Albi Custom Home - So Many Decisions – We are Prepared

Signing off on Kitchen Cabinets

So Many Decisions – A Lot of Work

The decisions we must make are numerous but I guess that's what a custom-built home is all about. Nancy even has to take a few days off work to accommodate all the meetings with people who have different areas of expertise. The budget for upgrades is $28,500 which is built into the cost of the house but we know that we are going to go over. We sign off on: Appliances, Cabinets ($18,000 extra), Interior Selections, Carpet, Flooring, Moldings, Baseboards...just a hundred things to think about right down to door knobs, mud room and even coat hangers. Instead of hardwood flooring we choose a luxury vinyl plank, cheaper and more durable for the kids.

Not Looking Forward to All the Meetings. Why?

The meetings we have at suppliers and at the 'Galleria' at Albi Estates are numerous. The emails back and forth are in the hundreds. Some of the choices we make seem small, like square sinks for the vanities instead of the usual tiny round ones because we like the look and find them more functional, but they all cost money and add up quickly. At the galleria interior selections appointment #1 with Deborah the interior designer, we choose plumbing fixtures, some of the flooring and many other choices. A portion of our upgrades is about $3,500 for the high-end Delta plumbing fixtures. Deborah is fantastic and we leave the meeting feeling pretty good. For shelving and mirrors we go to three meetings and go over budget by about $3,500. Some meetings are easier than others. I am nervous about the upcoming Lighting meeting.

Going to the Lighting Meeting Prepared but – Still Nervous

We go to Cartwright Lighting nine times in total. Lighting is one thing that you can really let get out of hand and we want to make the right choices.

Josh's Diagram

Josh, a sales rep at Cartwright Lighting makes a diagram during the meeting to help us design a custom dining room fixture. He is great and he answers all of our questions. In fact he has a system that he follows to help home owners step by step with the lighting of the 'whole' home. We figure on three pendants above the kitchen island instead of pot lights. The budget the builder gives us is $3,800 but we went over by $2,800 including one fixture that cost over $1,000 for the stairs. We are quite happy and think we are doing a great job of balancing budget with style.

Lots of decisions have been made – A Major Education

The thing about the meetings is that it's great to have all these choices to make it a dream home, but then later you wonder if you made the right choices. We are only human after all. I can certainly say that it has been an education, learning about all the different aspects that go into the design of a house. It can be very overwhelming! Doing a lot of research before and keeping a budget in mind when going into each meeting can really make things easier.

...still more meetings to come and the building is delayed yet again...

Thinking about a dream home? Please give me a call 403-680-4479

Trials and Tribulations of Albi Custom-built Home

Still Waiting...Longing for Our New Albi Home

Trials and Tribulations of Albi Custom-built Home

The Delays Begin. Are We Disappointed? Very!

We are supposed to be at the drywall stage by three months. This doesn't happen, not by a long shot. We leave the Albi scheduled meetings very frustrated and feel the area manager is not cooperative. Friends and family tire of hearing about our complaints. Things, like fireplace, and kitchen cabinets keep changing from what we were promised and as what was in the Show Home. First some things are standard then they are not. We have pictures and proof with the emails. The area manager begs to differ. Things rotate one way then another. We are confused. We drive by the site...just because...longing...

New Area Manager Assigned to Us

After many complaints, phone-calls and emails back and forth, and months delay we put our foot down. We have a meeting with an Albi supervisor. He gives us a sympathetic ear and with all the emails with plans and specifics on record he takes the time to analyse our frustration. A few days later, he calls and says that he completely understands our dissatisfaction with the company's service to date. He tries hard to make things right and offers us some satisfaction towards what we have been expecting in regards to upgrades.

Also we now have a 'new' area manager. His name is Brian and his assistant is Julia.

Better Treatment

The Albi Estate 'team' are awesome. We are immediately treated better. We put down another 10 % deposit. To be fair to the previous area manger, the suppliers of some standard offerings changed, for example cabinet handles and countertop options. Previous orders are delayed from the original factory suppliers so new ones are found. We make compromises and more upgrades.

Months Fly by When Having Fun

We now have meetings about fun stuff like lighting and flooring. We keep our budget in check but are excited about our new options. We tell family and friends about the pleasurable experience of a custom build home...really! The rental unit design is shaping up. I'm glad I stuck to my idea. It will be an attached but separate entrance custom-built rental unit. I figure in ten years time, the extra cost will pay for itself. But...there are still more delays. You have got to be kidding me.

