The new down payment rules are in full effect. Those purchasing homes above $500,000 will be required to put 10% down on any additional amount above $500,000. Home buyers who purchase homes below $500,000 will see no change. Homes above $1,000,000 require 20% down payment. This is a much better solution than the minimum 10% down payment to $1,000,000 that was under consideration.

While this might sound like a significant change, less than 1 in 10 first time homebuyers in Canada purchase a home valued at more than $500,000 and a substantial amount of those buyers put more than 5% down.

So who does it affect? It’s targeted at buyers in larger Canadian cities like Toronto and Vancouver. Our government appears to be trying to slow down the real estate market in larger cities and manage their risk regarding CMHC insured mortgages. The Canadian Real Estate Association (CREA) confirmed that real estate prices across the country have risen 18% year over year but if Vancouver and Toronto were removed, the increase is at a more sustainable rate of 5.4%.

Lenders are gearing up for the spring market with competitive rates and real estate inventory is beginning to grow in Calgary.

This is a great time to make a change and move up in Calgary, after 26 years of selling real estate in Calgary what I do know is this market is not permanent and times will change.

Now is a great time to move up!

Life is exciting for the bold.

Call or email me today.

Brian Currey

brian@calgaryhomesales.com

www.calgaryhomesales.com

Re/Max Realty Professionals

#10 6020 1a Street SW

T2H 0G3

Phone: 403-259-4141

Ifax: 403-592-6617

Privacy Walls:

There have been instances where the City has refused Compliance because of the lack of a privacy wall!  Yes, the City insisted that a Privacy Wall be constructed prior to granting Compliance!

-Semi-detached and townhouse type dwellings ( specifically where neighbors are sharing a common party wall), and where a deck has been constructed along the boundary wall, a privacy wall of at least 2m be no more than 3m in height, from the surface of the deck and for the full length of the deck must be constructed.

Air Condition Units:

-A building permit is required for an A/C Unit!

-A/C units are allowed in the front or rear or one side setback area.  However, there must at all times be at least one side yard setback area that has the full unobstructed 1.2m side yard setback.  If not, you may still need a relaxation for the A/C unit, as discussed below.

– The A/C must not project more than 1m into a required setback area.  Where the A/C unit exceeds this projection, an application for relaxation is required.

– A/C unit side yard setbacks have become an issue since the change  in the bylaws in 2007, which came effective June 2008.  Therefore, it is important to know the installation date of the A/C unit.  If the home owner can show, via invoice copies, the unit was installed prior to June 2008, then it would be grandfathered and no relaxation will be required.

Always contact the City for any changes or upgrades to their regulations.

A) Decks

We all know that a deck must be shown on the RPR, however does the deck require a permit?  Many clients construct decks but fail to obtain the required permits, in which case the City will refuse Compliance until the required permits are obtained.

So what decks require permits?

According to the Land Use Bylaw 1P2007, all decks that have a surface height of greater than 0.6m above grade at any point of the deck, will require a Building Permit.

Another potential issue are Side or Rear Yard Setbacks!

Side yard set back requirement are 1.2m and rear yard set back requirements are 7.5m. If the client constructs a deck that in any way violates these set back requirements, not only will the client need a building permit but the client will have to apply for are laxation of the setbacks. This application can take up to 6 to 8 weeks.

B) Fence’s

Many Sellers are under the incorrect impression that if the neighbor constructed a fence (on the neighbors own property) they are not responsible to provide an RPR showing the fence (because its an improvement, not on their own property).  Any fence that defines a boundary line, irrespective of who constructed the fence and irrespective of whether or not the fence is within the property boundaries, must be shown on the RPR.

A permit is not required to build a fence provided the fence does not exceed the following heights:

a) Fences- front of the house & along the front property line -1.2m.

b) Fences- between front & rear property line & along the rear property line -2m.

Fences cannot be constructed on City Property or on a Utility Right-of-Way.  Any fence encroaching 0.35m or more onto a Utility Right-of-Way or onto City property will require an Encroachment Agreement.  The City’s fee for an Encroachment Agreement is $525.00 and can take 6-8 weeks to process.

Contact your City department for further information.