commercial feature a12 – A13 FREE aug 10 to aug 16 2012 issue 02-31 www.crebnow.com facebook.com/crebnow twitter.com/crebnow
Report reveals top lessons from firsttime homebuyers cody stuart
managing editor
W
hen it comes to purchasing a first home, buyers have regrets – mostly that they took so long to do it. In that sense, Bryan BackmanBeharry is your typical homebuyer. The 32-year-old Calgarian recently purchased his first home, a three-bedroom bungalow in the southwest community of Killarney, after renting a condominium in the downtown core. “I tend to be very cautious about major purchases, so I feel that I did sufficient due diligence and bought at a time that made financial sense for me,� he said. “I suppose my only regret is that I did not buy a house 10 years ago when they were much less expensive.� Judging by the findings of a new report from TD Canada Trust, BackmanBeharry is far from alone in his sentiments. According to the 2012 TD Canada Trust First Time Home Buyers Report, the top three lessons learned from new homebuyers included making a bigger down payment (60%), budgeting better (60%) and buying sooner (55%). According to Royal LePage, the average house price in Calgary has increased from $189,500 in 2002 to $429,000 in 2012. The top reasons home buyers give for deciding when to buy their first home is they tire of paying rent (48%), get a full time job (31%) or want to start a family and need more space (31%). Many first time buyers say if they could do it again, they would have bought sooner (55%), however 60 per cent also say they wish they would have made a bigger down payment (likely requiring more time to save). “After having rented a condo downtown, I decided it made more financial sense to be putting that money toward a mortgage and have something to show for it down the line,� said BackmanBeharry. “The Calgary housing market seems to be strong and improving every year, so I consider it a fairly safe investment.� Like Backman-Beharry, the majority of first time buyers in the TD report said they were looking for a detached home (54%), with condos coming in a distant second (18%).
cody stuart, Managing Editor
SINGLE FAMILY
Despite new mortgage rules, home prices steady in Alberta
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espite recent changes to the Canada Mortgage and Housing Corporation (CMHC) mortgage rules, prices in Alberta have remained “remarkably stable� according to ATB senior economist Todd Hirsch. “Lower inventory, along with increased sales, has led to this stronger than anticipated price gain (in Calgary),� said Hirsch referring to CREBŽ’s single-family benchmark price of $432,400 in July, a five per cent increase year-to-date.
*All statistics based on monthly data compiled by CREBÂŽ via MLSÂŽ activity.
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Cozy 1 bedroom condo, 10 min to Southcentre, just off Elbow Dr in Southwood. Payments with $6,750 down could be as low as $626 + condo fee $275 + tax, total, under $1000 per month, vacant, when you can own this great starter, just min walk to bus. MLSÂŽC3515918
Aggressively priced 1 bedrm, top floor condo in quiet 8 plex building. Sunny west facing, lots of natural light, & balcony. Minutes to LRT, Southcentre & all major shopping. Includes stove, fridge, hoodfan & micro & window coverings. Shows well. Immediate possession. Stall parking w/ plug-in. Low condo fee of $275. Includes heat, water, sewer. Extra secured storage. MLSÂŽC3530529