits of Condo Living

Condos make a truly great home for many different reasons – from having your sidewalks shoveled for you to indoor parking, to low maintenance costs and property taxes – condominiums have become the property type of choice for an increasing number of homebuyers.

For a lot of first time buyers, these above factors are very attractive selling points! After all, the idea of property maintenance, taxes, home improvements, and utilities can be pretty intimidating for someone who has never owned their own home before (and sometimes, even if they have).

On the flip side, homeowners who are looking to downsize are also attracted to condo ownership for the very same reasons. After years of shoveling snow, cutting grass, taxes, endless property repairs and upgrades, and having to deal with your own plumbing and furnace emergencies, all these long-time homeowners want is someone to deal with this for them! (And, really, who can blame them?)

But owning a condo is not like owning a house or even a townhouse. In many ways, the responsibilities and duties of a condominium owner are much easier. In other ways, however, the obligations of condo ownership are more complex.

From the state and status of the condo building itself to the details of living in and insuring it, there are a number of things to consider when you look at buying a condo in Calgary.

Value vs. Workmanship

In Calgary’s last big boom, we saw the construction of literally thousands of new condos in Calgary These condos were built in a comparatively short span of time and sometimes by contractors who were stretched to provide the resources needed to accommodate all the building projects they were working on.

Ten years and many building code amendments later, many (but certainly not all) of these boom condo buildings are in need of upgrades and repairs. They’re still 100% habitable and have retained impressively strong property value, but their management companies and governance boards are now sending out special assessments. As a result, these condo unit owners are beginning to realize these additional costs.

This is why we always make sure our clients understand the difference and connection between value and workmanship.

Several months ago, we did about a blog post about a young couple that bought a home with some serious structural issues. In it, we emphasized the need for accurate and current home inspection reports. This same advice bears repeating here – but with a condo, you will want to have 2 types of thorough inspections:

• A certified, professional home inspection
  • A thorough inspection of the condo documents

This is because unlike a home inspection of a house or townhouse, condo inspections only cover elements specific to the condo unit itself. These are unit-specific elements such as windows, appliances, cabinetry, fire and CO2 detectors, etc.

“Common elements” – like the plumbing, roofing, and electrical systems – are outside of a condo inspection’s scope and therefore cannot be included in a condo home inspection report.

This is why it’s crucial you have a trained eye review the condo documents. It’s in these documents that you’ll get a fuller story because they will reveal any problems or potential problems relating to the bigger picture and long-term issues.

A Bit More About Condo Documents…

These documents give you critical information on the condo’s overall status. This includes pertinent information on the building, the board’s financial resources, special assessments, insurance claims, condo fees, any legal actions taken against the condo’s builders or its board, and how the condo building is and has been managed.

Condominium documents also include the meeting minutes of the condo board, which is a great place to learn about potential issues that may be creeping up to cause serious headaches in the future.

Condo documents must be supplied to condo owners, potential owners, and their respective mortgage providers within 10 days of receiving a written request for them. You can find out more about condo documents from this incredibly handy Service Alberta info sheet.

Geographic Considerations (Prime Example: Floods)

Almost any Canadian who was around in 2013 will remember the devastating, overwhelming floods Calgarians endured that summer.

And while floods like that were previously considered a rare occurrence, the Government of Alberta itself has acknowledged that climate change will “result in long-term changes in temperature and precipitation, as well as increased frequency and severity of weather events such as droughts, floods, forest fires, and severe storms.” 

With this in mind, reviewing flood maps and available flood insurance policies is a very wise idea for anyone who is considering condo ownership – especially near Calgary’s two rivers and inner city.

Don’t get us wrong here; we’re not trying to dissuade anyone from investing in a condo in these beautiful and established Calgary neighbourhoods! We are, however, pointing out that there are some unique considerations to keep in mind  – regardless of where you want to purchase a condo.

