July 2015 Calgary Real Estate Market Update
Dear Friends,
School is finally out and the long days of summer are upon us. The season is short and so the calendar is jammed packed with festivities galore throughout the city. Check out our eclectic guide to some of the hottest, upbeat and unique festivals in some of our city’s greatest parks and venues. While you’re enjoying the season, we invite you to consider a few budgeting tips when buying a home and to keep an eye on the latest local market trends by downloading our monthly reports below.
If you, your friends or family are looking to buy or sell real estate please keep us in mind. Your referral is the best compliment we can receive.
Jacquie Troughton / Zach Terlier
TNT Real Estate Team
RE/MAX Real Estate (Central)
Ph: 403-771-1336 / 403-708-6649
Email: [email protected]
Web: www.tntteam.ca
CALGARY MARKET REPORT
COSTS OF BUYING A HOME – PLAN YOUR BUDGET WISELY
There are many costs associated with buying your first home or your dream home. There are upfront costs and ongoing costs that you need to consider when planning your home-buying budget.
Upfront costs may include:
– Down Payment – This needs to be ready at time of purchase and its source to be verifiable by the bank.
– Initial and Additional Deposits – This is part of your down payment and has to be accessible when you’re placing an offer on a property.
– Home Inspection – Costs of a home inspection runs from $350 to $550 on average, but it can go up to $1500 for larger homes, acreages, and specialty houses.
– Condominium document reviews – When buying condo, having an independent professional to review your documents is really important. Costs vary from $350 to $550.
– Appraisal fees – This cost may be paid by the lender or bank, but in some cases you have to pay the cost again. Costs are between $250 and $550 and up for specialty homes.
– Mortgage Insurance fees – CMHC & Genworth fees are for mortgages with downpayments less 20%. This fee is added to your mortgage. You broker will advise you on the amount.
– Legal fees and disbursement – Legal fees vary from $1,200 to $1,500 and more. Fees are based on the price of the home and the size of your mortgage.
– Moving Costs – This is a hard one to estimate. It can range from a few hundred dollars by just renting a U-Haul to a few thousands by hiring professional movers.
Ongoing costs may include:
– Your Mortgage Payments – This can be in monthly, bi-weekly or weekly terms. The more frequent your payment is, the faster you are paying off your mortgage.
– Home insurance – Home insurance is based on the size of the house and several other factors.
Other regular fees include Property Taxes, Condo Fees, Utilities, Repairs and Maintenance.
CALGARY SUMMER MUSIC FESTIVALS
Calgary’s Summer Festival Scene rivals any other, with performers and artists embarking on our city each year to put on a great time. It wouldn’t be summer without checking out at least a couple of the events, and the sites, sounds and culinary adventures they have to offer.
Calgary Folk Music Festival July 23rd-26th
Revel in one of the ‘7 musical wonders of the world’ (Globe and Mail) at Prince’s Island Park. 76 artists from 16 countries on 8 stages in concerts and magical collaborative sessions. This year’s newcomers and mainstays include Jr. Gone Wild, Father John Misty, Esperanza Spalding, Buffy Sainte-Marie , Lucinda Willams and the Mavericks.
Afrikadey! 2015 World Music Festival Aug 5th – Aug 8th
A week-long celebration of the music, food, dance, theatre, film, literature and visual arts of Africa and her descendant cultures. These events take place at different venues all over the city with a final day of music on Prince’s Island.
Marda Gras Street Festival Aug 9th
Thousands of locals embark on a decorated Marda Loop to experience the culture and cuisine of New Orleans in a free, outdoor festival. With a kid’s zone, an entertainment stage with an eclectic line-up and local food vendors, this street party does not disappoint.
GlobalFest August 20th to 29th
Within GlobalFest is the OneWorld Festival, the Firework’s Festival, the Night Market and hundreds of thousands of people of different cultures coming together to celebrate the cultural diversity within Calgary’s communities. Cultural pavilions and countries present pyromusicals nightly in Elliston Park.
Carifest Aug 22nd
Calgary’s Carifest is a celebration of Caribbean culture. Immerse yourself in the culture by attending events such as gospel concerts, movie nights, cultural showcases, and parades. Plus the Sunshine Fest, which kicks off Carifest with music, food, and entertainment at Shaw Millennium Park.
