My husband and I are planning to move to Calgary from Toronto after pandemic, this video is very informative and useful. Thank you for your effort and wish you more and more successful for your future work.
Thank you for the nice note 😀 If there is anything we can help you with let us know! We can send you valuable information about the city and renting if that's what you're doing first. Let us know by emailing Hello@LiveInnerCity.com. And if you are buying here are some tips to figure out how to choose the right home for you - th-cam.com/video/4f4-wg4_qFE/w-d-xo.html
Thanks for this very informative video. Videos like this are a HUGE help to new Alberta residence like us who are planning to buy a home in the not so distant future. Thanks for breaking things up in a clear, concise, and simple manner..
Thank you for watching Sam! We're glad that this has been informative and of help to you. Our goal has always been to help make ideas like these easy. If you have any further questions about buying a home in the future, feel free to email me or send a DM through Instagram. Best way to connect. Thanks for supporting us! We'll keep bringing you content that are HUGE like this one. Have a good day, Sam!
Did you like today's video? Let me know if you saw something you didn't expect! Want more TIPS on buying a home - th-cam.com/play/PLXftS7_nxZRRuELQXfS3V9_yzntaZQCHi.html CLICK HERE for Calgary Condo Tours - th-cam.com/play/PLXftS7_nxZRQeH4GMQxQ5QUQw85WgVSJA.html
Hey Ashleigh! I will definitely add this topic to my list! Yes, a new immigrant with PR can't get a mortgage, the rates will be the same as a Canadian but will require a few extra documents. Make sure you have 2 Active credit cards as lenders look for two credit lines for two years (not a strict rule but with PR status you can provide other sources of credit)
One minute in and already can’t handle all the cut-aways to stock footage, sound effects, and icons popping up on the screen. Hope I can make it through the next 8 min.... 😒
can you mention how much would be the appraisal fee, and also what i learned was we have to pay the seller the remaining property tax for that year which they have paid in advance and it is kind of a hidden expense most of the time. Good video
@raj4all2007 - An appraisal fee is around $315 (gst included) . I wouldn't say the property taxes are a hidden expense if prepaid as it's a cost one must pay, however one should always know about it as that could add a few hundred or a few thousand onto the funds required upfrontl. When putting less than 20% down, the mortgage default insurer (like CMHC, Genworth, or Canada Gauranty) will usually ask to see the buyer has up to 1.5% of the purchase price for closing costs to pay for such expenses. Thank you for your comment friend! :)
@ThoughtProcess - Perfect, good to know we nailed it! Here is another video on how to choose the right home - th-cam.com/video/4f4-wg4_qFE/w-d-xo.html Which city are you in my friend?
@Tory - Great question! This can only be answered if you knew what the expenses of the condo were. On a high level, you'll find the information in the financials, then you'd have to cross reference that info with the Reserve Fund Study to ensure the cash reserves are on track as per the study. Hiring a condo doc review specialist will help you figure all these things out so you don't have to!
Hey Fan, thanks for letting us know that this was valuable to you. We are very sorry to hear about your experience. We've made it a point to keep improving and we hope this has not deterred you from checking out our other tips! We hope you enjoy some of our newer content! Let us know if there are points for us to improve on! Thank you.
@King Tut Hi! The land survey here is called the Real Property Report (RPR) and that is required for all single-family homes (properties that are not condominiums). To get an update is around $450 and for a brand new one is around $850. Hope that helps!
You're welcome, Ana! That's good to hear! We'll see you until then. Keep in touch with us by filling out this form bit.ly/ContactLiveInnerCity so we can keep you posted on everything you need to know about buying in Calgary. Keep safe and see you soon!
Hi Wilson! Yes, you can. You can email me at felixchan@liveinnercity.com so we can discuss what you need to do to buy condo units in Calgary! Thanks for watching our video my friend.
@Lisa - the first step is to get a preapproval and determine what you qualify for - our mortgage team can help you. Once we know that then we need to determine what your investment objectives are and we can take it step-by-step from there. Feel free to give us a shout, we recommend doing this sooner than later as detached home prices I increasing every single day (AND interest rates!)