As for floods, the vast majority of condo buildings will have water damage insurance that includes storm sewer back ups. This is important to know about because hundreds of buildings that were not directly affected by the flooding rivers in 2013 still suffered serious damage from over-flowing sewers, drains, and other infrastructure-related flooding damage.

However, if you are thinking of buying a condo near Calgary’s flood zone or flood fringe zone, then be sure to find out if the condo building has overland flood insurance (this information can also be found in the condo documents).

If and/or when the next big flood hits, you’ll be glad to know that you’re properly covered!

Insurance

Flooding and water damage insurance aside, owners of a condo unit will require a unique form of insurance known as “condo insurance”.

What a great many condo owners don’t realize (until they’re in the thick of it) is that condo insurance policies are very unique creatures in the property insurance world.

A condo insurance policy can be a confusing document to understand. That’s because a condo insurance policy needs to balance and complement the insurance that exists for the rest of the building with the coverage needs of your specific condo unit.

A prime example of this is a fire. If there was a fire in your condo, the condo building’s insurance would only cover the damage of the walls and ceiling outwards – so your carpets, fixtures, appliances, and furniture would be covered by a condo owner’s individual condo insurance policy.

Can Ya’ Do a Condo?

As you can see, there are some important things to think about when it comes to buying a condo in Calgary. What we’ve listed above are just 4 of the bigger considerations that potential condo owners need to be aware of.

There is definitely much more food for thought when it comes to being a condo owner, but luckily Elite Home Real Estate has some of the very best condo buying specialists in the province!

Stay tuned for our next installment of “Calgary Condos: What to Know Before Buying” where we’ll share more tips and helpful factoids about buying a condo in Calgary.

Want to know more, or maybe you have some condo questions that need answering? Then get in touch! We absolutely know our stuff when it comes to Calgary real estate and Calgary condos – and are always happy to help.

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Holiday Listings Know How

Once upon a time, it was considered a desperate move to list a home for sale during the holiday season, both in the Calgary real estate market and anywhere else. The thinking was that only “truly motivated” sellers kept their homes on the market over the festive season. Likewise, only the most interested buyers would take time out to go and view a property.

And this made good sense, way back when. After all, who wants to trudge through the snow and cold to go view a property? On the flip side, why would you want strangers traipsing through your home at such a busy and stressful time of year?

But That, ‘twas Then…

Luckily, all that’s changed thanks to 21st century technology. No longer do prospective home buyers need to take time to go and physically view a property – thanks to the internet, they can view hundreds of properties from the comfort of, well, virtually anywhere!

MLS listings make it easier than ever to view properties without physically visiting them. It’s also easy to filter the properties being searched so prospective buyers only see those they would realistically want to view.

In other words, the miracle of modern technology has made it almost hassle-free to put a home on the market during the holiday season.

… Almost.

The fact remains that there are still some things that can make or break a successful home sale during the holidays.

Knowledge + Experience = We’ve Seen It All

The real estate professionals here at Elite Home Real Estate have the combined experience of several decades in the Calgary real estate market. In this time, we’ve learned quite a few things about selling & buying a home over the holidays.

We could give you a list to rival Santa’s with the many tips & tricks we’ve gleamed from holiday home sales throughout the years! However, there are some questions we regularly get and certain gaffes that we consistently see during this season. With this in mind, what follows is a “Top 4 List of Key Considerations” to keep in mind if you’re selling a home over the holidays.

Read on to learn more!

1. Yuletide Vibes & Festive Decorations (this is a big one!)

There’s a cheery warmth that comes with a home that’s decorated for the holidays. Flames dancing the hearth, Nat King Cole crooning in the background, and the scent of fresh holiday cooking tickling your nose… The thought alone gives us the festive feels!

Thing is, it’s all-too-easy to go overboard with seasonal decorations. The trick of prepping a home for sale during the holidays is to keep it classy & understated. After all, there’s tasteful holiday decorating and then there’s going a step too far. (Helpful hint: Giant glowing inflatables on the lawn and/or rooftop are a prime example of taking it too far.)

