tel: 306-791-3603

Basil Pappas

A CLIENT-FOCUSED FRIENDLY AND PRAGMATIC APPROACH TO REAL ESTATE SALES.

306-791-7666

2016 REMAX Market Share by Dollar Volume (Regina)

January 9th, 2017 by Basil Pappas

REMAX sells.

2016_market_share_by_dollar

Department of Finance Announces New Mortgage Rate Stress Test

October 13th, 2016 by Basil Pappas

Recently, Canada’s Department of Finance announced new measures related to the housing market to address long-term housing affordability.

 
1] All new mortgages that are insured – whether high or low ratio -will be subject to a mandatory mortgage rate stress test. For example, all insured mortgages will be tested at the higher rate (latest Bank of Canada 5 year fixed rate – 4.6%), instead of the lower market rates which are generally available (2.5%).

 
**Prospective buyers who may have qualified for a mortgage prior to these rules may not be able to qualify now at that same sale price.

 
2] Regulators are banning a wide array of mortgages from being insured. (thereby limiting options for prospective buyers)

If you are currently in the market to buy a new home it may be a good idea to sit down once again with your banker or mortgage broker to discuss how these changes affect you.

Analysis of the Regina Condo Market

September 3rd, 2016 by Basil Pappas

I’ve put together some numbers on the Regina Condominium market – specifically townhouses and apartments. Based on the MLS® Home Price Index (Townhouse & Apartment benchmarks) the following is how our Regina real estate market has shaped up in the past 4 years (from July 2012 through July 2016):

Overall
Townhouse: down 7.82%… 1.96% per year
Apartment: down 15.91%… 3.98% per year

Area R1
Townhouse: down 11.93%… 2.98% per year
Apartment: down 11.40%… 2.85% per year

Area R2
Townhouse: up 5.36%… 1.24% per year
Apartment: down 18.28%… 4.57% per year

Area R3
Townhouse: insufficient data
Apartment: down 12.95%… 3.15% per year

Area R4
Townhouse: down 10.23%… 2.56% per year
Apartment: down 17.58%… 4.39% per year

Area R5
Townhouse: down 6.33%… 1.58% per year
Apartment: down 16.54%… 4.14% per year

 

What is this telling us?
There was significant appreciation in the market value of condominiums between 2005 and the end of 2013. The benchmark HPI for townhouses rose 180% between January 2005 and September 2013. The benchmark HPI for apartments rose 198% between January 2005 and January 2013.

However, the stats indicate that if you bought a condominium in July 2012, notwithstanding the rising value trend into 2013, generally speaking, the value of your condo today is most likely worth less than what you initially paid.

So while the overall market is relatively consistent condominiums have underperformed.

Regina Housing Market Healthy & Consistent

August 18th, 2016 by Basil Pappas

Everybody knows how much I love stats… so check these out:

Based on the MLS® Home Price Index (Single Family Home benchmark) the following is how our Regina real estate market has shaped up in the past 4 years (from July 2012 through July 2016):

Regina Overall: down 3.17%… 0.79% per year
Area R1: down 2.5%… 0.625% per year
Area R2: up 5.4%… 1.35% per year
Area R3: down 0.8%… 0.2% per year
Area R4: down 5.9%… 1.475% per year
Area R5: down 0.9%… 0.225% per year

What is this telling us?
July 2012 was the peak of the market after rising a whopping 187% over 8 years starting in January of 2005 (23.4% per year). If you bought a single family home like a bungalow or two storey in July 2012, depending on the area, the value of your home today is most likely worth apx the same amount that you paid – that is, the house has neither appreciated nor depreciated significantly.

Condos tell a slightly different story.

RE/MAX Sells More Real Estate than any other Regina Brokerage

June 15th, 2016 by Basil Pappas

So far in 2016 RE/MAX has 25.74% of the Regina market share (by dollar volume).