Yes, since these are your due diligence items, they would be your cost as the buyer. Sometimes some builders will have their own lawyer and mortgage teams and can opt to use them to save on cost. That being said, it is never a bad idea to have your own independent representation. Hope that helps!
rent to owns are all scams. don't believe anyone that tells you otherwise. Save a down payment or use a program like attainable homes. Do not do rent to own you will regret it.
Hi to you and thanks for your tips And I am foreign guy with my wife and I would like as a small home not more than 125 thousand cad with a small garden not far from the city in nice community and a good neighborhood And buy it as cash What is the monthly expense do I need And thanks for vedio
Hello, Ali! Thank you for your support. Love the vision you have for you and your wife's home. If you'd like to know your monthly expenses and other things you need to worry about, kindly email me at felixchan@liveinnercity.com I'd be happy to discuss all these with you. Thank you for supporting!
You do not need to get an appraisal, that is totally up to you unless there's something else there, the lawyer fee with a good friendly lawyer on an average 500k house you won't be paying more than 1200$ , if you pay more than 20% the mortgage insurance it is not mandatory, the real estate fee will be charged to the person that sells the property not the buyer, you do need insurance cause the bank is likely to request a copy of it and it won't be more than average 120-140 per month with a good insurance... I feel there's a bit of lag in info here.
I had to have an appraisal. No way around it. Of course if there was a choice I wouldn't have done it but no choice. To get the mortgage it was mandatory. Also, they did say the same thing about insurance and 20% plus down payment so unsure why you are stating the same thing again.
@@canadianjatti you need an inspection done, you can get one done even from a private and it doesn’t have to be from the bank, i have 3 properties and never had to get an appraisal for my mortgages
I am a 68 year old single guy, and want to buy a house in North West Calgary with 50% down payment. Remaining 50% will be mortgaged. Do I have to pay monthly mortgage insurance on top of my regular mortgage payment? If so, How much per month?
@Ramesh There are two types of insurance. 1 - Mortgage default insurance (required when you put less than 20% down) and 2 - Home insurance. Since you're putting 50% down, there will not be a need for default insurance but home insurance will always be required. Not sure what your income is but if you are retired and living off pension income, it may be tough to qualify. If that's the case, you could look into a reverse mortgage where you don't have to make any payments. Feel free to call me (Felix) if you'd like to know what your mortgage options are, and how best to choose the right type of home for you. There are a lot of considerations and I can help you discover what those are
@@LiveInnerCity I still have a fulltime Job, making about $75K/yr, not yet collecting any pension, waiting to be 70 before I start collecting,. Also I will continue working for next 10 years. So, How does my situation look now?
@Rakesh sounding great, however income is only one part of it, would need to look at the overall picture and consider liabilities and credit. It's definitely worth a chat, call me? 403.460.4838 or email me at felixchan@liveinnercity.com
Jerry, that is a great question! Calgary does not have Foreign Investment Tax. Beyond that, we do not have a provincial nor a municipal Land Transfer Tax. All in all, this saves you $1000s in fees and taxes. Where are you from, Jerry?
@@LiveInnerCity a few years only. I don’t have relatives, friends in Calgary. We are planning to relocate. Actually I tried to search homes from your com site, but seems… it requires to subscribe for the listings. So, I found a referral website for Calgary realtor to help me out. We should attempt to submit an offer this week. Hopefully, we can make it. May I ask your opinion: if the target houses in 3 areas (Oakridge, Evergreen, Panorama Hills) are more or less the same price but Oakridge house has no garage, the price of Panorama’s 10% lower, smaller in size and 1 bedroom less, which one will you prefer in terms of child (elementary) education, neighbourhood and the security?
Hi @Rakesh without knowing your debt load, credit score, and what you want to qualify for, I can't tell you. The best thing to do is contact me directly at 403.460.4838 or FelixChan@LiveInnerCity.com. Give me a call and we can chat about the specifics of your situation and see what the possibilities are 😉
Hey Norman! You can send me a message here contact.liveinnercity.com/message so that our team can assess what you can buy with $120k a year! Let me know that you came from TH-cam. Looking forward to hearing from you soon!
Hi Wilerkis! Thank you for watching and for your input. We strive to do better and we hope you check out our latest videos. Thanks for dropping by! Would you like an updated version for 2021?