Remember to keep it simple and inclusive. Fresh evergreen wreaths and boughs with basic silver & gold colour schemes are fantastic and festive. They add fresh greenery, lovely seasonal scents, and a splash of natural colour to your home.

Seasonal wreaths and cooler colour schemes also appeal to pretty much everyone, regardless of whether they’re celebrating a Merry Christmas, Happy Hanukah, Joyous Kwanzaa, or classic Season’s Greetings.

2. Market Competition

Selling a home in Calgary is big business and, most of the time, the Calgary real estate market is very competitive. But most sellers and many buyers choose to take time off over the holidays, preferring to focus on warmth and merriment instead of walk-throughs and MLS listings. If you choose to list your property during the holidays, then this decreased competition works to your advantage – both as a buyer and a seller!

Part of the reasoning for this is that holiday home shoppers are already in the right frame of mind for buying. Not only are they more motivated and usually ready to move in, but most buyers are also already doing other shopping. This fosters a more concrete and receptive mindset for big purchases, making the idea of realistically purchasing a home less overwhelming and easier to digest.

What’s more, logic dictates and stats confirm that holiday home buyers peruse online listings more when the weather outside is frightful. This, combined with the decreased market competition, means that your listing gets more all-around attention from serious buyers.

3. Fast Closings

There’s nothing like the New Year to motivate people to get stuff done and start anew. Researchers call this the “fresh start effect”, and this is especially the case for those in the market to buy a new home.

Research behind this “fresh start effect” suggests that natural transition points and temporal landmarks – such as a birthday, start of the month, or major holiday – make it easier for people to adopt new habits and make positive changes. Buying a home and moving into your new place is one of the biggest transitions and most positive changes people make, which just adds to the motivation for buyers to close the deal!

If the “fresh start effect” of the New Year isn’t motivation enough itself, then the end of the tax year and start of a new one could very well be. First time home buyers qualify for tax credit, and the Canadian Home Buyer’s Plan allows the withdrawal of up to $25,000 from RRSPs to put towards the purchase or construction of a home. For some buyers, this is the extra incentive they need to buy a home.

4. Accessibility

Listing a home during the Yuletide season comes with special accessibility considerations, both in terms of physical access and timing.

The first and most obvious accessibility consideration is, well, pretty obvious. Namely, it’s making sure people can safely enter your home! We refer to this as “physical access”.

Physical Access: Keep those sidewalks clear of snow and ice, and make sure the shoveled snow is piled somewhere out of the way. Have an icy patch? Make sure it’s been salted/sanded. Is there a cute walkway or quaint path in the backyard? Shovel that too. The easier you make it for potential buyers to access the different areas on your property, the more likely they are to fall in love with it!

Another type of accessibility is a bit trickier to pin down, and that’s because it involves people’s hectic holiday schedules! We’ll call this “logistical accessibility”.

Logistical Accessibility: This one can get a bit more complicated, but accessibility also includes viewing schedules. Why? Because it’s mighty rare that people don’t have some changes to their schedules over the holidays, whether it’s extra time off or more social obligations.

If you’re lucky enough to go on vacation during the holidays then you have little to worry about since your home is pretty much available for viewings 24/7. But if you’re like the rest of us, your holiday schedule creates extra demands on your time. Family obligations, holiday parties, dinner gatherings, school breaks, and travel plans all impact the times for when both sellers and buyers can view a property.

A great way of working around the special scheduling demands this festive time of year creates is to make a “showings calendar” with days & times of availability, as well as establishing any “black out dates” where you simply can’t host and showings.

A Merry Home Sale To All, and To All a Good Price!

The above 4 Top Tips are just the tip of the proverbial iceberg when it comes to successfully selling a home over the holidays – every home listing is unique, and so are the details that go into a strong listing!