Are you thinking of a custom-built home? Call 403-680-4479

Our Big Decision? Albi – Riverstone!

A Big Decision

Custom Built Home – Our Big Decision? Albi – Riverstone!

We are Ready

We have outgrown our home. With a nice, normal-size-but-kids-growing family we need more space. Our kitchen is very small with just the four of us using it. We like to entertain, dinner parties etc...so...with a crowd we bump elbows. But do we need a custom home? Why not? We both have good jobs with a future. My partner, Nancy is a teacher and I am a Real Estate agent. This is my third home. So why not treat ourselves to a dream home?

We Want the Best We Can Afford

We want the best. We are into comfort, modern appliances, luxury-size rooms and custom details. Albi Home Builders provide us with this dream opportunity. We are excited. We tour the Albi Show Home many times over the Christmas Holiday Season. We bring friends and family members to weigh in. The kids have fun running around the big environment, content with the space and feel perfectly at home.

 The 'Future' Back Yard

Only a Realtor Knows the Right Questions to Ask

As realtor with over ten years experience to draw upon, I know the questions to ask. Many homeowners buy and sell many times over the course of their life-time. Some upgrades are worth the money but some are only an extravagance. What are the best features to add to a custom-built home? One of the main upgrades that I want, knowing the Calgary rental market and its income potential, is a guest place or rental potential.

Promise of a Quick Build- Not!

With their high standards in building (many building and design awards) and promises of a quick build, we lay down the 10% deposit. We decide on a corner lot. Real Estate experience has taught me that this is one of the better future selling-point features. We are assigned an area manager. So far...so good. We expect to have many meetings regarding progress, any questions we may have and ideas about upgrades etc... I ask about the rental unit addition. Hmmm...they don't, as of yet, offer this. I look into the bylaws and persevere with the area agent. This takes time to sort out. Good idea? Maybe. Stayed tuned...

Thinking about investing in a custom built home? Please give me a call, Chris 403-680-4479

A New Home for the Holidays

A New Home for the Holidays

Homebuyers - Rushing to get into Market

Canadians are in a rush. An economics strategist, Benjamin Reitzes, at the Bank of Montreal has stated that there is an upward trend in household debt. It may be because homeowners are aware of a change coming. Rietzes believes what is pushing the debt trend is homebuyers rushing to get into the market ahead of the new OSFI rule.

New Rule for Home Buyers Comes into Effect in January of 2018

The Office of the Superintendent of Financial Institutions (OSFI) has established a new minimum qualifying rate, or "stress test," for borrowers making a down payment of more than 20% of the home's value. Previously, stress test requirements only applied to insured mortgages (those with down payments of less than 20%) and most variable mortgages and terms less than five years.

Stress Test Rule for a Prudent Regime

The stress test requirement means that buyers with uninsured mortgages need to prove that they can afford payments based on the greater of the Bank of Canada's five-year benchmark rate (currently 4.89%) or their contract mortgage rate plus two percentage points. According to Superintendent, Jeremy Rudin this will reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada."

Time to Buy a Home?

From most perspectives, a home is one of the best purchases worth going into debt for. Do you have questions? Do you need help to figure out what to do next? Give Chris a call 403-680-4479

Affordable Cities - Calgary Ranks 4th World-wide

Affordable Cities - Calgary Ranks 4th World-wide

According to the latest Affordability Index Report, 7 out of the 10 most affordable global cities in terms of home prices are in North America. What was also revealed by the report from Bloomberg Global City Housing is that 3 of these cities are in Canada.

General Rule of Thumb

Based on a general rule of thumb among mortgage lenders, people should spend no more than 28 percent of their net income on their cost of housing. In Canada, Calgary remained the most affordable housing market and the 4th most affordable worldwide, with an average of 40.5% of monthly income going to housing costs.

The Bloomberg Index

The Bloomberg index uses calculations based on the affordability of buying or renting in city centers and suburbs. These rankings are based on self-reported data, including mortgage interest rates and net salary, which are compiled by Numbeo.com, an online database of city and country statistics.

The second least expensive Canadian market and the 6th least expensive globally, was Ottawa with the proportion at 46.1%. The third was Montreal and it was 7th most affordable worldwide at 46.9%.

Least Affordable is Vancouver

The least-affordable metro area in both Canada and the U.S. is Vancouver due some say to the steady influx of foreign cash. It is believed to have caused a surge in housing prices, in turn pushing most domestic buyers out of the market.