Market_Share_Jan_May_2016

Housing Prices on the Rise in 2016

June 15th, 2016 by Basil Pappas

The MLS® Home Price Index (composite) shows a 5.7% increased pricing trend so far in 2016 (Jan 1-May 1). This data supports what I have witnessed in recent months; well-priced listings have been receiving multiple offers and homes in good overall condition are taking less time to sell.

MLS_HPI_JAN_MAY_2016

Did you Know?

March 8th, 2016 by Basil Pappas

According to research conducted by the National Association of REALTORS® (U.S. stats):

  • 88% of buyers find a home with the help of a real estate agent.
  • 90% of buyers search online as part of the home buying process. (Such as viewing a property’s profile on the agent’s website.)
  • 69% of buyers searching for a home using Google will use a specific local term such as “Albert Park – homes for sale”.

REALTORS® have developed and market real estate properties using the MLS® System – a cooperative marketing system – and have provided Canadian consumers with outstanding service for decades.

The Importance of Home Inspections

February 29th, 2016 by Basil Pappas

home-inspection1

When you make an offer on a home, it’s a smart idea to have a professional home inspector check it out from top to bottom. This inspection will ensure that the property doesn’t have any unexpected “issues.” After all, you don’t want to buy a home only to discover that the roof needs to be replaced, immediately, for thousands of dollars.

That being said, you might question whether you really need to invest the few hundred dollars it costs for a professional home inspection. “The home we want to buy looks like it’s in very good shape,” you might be thinking. “I can’t see anything wrong with it.”

However, a professional home inspector can see things you can’t. When you view a property that’s on the market, you might be able to notice obvious issues, like a crack in the foundation or a dripping faucet. If you’re experienced with home maintenance, you might even notice roofing tiles that look like they’re overdue for replacement.

But you won’t pick up all the issues a home inspector can.

Like a determined detective, a home inspector will investigate the property’s structure, electrical and plumbing systems, insulation, and other components — and then report the findings to you.

In the end, a professional home inspection gives you peace-of-mind and protects your investment. So getting one is highly recommended — even for recently built homes.

A good REALTOR® can recommend a trusted home inspector for you.

Looking for more ideas on making smart decisions when buying a home? Call today.

2016 Royal Road Race

February 17th, 2016 by Basil Pappas

I take great joy and comfort in the simple act of running. I started running in 2008 and have since run marathons all over North America including Boston, New York, Chicago, Fargo, Toronto, Victoria and of course the Queen City Marathon in Regina SK. Running has improved my fitness, introduced me to a wonderful community of great people and enabled me to serve my clients with the high energy and focus they deserve.

This is a race package insert for the Royal Road Race – a local charity race held by the Jaleta Pacers to be held May 7, 2016 of which I am a proud sponsor. If interested you can read more about the race and register here: http://jaletapacers.com/royal-road-race

Basil Pappas - Pacing You Home -- jpeg

The Latest in Kitchen Fire Prevention – What You Need to Know

February 11th, 2016 by Basil Pappas

 

Kitchen_Fire

More fires start in the kitchen than in any other room. Those fires can be expensive; since even a minor incident, with no injuries, can result in significant damage. That’s why it’s important to keep up with the latest in fire prevention.

The most recent research tells us:

  • Never leave cooking food unattended. Doing so is the number one cause of kitchen fires.
  • Make sure cooking appliances, especially deep fryers, are safety certified by the appropriate government agency.
  • When using oil in a frying pan, always heat slowly at no more than a medium heat setting.
  • Always turn off stove burners and other cooking appliances immediately after cooking.
  • Never attempt to put out a grease fire with water. Use baking soda or a fire extinguisher.
  • Never remove or cover up a smoke detector due to nuisance alarms. The one alarm that isn’t a nuisance may save your life.

Finally, experts say that if you can’t put out a fire immediately, get everyone out of the home and call emergency services.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. Trademarks used under license from CREA.
MLS® MLS REALTOR® Realtor