Hey all! Here's an updated video for 2023! Check it out here --> th-cam.com/video/Bw1-vm3sZXY/w-d-xo.html
My husband and I are planning to move to Calgary from Toronto after pandemic, this video is very informative and useful. Thank you for your effort and wish you more and more successful for your future work.
Thank you for the nice note 😀 If there is anything we can help you with let us know! We can send you valuable information about the city and renting if that's what you're doing first. Let us know by emailing Hello@LiveInnerCity.com. And if you are buying here are some tips to figure out how to choose the right home for you - th-cam.com/video/4f4-wg4_qFE/w-d-xo.html
Thanks for this very informative video. Videos like this are a HUGE help to new Alberta residence like us who are planning to buy a home in the not so distant future. Thanks for breaking things up in a clear, concise, and simple manner..
Thank you for watching Sam! We're glad that this has been informative and of help to you. Our goal has always been to help make ideas like these easy. If you have any further questions about buying a home in the future, feel free to email me or send a DM through Instagram. Best way to connect. Thanks for supporting us! We'll keep bringing you content that are HUGE like this one. Have a good day, Sam!
Did you like today's video? Let me know if you saw something you didn't expect!
Want more TIPS on buying a home - th-cam.com/play/PLXftS7_nxZRRuELQXfS3V9_yzntaZQCHi.html
CLICK HERE for Calgary Condo Tours - th-cam.com/play/PLXftS7_nxZRQeH4GMQxQ5QUQw85WgVSJA.html
Awesome info...Felix...you are handsome, smart and fully equipped with right knowledge. Thanks dear
Hey Rachna its Felix! vid.us/srzacg
Great video Felix! Truly helping people in the city learn how to do things right
Thanks Mike!
Thanks buddy.. When I type Calgary homes, you come up first and you’re informative
That's awesome! Glad you found the information useful! What was the reason you looked up Calgary homes?
@@LiveInnerCity I just bought one and looking to legalize the secondary suite. Thanks for your videos. It’s helpful
Can you make a video of buying a house without a mortgage. And also can a new immigrant with PR get a mortgage?
Hey Ashleigh! I will definitely add this topic to my list! Yes, a new immigrant with PR can't get a mortgage, the rates will be the same as a Canadian but will require a few extra documents. Make sure you have 2 Active credit cards as lenders look for two credit lines for two years (not a strict rule but with PR status you can provide other sources of credit)
This guy just figured out where to download sound effects? FWOOP SWISH CHA CHING BOINGGGG
Great thank you
One minute in and already can’t handle all the cut-aways to stock footage, sound effects, and icons popping up on the screen. Hope I can make it through the next 8 min.... 😒
These were great tips. Thanks for breaking in down. I’m in Ontario. So some similarities. But interesting to know how things are in Alberta.
@Tory Yea every province is different, we are lucky that we don't have a land transfer fee!
I appreciate this so much 🙌🙌🙌
Glad its helped @Roger! If you need our team to help you buy something in Calgary or Edmonton let us know! hello@liveinnercity.com
Thanks for sharing! Nice video
Thanks for watching! Appreciate it!
can you mention how much would be the appraisal fee, and also what i learned was we have to pay the seller the remaining property tax for that year which they have paid in advance and it is kind of a hidden expense most of the time. Good video
@raj4all2007 - An appraisal fee is around $315 (gst included) . I wouldn't say the property taxes are a hidden expense if prepaid as it's a cost one must pay, however one should always know about it as that could add a few hundred or a few thousand onto the funds required upfrontl. When putting less than 20% down, the mortgage default insurer (like CMHC, Genworth, or Canada Gauranty) will usually ask to see the buyer has up to 1.5% of the purchase price for closing costs to pay for such expenses. Thank you for your comment friend! :)
Amazing video. Thank you for this I’m looking to purchase a home soon and this video summed up many things I was looking for. Love it!
@ThoughtProcess - Perfect, good to know we nailed it! Here is another video on how to choose the right home - th-cam.com/video/4f4-wg4_qFE/w-d-xo.html
Which city are you in my friend?
