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!

What Do Changing Oil Prices Mean for the Real Estate Market?

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.

Many folks here in Alberta have asked me what a sudden change in oil prices might mean for our market. The truth is, we can't really know until 2-6 months after the change. Most changes don't have an immediate impact on our market. The good news for our market is we've seen a positive net migration over the last two years, which is a strong indicator of a healthy market.

Alberta is the highest net employer in all of Canada. Over the next decade or so, the rest of Canada will depend on our energy, so there doesn't appear to be any reason to worry about any volatile changes in oil prices in the near future.

There are some great opportunities in our current market. We're seeing development in the inner city and expropriation of land on the outskirts. If you're interested in making a move soon, give us a call or shoot us an email. We'd be pleased to help you make a plan and get the most of your buying or selling experience. See you soon!

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!