BATHROOM ORGANIZING

Bathroom organizing tips

By Jennifer Weatherhead

Style At Home

Bathroom organizing ideas that’ll help keep your bathroom clean, tidy and functional.

When it comes to keeping one of the most-used rooms in your home, the beautiful bathroom, clean and functional, it all comes down to getting and keeping your bathroom organized. With so many people in and out of this room, and so many products, towels and small appliances making their way into the bathroom, it can turn into a place of chaos. But with our expert organizing tips from designer Rosemary Carbonara, you can get your bathroom completely organized and be able to easily access everything you need in just a few steps.

Bathroom organizing: Get started with these essentials

Before making sure everything is in its place, you’ll need to invest in a few items to keep things clean. If you’re starting your bathroom from scratch with a renovation or a new home, it’s the ideal time to create some special nooks and built-in organizational options that will make keeping your bathroom tidy much easier. Here are Rosemary’s organizing tips for clean and functional bathroom decor:

-Opt for a soap dispenser rather than tray and a bar of soap to keep the sink area clean.

-If you’re starting from scratch, have your vanity float off the floor so that mopping and cleaning is made easier and dirt does not pile up against the toe kick.

-Install wire shelves in the corner or wall of your shower to keep soaps and shampoos off the shower floor. Or install a niche in your shower that can house showering products if you are adding a new tub or shower.

-Have a medicine cabinet at the back of your mirror to house those small items. If you are starting from scratch, design it to be recessed into the wall with the mirror on front.

-Make use of the space above the toilet with shallow shelves for storage of extra towels, washcloths, etc.

-Have drawers in your cabinetry – always opt for drawers over doors for easy access and visibility of products and small appliances.

Keep products out of sight

Unless you have a beautifully bottled skincare product, soap or scent, the best way to keep you bathroom organized is to keep items off the counter or sink, and stored in cupboards, your linen closet or drawers. Organize your products by need (for example, tooth care products, skincare products, makeup, etc.) and be sure to keep items that you use on a daily basis in the easiest spot to access. Invest in dividers and compartments to help keep drawers sectioned off for specific items.

Keep towels and shower items accessible

Shelving is key when it comes to bathrooms, especially if you are cramped on space and have a small area to work with. Rosemary’s favourite place to make use of is above the toilet.

“Shallow shelves above the toilet are great for storing towels,” she says. If you can’t add shelving above the toilet, Rosemary recommends purchasing a seagrass- or leather hamper-like container with a lid to store towels or items you want to keep out of sight.

And, as mentioned above, shelving in a shower (especially a small stand-up shower) is essential for holding shampoos, conditioners, body wash and loofas. Built-in shelving is ideal, but wire-hanging shelves also fit nicely in showers and tubs.

Make the most of your linen closet

Keeping your linen closet organized is another way to make life easier when it comes to a tidy bathroom. An organized linen closet allows you to store products you don’t use every day in baskets or drawers in a place other than your bathroom. It’s the ideal place for extra towels, cleaning products and small appliances such as curling irons and flat irons. Just make sure you keep it as tidy as your bathroom!

WRESTLING UP A DEAL!

15 tactics to win a real estate bidding war
Business Insider
Aug 22, 2012

Canada’s housing market is slowing, but bidding wars are still common in major markets like Toronto.

And as the U.S. housing market shows signs of recovery, homebuyers are flocking to snap up deals on bargain properties across the country.

That means running into competition is par for the course — and the weakest bids will not survive.

“If you are serious about buying, it becomes a bit of a part time job,” says Zillow.com real estate expert Brendon DeSimone. “This is your home and your only investment.”

We asked DeSimone to clue consumers into how they can make their bids stand out.

Don't wait for the open house

DeSimone is quick to advise clients to see as many houses as possible on weekends––whether or not they're invited.

"With the Internet, information moves so quickly. [Sellers] could do a private showing Wednesday [days before a scheduled open house]" he says. "If it looks good online, go see it."

