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Calgary Lakefront

Calgary Lakefront

Calgary Lakefront.

What if you could have a Calgary Lakefront home.  Your Everyday Home and Lakefront Get-Away In One. Imagine just 30 minutes from downtown Calgary.  A lake that you can waterski, wakesurf, jetski, sail, fish and swim in.  Chestermere Lake is a unique bedroom community located on Calgary’s Eastern border. There are great schools, shopping, medical and all the everyday services you need.  Emergency services  such as ambulance and fire department are provided by Chestermere with the nearest hospital 15 minutes away.

Chestermere has a population of 20,000 as of 2016.  There is a wide variety of homes available.  Lakefront homes have been available from the $850,000, range, but this is mostly lot value.  For a good home with solid bones you are looking at at least $1,000,000.  Other options are certainly available with all residents being able to launch their boat for free.  (Must be registered with the city.)

There are lots of beautiful pathways along canals, creeks and ponds.  With homes backing onto these features.  There is a mountain view from much of Chestermere.

This Walkout bungalow is on a 70 x 200′ deep lot.  This home was designed for this lot and takes full advantage of the extra width of the lot by adding a triple car garage.  There is also a boat house and dock.  You own the property right out to the end of your dock.  There is a formal dining room off of the front entrance.  The kitchen is very generous and enjoys a view of the lake.  There is a wall oven,  a cook top that has both gas and electric burners, a centre island a corner pantry and lots of storage and counter space.  There is a breakfast nook and a great deck to enjoy casual meals.  The great room faces the lake and has a gas fireplace.

The master bedroom is on the main floor and has a door to the wrap-around deck, a large walk-in closet and an attached bath with double sinks, a shower and toilet.  There is a second bedroom and bath.  There are hardwood floors througout the common areas and carpet in the balance of the main floor.

The walkout level has a spa, a den and two more bedrooms.  There is a three piece bath and a two piece ensuite. The spa and the den could be converted into bedrooms or a summer kitchen.

We would love to talk to you about our lake.  We have enjoyed living on Chestermere Lake for the past 25 years.   We are lakefront specialists and we will have the answers to all of your questions.

 

 

 

 

 

Imagine enjoying the lake everyday! Spend your weekends enjoying the lake, not driving to the lake.

Call or text Doug at 403-975-1776 or send us a note below.

C4085509 : Chestermere Duplex

C4085509 : Chestermere Duplex

Chestermere Duplex Looking for New Owners

This spotlessly clean Chestermere duplex is move in ready!

Upon entering, you are greeted by a large vaulted foyer that opens onto large living room, bright sunny kitchen and dining room, all with large bright windows. The kitchen has an eating bar and great working spaces and is has easy access to the back hall and garage and main floor laundry. Upstairs are 3 very ample bedrooms, with the master boasting walk in closet and 4 piece ensuite, complete with separate shower. Enjoy the spacious back yard with 2 tier deck and ample room for playing, gardening or just relaxing. This home also comes with central air conditioning for year round comfort. Roof has been  replaced and it was fully painted within the last month.

Located in the family friendly community of West Creek, boasting schools, parks, paths and ponds, it is a great spot to call home. 10 minutes to East Hills development, creating the perfect balance of quiet suburban living with quick access to city amenities. Great value, great home!

West Creek is located across from Lakeside Green Golf Course near the Chestermere Middle School.

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New Mortgage Rules Eat Away Afforability

New Mortgage Rules Eat Away Afforability

The New Mortgage rules that have been changed from the Federal Gov’t is a game changer for affordability, especially for first time home buyers who have no equity to put towards their first home.  This new rule will really hurt single parents and anyone trying to get their first home.

In an eggshell if you have less than 20% down you will have to qualify for a mortgage at the Bank of Canada Posted rates which are about 4.64% instead of rates that range from 2.2 to 2.7% for a 5 year term.  That will really erode first time home buyers ability to qualify for the home that meets their needs.  Take a look at this comparison chart we have prepared.  It uses a mortgage rate of 2.7% before Oct. 17th compared to 4.6% after.    If you make $50,000 per year under the new mortgage rules you will qualify for $50,000 less of a home or maybe no home at all!

New Mortgage Rules

New Mortgage Rules Will Erode Buying Power.

With out a doubt this will affect the economy as more first time home buyers are forced out of the market.  They will have to continue to waste money on rent or continue to live with their parents.

The new mortgage rules will hurt first time home market which will also hurt the move up market as there are fewer buyers that are in the market to buy their homes so that they can sell and move up.

It will affect the economy as fewer new homes will need to be built, as the demand will not be there. So there will be more unemployment as plumbers, framers, electricians, sales people, real estate lawyers etc have less work.

There will also be fewer appliances, furniture, home decorating and improvement products sold.

With next to no notice that this rule was changing, it will really hurt new home builders and especially large condo projects who have homes under construction.

What can you do if you have been wanting to buy a home and you do not have the 20% down?

  •  You can find a home, and get it under contract with condition removal by October 17.
  • Save up until you have 20% down
  • Have a co-signer so that you can qualify for more money.

Will this affect foreign investors?  They probably have the 20% down, so not likely.

If you want to read the full article follow the link below.

Globe and Mail article

If you want us to help you find a home in a hurry please call we will be available to help you.

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The Deposit on a Purchase Contract.

The Deposit on a Purchase Contract.

