Liz Toles, REALTOR® - Lethbridge Real Estate

When looking for a new home, many buyers visit open houses to help them narrow down their options. REALTORS® in Lethbridge and the surrounding areas understand that this is how many people get their feet wet in the home purchase process and they do their very best to work with their sellers to open up their listings for viewings at times that are convenient to the general public.

In the past, there have been very limited options on both advertising and finding scheduled open houses. There is now a new option for both REALTORS® to advertise and for the public to find open houses in Lethbridge, Coaldale, Coalhurst and the surrounding areas:

www.LethbridgeOpenHouses.com

Listings are posted by the members of the Lethbridge and District Association of REALTORS® and feature the details needed to narrow down your Open House options and make the best use of your time. Open house postings are always current and links are supplied for further information. There is also some great information including open house tips and home purchase checklists that you can print off and take with you.

Visit LethbridgeOpenHouses today and start planning your open house weekend!

Looking at the LDAR MLS® Statistic Report for February this afternoon truly inspired me. It may have also been the lovely spring weather we had here today paired with the Bank of Canada's overnight rate dropping to an all time low of 0.5%, but it seems there may be be a light at the end of the real estate tunnel after all!

With much to celebrate if you are in the market to purchase a home, the February stats for our local board also provide some encouragement to home sellers in Lethbridge who have struggled through a long, cold winter of slow sales and declining home values.

The stats below show a 14% decrease in the number of homes put up for sale in the month of February when compared to the January. The number of homes for sale that expired unsold also decreased from 175 in January to 109, a decrease of 37%. Less homes for sale in Lethbridge and more of the ones that are for sale selling.... it appears that a balance may be very near in our local market.

But perhaps the most promising statistic was the total number of sales in February: up to 124 total sales from a dismal 76 sales in January, representing a 39% increase. The average price of a single family home also jumped from $223,450 in January to $248,055 in February.

The top 3 price ranges for sales were the $300,000 - $349,999 range with 18 sales (15%), followed by the $230,000 - $239,900 and $200,000 - $219,999 ranges with 11 sales in each category (representing 9% each).

We may want to chalk all this up to a bit of spring fever, but I personally think that buyers in our local market have FINALLY been able to tune out the media and realize that REAL ESTATE IS LOCAL. Lethbridge has always been and continues to be a great place to buy a home and now you can do so at the lowest mortgage rates EVER!!!

Give me a call or text me at 403-715-7653 if you are ready to buy and subscribe to my blog here so you don't miss my upcoming hot property picks for March.

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[FEBRUARY 2009 ]

January started as a month of fresh beginnings for many and before I report on market stats, I think it is wise to note a trend that I feel will skew market statistics slightly this month. Occasionally, sellers will pull a home off the market over the Christmas holidays and relist it for sale in the New Year. I feel this flood of "new" listings may have artificially increased the total number of new listings for January.

With that said, here's the skinny for January 2009:

1. Currently there are 613 homes for sale in Lethbridge (435 single family, 152 condo, 26 mobile homes) which is up 47 listings from the beginning of January.

2. 50 homes sold in the city of Lethbridge in the month of January (Down from 55 sales in December)

3. The three most active price ranges for sales board wide were $160 - $179,999 with 12 sales, $180 - $199,999 with 8 sales and 3 ranges tied at 7 sales in each ($200 - $219,999, $240 - $249,999 and $350 - $399,999)

So my question is, does the decrease in sales imply that buyer's are still stalling and waiting for the market to bottom out? I don't think so. Does this mean that there are a lot of buyers out there trying to get into the market and are not able to obtain proper financing due to the credit crunch and tighter lending practices? I say BINGO.

Every day I see several listings that were "Pending Sale" and are now "Reactivated". So what is likely happening here?

- Appraisals are coming in less than the buyer's offered purchase price and the banks are pulling their financing

- Diligent buyers with pre-approved mortgages are making offers, and then the banks and brokers are putting out the hoops for them to jump through and they are not succeeding in the jumping contest.

So what can a buyer do to get into the housing market despite the efforts of a gun shy financial institution?

1. Expect to provide every piece of paper imaginable to your banker / broker with regards to your finances. Communicate and co-operate with your mortgage specialist / broker and make sure you provide all the information they request. Remember, someone is putting hoops out for them as well.

2. Have a plan B. Talk to a friend or relative who may be able to cosign for you if you suddenly can't qualify on your own.

3. Make sure your REALTOR® performs their own market analysis on a property before you make an offer on it. Even if it's worth X amount of dollars in your mind, it's the bank's opinion that matters right now.

4. Be persisitent in your thinking and don't miss your opportunity to own a home simply because the banks are making it more of a challenge!

Visit me for more information on Lethbridge Real Estate

And for those who follow:

My predictions for January were:

205 new listings, 89 solds

Actual was:

462 new listings, 76 solds

Lethbridge and District Association of REALTORS®

MLS ® Statistic Report

[JANUARY 2009 ]

The City of Lethbridge has implemented new standards for secondary suites effective January 1, 2009. This morning, myself and close to 100 other REALTORS® from the Lethbridge and District Association of REALTORS®, had the pleasure of listening to the City's Chief Fire Marshall, Mr. Ken Knox, as he explained some of the finer points of the new Bylaw and how changes will begin to take effect. We also heard from Alderman Tom Wickersham about how the city plans to help property owners come into compliance. Below are some of the key points of the information session:

- The new Bylaw came into existence after the Provincial government's creation of a new Fire Code. It's main purpose is to encourage safe, affordable rental accommodations and to give fire officials some additional power to enforce the province's new Fire Code.