Check email hourly for listing updates from your broker

"If you're a serious buyer, you make it a priority in your life and you're going to get email alerts from your broker every other hour," he says.

"Be in touch with your agent and know about new properties as they hit the market."

Don't be intimidated by higher bidders

These days, investors and average joes alike are flocking to snatch up deals on homes. Don't let them psych you out, DeSimone says.

"Don’t spend too much energy trying to figure out what’s really going on with the other offers. If you love the property, keep moving forward, but at your own pace. Make the offer you’re comfortable with, and only when you’re comfortable making it."

Make sure your broker is local and well-known

That's because 80 percent of business is done by just 20 percent of brokers. The more respected they are within the community, the better shot they have at wooing listing agents.

"My clients (win) because the listing agent knows me," DeSimone says. "In a competitive situation, working with a known broker will make the listing agent feel better and boost your chances, especially if two offers are close."

Get in the listing agent's good graces

Why? Because the listing agent is the only person who meets all the parties involved in a sale.

"Though the seller ultimately decides and signs a contract, the listing agent has a giant say in who gets the property in a competitive situation," DeSimone says. "If you make a good impression with the listing agent, you are in much better shape. Acting like a jerk to the agent tells the sellers to work with another offer."

Line up an appraisal even before making an offer

Per DeSimone:

"One thing I once did was to have the bank try to get an appraiser lined up and on their calendar before an offer was made. That way, the buyer could tell the seller that the appraisal would happen within x days of signing a contract. If you tell the seller two or three weeks, your offer looks weaker."

Look for the WORST house on the block

It may sound counterintuitive, but you're better off looking at a fixer-upper than going for the McMansion next door. Chances are competition won't be as fierce.

Says DeSimone:

"You can always improve the property and therefore increase its value. And because it’s on a great block, improvements you make to the home will be practically guaranteed to give you a top return on your investment. Just don’t get carried away and turn the worst house on the block into the biggest and most expensive one."

Keep tabs on your mortgage lender and rates

Once you've been pre-approved for a loan, have your mortgage broker or lender write a letter saying as much.

"Even reference the property so that the listing agent knows that the lender/mortgage broker is up to speed," DeSimone says.

Keep an eye on current mortgage rates

"Sometimes the rates drop or increase significantly from the time you first spoke to the lender and the time you write an offer," DeSimone says.

"If rates have decreased, maybe you can afford more. You should know this."

Know your neighbors––and what their homes are worth

Getting to know the neighborhood you're hoping to call home one day goes far beyond scoping out local schools and seeing who prowls the streets at night.

"When you are ready to seriously write offers and compete, you should know what is going on with the local neighborhood market," DeSimone says. "Follow what has recently sold, what was competitive and what was not."

Try bending the rules a little

Per DeSimone:

"One thing I did in the past was with a very serious and motivated buyer. The home was vacant [sellers moved out]. So, we went in with an inspector because the home had a lock box. The buyer did their inspections before writing the offer. This way the buyer could make an offer knowing what the issues were, if any. And, for their offer they could waive their inspections contingency. No inspections means no risk for the seller."

Hire an inspector within two days

"Order the inspection before you write the offer. It doesn’t necessarily have to be two days but your offer should show the seller that you are prepared to move quickly," DeSimone says.

"If you wait two weeks and then the inspector finds something and you walk away, the seller is left out to dry. The seller wants to know this is out of the way quickly."

Use cash to put your bid over the edge

More often than not, most homebuyers simply can't afford to plop down $180,000 in cash on a new home.

But when it comes to sweetening your bid, offering to pay at least the deposit in cash could push you over the edge.

"The more you offer, the better," DeSimone says.

Put your passion into words

Once you've had the chance to get to know the current owners, don't be afraid to appeal to their interests the old-fashioned way.