FIRST OF ALL DON'T BUY FROM A REAL ESATE COMPANY
Thanks for the great video. For the reserve fund. How much money should be in there?
@Tory - Great question! This can only be answered if you knew what the expenses of the condo were. On a high level, you'll find the information in the financials, then you'd have to cross reference that info with the Reserve Fund Study to ensure the cash reserves are on track as per the study. Hiring a condo doc review specialist will help you figure all these things out so you don't have to!
This video is over edited with unnecessary noise and cuts that it's almost hard to focus on the important content. But overall great tips, thanks.
Hey Fan, thanks for letting us know that this was valuable to you. We are very sorry to hear about your experience. We've made it a point to keep improving and we hope this has not deterred you from checking out our other tips!
We hope you enjoy some of our newer content! Let us know if there are points for us to improve on! Thank you.
This is a great channel with great content! Keep up the good work!
@@fanfav870 Appreciate it, my friend! We will continue to strive for the very best and never stop. Hope we can see more of you in the future!
No bullshit, straight on point. Really good video
Thanks @singh! 👍
How about the land survey , do you need one for a private home?
@King Tut Hi! The land survey here is called the Real Property Report (RPR) and that is required for all single-family homes (properties that are not condominiums). To get an update is around $450 and for a brand new one is around $850. Hope that helps!
great video. slow down with the sound effects though. a bit too much to handle. lol
I agree.
But good content nonetheless.
Thank you for your input Sameer, we are working on giving you the best content! Thank you for supporting us! That means a lot. We'll take note of it.
@@KenneyErima Thank you for your input as well Kenney! We'll work on getting better at editing our videos. 😊
@@KenneyErima That's good to hear, Kenney. We are happy! Would you like to see more content like this? Let us know. Thank you!
Thank you for your good information.we are sure buyer .so see you after this covid problem.fr ana of toronto...
You're welcome, Ana! That's good to hear! We'll see you until then. Keep in touch with us by filling out this form bit.ly/ContactLiveInnerCity so we can keep you posted on everything you need to know about buying in Calgary. Keep safe and see you soon!
Hi Have a good day, A foreigner can buy a Condo Units. Thank you
Hi Wilson! Yes, you can. You can email me at felixchan@liveinnercity.com so we can discuss what you need to do to buy condo units in Calgary! Thanks for watching our video my friend.
I live in BC and I'm looking for a rental property in Alberta. Do you have any suggestion for area or investment opportunities?
@Lisa - the first step is to get a preapproval and determine what you qualify for - our mortgage team can help you. Once we know that then we need to determine what your investment objectives are and we can take it step-by-step from there. Feel free to give us a shout, we recommend doing this sooner than later as detached home prices I increasing every single day (AND interest rates!)
This video was just packed with so much great info !
@Darren Glad it was helpful!
Thank you for making this video!
Thank you, Robyn! Appreciate the support!
Explained very well 👍
Do all the resources like lawyer, inspection etc. need to be engaged by buyer?
Yes, since these are your due diligence items, they would be your cost as the buyer. Sometimes some builders will have their own lawyer and mortgage teams and can opt to use them to save on cost. That being said, it is never a bad idea to have your own independent representation.
Hope that helps!
Great info in this video!
Great to hear Martin!
Anything can you help with rent to own home ownership planning to move to calagary in January
rent to owns are all scams. don't believe anyone that tells you otherwise. Save a down payment or use a program like attainable homes. Do not do rent to own you will regret it.
Hi to you and thanks for your tips
And I am foreign guy with my wife and I would like as a small home not more than 125 thousand cad with a small garden not far from the city in nice community and a good neighborhood
And buy it as cash
What is the monthly expense do I need
And thanks for vedio
Hello, Ali! Thank you for your support. Love the vision you have for you and your wife's home. If you'd like to know your monthly expenses and other things you need to worry about, kindly email me at felixchan@liveinnercity.com
I'd be happy to discuss all these with you. Thank you for supporting!
What about GST?
GST is 5% in Alberta! Hope that helps.
