Paul Paterson & Terry Paterson O'Rourke's Home Trends

Paul & Terry's monthly e-newsletter

www.PatersonAndAssociates.ca

Terry Paterson O’Rourke Associate, REALTOR® & Certified Interior Decorator 403.510.9120 terrypatersonorourke@gmail.com

Paul Paterson BROKER DELEGATE & REALTOR® 403.815.2891 j.paul.paterson@gmail.com

202 - 5403 Crowchild Trail NW, Calgary, T3B 4Z1

Paterson & ASSOCIATES

Real Estate Professionals Inc.

More often than not, the rooms in our home have multiple functions. For instance, a home office can double as a guest bedroom or even playroom during non-work hours or a master bedroom can moonlight as a hobby room and home gym during the day. A key component to making rooms work for multiple purposes is having functional and convertible furniture. We're probably all familiar with Murphy Beds and chairs or sofas that extend into beds, but many furniture manufacturers are creating more innovative products. For instance, coffee tables that store pieces within to transform it into a small table with chairs or desk for work or studying, desks that fold into themselves and end up taking up the space of a dresser or even wall shelves that fold down into small tables are just a few of the new innovative products hitting the market. As we spend more time in our homes and think of new ways to utilize our spaces, convertible furniture is going to become more prominent and necessary so take a look at what's available on the market the next time you're looking to update a room in your home. CONVERTIBLE FURNITURE

www.PatersonAndAssociates.ca

Paul 403.815.2891

Terry 403.510.9120

Paterson & ASSOCIATES

Real Estate Professionals Inc.

CALL BEFORE YOU DIG

Below every home, apartment building or commercial space is a network of underground utilities that make everything above ground run smoothly. Before you proceed to disturb the ground in or around your home, you need to contact your local utility authority to locate any underground wires you need to be aware of. The names of the companies vary across Canada, but if you do an internet search of “call before you dig” and your province, you will find the hotline or website you need. The service should be free and take a few days to be completed, but that timeframe will obviously vary based on the number of requests submitted. Some projects you need to call before you dig include: installing posts for fences, building desks, patios, etc., planting

The underground lines will be marked with a variety of coloured flags or spray paint to show where it is and is not safe to dig. The colours represent the following: • White – proposed excavation • Pink – temporary survey markings • Red – electrical, lighting cables • Yellow – gas, oil, steam • Orange – telephone, cable, TB, signals, alarms • Blue – potable water • Green – sanitary and storm severs, culverts • Purple – reclaimed water, irrigation, slurry lines

a tree or digging a garden or even installing playground equipment.

www.PatersonAndAssociates.ca

Paul 403.815.2891

Terry 403.510.9120

Paterson & ASSOCIATES

Real Estate Professionals Inc.

BASIC FLOOD FIXES One of the downsides of spring is the possibility of having water leak into your basement, main floor, shed, garage, outbuildings, etc. If you happen to find water where it doesn’t belong this spring here's what you need to do. 1. Turn off the power (or call an electrician if it's unsafe to do so yourself.) You don't want the water to get into an electrical outlet or into an appliance that is plugged in. 2. Remove the water. Use buckets, towels, mops, a shop vacuum, etc. to remove as much of the standing water as possible. If there is less than two feet of standing water, you may be able to clean it up yourself, but it is recommended that you contact a professional to remove the water if there's more than two feet of water. 3. Remove as much from the floor as possible. All the water-logged furniture, boxes, toys, carpets, flooring, etc. should be removed to be dried (if possible). This will prevent mildew from forming. 4. Dry the flooded area with industrial fans and dehumidifiers. Again, this will prevent mildew and mould from growing which can lead to health issues. You may also want to contact your insurance company to see if any damaged items can be replaced or even the cost of the clean up covered. Once the area is dry, you can fix whatever caused the water to flood in the first place so you don't have to go through the process again the following spring.

www.PatersonAndAssociates.ca

Paul 403.815.2891

Terry 403.510.9120

Paterson & ASSOCIATES

Real Estate Professionals Inc.

THE BANK OF MOM AND DAD With house prices and interest rates as high as they are across the country, many home buyers are looking to their family (parents, aunts, grandparents, siblings, etc.) for help in obtaining a downpayment for a home. This gift is not a loan and will often be accompanied with an agreement stating the money is in fact a gift and is not expected to be repaid. The money (typically being about a 20% downpayment) goes toward the purchase of the home and helps many younger home buyers get into the market. Parents (or gift givers) can use borrowed funds as the gift - such as a line of credit - but it's not common practice. Furthermore, there shouldn't be any tax ramifications for either the lending party or the receiving party, but one should check with a tax professional prior to arranging such a gift just to confirm. There are a few rules around the funds regarding how long they need to be in the buyer's bank prior to closing and whether or not they are subject to Canada's anti-money laundering laws, but your real estate agent, mortgage broker and lending bank should be aware of those rules and help you navigate them.

www.PatersonAndAssociates.ca

Paul 403.815.2891

Terry 403.510.9120

Paterson & ASSOCIATES

Real Estate Professionals Inc.

Low inventory and high demand drive price gains in February

BENCHMARK PRICE Single Family Dwelling $721,300

BENCHMARK PRICE Rowhouse $436,500

ACTIVE LISTINGS 2,355

SOLD LISTINGS 2,135

Calgary, March 1, 2024 - New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23 per cent compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales to new listings ratio exceptionally high at 79 per cent ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year. “Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31 per cent compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.” In February, the unadjusted detached benchmark price was $585,000, an over two per cent gain compared to last month and over 10 per cent higher than levels reported at this time last year. Source: Calgary Real Estate Board | Market values stated are of the benchmark of Calgary and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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www.PatersonAndAssociates.ca

Paul 403.815.2891

Terry 403.510.9120

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