Yes. You read that right. Despite rising vacancy rates and Alberta struggling through a recession, the latest apartment rental report released by rentseeker.ca indicates that Calgary remains the most expensive city to rent one or two bedroom accommodations in Canada. According to the report, Calgary even beats Vancouver for the highest rental rates. That is absolutely mind boggling.
To break it down into some more area specific numbers, we took a look at the snapshot of the rental market happenings within the last year from rentfaster.ca - a popular site for Calgary and Edmonton locals to search out available rental properties within their areas.
rentfaster.ca - Market Overview
BASED ON THE SEARCH CRITERIA (2 -3 Bedroom, SE Calgary)
|Your search location: SE Calgary|
The vacancy rates in SE Calgary's rental market alone have risen throughout 2015 (in this specific search criteria, by 222 listings) and while the average prices have dropped by $284.00/month, that still leaves SE renters paying anywhere around $1,500.00/month for something in decent condition, and probably not including utilities.
THAT. COULD. BE. YOUR. MORTGAGE. PAYMENT.
A $365,000 home on a 25 year mortgage with a 5% down payment should equal a mortgage payment around $1,551** per month. HOW EXCITING IS THAT?
But - for the first time home buyer, single income family, self employed individual or someone who may be carrying debt, we understand that it may not always be as simple as the statement above. That's where the real pro's come in.
You need a Mortgage Professional! You need someone to walk you through the necessary budgeting, credit counseling and debt consolidation options. Someone who can look at your financial information and tell you exactly what you can afford at this moment, and help guide you through the process to reach your financial goals if they're higher.
Case in point: a client of ours was a single income, self-employed family, they knew what they could actually afford on paper wasn't that great. They also knew there was a good chance any bank would turn them away without a co-signer due to the self employment fact.
Sound familiar? It can get pretty disheartening. Their Mortgage Professional was able to guide them through the process and point out that it really wasn't as unattainable as they originally thought and with some additional planning and time, their home owner goals were completely achievable. Everyone has a different situation, so I'll spare the details on this specific case, but the point is this: Mortgage Professionals will see things that you don't even know exist in your finances. They will have plans and tips to offer to help you reach you financial goals when it comes to buying a home, and a GREAT Mortgage Professional will take all of the guess work and surprises out of the process.
We're lucky enough to work with one of the best in the business, and we refer her out to ANYONE who has questions regarding their home financing - because she's really that good. You can contact Shannen Lazorko HERE
In the mean time ...
Lets get excited about some of the best Home Buyer Specials in the South YYC market right now, shall we? We want to get you out of that ridiculously overpriced rental, and into a home that you can INVEST in.
Here is our list of the TOP HOMES IN SOUTH CALGARY, UNDER $370K
ATTACHED - NO CONDO FEES
**These numbers are subject to change based on available interest rates and amortization periods