Calgary- 5^th Most Liveable City

Also this year, Calgary was rated again as the fifth-most liveable city in the world, according to The Economist. The international magazine's annual Global Liveability Report gave Calgary a score of 96.6 out of 100. It maintains its rank from the previous year on the list of 140 major cities that are evaluated annually. Another organization called The Calgary Economic Development is using this information to promote Calgary. The Board of Directors of this not-for-profit corporation has stated that Calgary isn't just a city to make a good living; it's also a city to make a great life.

For more information and/or to book an appointment give Chris a call 403-680-4479

E-mail: chris@yourhomeinalberta.com Website: http://www.YourHomeInAlberta.com

Calgary Could be the Next Hot Spot!

Calgary May be Next

Calgary Next Hot Spot for Foreign Buyers? Maybe!

To Foreigners Calgary Real Estate Looks Like a Good Buy

The Real Estate Market in Alberta and that of Calgary’s in particular, could soon see an upswing. Foreigners do not face an extra 15 per cent tax unlike non-residents who buy homes in Vancouver and Toronto. Calvin Buss, President of Buss Marketing in Calgary says. "I do think that foreign investors who want to invest in Canada will shift to Calgary, lured by the most attractive returns in the country."

The Economy is Slow to Climb – But...

Alberta's economic health after a steep downturn is still crawling its way back up. As a result, property prices are cheap compared to other regions in Canada. Unlike in Toronto and Vancouver, where foreign investment is seen by some as a malicious influence driving up house prices, some in the real estate business believe that a few more offshore buyers could be beneficial.

Surprise! - Calgary Up Over All

An oil price crash and an unemployment rate that rose to nine per cent last year has not caused the residential real estate market to collapse, as some thought. Sales in Calgary and Edmonton have dropped and prices are somewhat soft yet, year-over-year, the Teranet-National Bank House Price Index confirms that Calgary is up one per cent over-all.

Foreign Investment Welcome

When speaking about foreign buyers, Todd Hirsch, chief economist at ATB Financial has stated that, "They’d actually be welcomed here in Alberta." It's not only cheap prices compared to Toronto and Vancouver. Studies show that, $300,000 will buy you 926 square feet in Calgary but only 520 and 339 square-feet in Toronto and Vancouver respectively. But it's also about the dollar. Foreign investors usually deal in U.S. currency, and the low Canadian dollar makes that cash stretch even further.

Foreigners May Boost up the Real Estate Sector

Hong Wang, a real estate agent in Calgary has said that, "Our market needs support from foreign money." After Vancouver's off-shore tax, Toronto's housing market shot up. This demonstrates how fluid foreign investment can be. Toronto's offshore buyer tax shows how it has cooled house prices. What's next? Will Calgary's house prices shoot into the stratosphere over the ensuing months or years?

Give Real Estate Professionals a call. Talk to Chris @ 403-680-4479

Red Hot Housing Market for Calgary - 2017?

No! Small Growth Expected for Calgary

Unlike the Vancouver and Toronto Real Estate Markets, which have seen major price jumps for homes, Calgary is not expected to see this type of volatility. According the 2017 outlook from the Calgary Real Estate Board, house prices aren't expected to grow by a significant amount this year.

Rise Expected but Not Much

CREB's report stated that, "After falling by 3.2 per cent in 2016, prices for detached homes are projected to rise by 0.8 per cent by the end of 2017. Attached homes, meanwhile, fell by 4.1 per cent last year and projected to increase by 0.5 per cent.

Not a Buyers' Market in 2017

David Brown, CREB president said he doesn't expect buyers to have their pick of price-reduced properties across the board. "There are still some good deals in the market but you're probably not going to see dramatic prices drops as we maybe have seen in the previous years."

Balanced Conditions

Chief economist for CREB, Ann-Marie Lurie, said last year was "a buyers' market, for sure" in Calgary but that is expected to start shifting, particularly in the latter half of 2017. "What we're expecting is we're going to see it gradually shift into more balanced conditions."

Time to Buy into the Condo Market

While there is a modest price increase projected for homes, condo prices are projected to fall by another two per cent, according to CREB. "In the apartment-style condos, you may still see some deals available, but everything else is going to stabilize."

There is Risk and Uncertainty on the Horizon

CREB cautions that numerous risks may affect the housing market in 2017, notably oil prices maintaining an average $50.66 per barrel, mortgage decisions by the Bank of Canada and the uncertain impact on the Canadian economy with respect to the election of U.S. president Donald Trump.

Need some help sorting out the risks? Give Chris a call #403-680-4479