Buying a house is a monumental milestone, one that involves careful planning and preparation. Whether you’re a first-time homebuyer or looking to upgrade, the journey to homeownership can be both exciting and daunting. Here’s a step-by-step guide to help you navigate the process and get ready to buy your dream home.

Assess Your Financial Health

• Check Your Credit Score: Your credit score plays a crucial role in securing a mortgage. Obtain your credit report from the major credit bureaus and ensure there are no errors. A healthy credit score can help you get better loan terms.
• Manage Your Debt: Lenders look at your debt-to-income ratio. Aim to pay down high-interest debt and avoid taking on new debt before applying for a mortgage.
• Save for a Down Payment: Typically, you’ll need at least 20% of the home’s purchase price for a down payment to avoid private mortgage insurance (PMI). However, some loans require as little as 5% down. Additionally, budget for closing costs, which can be 2-5% of the home’s price.
• Build an Emergency Fund: Homeownership comes with unexpected expenses. Having a solid emergency fund ensures you’re prepared for any surprises.

Determine What You Can Afford

• Calculate Your Budget: Use an online mortgage calculator to estimate your monthly payments based on different home prices, interest rates, and down payment amounts. Remember to include property taxes, homeowners insurance, and maintenance costs.
• Get Pre-Approved for a Mortgage: A mortgage pre-approval gives you a clear picture of what you can afford and shows sellers that you’re a serious buyer. Shop around for mortgage rates and terms from different lenders.

Research the Market

• Choose the Right Location: Consider factors like proximity to work, schools, amenities, and future development plans. Research neighborhood safety, property taxes, and community services.
• Understand Market Conditions: Are you in a buyer’s or seller’s market? Understanding market trends can help you make informed decisions about when and where to buy.

Start House Hunting

• Make a List of Must-Haves: Identify your priorities in a home, such as the number of bedrooms, bathrooms, yard size, and essential features like a garage or a modern kitchen.
• Call your real estate agent – ME: An expert, like myself, can provide invaluable insights, help you find homes that meet your criteria, and negotiate the best deal.

Make an Offer and Secure Financing

• Make a Competitive Offer: Based on your budget and market research, make an offer that is fair but competitive. Be prepared for negotiations.
• Get a Home Inspection: A thorough inspection can reveal potential issues with the property. Use the findings to negotiate repairs or a lower price.
• Finalize Your Mortgage: Once your offer is accepted, work with your lender to complete the mortgage process. Provide all necessary documentation promptly to avoid delays.

Close the Deal

• Review Closing Documents: Carefully review all documents before signing. Ensure you understand the terms and conditions of your mortgage.
• Closing Time: Sign all paperwork a week or two before possession date. Your lawyer will make sure everything flows to the seller so you can receive the keys to your new home on moving day.

Move In and Settle

• Plan Your Move: Coordinate your move to ensure a smooth transition. Update your address, transfer utilities, and notify important contacts of your move.
• Personalize Your Space: Make your new house feel like home by personalizing it with your style and preferences.

Buying a house is a significant investment and requires thoughtful preparation. By assessing your financial health, understanding your budget, researching the market, and working with professionals, you can navigate the home buying process with confidence. Take your time, do your homework, and soon you’ll be unlocking the door to your new home. I’ll be with you every step of the way and you can stay connected by visiting me on Facebook and Google!

When buying or selling property, understanding the nuances between Title Insurance and a Real Property Report (RPR) is crucial. Both play significant roles in real estate transactions, but they serve different purposes and offer distinct benefits. Here’s a breakdown to help you navigate these important tools.

What is Title Insurance?

Title insurance is a type of insurance policy that protects property owners and lenders against potential issues with the property’s title. These issues might include:

• Title defects: Errors in public records, fraud, forgery, or undisclosed heirs.
• Encroachments: Structures on the property that may encroach on neighboring properties.
• Zoning issues: Problems related to zoning law violations.

Title insurance provides coverage for as long as you own the property, giving you peace of mind against future claims or legal disputes over your property’s title.

What is a Real Property Report (RPR)?

A Real Property Report (RPR) is a legal document prepared by an Alberta Land Surveyor that illustrates the boundaries of a property and the location of significant improvements (such as buildings, garages, sheds, fences, decks, etc.) relative to the boundaries. An RPR typically includes:

• Property dimensions: Exact measurements and boundaries.
• Structures: Locations of buildings and other improvements.
• Encroachments: Any structures that might infringe on neighboring properties or municipal land.
• Compliance: Certification from the municipality that the property complies with local bylaws and regulations.

