Calgary Real Estate Blog

If you've been looking into real estate in Calgary you've probably run into the five-year rule and may not fully understand it. If so, here's a brief explanation that will help you get a grip on this rule and where and why it applies.

This is a very general rule that means you should plan on remaining in the home you purchase for five years at least. If you don't, it will hit you in the pocketbook, in most cases. This is due to the closing costs that need to be paid when you sell your house and can be a substantial amount, depending on the value of the home.

As well, you'll have to look at how much equity you have actually built up in your property. When you first take out a mortgage you'll be paying mostly interest for the first few years. This is when the…
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Being debt free is the ultimate financial goal for most people. There are many articles advising us how to get out of debt, that we may automatically assume that debt is a bad thing. However, not all borrowing is bad.

There are many occasions when debt can actually be a good thing, here are a few examples.

1. Buying a home
Many people cannot afford to buy a house without borrowing. A mortgage is a big debt, but it is a better financial proposition than renting. Getting a mortgage is like having an investment for the future. It offers the prospective of living debt free in 25-30 years. Furthermore, because it is secured against the value of your house, the interest rate is likely to be relatively low.

Carefully consider how much you can afford to put

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1. A referral is the best way to get a real estate agent

Simply trusting that an agent has your best interests at heart can lead to disappointment. Your needs are unique. Qualify all real estate agents to ensure they are competent and motivated to properly represent you.

2. Pay off your mortgage quickly

If you reduce your payment or simply pay interest only (secure line of credit) and invest the savings into a compounding interest account, your savings will be much higher than the value of your original mortgage.

3. You don’t qualify for a mortgage

Regardless of your credit or income, anyone can purchase a house. Options such as joint ventures, vendor financing, second mortgages, and many more, provide endless opportunities.

4. When to buy

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Calgary, March 2, 2009 – MLS® sales activity of single family Calgary metro homes was 825 in the month of February 2009 showing an increase of 50 per cent from 550 sales in January 2009, according to figures released by the Calgary Real Estate Board (CREB®). This was a decrease of 34 per cent from February 2008 when single family home sales were 1,252. The number of condominium sales for the month
of February 2009 was 343, an increase of 52 per cent from the 225 condominium
transactions recorded in January 2009 and a decrease of 39 per cent from February 2008 when 562 condominiums changed hands.


“Undoubtedly the global economic downturn has battered consumer confidence. But there are promising signs we are moving towards a more balanced and stable

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