NDP Promises to Repeal Real Estate Fee Increases

A letter is sent to us by the Alberta Real Estate Association (AREA) informing us about their promise to repeal the increase for real estate fees. Being part of this industry, The Chamberlain Group would like to share this important information to you. You can read the full text of the email below.

Stop Real Estate Fee Increase Read more

Mortgage Update | Calgary Mortgage and Housing

Approved Mortgage application form with a calculator and penAugust 27, 2013

Surprise! Mortgage rates have increased once again. With the bond market showing strength, a 5-year rate is now in the range of 3.60%. And judging by the looks and rumours, rates are going to continue to increase. With this in mind, PRE-APPROVALS are important to obtain before starting your home search. They are of no obligation to follow through with your lender, and the rate is held for 120 days — it’s like making a reservation at a restaurant.

There has been other changes this past week that took effect immediately. Read more

Calgary Residential Real Estate Continues to Soar

Calgary Residential Real Estate Continues to Soar It appears that Calgary’s devastating flood has not been detrimental to Calgary’s real estate market. Reports from the Teranet-National Bank House Price Index, as well as the Calgary Real Estate Board (CREB) show strong year to date sales in the residential marketplace.

Based on a collection of data from public land registries, the Index reports that Calgary’s repeat home sales have climbed 5.9% since July 2012, placing it second in Canada, just behind Hamilton, Ontario.

Additionally, according to MLS sales, Calgary’s residential real estate market is on tempo to reach one of its highest yearly sales ever. Read more

Buying a House: What’s the Difference Between a Deposit and a Down Payment?

Deposit Vs DownpaymentDeposit vs Down Payment

When buying a house, what’s the difference between a deposit and a down payment?

The mortgage down payment

The down payment is the full amount you’re putting down on your mortgage, which could be anywhere from 5% to 50% of the total cost of the house.

Is there an ideal amount for the down payment?

Anytime you are able to put 20% down on your home purchase, you bypass Canada Mortgage and Housing Council (CMHC) fees, which could save you a lot of money. If you are included in the large number of people that are unable to put a full 20% down on their mortgage, it’s important to note that the monthly payment costs are negligible when putting 5% or 10% down. Read more

When Buying a House, How Much Do I Need for a Deposit?

House and CoinsWhen buying a house in Calgary, the deposit is taken out of the initial down payment for a home. Initial house deposits are usually around the $5,000 mark; however, when purchasing a larger home – anything over $500,000 – deposits usually increase to $10,000.

Why choose to increase the deposit amount?

In a competitive real estate market like Calgary’s, the home deposit often dictates who wins in a multi-offer situation. The higher the deposit, the more serious the offer is taken.

Read more

Selling Your Home in Calgary for the First Time?

Couple with sold signBuying a home for the first time can be a daunting and intimidating task, which is probably why REALTORS® seem to invest a great deal of time and website space educating the public about what you need to do when purchasing a new place.

But what about first time SELLERS? Selling a home for the first time can also be an intimidating and daunting task, eliciting all sorts of questions.

Should I sell my current property before buying a different one?

What should I do to get my house ready to list?

How much is my house worth?

Should I list my house myself, or use a Real Estate Expert?

Needless to say, we think it’s important to discuss the first time selling process. Here are a few tips from TCG’s Real Estate Experts. Read more

Affordability… How does Calgary stack up to Canada

 

 

Here are some numbers of Calgary’s affordability compared to major centres across Canada.

What caught me off guard is the average income in Calgary is about $20,000 more than Vancouver but the cost of living in Vancouver is much higher than the cost of living in Calgary.

Thank you to Red Pin for posting this data.

Red Tape Hindering Suite Housing Deals

Calgary’s gone through its share of growing pains when it comes to affordable housing.

The problem was readily apparent a few years ago, with the arrival of thousands of new Calgarians causing the monthly rate of apartments to soar into the thousand-dollar range for a one-bedroom suite.

Still, as is the case across Canada, new residential developments consisting solely of rental units are few and far between.

News reports last month indicated that despite vacancy rates dropping everywhere in the country, economic conditions are making it more palatable for developers to build condos instead of rental units.

Investors are also more interested in purchasing existing apartment buildings than to put up new ones.

This means one of the few sources of growth will be from the willingness of individual homeowners to develop a secondary suite.

In Calgary, it’s easier said than done. Just take a look at the city’s information brochure on the topic.

Flip to Page 2 to find an unfriendly looking flow-chart that helps determine whether a homeowner can build a suite or not, and what kind of application process to expect.

Sometimes it’s even necessary to appear before city council to request a zoning change to allow for a secondary suite. Read more

Did the Calgary Real Estate Market go Up or Down?

Are Values Increasing or Decreasing in Calgary?

I was reading through the Calgary Real Estate Boards stats and reports from September 2010 and noticed something very interesting…

The report said the following:

The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010, when the average price was $445,617 all the while, the median price of a single family home in the city of Calgary for September 2010 was $390,000, showing a 1 per cent decrease from August 2010 when the median price was 395,000.

Read more