"I've seen buyers Google the owners and see that they have a love for horses, so they wrote them a letter talking about their love for horses, too," DeSimone says. "Sometimes it'll work [to give you an edge]."

Don't get distracted by what you can't afford

As with any bidding war, it's important to be quick on your feet. People slow themselves down when they don't stick to what they can afford, DeSimone says.

"Know your limits on the high and low end. Knowing this will allow you to act fast," he says, as it'll help your broker weed out properties out of your range.

Photo By: Fabbio

LESS WILD, MORE URBAN

Alberta housing leads nation: CMHC
Latest forecast predicts more construction in Western Canada
By Lewis Kelly
Edmonton Journal August 15, 2012

The Canada Mortgage and Housing Corporation forecast Tuesday that housing construction and sales will increase modestly in 2013 in Alberta while activity in most of the country slows down.

The Crown corporation's latest housing market outlook predicts 400 more housing starts in 2013 in Alberta than 2012. That represents just 1.25-per-cent growth, but CMHC predicts national construction activity to decline 6.8 per cent over the same period.

"The economy in Alberta has been improving and is expected to be one of the leaders in economic growth," said Richard Cho, senior market analyst with CMHC's prairie division. "That will naturally support the housing market."

Cho said CMHC's forecast for Alberta hinges on continued job production, international and interprovincial immigration boosting population growth, and the price of oil staying high enough to encourage continued investment in the province's energy sector.

Oil has been trading around $90 a barrel since early August after reaching a yearly low of $79.69 in June. CMHC forecasts employment growth of 2.5 per cent in Edmonton and 2.9 per cent in Calgary in 2013, and net migration growth of 28 per cent to 57,800 in the coming year.

Tuesday's edition of the corporation's outlook, released four times a year, predicts just over 32,000 housing starts in the coming year for the province, 11,000 of those in Edmonton. The forecast calls for the resale market to also grow, reaching 59,800 by the end of this year and 61,000 in 2013.

Cho said the market has favoured buyers until recently and should move to a balanced state, boosting price growth in the process. The CMHC's forecast calls for prices to rise 2.5 per cent this year and 2.8 per cent in 2013 across Alberta, bringing the average home sale to $372,300.

The provincial picture differs from the national numbers. CMHC predicted 193,100 units of housing will get built across Canada in 2013 - down around seven per cent both from previous forecasts and 2012's forecast numbers.

Cho said the new federal mortgage rules introduced in July, which knock five years off the maximum amortization period, will soften demand for housing, but other factors ultimately carry more weight in real estate.

"The rules will certainly have an impact on housing demand, but it isn't the only factor" he said. "Housing demand is also supported by growth in employment and earnings as well as migration flows and relatively low mortgage rates."

OLD HOTELS, NEW USES

Condo developers snapping up old hotels
By Garry Marr
Financial Post August 15, 2012

The condominium market seems to be gobbling up a new victim — old hotels.

A new report from Colliers International Hotels suggests more than half the sales activity in the sector can be chalked up to developers buying hotels to convert to alternative use with a large segment going to condo units.

“This theme has been fuelled in part by the strength in the residential condominium market in Toronto and Calgary,” said Colliers, in its mid-year report on transaction activity.

Alam Pirani, executive managing director of Colliers Hotels, said the conversion of hotels to alternative use has become a national story.

“We are not just talking about Toronto, it’s across the board. There are two hotels in Calgary, one sold for apartment the other for retail,” said Mr. Pirani. “The trend here is hotels for alternative use.”

In its report, Colliers said there was $627-million in sales activity over the first six months of the year. That amount was up from $599-million a year earlier. Of that figure, 53% of the transactions, worth about $335-million, were for new development.

The trend comes as a slew of new high end hotel/condominium developments hit the market like Trump Tower, Ritz-Carlton, and Shangri-La in Toronto.

