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Today: 19.01.2018 - 01:35:06
   Canada Mortgage Hub Discussion Board -> Mortgage Calgary -> Questions about Canada, Calgary and the real estate there.?
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nike21

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Questions about Canada, Calgary and the real estate there.?
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psmdelin

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Hi! My name is Shelagh Krause and I would like to help you with your question, and possibly with the purchase of your new home in Calgary. I’m a licensed realtor with the Calgary Real Estate Board and I work out of the RE/MAX First Brokerage. So though I may be a little pre-mature with this... Welcome to Calgary!My first question to you would be: Is this a permanent move? If so then I would recommend purchasing a condo, if that lifestyle suits your needs. If you are moving here temporarily, say for less than 2-3 years, then your husband may be right about renting. What you need to take into consideration is that, although buying real estate long term is always a good investment, short term ownership has costs involved. The Calgary condo market right now is starting to pick up, but the real estate market in general here is in a slow recovery. We are in a balanced healthy market, which general means annual increase on your investment at a rate of 4-6%. The things is, that increase, if you need to sell in less than 2-3 years, will get eaten up by the cost of moving: i.e. real estate commission costs for selling, lawyer fees, and sometimes bank fees if you are breaking the terms of your mortgage. However, you likely will have built up some equity for yourself and ultimately, even with those selling costs factored in, you may wind up "breaking even" in that you won't walk away with any money in your pocket but you will have lived for free for a few years. And who can't live with THAT? If this is your situation, you should contact a mortgage broker (I can give you the names of several good ones) and compare what your monthly mortage fees will be compared to a typical monthly rent for the type of condo and neighbourhood you are considering. Compare the numbers and see how that fares out. Be sure to tell the broker that you would need out of the mortgage in 2-3 years so that he can advise you of any penalties involved and/or how to avoid them.Speaking of mortgages, you should be able to get financing, depending on your situation. You didn't specify, but if you are moving from the US, Canadian mortgage brokers can and will pull your US credit bureau info, so if you have good credit that's great! If you are coming from overseas, you can get a reference from your bank and they can use that to help qualify you. In both cases though, you need to either have a work visa or be a landed immigrant. Ultimately though, you need to talk to a mortgage broker. This info was provided to me by my friend Al Zayat at Connexia Mortgage. For more info please feel free to email him at al@conexia.ca.If this is a PERMANENT move, or at least a move that will last you more than 3 years, then investing in a condo is a good move for you. Condos in Calgary have come down considerably in price as a whole. They can be either a lifestyle choice or an inexpensive way of jumping into the real estate market. I say "lifestyle choice" because some condos in Calgary are considerably more expensive than some single family homes. In Calgary there are many different condo options as well: downtown highrises, inner-city town homes, low & highrises, and suburban apartments/townhomes. I could help you find the ideal neighbourhood and home style that would suit your needs!As for more information about me… I’m a full time, full service realtor who believes in honest and ethical transactions that focus on the client’s best interest. I work in a team environment – which helps when it comes to providing service as you are getting more than just one realtor at your disposal. Please check us out at www.calgaryrealestate.com If I can be of further assistance, please contact me through our website. All the best to you!Shelagh KrauseRE/MAX First403.777.40001.866.777.5115
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