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Affordable homes in desirable Calgary neighbourhoods sell quickly due to high demand.

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1st Time Buyer Check List For 2017 - Are You Ready To Buy?
Breaking into Calgary Real Estate Market in 2017

  1. Costs to Buy a Resale Home - What are they?
    Down Payment (minimum):  5% of Home Purchase Price  (Investment in Property)
    No GST required on resale home
    Lawyer Fees are typically: $1,000 to $1,400
    Home Inspection Cost: $450 to $600
    Condo Document Review: typically $425 to $450 (if buying Condo)
    Mortgage Fees can be $200 to $400
    Three Year Fixed Mortgage for Limited Time at 1.99%.

    Costs for New Home:  $10,000 to $50,000 plus.
    There could be costs for blinds, drapes, landscaping, deck, garage, etc. Don't forget GST on a new house!

    Moving costs for Furniture & Buyers possessions: this will vary and depends on distance & type of service.

  2. RRSP for Down Payment - First Time Home Buyer's Plan (Tax Credit)
    Yes you can use your RRSP for a down payment on your first home. The Home Buyer's Plan is a Canadian Federal Program that lets first time buyers borrow funds from your Registered Retirement Savings Plan (RRSP) to purchase your first home. You and your spouse can each withdraw up to $25,000 from your individual RRSP to put towards a down payment on a home. Upto $50,000 could be used for down payment. Contact us and we will send you a copy of Home Buyer's Plan, at 403 608 5682 or gantrum@cirrealty.ca

    Zero Downpayment Option: Buyers with very good credit & stable income do have the option of a zero down payment method.
    Please contact me for details.

    What happens if you don't have RRSP or don't qualify for zero down payment?  Borrow (Gift) from family or save money. Speak to your Mortgage Broker or Bank.

  3. Breaking into Calgary Real Estate Market in 2017. What Do Buyers Need to Know.
    Detached sales activity boosts February housing market Feb. 2017 City of Calgary, March 1, 2017 – After the first two months of the year, Calgary’s detached sector continues to drive a slow transition in the housing market. February sales totaled 1,342 units, which is still 19 per cent below long-term averages, but an improvement over the past two years. As sales kept trending upward, detached inventory levels continued to ease in February. These conditions caused months of supply to fall to 2.4 months, putting less downward pressure on pricing. Unadjusted detached benchmark prices totaled $501,900 in February, which is one per cent lower than prices recorded last year, but slightly higher than January figures. “There seems to be a new sense of optimism these days,” said CREB® president David P. Brown. “Some sellers are feeling upbeat about the changing landscape and the improved chances of selling their home. Other people are looking at the spring market with caution and wondering if we’re going to see a higher than expected surge of listings. While there’s less product on the market right now, sellers still need to be realistic with their pricing.”

    For more information go to this link:
    http://www.creb.com/-/media/Public/CREBcomNew/Housing_Statistics/Calgary_Monthly_Stats.pdf
    (Information provided by CREB®)

  4. Mortgage pre-approval is required to make an Offer on a Home, and for your REALTOR® to show Homes for Sale. Your REALTOR® will need bank agent name & contact telephone number to confirm. Need help? We can have you pre-approved in 48 hours, call 403 608 5682. Please ensure you are pre-approved before we start showing homes for sale. Buyers often want to go and see homes before they are pre-approved, this causes problems for the REALTOR® since he is not sure what the Buyer is qualified for, or even if they will be pre-approved at all. This can waste time for the Buyer and REALTOR®. Buyers need to know that their financial status, income, credit score and down payment meet the banks mortgage requirements.
     

  5. Deposit cheque is required at time of Offer, usually $5,000 to $10,000.  Deposit is returned to the Buyer if Buyers Conditions are not met.
     
  6. Minimum Down payment is usually 5% or more. If you are self employed or on a work permit you will need more than 5%, speak to your mortgage broker or bank. Down payment is required before Possession day. The deposit goes towards the down payment. If you want to avoid CMHC Insurance a 20% down payment or more will be required. Did you know you can use your RRSP as a down payment on your first home
     
  7. Purchase Price of Home is negotiable.
    Seller and Buyer need to be motivated and willing to negotiate a deal that is fair to both parties. What are comparable homes selling for in community? What is Calgary housing market doing? Ask your REALTOR®, "What is the average drop for List to Sold price in area you plan to buy in?"

     
  8. Offer (Purchase Contract) has to be prepared in writing by the Buyers REALTOR®.  Work with the Buyers REALTOR® who represents the Buyer, and has no conflict of interest, and will negotiate the best deal & price for the Buyer, & ensures the Purchase Contract is written with Buyers interests as a top priority. Buyers who work with the Listing REALTOR® can be dissappointed and the Buyers needs & requirements can be missing from the Offer.
     
  9. Possession Date & when do you want to move in?
    Does the Buyer have to terminate their rental agreement?
    Sellers are generally wanting 1 to 2 months or less for possession date.

     
  10. Home Inspection is highly recommended. Buyers need to have key areas of the property checked out, including: roof, furnace, property drainage, foundation, exterior, insulation, and basement condition.
     
  11. Buyers Conditions are recommended in the Offer to protect the Buyer:

Finance Condition for mortgage approval
Home Inspection Condition
Condo Review Condition (only if buying condo)
5 to 10 days is usually allowed for Buyers to meet conditions.

     12.  Status in Canada: Canadian Citizen or Permanent Resident no issues at all.
             Work permit Status: may cause issues for Buyer, need to speak to mortgage agent.

     13.  Income of the Buyer. Does the Buyer have a full time job with sufficient income?
            Please speak to your Bank or Mortgage Broker for mortgage pre-approval.

     14.  Choose a REALTOR® you can Trust: Buyers need a REALTOR® that is professional, trustworthy, & motivated to
             assist you with buying your home. It is often your Biggest investment!
 
     15. Search Calgary Homes For Sale: please check out our website: www.searchcalgaryhomes.ca 
            This site is MLS
® compatible and has property for sale from many of the Real Estate Companies in Calgary,
            including CIR Realty, RE/MAX, Royal LePage, Maxwell, Century 21, etc.
 

Example :  Deposit & Down Payment Breakdown for Home Purchase Price $400,000

Deposit: $10,000 required at time of Offer (goes towards the down payment)

Down Payment: $10,000 plus $10,000 Total: $20,000 (5% of purchase price)

Mortgage would be: $380,000, CMHC Insurance is needed speak to your Mortgage Broker.

Note the deposit is negotiable and may vary. The down payment of 5% is not negotiable and is required by all Canadian Banks. CMHS insurance can be avoided with larger down payment.

Meet us at any CIR REALTY Office and we will give you a Calgary Homes Buyers Guide Package. The Guide breaks down the process of buying and provides details on Home Inspections, negotiating the Best Price for the Buyer, low mortgage rates, and more. Call for appointment at 403 608 5682 or  Contact CIR REALTY Today for More Information! 

We have four CIR REALTY Offices throughout this City of Calgary, so we can meet you at the most convenient location for you. We look forward to meeting you and working with you.