- The Bylaw applies to secondary suites in single, detached dwellings constructed before January 1, 2007. They must have one off street parking space and a separate entrance or a shared entrance with a common landing. (It does not include suites within garages, duplexes, townhouses, apartments, or boarding houses.)

The Fire Department will get involved only:

1. On request from the property owner

2. On request from an authorized agent of the property owner.

3. Upon receipt of a complaint from a tenant occupying the suite. (Key word, occupying.)

Process:

One of the above individuals can contact the Fire Prevention Branch at 403-320-3811 or fireprevention@lethbridge.ca They will collect property information including address, and the owners name and contact information. An inspection of the property will then be arranged. The Fire Department will be looking at three major things, namely, bedroom windows, smoke alarms and means of egress (escape) as well as several other factors that contribute to the overall safety of the suite.

Once the inspection is done, they will prepare a report detailing all repairs and modifications necessary to bring the suite into compliance. The normal grace period for repairs will be 90 days, however, if extenuating circumstances arise, an extension may be granted.

Once repairs and modifications are made, the Fire Department will return and if the suite meets code, they will prepare a letter that will be sent directly to Development Services at City Hall. They will then issue a certificate of compliance naming the suite as "legal" and this will be kept on file under the property address It is worthy to note that the City has agreed to waive the $48 permit application fee normally associated with this process. A copy of the certificate will then be sent to the homeowner along with information on grants available to offset the property owner's costs.

Pros

1. It will improve the SAFETY of secondary suites. In my opinion, human life and safety should be held at the very forefront, miles above financial gain (i.e. rental income). Landlords that choose to turn a blind eye to the safety of their rental accommodations could be putting themselves and their tenants in a very precarious position. See Landlord Charged in Fire...

2. Legalizing an existing suite should have a positive impact on the market value of the home and will make them much more attractive to potential purchasers.

3. Funding is available. The city has set aside $260,000 of it's budget to assist property owners with the upgrades necessary to legalize suites. Although they have not yet decided on how the money will be dispersed or the exact application process, it is in the works and should be finalized very soon. Funding is expected to be capped at $2500 and will be allocated per suite as opposed to per applicant. All upgrades must be done prior to applying for the funding.

4. Federal Money is available through the implementation of a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief, reduce the cost of renovations and help to stimulate the economy.

Cons

1. Property owners will likely see a tax increase corresponding to the improvements made to the property.

2. It will be difficult to enforce the Bylaw if neither the property owner nor the tenants wish to come forward.

3. Property owners that have come forward (or whose tenants have come forward) and then find they cannot financially afford to perform the upgrades necessary for compliance will have the option to abandon the suite. This will put extra pressure on a city already dealing with a rental shortage.

IMO - The new Bylaw will present challenges, as any change of this magnitude can be expected to, but no price can ethically be attached to human life and safety, which is ultimately the main focus of this Bylaw. Diligent property owners should make all reasonable efforts to be aware of the changes and to bring existing suites into compliance.

Visit my website for more information on Lethbridge Real Estate

I first posted this article in May of 2008 and since then, our city has grown and a few of the other statistics have changed. Here is an updated version!

If you are considering moving to Lethbridge, Alberta here is some information that may help you make your decision.

Overview

As of January 2009, our city's population is just under 84,000 and growing steadily. The city is divided into three main areas, namely South Lethbridge, North Lethbridge and West Lethbridge. Lethbridge is situated roughly an hour and a half drive south of Calgary, AB which is home to the Calgary International Airport (YYC), and roughly an hour and a half north of the Montana, US border.

Weather

There is a saying about the weather in Lethbridge, AB... if you don't like it, wait an hour and it will change! Although our weather patterns are sometimes unpredictable, our winters are generally milder thanks to frequent "chinooks" or the warm west winds that provide reprieve from our cold snaps.

Employment

Service and trade industries generate more than 50 per cent of all the occupations in Lethbridge. The majority of occupations are diversified across the industries of manufacturing, public sector services, construction, transportation, finance/insurance/real estate and food processing.

Lethbridge employers draw workers from a large commuting area consisting of rural areas and smaller towns and villages within a 100 kilometer radius. The extended workforce population is estimated to be 86,000.

Our current unemployment rate as of January 2009 sits at 3.1% (slightly below the provincial average of 4.1% and well below the national rate of 6.6%)and there are many convenient ways to search for jobs in Lethbridge.

Schools and Post-Secondary Education

There are an abundance of choices when it comes to education and schools in Lethbridge. The Lethbridge School System consists of the Lethbridge School District No. 51 and the Holy Spirit Roman Catholic Separate Regional Division No. 4. It is also home to both the University of Lethbridge and the Lethbridge College. The U of L boasts flexible undergraduate programs in Arts and Science, Education, Fine Arts, Health Sciences and Management and the Lethbridge College also offers a wide array of both credit and non-credit programs and courses.

Lifestyle

There are countless ways to enjoy your free time in Lethbridge. For the sports enthusiasts, we are home to the Lethbridge Hurricanes Hockey Club, the Lethbridge Bulls Baseball Club, and the Lethbridge Soccer Centre to name a few. If the arts are for you, you can check out the New West Theatre productions or the Lethbridge Symphony. Or you can just take a stroll though one of our many parks and recreation areas. There's lots to do when you are seeking entertainment in Lethbridge.

If you've already made your decision to move, give me a call and I can help you find the perfect home. Or check us out at Lethbridge Real Estate for answers to all your real estate questions and helpful moving tips and checklists!