Solid Advice for Condo buyers

Alberta's young population's first step into home ownership is often a condo. Condos are stylish, well located and a reasonable price. 

There is a lot to know about buying a condo because there are monthly fees and assessments that could (will) be looming in the future.

"Find out exactly how much you’ll be paying in condo fees and evaluate whether you’re getting good value for your money. Dig into the health of the reserve fund, because that’s a good predictor of whether you’ll be levied any special assessments if you buy. Ask if there are any claims or actions aimed at, or prompted by, the condo corporation. How much are your utilities? Who pays them?" Real Estate Matters Jump Here 

If you're in your condo for the long term there will be repairs and as the condo ages the cost of repairs increases. That's why the reserve fund is so important. Even new condos can have huge repairs and assessments like the one in Calgary. 

Your money will be well spent getting a condo document review to make sure there are no red flags in the finances of the complex you are buying into.

Some horror stories about assessments (Ontario) Here

Service Alberta Condo Tip sheet Here

Really good assessment information Here

1.65% Mortgage Rates

We have a few prime -x% mortgages, they are hard to find now, and we are seeing mortgage rates as low as 1.65%. This is historic people in my generation and probably all across the board have never seen mortgage rates this low. Ever.

For first time buyers there couldn't be a better time to buy. Alberta's market is about as soft as it's going to get. Though seasonal rises in prices are sure to be a factor, prices and sales are starting to increase. This is even truer for those who are able to invest in property. People are definitely seeing the silver lining to the economic cloud.

Many economist believe that the recession in Canada will start to reverse near the end of this year. I wouldn't expect prices to rise quickly but why not try to buy at the bottom of the market rather than in a rising one?

Vancouver- So Beautiful You Won't Mind Not Eating

If you live in Vancouver and think that 70% of your income is okay to spend on housing then don't read further. If you are worried about buying your first home then by all means Read This Article

Highlights Include:

*Finding a mortgage that feeds you, not eats you
*How to buy in the right area for maximum appreciation
*New trend of "Equity Sharing"