“We will continue to see the conversion of hotels that have a higher and better use for residential and in some cases retail,” said Mr. Pirani. “That conversion has made way for some of the new product that has come in. The good news from a supply perspective is the older product is converting which is creating less of a strain on supply. Everyone is concerned about the number of new luxury hotels opening up but the flip side is you have conversion to alternative use.”

Colliers said the demand for existing hotels from developers helped push sale prices in the first half of the year to $125,000 per room, a 19% increase from a year ago. The market did slow down to a degree in the second quarter with the $253-million in sales activity about 40% of the year to date number.

Hotel conversion activity comes after 2011 was a relatively weak year for that type of sale with only about 7% of transaction last year going towards redevelopment opportunities.

There have been some high level defections to the condo market like the Sutton Place Hotel but also smaller deals like a Travelodge in Calgary which was sandwiched between some great retail opportunities making it a prime target to be converted to shopping space.

Colliers is expecting alternative use strategies for hotels will continue the rest of the year and expects that be good news for the overall market.

“Looking through the second half of the year, we expect sales activity to remain robust, given a good mix of institutional-quality urban and suburban assets currently on the market and being met with strong buy-side demand,” Colliers said in its report.

DEMOGRAPHICS DEMO

Demographics will take edge off housing downturn: CIBC
Canadian Press
Aug 23, 2012

A senior economist at one of Canada’s major banks says a widely anticipated downturn in the housing market may not be as deep or as long-lasting as some fear.

Benjamin Tal, deputy chief economist at CIBC World Markets, says demographic forces over the next decade will limit the damage.

Tal writes that there will be fewer Canadians under the age of 25 and between the ages of 45 and 54, but those groups account for a small portion of home buyers.

But Tal says the group aged between 25 and 34 — the age group that makes up the vast majority of first-time buyers — will continue to grow, and he says growth in the housing market could be even stronger due to immigration.

Overall, the CIBC economist says the next decade will see an annual population growth of 0.9%, in line with growth seen in the past decade — a period of strong demand for residential real estate and a sharp jump in housing prices.

SUNNY DAYS

Calgary housing market showed strong sales activity in July
Sales and average price gain top national averages
By Mario Toneguzzi
Calgary Herald August 15, 2012

Calgary residential MLS sales in July experienced one of the highest year-over-year rates of growth in the country, according to data released Wednesday by the Canadian Real Estate Association.

Also on Wednesday, the Calgary Real Estate Board released its 2012 housing market forecast update saying the city has outperformed expectations this year after the first seven months.

The national real estate association said sales in Calgary of 2,502 transactions were up 26.7 per cent from July 2011. In contrast, MLS sales across Canada rose by only 3.3 per cent to 40,863 units.

And while the national average sale price dipped by 2.0 per cent to $353,147, in Calgary the average rose by 3.0 per cent to $409,670.

In July, new listings in Calgary dropped by 5.1 per cent to 3,573 while at the national level they rose by 1.4 per cent to 74,685.

CREB’s report said the Calgary area is still short of the peak pricing of 2007 and sales are returning to typical levels of activity.

CREB president Bob Jablonski said tight conditions in the single-family market have boosted sales in the condominium market and surrounding towns. And he said more new home starts have occurred because of the lower than expected resale inventory.

“Expectations are relatively bullish in the city despite overhanging global uncertainty. However, concerns in the oil sector and continued weakness in the natural gas sector are issues that will keep consumers wary. While consumers are aware of the economic risk when it comes to housing, many are thinking about job security and long-term potential,” said the CREB report.

“Based on activity this year, consumers are comfortable purchasing in a city where the long-term outlook is prosperous and the housing industry has yet to fully recover. While the pace of growth will likely cool over the second half of the year, the resale housing market will stay on the path to recovery into 2013.”

The local board is forecasting single-family home sales this year to jump to 14,800 transactions from 13,120 in 2011 and the annual benchmark price to move to $410,123 from $398,225 last year.