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9 Easy Tips

When you’re putting your house on the market, preparation and presentation are two key ingredients to selling faster and for a better price. While there are many fast and easy ways you can make improvements to help the sale, many buyers are looking at homes online before deciding to see them in person. Staging a home for sale is a proven strategy to help your property sell more quickly and for more money.

By staging your home, you make it stand out in today’s competitive marketplace, showcase its potential, make it seem more spacious, and give buyers the confidence to make an offer. A small investment can reward you tenfold when your home sells. Follow these 9 easy tips for staging your home for a quick sale and get proactive about selling your home!

Before It Goes on the Market

1. Neutralize the Decor– Now is not the time to jazz up your home with bold and bright colours, but that doesn’t mean everything has to be sterile white either. Many buyers have a hard time seeing past changeable details like bright colours and outdated decor. That’s why it’s a good idea to neutralize everything and accent it with some subtle pops of colour. This will allow buyers to imagine their own decor in the home, which helps them feel attached to the property so they are motivated to put in an offer. Rich mid-tone neutrals like warm whites, mocha or “greige” help create a sophisticated backdrop that ensures everything looks more pulled together.
2. Boost Curb Appeal– We know you’ve probably heard this a hundred times, and that is for good reason. Many people thinking of touring your home will do a quick drive-by ahead of time. Often deciding on the spot if they will even take a look inside. Make sure your home draws them in by mowing the lawn, hanging easy to read house numbers, power washing the siding and walkways and touching up any areas that could use some fresh paint. If you’re showing your home in the winter, ensure the driveway and walkways are clear of snow.
3. Remove Personal Items– Although you’ve gone to great lengths to personalize your space, you are now trying to sell it. You want potential buyers to be able to envision their lives and their things inside your house. Personal items like family photos and children’s artwork remind buyers that they are walking through a stranger’s home. This can be uncomfortable for some people and affects how they feel about the home causing them to rush through your home and leave. Don’t have anywhere to keep things out of sight? Try utilizing offsite storage or a nice relative’s garage temporarily, it will be well worth the inconvenience.
4. Give Every Room a Purpose– Most buyers are feeling their most imaginative or creative when they’re out touring homes. So you need to provide them with a clear use for each room in your home. If you have a room that’s simply been serving as a storage space give the space clear intent and furnish it to appear as a home office or a guest bedroom. Don’t leave buyers guessing, this is one place they won’t fill in the blanks.
5. If It’s Broken, Fix It– Have a hole in the wall or a broken doorknob? Fix it! This includes replacing burnt out light bulbs. You have to make all the necessary improvements before you put your home on the market. The goal of staging your home is to highlight all of its best features while also eliminating any possible rejections a buyer could present. You also don’t want to give the buyer any reason to give you a low offer or even completely disregard your listing.
6. Deep Clean and Declutter– We’re not saying you have to KonMari your entire home but this is one step you certainly don’t want to skip. Thinning out the items on surfaces, floors, cupboards and closets can help visually expand areas around the home and equals to more space in the eyes of potential buyers. Deep cleaning is also a must, you want every surface to sparkle. You may want to hire a professional to do the really tough stuff, especially if you have a large house. Even if you clean your home regularly, home buyers will be looking at everything and even the smallest details, so things like a dusty bathroom fan on baseboard will leave people feeling unsure.