If I tell you it’s going to rain, you can put the buckets on the porch.” If you grew up in the south, you made have heard this expression when a person is testifying to the veracity of his word. If you know a person and/or their reputation, you know whether you can trust their word or not.

However, with a stranger such as a buyer, the seller doesn’t know whether they’ll live up to the terms of the contract or not.

Buyers submit deposit money along with a contract to demonstrate their commitment to the terms of the offer.

The more deposit that the buyer gives indicates to the seller a higher level of commitment to the contract. Except for stated conditions in the sales contract, if the buyer fails to close on the sale, the deposit may be forfeited. Significant deposit makes the seller feels more secure that the contract will close.

There certainly are a lot of things that can dictate how much deposit is appropriate. Local customs, price of the home and type of mortgage can all help to determine the proper amount. In some areas, it may be common for it to be 1-5 percent of the purchase price. In other areas, it might be a specific amount like $1,000 to $10,000 depending on the sales price. It really comes down to whatever the buyer and seller agree is the proper amount.

Another strategy is to put up an adequate amount initially until you get through the inspections or contingency period and then, to put up an additional amount when the conditions have been removed.

The deposit demonstrates the buyers’ sincerity in making the offer and proceeding according to the agreement so the seller can take their home off the market and start making plans to move and give possession of their home. Ultimately, both parties want to close as anticipated according to the contract and the deposit helps facilitate that.

In the Calgary area the deposit is held in trust by the seller’s real estate firm. When all conditions are removed the funds will be transferred to the seller’s lawyer.  If the conditions are not removed, providing the buyer has proceeded in good faith, then the deposit will be returned to the buyer.

There are options if you home has a conditional sale on it. You can have your realtor report the sale as sale pending, this allows buyers to still view the home, and they know that they will have to wait for the first sale to fall, or they can write a back-up offer.   It will still show up on the internet as for sale.  It is a good option if you are anxious about the ability of the buyer to complete the sale.

deposit

A deposit is usually required on an offer to purchase.

Mortgage Insurance and Leverage in Real Estate.

Mortgage Insurance and Leverage in Real Estate.

Leverage gives the user a maximum advantage whether it is physically lifting a large object or rapidly building equity in a home.

In the case of the home, the high loan-to-value mortgage allows the profits made to be greater than simply the cash invested.

A $350,000 home can be purchased on an insured loan with a 5% down payment of $17,500. If the home appreciates at 2% a year, in five years the equity will grow to $87,999 due to the appreciation and the amortization of the mortgage. That would be a remarkable rate of return. You would have to save $1,466 per month for 60 months to have the same net worth!

Without mortgage insurance you would have to have a down payment of $87,500.

It is estimated that homeowners have a 45 times higher net worth than renters. Since the obvious difference is that renters don’t own a home, owning a home is a distinct advantage.

The leverage that allows a borrower to control a much larger asset with a small down payment gives them a return on the much bigger asset than on just the down payment.

Another interesting contribution is the forced savings that occurs with each payment made on the mortgage. A portion of the payment is applied to principal so that the loan will be paid in full by the end of the term, usually 25 years. The amortization on the 2.59% mortgage example from above has approximately $9,967.00 paid in the first year to reduce the principal which increases the owner’s equity in the home.

In Canada capital gains on your principal residence are tax free!

leverage in real estate.

Mortgage Insurance Helps Buyers take advantage of leverage in Real Estate.

For people who have the necessary funds for the down payment and good credit, buying a home can be a financially stabilizing event. While research on the Internet can provide valuable information, if there is someone that you know that is considering making their first home purchase, we would love to sit down with them.

We love helping people achieve net worth through owning their own home.

Rent or Own Financial Calculator

Rent or Own Financial Calculator

Should You Rent or Own?  We have a financial calculator to help you determine which is better for you!

That is a big question. That depends on the rent you would be paying, the interest rate, the appreciation rate of properties in your community.

We are providing a Rent Or Own Financial  Calculator to help you figure this out. As of February 2016 a safe interest rate to use is 2.7% to 3%. See below for down payment information, but the minimum down payment is 5%. Typically the appreciation rate in the Calgary/Chestermere region is 3 to 5%. I know that we are in a very soft market, but I also know that this will turn around later this year or next. In the long term real estate always appreciates. Try it out!  Ignore the tax rate it does not apply in Canada.

Rent or Own  Financial Calculator

Rent or  Own

Is it better for you to buy or rent, this calculator analyse factors for you.

Is it better for you to buy or rent, this Rent Or Own Financial Calculator will help you determine which is best for your circumstances.  In Canada ignore the tax rate brackets as we do not write off interest payments of a residence.

There are many benefits to owning your own home.
*privacy- no one can call to give you 24 hour notice to walk through your home.
*Stability you cannot get a notice that your lease will not be renewed.
*Security-If you lose your job, you can take in a renter, rent it out, you generally will have 3 to 6 months before any action is taken to remove you from your home if you cannot afford to make payments. You can usually work something out with your bank. Miss your rental payment and you can be out on the street in 14 days.
*Credit worthiness, establishes your credit and shows that you are a better risk
*Leverage – your home appreciates for the full value, not just the 5% you have down. 3% annually on $300,000 is $9,000 compared to the banks 1.5% on $15,000 which would be $225.( I now that property values may be not appreciating as much right now, but on average in the Calgary area they go up 3 to 5% annually.)
*Your home reflects your personality, you can decorate, make improvements and repairs on your schedule not someone else’s.
*You can increase your home’s value with your sweat equity.

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