Calgary Real Estate Buying Tips

Finance Minister Jim Flaherty recently unveiled new mortgage rules aimed at stopping housing speculators and ensuring homebuyers can adequately handle their debts when interest rates inevitably rise. Mr. Flaherty stressed that Canada's real estate market is healthy, and that the new rules, which take effect April 19th, would stop “negative trends” from development.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," commented Minister Flaherty.

"The underlying message is that Canadians should be prudent in the obligations they…

Moving can be stressful for every member of the family—children included. Depending on the age of children, their fears about a move vary from child to child, but most children approach the idea of moving with some hesitation.

One out of five Canadian families move into a new home each year. Some families experience a stressful time two weeks before and two weeks after a move. For many families, the actual move is a time when everyone pitches in and works together. Reality starts to sink in about a month later. People then begin to realize how much they miss friends and places they left behind. Confusion, frustration, and anger are common emotions at this time. Even if you are upgrading to a bigger house in a nicer neighbourhood, adjusting can be…

Home ownership is the cornerstone of financial independence and security. It may seem a daunting prospect to younger people or first-time buyers, but it is achievable!

Like many would-be homeowners, you may be wondering how you can possibly afford to buy your first home. Even if you think you couldn’t afford a home, these saving tips and financing strategies can take you there sooner than you think and turn you from a renter into an owner.

Develop a culture of saving
The first priority for you should be to develop a culture of saving, this is not only helps you in budgeting and planning for the future, but also to satisfy banks and other lending institutions that you have a clear commitment to save.

Start an automatic saving plan
Saving for a down…

What exactly is a condominium?
A condominium is quite frequently confused with a building type when actually it is a type of ownership. Parts of the property (the units) are owned by individuals, and other parts (the common areas) are owned by all the unit owners. All of the owners are members of the condominium corporation which is the entity created by the registration of the condominium plan. Ownership of a condominium means you own your specific unit, plus you have individual interest in the common property. You have ownership over all the space and improvements within the walls of your unit.

What are condo fees?
A condo fee is a sum collected from the unit owners to pay for the management of the common property and facilities outside the units…

Record-low borrowing costs combined with the growing realization that the economic storm is passing have fuelled the remarkable recovery of the real estate market in Canada. However, it is important to understand some of the issues that have surfaced with these exceptionally low interest rates.

If you are obtaining a mortgage, you are fortunate to be obtaining some truly historically low interest rates. The decision between taking a variable rate mortgage versus a fixed rate mortgage should be evaluated with your mortgage consultant and/or your realtor to assess the pros and cons of each option. Although rates are exceptionally low, lenders are definitely exercising more caution with their lending policies.

If you are thinking of refinancing your…

For some people, a condominium lifestyle is the only way to live—no lawn maintenance, a pool and tennis court, and extra security features you might not have in a single-family home. Other people simply can’t breathe in a condo because the neighbours are too close for comfort. Consider the pros and cons and your specific needs and desires before deciding to buy a condo.

Because of all of the advantages of home ownership in comparison to renting, many of you will soon be reaching a point where you want to buy a home. However, you may not be sure whether you should actually buy a house or if you should look in to buying a condo instead. This is especially true for younger home buyers who might want the benefits of living in a more communal situation…

Finding the right home may seem like the hard part of a real estate transaction, but in reality, getting the best financing can be much harder. This is partially because we have so many options nowadays for mortgage loans and so many places to find them. A mortgage broker can often lay out your options clearly. They will be armed with what you want in terms of loan term, ideal rate, targeted monthly payments and the like. If you're smart, you will talk to them before you decide on your home so you really know your price range.

Using a mortgage broker is by far the best way to go about finding and arranging the very best mortgage to suit your specific needs. Place your trust in a specialist that knows how to package your application, what pitfalls to…

Last month we introduced some of the commonly used real estate terms and explained how these terms can make up a language of their own. This month we complete this series by introducing the commonly used Mortgage terms.

Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.

Appraised Value
An estimate of a property’s market value, used by lenders in determining the amount of the mortgage. Usually made by a qualified professional called an “appraiser”.

Assessment
The value of a property, set by the local…

Buying or selling real estate can be a tricky process. There are hundreds of commonly used terms that could make up a language of their own. Here are some home buying terms that you will most likely encounter when you purchase your home.

Amenities
Features that enhance and add to the value or desirability of real estate. Common amenities include swimming pools, professional landscaping, gourmet kitchen and so on.

Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.

Appraisal
An estimate of the value of property,…