You do not need to get an appraisal, that is totally up to you unless there's something else there, the lawyer fee with a good friendly lawyer on an average 500k house you won't be paying more than 1200$ , if you pay more than 20% the mortgage insurance it is not mandatory, the real estate fee will be charged to the person that sells the property not the buyer, you do need insurance cause the bank is likely to request a copy of it and it won't be more than average 120-140 per month with a good insurance... I feel there's a bit of lag in info here.
Thanks Alessandro - some incorrect information in your comments but we hope that you had a great real estate experience!
I had to have an appraisal. No way around it. Of course if there was a choice I wouldn't have done it but no choice. To get the mortgage it was mandatory. Also, they did say the same thing about insurance and 20% plus down payment so unsure why you are stating the same thing again.
@@canadianjatti you need an inspection done, you can get one done even from a private and it doesn’t have to be from the bank, i have 3 properties and never had to get an appraisal for my mortgages
Loved the video but please turn down the volume on your transitional effects lmao, almost went deaf
@Bradley - Yes lol growing pains. Thank you for letting us know, our videos should be better now! 😀
I am a 68 year old single guy, and want to buy a house in North West Calgary with 50% down payment. Remaining 50% will be mortgaged. Do I have to pay monthly mortgage insurance on top of my regular mortgage payment? If so, How much per month?
@Ramesh There are two types of insurance. 1 - Mortgage default insurance (required when you put less than 20% down) and 2 - Home insurance. Since you're putting 50% down, there will not be a need for default insurance but home insurance will always be required.
Not sure what your income is but if you are retired and living off pension income, it may be tough to qualify. If that's the case, you could look into a reverse mortgage where you don't have to make any payments. Feel free to call me (Felix) if you'd like to know what your mortgage options are, and how best to choose the right type of home for you. There are a lot of considerations and I can help you discover what those are
@@LiveInnerCity I still have a fulltime Job, making about $75K/yr, not yet collecting any pension, waiting to be 70 before I start collecting,. Also I will continue working for next 10 years. So, How does my situation look now?
@Rakesh sounding great, however income is only one part of it, would need to look at the overall picture and consider liabilities and credit. It's definitely worth a chat, call me? 403.460.4838 or email me at felixchan@liveinnercity.com
Hello, does Calgary have any home-buy tax for foreigners?
Jerry, that is a great question! Calgary does not have Foreign Investment Tax. Beyond that, we do not have a provincial nor a municipal Land Transfer Tax. All in all, this saves you $1000s in fees and taxes. Where are you from, Jerry?
@@LiveInnerCity thanks for your reply. I’m originally from HK but have lived in Canada for years
@@Jerry-wo2ri No worries, Jerry! How are you enjoying Canada so far?
@@Jerry-wo2ri Also, did you move here prior to 1997? Many of our relatives from HK landed in Canada during that time of increased immigration.
@@LiveInnerCity a few years only. I don’t have relatives, friends in Calgary. We are planning to relocate. Actually I tried to search homes from your com site, but seems… it requires to subscribe for the listings. So, I found a referral website for Calgary realtor to help me out. We should attempt to submit an offer this week. Hopefully, we can make it. May I ask your opinion: if the target houses in 3 areas (Oakridge, Evergreen, Panorama Hills) are more or less the same price but Oakridge house has no garage, the price of Panorama’s 10% lower, smaller in size and 1 bedroom less, which one will you prefer in terms of child (elementary) education, neighbourhood and the security?
I am 69 and want to buy a house in Calgary Area, with $300,000 down payment. Do I qualify for Mortgage with $70,000/yr income? Also Insurance cost?
Hi @Rakesh without knowing your debt load, credit score, and what you want to qualify for, I can't tell you. The best thing to do is contact me directly at 403.460.4838 or FelixChan@LiveInnerCity.com. Give me a call and we can chat about the specifics of your situation and see what the possibilities are 😉
Go out of town and buy one for cash
What can i buy on earning 120k a year
Hey Norman! You can send me a message here contact.liveinnercity.com/message so that our team can assess what you can buy with $120k a year! Let me know that you came from TH-cam. Looking forward to hearing from you soon!
Get rid of them pop up sounds
Hi Wilerkis! Thank you for watching and for your input. We strive to do better and we hope you check out our latest videos. Thanks for dropping by! Would you like an updated version for 2021?