After It Goes on the Market

7. Put Toiletries Away– While having a few personal items like a plush bathrobe hanging on a decorative hook can help buyers envision the lifestyle they are looking for they don’t necessarily need to know which brand of toothpaste you use. After you use them, always put your toiletries away. These things read as clutter to buyers and remind them that they are walking through a stranger’s home, which breaks their focus on the home itself.
8. Keep Out the Clutter– Stay on top of the clutter hotspots that naturally accumulate in any home. Be sure to put back anything in its proper place before a showing. Being diligent about clutter while your house is on the market will help it sell faster. With that said this is also a good time to add in small details to help your home looked lived in but not cluttered. Think vases with cut flowers or a basket of fresh produce on the kitchen counter.
9. Clean Everyday– Once you’ve deep cleaned your home, keep it maintained every day while your home is on the market so it’s ready for a showing at any time. Since you’ve already done the deep clean a quick 15 minute tidy each day should be sufficient to keep your home presentable. If you have pets you’ll want to make sure to keep pet odours at bay too. Be sure to tuck away any extra-loved pet toys and dog beds are when tours are scheduled.

By following these home staging tips you’ll help your real estate agent create beautiful staged listing photos that boost your home’s virtual appeal and get serious buyers through the door.

 The team at Elite Home Real Estate have decades of combined experience in Calgary and can answer any questions you have about listing your property. Get in touch with us – we know our stuff and are always happy to help.

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Get your Tips to Sell your Home in Calgary

You’ve decided to buy a new place but there’s just one problem, you’ve got to close the deal on your current home first and you want to do it quickly. The longer your home is on the market, the higher the chances are of receiving a lower offer. The first step you take when putting your home on the market is to hire a trustworthy and reliable real estate agent. They will serve as the main point of contact for both you and potential buyers. Selling your home without an agent is both time-consuming and risky. Homes sold without a real estate agent often sell for less than if they were sold by an experienced agent.

Once you’ve decided on an agent put these three tips to selling your home quickly into practice and you’ll be onto new adventures in no time!

Determine Your Price

Listing your home for the highest price possible may seem logical but nothing kills a deal faster than an over-priced property. Don’t let your ego decide the listing price. If you have chosen a strong real estate agent, then trust them to help guide you in the pricing decision.

The best thing you can do when pricing your home is to look at the prices of other homes in your area and price accordingly. If you list your home based on market value, you will likely receive an offer that is at, close to, or even higher than the price your home is listed for. Choose a price that will get motivated buyers in the door.

If you price your home aggressively you may even end up with multiple interested buyers which could potentially drive the overall sale price up to where you wanted it to be in the first place. Home buyers are more educated than ever nowadays, so, if you are going to ask for a premium over what your local square foot average is, your property better be perfect.

Appearance Matters

While you don’t have to completely stage your home most buyers have a difficult time seeing past things like ill-sized furniture and clutter that make your home look smaller than it truly is.

If you want to sell your house quickly highlight the square footage and flow of your home by clearing out your space. It’s also a good idea to remove any personal items such as photos or any valuable items since people want to envision their new life in the home—not yours. If you’re having trouble getting motivated, view the experience as a chance to streamline your life and make your move easier. If you have a little cash on hand – put it towards a fresh coat of paint or mulching the front yard. Small improvements will make a great first impression.

Fix Everything

More likely than not a potential buyer will hire a home inspector to look over your property. A home inspection isn’t just due diligence, it’s also re-negotiation leverage particularly in a buyer’s market. Which is why it’s a good idea to fix everything you can before you list your property.

This might sound like a daunting task but if you stick to things within reason small repairs can make a big difference when it comes to selling your home. It’s best to repair anything that’s broken from small eye-catching things such as rotting wood, peeling paint, stains on floors, running toilets and dripping faucets, broken lights and cracked windows to the less obvious electrical-switches-to-nowhere and leaks in your foundation or crawl space.

Potential issues with the home will eventually be discovered by the buyer or during the inspection and will end up costing you one way or another so it’s best to take a proactive approach. If home repairs aren’t your forte or you are unaware of the inspection process it might be a good idea to do an inspection before you list your property so there aren’t any expensive surprises.

When it comes to selling your home quickly preparation is key and cutting corners is not an option. If you feel like you need more guidance on your way to selling your home, get in touch with one of our elite agents. We’re more than happy to help walk you through the entire process.

Need help?

We’re here to help YOU! Contact us now.

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