An RPR is often required by the buyer’s lender and is useful for identifying any potential boundary disputes or bylaw infractions before a property transaction is completed.

Key Differences Between Title Insurance and RPR

1. Purpose:
   • Title Insurance: Provides financial protection against title-related issues that may arise after the purchase.
   • RPR: Offers a detailed survey and assessment of the property’s boundaries and structures before the transaction.
2. Coverage:
   • Title Insurance: Covers defects, encroachments, and other title-related issues, offering peace of mind and financial protection.
   • RPR: Ensures that the property complies with local regulations and accurately reflects property boundaries and structures.
3. Timing:
   • Title Insurance: Can be purchased anytime during the ownership of the property.
   • RPR: Typically prepared and reviewed before the completion of the transaction.
4. Cost:
   • Title Insurance: Generally, a one-time premium based on the property value.
   • RPR: Costs can vary depending on the complexity of the property and surveyor fees.

Which One Should You Choose?

In Alberta, it’s not a matter of choosing between title insurance and an RPR; rather, both are often used in conjunction to provide comprehensive protection and assurance. An RPR can identify physical issues with the property before the sale, while title insurance can cover unforeseen title-related problems that may arise after the purchase.

For Buyers:

• Ensure the property has a current and compliant RPR to identify any potential issues.
• Consider purchasing title insurance to safeguard against future title disputes or defects.

For Sellers:

• Providing an updated RPR can facilitate a smoother transaction and build buyer confidence.
• Be prepared for the buyer to request title insurance as a condition of the sale.

Both title insurance and a Real Property Report play essential roles in our real estate market. By understanding the differences and benefits of each, you can make informed decisions to protect your investment and ensure a seamless property transaction. Always consult with your real estate agent, lawyer, or financial advisor to determine the best course of action for your specific situation. Visit me on Facebook and Google for more on all things real estate!

Living on a low income can be challenging, but Calgary, and the province, offers various supports and resources to help individuals and families navigate these difficulties. From housing assistance to food security programs, here’s a comprehensive guide to the low-income supports available in Calgary.

1. Affordable Housing and Rent Assistance

Housing is a fundamental need, and Calgary has several programs to assist low-income residents in securing and maintaining affordable housing.

• Calgary Housing Company (CHC): The CHC provides affordable housing options for low and moderate-income families, seniors, and individuals. They offer a variety of housing options, including social housing and affordable rental units.
• Rent Supplement Programs: These programs provide financial assistance to help cover rent costs for eligible low-income households. The programs are designed to reduce the rent burden and ensure housing stability.

2. Financial Assistance Programs

For those struggling to meet their basic needs, several financial assistance programs are available.

• Alberta Works: This program offers income support to individuals and families in need. It includes emergency financial assistance, employment and training services, and health benefits.
• Assured Income for the Severely Handicapped (AISH): AISH provides financial and health benefits to eligible adults with a permanent disability that severely impacts their ability to earn a living.

3. Food Security and Nutrition Programs

Ensuring access to nutritious food is crucial for health and well-being. Calgary has multiple food security programs aimed at helping low-income residents.

• Calgary Food Bank: The food bank offers emergency food hampers to individuals and families in need. They also run various programs to address the root causes of food insecurity.
• Brown Bagging for Calgary’s Kids (BB4CK): This program provides lunches to school-aged children who might otherwise go without. It ensures that children have access to nutritious food during the school day.

4. Health and Wellness Services

Access to healthcare and wellness services is vital for everyone, regardless of income.

• Calgary Urban Project Society (CUPS): CUPS provides integrated healthcare, education, and housing services to help people overcome poverty. Their health clinic offers medical, dental, and mental health services.
• Alberta Health Services (AHS) Community Programs: AHS provides a range of community-based health services, including public health nursing, addiction services, and mental health support.

5. Employment and Training Programs

Finding and maintaining employment is key to breaking the cycle of poverty. Calgary offers several programs to support job seekers.

• Momentum: This organization offers programs to help individuals gain the skills needed for employment, start a business, or manage finances. They provide training, workshops, and support services.
• Calgary Labour Market Information: This resource provides up-to-date information on job trends, training opportunities, and employment services available in Calgary.

