Kirby Cox's Calgary Real Estate Blog

Mortgage Stress Test: How Does it Effect You?

Starting on January 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) set a new minimum qualifying rate, or “stress test” for all prospective home buyers, even those with a down payment of over 20%.

Before the new rule, only buyers that had a down payment of less than 20% had to make sure they could pass a stress test. Now it doesn’t matter how much money you save for a down payment, if you don’t pass the new stress test, the bank will not give you a mortgage.

Under the new mortgage stress test, potential home buyers need to qualify for a mortgage at a rate that is either 2% higher than the mortgage rate they qualified for, or the Bank of Canada’s five-year benchmark rate.  For most, that will mean qualifying for a home…

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It's Community Association Awareness Month in Calgary

Did you know March is "Community Association Membership Month" in Calgary? It's the perfect time to learn about your community's association and all the great work it does for your neighbourhood, perhaps even getting more involved.

We're lucky in Calgary, that most communities in our city have community associations. Knowing about your community association and where it is located, can offer you a ton of opportunity to get involved in the neighbourhood you live.

What is a community association? 

Community associations are neighbourhood-based volunteer organizations providing support, and opportunities in recreation, education and social life. In Calgary, nearly 150 community associations even operate facilities and/or halls. The Federation of…

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Neighbourhood Spotlight: The Parks of Harvest Hills, Calgary

New Homes in Harvest Hills

Looking for a new home in an established community? At long last the new development, The Parks of Harvest Hills, is set to launch home sales on February 28th, 2018. This Harvest Hills real estate project is being constructed on the old Harvest Hills Golf Course and it is the first community by Cedarglen, with Quantum Place Developments as its development manager. When complete, The Parks of Harvest Hills will consist of approximately 200 new homes and about 500 condos and townhomes.

Harvest Hills: Modern Architecture & Affordable Pricing

This development presents an exciting opportunity for those owning homes in Harvest Hills looking to move up or downsize yet stay in the community. Prices for apartment style…

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It's Coyote Breeding Season: What you should know.

There has been an influx of calls to the City of Calgary regarding coyote sightings in northwest Calgary, and the City says this is because it is breeding season. 

Officials report that coyotes breed in February and March and their pups are born in April or May with litters of five to seven.

So what do you need to be aware of as a resident of this area?

"The important part for people to be aware of around this is that during mating season they can become more protective of their resources, their mates, and so it's a really important time for us to think about that and keep animals on leash." [CBC]

If you are a dog owner, you want to be more vigilant about keeping your dog close by when you are out in a park, or even if they are in…

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Where to check out YYC Hot Chocolate Fest in Northwest Calgary

During February, our city has one of the year's best festivals happening — YYC Hot Chocolate Fest! Cafes and restaurants all over Calgary create unique hot chocolate beverages, all vying for the coveted title of the city's best. But the best part is, all the proceeds go towards Meals on Wheels. 

If you are looking for a delicious way to spend the Family Day long weekend, here is where you can take in YYC Hot Chocolate Fest in northwest Calgary: 

• Euphoria Cafe 124, 5403 Crowchild Trail NW, the drink is 'Cirque du Chocolate'
• Famoso Neopolitan Pizzeria: 5149 Country Hills Boulevard NW, the drink is 'Nutella Mocha'
• Hexagon Boardgame Cafe: 1140 Kensington Road NW, the drink is 'Matcha Koro'
• Higher Ground Cafe: 1121 Kensington Road…

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Neighbourhood Spotlight: Noble in the University District, Calgary

The University District Calgary

Noble in The University District is a new townhouse and condo development currently under development at 32 Avenue NW, Calgary.  This exciting new project by Truman in Northwest Calgary is scheduled to be complete in late 2018. The University District is a collaboration of residential, retail and office buildings along with dining, shopping and entertainment venues all within a tranquil setting with spectacular views of the Rocky Mountains.  

Noble Condos & Townhomes: Contemporary Architecture & Affordable Pricing

With over 15 fabulously designed floor plans for one to choose from, Noble by Truman offers a perfect combination of versatility, sophistication, and affordable pricing. There are a wide variety of…

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How real estate is shaping up for 2018 so far

At yesterday's 2018 CREB Forecast, the sentiment from industry experts was that this year is expected to be much of the same trends from 2017 when it comes to housing. As the January statistics were released by CREB, we can see that this has so far been true for real estate in Calgary. 

With the new mortgage rules also in effect, January sales activity has remained relative to last year at this time, and we expect to see that trend continue. Here is a brief look at January 2018:

• Citywide unadjusted prices totaled $432,300 which is 0.25 per cent below last year.
• Homes prices between $300,000 and $399,999 saw an increase in activity
• Price declines were more pronounced in apartment and attached homes

This will be an adjustment to…

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A look at the new Rocky Ridge YMCA

As of earlier this week, northwest Calgary is officially home to the biggest YMCA facility in the world! The 284,000 square-foot facility opened its doors on Monday at 11300 Rocky Ridge Road NW, and it's an amazing addition to our city and the northwest quadrant. 

The new YMCA is incredible, and if you haven't had a chance to check it out yet, here is what you have to look forward to: 

• 8-lane 25-metre pool, wave pool with a waterslide, lazy river and hot tub
• One NHL-sized rink and one leisure rink
• Three full-sized gymnasiums
• Fully-equipped strength and conditioning centre, with functional training area and state-of-the-art equipment
• Four-lane, 180-metre indoor running track
• Indoor climbing wall
• Three fitness and activity…

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2018: The year of the condo buyer

This week, Royal LePage released their House Price Survey results, which showed many encouraging trends for real estate in Canada and Calgary. For instance, 2017 saw strong growth in the housing sector and looking forward in 2018, condos will be the ultimate choice for affordability. 

“To prospective homeowners in our largest cities, condominiums represent the last bastion of affordability,” said Phil Soper, president and CEO, Royal LePage. “This is especially true for first-time buyers whose purchasing power has been reduced by tightening mortgage regulations.” c

For the last couple of years, the condo market has been saturated, due to an influx of inventory. While this hasn't been overly favourable to condo sellers (though pricing is…

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Tips for selling your home in winter

If you currently have your home listed, or are thinking of putting it up for sale soon, don't let the cold weather turn you off from hitting the market. With a few simple tips, your home can be warm and inviting for all the prospective buyers in the marketplace this winter. 

• Take advantage of the holidays: curb appeal is an important part of peaking interest in your home before a buyer even steps inside, and this time of year offers extra opportunities to add to your exterior. Adding some Christmas decorations or a wreath on the door can add a cozy feel that will allow a prospective buyer to picture themselves living in your home. Not to mention, the red and green look stunning against that white blanket of snow!
• Make sure that fireplace is…

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