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Home Buying Blogs – Calgary

Home buying advice for Calgary, Alberta residents.

Found 81 blog entries about Home Buying Blogs – Calgary.

How Much is a Down Payment for a House in Calgary?

When it comes to purchasing a home in Alberta, understanding down payment requirements and exploring strategies for saving can significantly impact your buying power and financial future. Whether you're a first-time buyer or looking to upgrade, knowing the intricacies of down payments will ultimately empower you on your home-buying journey.

For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.

Biggest Takeaways

  • The minimum down payment in Alberta varies based on property value.
  • Aim for a 20% down payment to avoid insurance costs.
  • CMHC Mortgage Loan Insurance is required for down payments below 20%.
  • Strategies to save include budgeting,
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How to Use the RRSP Home Buyers' Plan

The RRSP Home Buyers' Plan (HBP) is a helpful federal resource supporting first-time homebuyers in Alberta. This program lets you withdraw a significant amount from your RRSP tax-free for a down payment on a home. But before you take the leap, knowing the program's eligibility requirements and repayment terms is essential. Understanding the HBP and its implications for your financial future can help you make a well-informed decision about taking advantage of this program. So, are you ready to explore the HBP and the benefits it offers first-time homebuyers in Canada?

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction.

Key Takeaways

  • With HBP,
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TFSA vs. RRSP vs. FHSA

If you've ever wondered about the distinctions between an FHSA, a TFSA, and an RRSP, this guide is sure to clear up any confusion. Each account serves a different purpose and offers distinct tax advantages, all tailored to specific savings goals and eligibility requirements.

While not all of these are designed specifically as first-time homebuying programs, they all can play an important role in saving for a down payment. The subtle nuances between these savings vehicles can significantly impact your long-term financial plans, so it's essential to grasp the finer details to optimize your savings strategy.

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate

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How to Claim the First Time Home Buyers Tax Credit in Canada

If you're considering purchasing your first home in Alberta, understanding how the First-Time Home Buyers Tax Credit operates is crucial. This initiative can provide significant financial benefits, but navigating the eligibility criteria and claiming process can be complex. By shedding light on the nuances of this tax credit, you can make informed decisions that may impact your home-buying journey in unexpected ways. Read on to learn more about the First-Time Home Buyers Tax Credit.

For informational purposes only. Always consult with an attorney, tax, or financial advisor before proceeding with any real estate transaction.

Key Takeaways

  • Claim up to $10,000 on Line 31270 of the tax return.
  • The credit is non-refundable at a rate of 15%.
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Edmonton and Calgary First Time Homebuyer Incentives

If you're considering buying your first home in Alberta, incentive programs for first-time buyers can be a game-changer. From the First Place Program in Edmonton with its innovative land cost deferral to the federal First-Time Home Buyers' Tax Credit, a range of options are designed to make your dream of owning a home more achievable. These programs go beyond mere financial aid, aiming to support you in your journey toward securing a place to call your own home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

4 Quick Tips

  • The First Place Program in Edmonton provides a five-year deferral on land costs for eligible properties.
  • Attainable Homes
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What Does TFSA Mean?

If you're looking to save faster for a down payment on a home, consider a Tax-Free Savings Account (TFSA). A TFSA is a unique government-registered plan that allows individuals to save money with fewer tax implications. The income contributed to a TFSA account is generally tax-free, making it a tax-advantaged tool for Canadians to grow their wealth. Learn how a TFSA caters to diverse financial objectives, including buying a home in Alberta.

TFSA Benefits

When considering the benefits of a TFSA, you'll find that growth earned within the account is non-taxable, making it a lucrative savings option. TFSAs also offer high liquidity, allowing you to access your funds easily when needed. Finally, the annual contribution limit increases annually,

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Buying a Home in Alberta

When considering buying a house in Alberta, the journey can seem daunting. However, it is also an exciting endeavour that leads to a new place to call home. From saving for a down payment to closing on your new home, it is important to understand the nuances of the Alberta real estate market. Whether you're just moving to Alberta or you're a longtime resident ready for homeownership, these tips will make buying a house easier than ever.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Key Takeaways

  • Save at least 20% for a down payment based on the property value.
  • Boost credit score to over 600 for better mortgage options.
  • Consider cities like
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What to Expect During Home ClosingThe home closing process, a pivotal part of the home buying or selling journey, involves the transfer of property ownership from seller to buyer. It involves intricate steps, each with its own legal and financial implications. From initial agreements to closing costs to the final handshake, understanding this procedure can be daunting yet crucial. A thorough grasp of the intricacies can save individuals time, money, and unwarranted stress, ensuring a seamless transition to their new abode.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

What Is a Home Closing?

After going through inspections, negotiations, and all the legal and administrative motions

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Calgary has a buzz on. Life in Alberta's biggest city is good, the economy is thriving, work is abundant, wages are high, taxes are low, homes are affordable, lifestyles are diverse, and the natural scenery rivals anywhere in the world. And, it's been a record year for Calgary real estate, with residential sales 12% above the 10-year average.

Still, as we prepare to ring in a new year, it's all about the supply chain in local real estate – an inventory level that is now at its lowest since 2005, largely impacted by the withdrawal in sales and new listings. Lower-priced properties felt the stiffest conditions as higher-priced homes drove supply growth this year.

For informational purposes only. Always consult with a licensed real estate

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Permits Needed for a Basement Suite in Calgary

It is increasingly popular for homeowners to add a basement suite to their primary residence. Calgary homes with a basement suite can be rented to someone else to help reduce mortgage costs, and they're one of the best properties for multi-generational homes. No matter the reason for adding a basement suite, it will need several permits required to make a legal basement suite in Calgary. Additionally, basement suites containing a kitchen and bathroom that were built before March 12, 2018, will require the same permits to bring it up to the most recent codes. Here's everything you need to know about the permits required for basement development in Calgary.

Examine the Scope of Your Basement Development Project

If a basement already has cooking and

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