6. Community and Social Supports

Building a strong support network is essential for resilience and well-being.

• 211 Alberta: This is a 24/7 helpline that connects individuals with community and social services. It covers a wide range of needs, including housing, food, mental health, and employment support.
• Neighbourhood Services: These services offer community-based programs and resources to support families and individuals. They focus on enhancing community engagement and well-being.

7. City of Calgary Subsidy Program

Being able to experience what Calgary has to offer can go a long way to support your mental health while experiencing financial struggles.

• Fair Entry program: This amazing initiative lets you apply for multiple programs and services with one application, with eligibility based on your income. Benefits include discounted transit passes, no cost spay/neuter, senior home maintenance, property tax assistance, reduced rate high-speed internet and significant discounts for recreation facilities like the Calgary Zoo, Heritage Park, TELUS Spark, Vertigo Theatre, Calgary recreation programs and so much more.

Navigating life on a low income can be challenging, but Calgary offers a robust network of supports to help residents meet their needs and improve their quality of life. Whether it’s through housing assistance, financial aid, food security programs, health services, employment training, or community support, there are resources available to help. If you or someone you know is in need, reaching out to these programs can make a significant difference. Remember, help is available, and you don’t have to face these challenges alone. Visit me on Facebook and Google!

CREB® released the June statistics, reporting that sales in June reached 2,738, marking a 13 percent decline from last year’s record high. Although sales improved for homes priced above $700,000, it was not enough to offset the declines reported in the lower price ranges. Despite the easing in June sales, they remain over 17 percent higher than long-term trends.

“The pullback in sales reflects supply challenges in the lower price ranges, ultimately limiting sales activity,” said Ann-Marie Lurie, Chief Economist at CREB®. “Inventory in the lower price ranges of each property type continue to fall, providing limited choices for potential purchasers looking for more affordable product. It also continues to be a competitive market for some buyers with over 40 per cent of the homes sold selling over list price.”

This month, new listings also eased relative to sales, causing the sales-to-new-listings ratio to remain elevated at 72 per cent. Inventory levels did improve over last year’s low levels, primarily due to gains in the higher price ranges. However, with 3,789 units available, levels remain 40 per cent lower than long-term trends.

The modest change in inventory levels helped increase the months of supply. However, at 1.4 months, conditions continue to favor sellers. Persistently tight conditions drove further price gains this month. In June, the unadjusted benchmark price rose to $608,000, a gain over last month and nearly nine per cent higher than last year. Prices rose across all districts, with the most significant year-over-year gains occurring in the North East and East districts.

Airdrie

June sales remained relatively stable compared to last year at levels that remain well above long-term averages. At the same time, we saw a boost in new listings this month compared to last year. However, with 269 new listings and 209 sales, the sales-to-new-listings ratio remained elevated at 78 per cent, keeping inventories relatively low based on historical standards.

Like Calgary, Airdrie is experiencing the tightest conditions for the most affordable sectors of the market, and prices continue to rise. In June, the unadjusted benchmark price rose to $554,500, nearly one per cent higher than last month and nine per cent higher than last year’s levels. Price growth has been the highest for apartment-style properties.

Cochrane

June sales improved over last year’s levels, contributing to the year-to-date gain of seven per cent. This was possible thanks to the boost in new listings in June. However, the gains in new listings did little to impact the inventory levels, which remained consistent with levels reported last year and are 44 per cent lower than levels we typically see in June.

With nearly one and a half months of supply, conditions continue to favour the seller, driving further price gains this month. In June, the unadjusted benchmark price was $571,100, an increase over last month and nearly nine per cent higher than last year’s levels. Like Airdrie, the price growth was strongest for apartment-style units, which are also the most affordable products available in the town.

Okotoks

Sales in June slowed compared to last year, mostly due to a pullback in the detached sector. Sales activity has been somewhat restricted due to the limited supply options. As of June, there were 81 units in inventory, 56 per cent lower than levels we typically see in the month, and detached supply is nearly 63 per cent lower.

Persistently tight market conditions have kept prices elevated compared to last year. While there has been some monthly fluctuation, year-to-date prices are nearly nine per cent higher than last year’s levels.

Read the full release here www.creb.com/News/Media_Releases/2024/July/June_sales_decline_amid_supply_challenges_and_rising_prices/ and connect with me for more about the real estate market in and around Calgary. Join me on Facebook and Google to be a part of the action!