It is also forecasting condo sales to increase to 5,675 this year from 5,377 in 2011 and the annual benchmark price to jump to $240,585 from $239,676.

Ann-Marie Lurie, CREB’s chief economist, said Calgary is sensitive to significant changes in the oil sector and that has a “domino effect on employment, migration, consumer confidence and ultimately the housing sector.”

“Our fundamentals on the economic side are very strong . . . We have very strong GDP growth. We’ve got investments into our province and our city and this is creating full-time employment growth. Significant full-time employment growth. All of these factors are contributing to that growth in the housing market.”

At the national level, some first-time home buyers may have difficulty qualifying for mortgage financing due to shortened amortization periods included in recent changes to mortgage regulations, said Gregory Klump, chief economist for CREA.

“As the linchpin of the housing market, lower first-time buying activity will have knock-on effects over the rest of the market. It will likely take more time for move-up buyers to sell their current home,” he said.

The MLS Home Price Index, which tracks home price trends in five of Canada’s most active markets, rose 4.5 per cent year-over-year in July. The largest increase was in Greater Toronto at 7.1 per cent followed by Calgary (6.0 per cent), the Fraser Valley (2.5 per cent), Montreal (2.1 per cent) and Greater Vancouver (0.6 per cent).

CREA says these five markets comprise about 45 per cent of all home sales activity in Canada.

In Alberta in July, MLS sales of 5,819 were up 16.5 per cent from a year ago, the average sale price rose by 2.7 per cent to $363,924 and new listings fell by 3.3 per cent to 9,315.

Francis Fong, economist with TD Economics, said the recent slowdown in housing activity at the national level is a reflection of a Canadian household that is increasingly wary of taking on more debt.

“Job growth has effectively stalled over the last few months, owing to an uncertain outlook for the global economy,” said Fong. “Meanwhile, new mortgage lending rules are making it more difficult for Canadians to access credit, despite interest rates still at historic lows.

“TD Economics has been calling for a modest correction in housing activity to the tune of 10-15 per cent for some time. (Wednesday’s) report provides some evidence that that correction is now beginning to take place.”

Photo By: Kevin Mullett

BECAUSE KNOWLEDGE IS POWER

How to avoid home buyers’ regret
By: Julian Beltrame
Canadian Press, Aug 16, 2012

With Canadians entering the housing market in greater numbers than ever before, it wouldn’t be surprising to find that many suffer buyers’ regrets.

A recent survey commissioned by TD Canada Trust found the two biggest regrets — reported by 60 per cent of the 1,002 respondents — have to do with finances; not making a bigger down payment and not doing enough research into the costs of home ownership.

That’s not surprising, says Farhaneh Haque, director of mortgage advice with TD.

Even though buying a home is the biggest investment the vast majority of Canadians will ever make, many first time buyers still don’t do the necessary homework.

“It’s not the sticker price that shocks first-time home buyers. It’s the costs associated with the sticker,” she explains.

“We see so many home buyers that after the fact feel they could have used information, that they could have had more preparation going into home ownership.”

For instance, 29 per cent of those surveyed said they didn’t budget for ongoing costs, such as maintenance and utilities. One in eight said they overlooked some of the one-time fees associated with buying, such as inspection and legal fees, title insurance, and land transfer taxes, depending on the home price.

These are not minor omissions.

Paying the mortgage is just the most obvious cost of ownership, and not necessarily the biggest in today’s world of super-low interest rates. The combined cost for municipal taxes, fire and theft insurance, utilities, plus regular upkeep, could actually pinch household monthly budgets more.

“If you are renting, you pay that one shelter cost and that’s all you have to think about. But as a homeowner, there’s more,” says Haque, who tells clients to budget at least $500-$700 on average in additional monthly expenses.

Her advice to prospective buyers is get advice, which is easily available to them. Most first-timers know existing homeowners who have acquired wisdom through experience.

