What do Property Law Changes Mean for You?

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

 Today we would like to talk a little about what's been going on recently with local lawmakers. The government is currently proposing over 50 changes to Alberta's condominium property laws.

This is especially significant in Calgary, where one of every 3 sales is a condominium sale. That being said, condominium property laws can get very intricate and difficult to understand. We want to help you through the maze that is owning, buying, and selling a condominium. 

We are excited to be building 27 new condos that will be coming on the market in the spring. The price point of these is around $250,000 and they are located in a spectacular inner city location. 

We want to help you understand everything and talk to you about your needs with respect to condos or single family homes. If you happen to have any questions, please feel free to give us a call or send us a quick email. We look forward to working with you in the future!

How Can You Avoid the Government Premium on Your Mortgage?

There are many great Calgary area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a list of Featured Properties so you know what buyers will pay for your home in today's market. You may also call me at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Traditional mortgages are pretty easy to understand. You take a down payment, make an application, and use the down payment toward the purchase price of your home. If you mortgage 80% of your home, you have 20% down on the purchase price. Anything less than 20% down will require you to pay insurance to the government for your mortgage. The government will tack on an insurance premium up to 3.5% of the mortgage amount, which could add up quickly.

Let's say you have a $100,000 home and an $80,000 mortgage. Since you put 20% down, the government will not charge a premium. If you put only 5% down, however, and have a $95,000 mortgage, you will have to pay that 3.5% on your mortgage. Because of this, your mortgage payment will be $98,500. You're essentially paying more for the same amount of home.

If you can't afford to put that 20% down, there are options available to you other than the traditional mortgage. Using a home equity line of credit on your residence gives you greater flexibility and allows you to do things outside of your residence for investment purposes. It's not risky, but simply another form of mortgage on your property that may not be as costly as a traditional mortgage.

If this is something you might be interested in, or would like more information on, don't hesitate to reach out to us. We'd be happy to help you explore your options!

How to Invest Intelligently in Real Estate to Secure Gains

Looking to buy or sell a home in Calgary, Alberta? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (403) 660-6200 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hello again, and welcome back to my blog. I've been having clients ask me lately if it's a good time to invest in real estate despite the shortage in properties on the market. This answer isn't so clear cut, but let me explain.

I know a developer who takes inner city plots and rebuilds them. His returns on these investments are always 15% or greater. Many clients ask me how they can get involved in something like this, and I have to remind them that an investment is not a guarantee. Also, I couldn't possibly explain all the intricacies of real estate investment within the time frame of this video.

If you want to discuss these matters, please call me or sit down and talk with me. I do know builders who are taking on these sorts of projects and they are looking for equity partners. You could become a joint venture partner or simply fund a project if you wished. Regardless, if you're thinking about taking steps like these, please consult me ahead of time because these investments always have uncontrollable variables.

Although inventory is low in the Calgary area, I wouldn't ever say a real estate investment is a bad idea. You just have to have a good handle on what you're doing with your investments and how you can leverage yourself against the market to make a gain.

I'd also like to thank everyone for following my video blog. I'm flattered by your support and I will continue to produce informational content to aid you in your real estate endeavors.

You can contact me at (403) 660-6200 or at jamesmurphy.com

Thanks again for watching!