Home Buyer Resources
New to Calgary
ARE YOU NEW TO CALGARY? WE'VE PUT TOGETHER SOME HELPFUL INFORMATION TO GET YOU ACQUAINTED.
Not sure where to start? Ask US! We're Calgarians, and we know our city.
Let's face it, moving to a new community is a BIG deal and you're bound to have questions. Our promise to you is that you'll always have someone to talk to if you have any questions along the way. Feel free to ask as many questions as you want, as often as you need. Your Sales Manager is a walking wikipedia so go right ahead and pick their brains for information, insights, ideas and inspiration.
Located just east of the Rockies, Calgary is a big city with a small town feel. It has everything including a bustling economy, job opportunities, a diverse population, award-winning restaurants, entertainment, sports and outdoor recreation. Scenic mountains, rivers, lakes and open spaces make the Calgary a beautiful place to live, work and play.
As of the 2013 civic census, Calgary had a population of 1,149,552, making it the largest city in Alberta and the 5th largest Canadian city.
How To Get Around
The city is divided into four quadrants: NW, NE, SW and SE. The dividing lines are along Centre Street between the east and west, and Centre Avenue between the north and south (this line continues along the Bow River and Memorial Drive NE). Streets run north-south, and avenues run east-west. Most of Calgary's streets and avenues are numbered beginning at Centre and Centre.
So, you're thinking about buying your first home. What now? Here are a few steps to get you started:
1. Is Buying A Home Right For You, Right Now?
Maybe you already know you're ready, but if you don't there are a few things to consider.Buying a home is one of the biggest emotional and financial decisions you'll ever make. Prepare by learning about the process of home buying and the responsibilities of homeownership. As with many things in life, word-of-mouth is a great way to learn about things; talk to your friends and family who have already gone through the process.
2. Are You Financially Ready?
You've already got your deposit saved up, but if you haven't already gone through the mortgage pre-qualification process, you will need to meet with a lender or mortgage broker. They will establish how much of a mortgage you will qualify for based on debt load. Mortgage rates vary considerably and it is paramount that you shop around for the best rate, terms and options.
3. Which Home Is Right For You?
You have several options when purchasing a new home: a traditional single-family home, atownhouse, a condo, or a multi-family building. Each option has its pros and cons, depending on your homeownership goals, so you need to decide which type of property will help you reach those goals. Not really sure? Our sales teams have undergone extensive training in order to understand what our buyers are looking for in a home. Ask us! We're happy to help.
4. What's Involved In The Buying Process?
YOU FOUND IT! NOW WHAT?
Make an offer! If you've chosen to purchase a new home with us, your sales team will assist you with the details, and ensure you have all the information you need. Depending on whether you're building from the ground up, or have selected one of our quick possession homes, your timeline will vary.
Once your home is move-in ready, your next step is to book a mover, move in, and throw a party!
Visit the CMHC's guide for first time Home Buyer's for more information: www.cmhc-schl.gc.ca
Terminology and phrases utilized throughout the building process may not be familiar to you. We have listed common terms and phrases for your reference. If you require additional information or clarification, please contact your Area Manager, as they will be with you throughout the building process to answer any questions or concerns that you may have.
An overhang, where one floor extends beyond and over a foundation wall (e.G., at a fireplace location or bay window cantilever.) normally, not extending over 2 feet.
Costs in addition to the purchase price of the home, such as legal fees, transfer fees, utilities, interest adjustments, taxes, disbursements that are payable on the closing date.
The contractual date on which the sale of a property becomes final and the new owner takes possession.
Commitment Letter/mortgage Approval Letter
Written notification from the mortgage lender to the borrower approving the advancement of a specific amount of mortgage funds under specified conditions.
Conditional Offer/conditions Of Sale
A purchase agreement that is subject to specified conditions, such as, the arranging of a mortgage. There is usually a stipulated time period within which the conditions must be met.
Condominium (or Strata)
You own the unit you live in (e.G., high-rise, low-rise, or townhouse) and share ownership rights for the common areas of the building along with the development's other owners.
An outline of construction activity that guides sub-trades and suppliers in planning and coordinating their work throughout the four main stages of construction: excavation and foundation, framing to lock up, drywall and finishing.
A person responsible for overall construction of a home, including buying, scheduling, workmanship, and management of subcontractors and suppliers.
How attractive the home looks from the street. A home with good curb appeal will have attractive landscaping and a well-maintained exterior.
A meeting between the purchaser and the builder to review and confirm that work on your home is complete and satisfactory. It is also a period of orientation for your new home and its features. It may include detailed demonstrations of equipment as well as useful information on maintenance and upkeep.