And financial institutions, real estate agencies and other market players regularly stage seminars with experts that can offer sage counsel.

Michele Rowe, a sales representative with Keller Willams VIP Realty in Ottawa, tries to arrange one seminar every month, and she typically invites an inspector and a mortgage broker for their input.

She tells attendees the first thing they should do is to get a buyer’s agent to steer them through the process.

“Most first-time buyers don’t know where to start and don’t know the importance of using their buyer agent,” she says.

The other key advice she gives them is that they need to get pre-approval for a mortgage, so buyers know how much they can spend on a home.

“They need to know how much of house they can afford, based on their income, their GDS (gross debt service) and TDS (total debt) ratios, because they might think they can afford $300,000 when they can’t,” she explained.

The ratios calculate monthly home costs, and other debt charges, as a percentage of household income to determine affordability. A ratio of 40 per cent on all commitments (TDS) is usually acceptable to mortgage lenders.

The survey, which was conducted in the spring, found that 54 per cent of first-time buyers want a single, detached home, but Rowe says that is often impractical. That’s because although interest rates may be low, house prices have been rising steadily — the average resale home in Canada now costs close to $370,000.

In Ottawa, most first-time buyers Rowe sees can only qualify for a home of about $250,000. That price range will most likely mean a condo or townhouse, she said.

Which comes to another key finding in the TD Canada Trust survey — Canadians don’t start saving up for a home soon enough.

Haque said it’s critical for Canadians thinking they will want to own a home one day to get informed about what is involved and how much money they will need. The bigger the down payment, the more flexible a household’s ongoing finances will be.

“A bigger down payment reduces monthly payments, but it also gives owner options for a mortgage that is more flexible,” she explains. “For instance, with more than 20 per cent down payment, an owner can obtain a mortgage with a 30 year amortization period, rather than 25 years, which further reduces monthly payment.”

Photo By: Alexandredrachmann

MAKING HISTORY IN MIAMI

Indian Creek Compound Fetches $47 Million In Miami's Most Expensive Sale Ever
By Morgan Brennan
Forbes August 7, 2012

Forbes has learned that 3 Indian Creek Island Road closed today for a record $47 million. It is now the most expensive home sale in the history of Miami-Dade County, eclipsing hedge fund billionaire Eddie Lampert’s nearby $38.4 million Indian Creek Island purchase earlier this year.

Several real estate teams were involved the deal, which was all cash. The home was co-listed with power broker team The Jills of Coldwell Banker Previews International and the Alexander Group of Douglas Elliman Real Estate. The buyer side was represented by the Alexander Group.

While the buyer’s identity remains anonymous, rumor has it he hails from Russia (the land of record-breaking billionaire home buyers) and is likely a member of the Forbes World’s Billionaires list. If that’s true, the new buyer will have some things in common with the new neighbors: Russian businessman Max Finskiy reportedly bought the plot next door earlier this year.

Indian Creek Island is an exclusive barrier island off the coast of Miami Beach. Unlike nearby celebrity enclaves like Star Island and Fisher Island, entrance to guard gated Indian Creek Island is granted only to home owners and their guests. The island touts an 18-hole golf course and 32 homes. Its privacy and security — the island is reportedly patrolled by 15 full-time policemen — has made it a popular address for billionaires that include Carl Icahn, Charles Johnson, Norman Braman and Eddie Lampert. Celebrities like singer Julio Iglesias and model Adriana Lima also own homes there.

3 Indian Creek occupies two acres, including a private beach comprised of imported Bahamian pink sand. The 10-bedroom, 14-bath compound boasts 30,000 square feet of living space constructed to feel like “a contemporary resort,” according to co-listing agent Oren Alexander, in a Forbes interview last year. Alexander’s father, Shlomi Alexander of Bal Bay Development, is the developer-seller of the property.

Built of limestone, glass and wood, the estate is comprised of five separate pavilions connected by walkways and water: a main pavilion, a guest pavilion, a spa pavilion, a gym pavilion and a media pavilion. The main pavilion houses a master suite and four additional bedrooms, a dining room, living room, library, wine cellar, and two kitchens. The guest pavilion has two bedroom suites with kitchenettes and a relaxation area with koi pond. The spa pavilion touts a massage room, chromotherapy, aromatherapy, and a steam room, and the gym pavilion boasts workout rooms with python skin-framed mirrors and a waterside yoga area. The media pavilion has a 3D projector and a professional-grade “floating” recording studio.

Other amenities include a 100-foot infinity-edge pool with underwater speakers, an outdoor dining room with built-in barbecue, a rooftop “sky bar” with jacuzzi, a vertical garden, and a “show room” with wet bar and TV lounge area capable of storing seven limo-sized cars.

Alexander says his team and The Jills had shown 3 Indian Creek to more than 50 qualified buyers since it first hit the market in late 2010. The original listing price was $60 million, later reducing to $52 million before selling for $47 million today.

“This sale sets the new standard for the Miami Beach luxury market,” says Jill Eber of The Jills, in a statement. “This property is a private resort that is a true work of art. There is the combination of amazing architecture, finishes and location. I wish we had 10 more properties like this one.”

Eber, whose team also represents the $125 million Versace Mansion, may get her wish. Having found success with this spec home project, Bal Bay Development already has plans to build two more modern resort-like homes: another on Indian Creek Island and one in Bal Harbour.

THE UPSWING

Resale market on the upswing
By Josh Skapin
Calgary Herald August 3, 2012

The upswing on resale activity of single-family homes in Calgary continued in July.

Last month, 1,386 single-family homes changed hands in Calgary, a 21.37 per cent increase on the 1,142 units sold in July of last year, says the Calgary Real Estate Board (CREB).

Changes to Canada’s mortgage rules earlier this year fuelled talks of a national housing correction, which has yet to be seen in Calgary says CREB chief economist Ann-Marie Lurie. These changes include shortening the maximum amortization period from 30 years to 25 years.

“While the two largest cities (Vancouver and Toronto) have started to witness declines in home sales activity, Calgary continues to record improving sales and prices,” says Lurie in a news release.

To date, the city’s single-family resale activity is up 18.9 per cent over the same span in 2012.

That pace is fuelled by the region’s economic growth, adds Lurie.

“Last year, Alberta led the country in economic growth and, with Calgary being the energy capital of the country, the city has benefited from growth in full-time employment, migration and overall improved confidence.”

The average price of single-family homes sold in Calgary’s resale market is also on the rise.

Last month, the average price was $485,528, marking an 4.85 per cent climb over $456,374, the average price from July 2011.

The average resale price on single-family homes since the start of 2012 is 2.11 per cent higher than the same period one year ago.

Zone A, which roughly translates to northwest Calgary, had the highest sales totals in the city last month at 504 units moved.

Coventry Hills led the zone and the city in resale activity last month with 47 houses changing hands.

Zone C, which roughly covers southwest Calgary had the second highest resale activity in July with 405 units moved. The highest average resale price in the city last month also came from Zone C at $599,565.

The third highest sales totals came in Zone D, which roughly translates to southeast Calgary, with 295 sales.

The slowest section in the city for single-family homes last month was Zone B’s 189 sales.

This zone roughly covers northeast Calgary. Zone B also had the least average resale price at $301,602.

RISE IN LUXURY HOMES

Resale of luxury homes in Calgary soared in the first seven months of this year compared to the same time in 2011.

There have been 318 transactions of single-family homes priced $1 million or more since the start of 2012 compared to only 266 during the same span last year, according to numbers from the Calgary Real Estate Board.

The biggest rise was in the $1 million to $1.249 million price category, with 152 units sold since the start of the year after only 102 transactions during the same period in 2011.

Photo By: Thomas Hawk