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Calgary Real Estate

This is a great article from Remax of Western Canada on the risks of the Rent-to-Own scenario.  If this is something as a buyer that you are thinking about please read on.  This may save you as a buyer considering a rent to own scenario a lot of money in the long run.  If you have any questions on Rent-to own VS Buying please feel free to give me a call, I would be more than happy to answer all your questions.  



Rent-To-Own A House: Beware The Risks Article


Rent-to-own or lease options on homes are exactly as they sound. A homeowner rents to a tenant and the tenant has an option to buy the home for a predetermined price at the end of the lease.

On the surface, it seems like a mutually beneficial agreement – the homeowner has a deal to sell the house and the tenant can apply their rent to the purchase price while saving up for the down payment.

But is it a good idea? Frank Petriglia, a real estate broker with RE/MAX Premier Inc. in Vaughan, believes that more often than not, a lease option agreement benefits the homeowner.

One reason is that the homeowner is taking very little risk and has a fair degree of leverage. Because there few opportunities for tenants looking to buy, homeowner can demand a higher price than he or she might otherwise get.

In most rent-to-own scenarios, the tenant pays more rent than normal, with a portion going toward a downpayment. The extra money acts as something of a forced savings plan for the tenant, Petriglia says, adding that the option does give some people a way into the market, albeit at a slightly higher cost.

Tenants are also typically required to put down a deposit of about 5 per cent of the final sale price – which will be held by the homeowner and applied to the price of the home at the end of the lease option.

Tenants are also typically required to put down a deposit of about 5 per cent of the final sale price – which will be held by the homeowner and applied to the price of the home at the end of the lease option.

Here’s an example: The owner wants to sell the house for $200,000. The house typically rents for $1,000 a month. After a $10,000 deposit, a rent-to-own tenant might pay $1,300 a month – with $300 going toward the downpayment. On a three-year lease, the tenant would have paid $10,800 toward the downpayment. Add that into the initial deposit and the would-be owner will have $20,800 for a downpayment.

This can be attractive for those who can afford to buy a home, but might not quality for a mortgage. They may not qualify because of a weak credit score, or insufficient employment history. Their hope is that, by the end of the lease agreement, they will be able to qualify for a traditional mortgage from a bank.

The downside is that if a tenant decides to break the rent-to-own agreement, or decides the property is not suitable, they may lose their deposit, and depending on how the contract is written, may lose all the money that was put aside for the downpayment, or they might receive a very small portion back.

Additionally, in some cases your agreement may be void if your rent payment is late, or you fall behind in payments, putting your deposit at risk.

Additionally, in some cases your agreement may be void if your rent payment is late, or you fall behind in payments, putting your deposit at risk.

Petriglia suggests that many people in this position are better off renting and waiting until they can qualify for a traditional mortgage.

“I would rather see a homeowner start an RRSP to save the downpayment, take advantage of the tax credit, then cash it out for the downpayment and replace the money within 15 years,” he suggests. “By taking this route, you’re still in control of your money.”

However, if you do decide to enter into a rent-to-own agreement, it is important to get a lawyer to review any contract, and explain the pros and cons before you sign on the dotted line.

“It could cost you tens of thousands of dollars for a mistake, but it costs $500 or less to have the contract reviewed up front,” Petriglia says.

Rent-to-own home ownership can be risky for those who don’t understand exactly what they are signing up for.“A change in life circumstance – whether personally or financially – can have a huge impact on your ability to continue paying that rent premium or sticking to your rent-to-own lease obligations,” Petriglia says. “Should anything happen the consequences can be devastating.”




Calgary Real Estate - Sellers Market...Wow I was on the web and I came across this great article!  Can you beleive that we are nearing a Sellers Market again in Calgary?  I sure can, it has been a busy Spring Market in Calgary.  


For more details Keep Reading!


Calgary real estate nearing seller's market, says report

 CBC News Posted: Mar 24, 2014 4:53 PM MT Last Updated: Mar 24, 2014 5:22 PM MT


Real estate is approaching a seller’s market in Calgary, according to a new report on the potential of a national housing bubble.

The Conference Board of Canada report concludes that while Canadian housing prices may be headed for a modest decline in some markets, there is no bubble to pop.



“Calgary's resale market is approaching sellers' conditions. Sales have not fallen on a year-over-year basis since April 2011, and price growth accelerated sharply last year,” according to the report.

Calgary's population growing


People are moving to Calgary — 43,000 last year alone — as Alberta becomes the province of choice for job seekers from the rest of Canada.


"It’s absolutely a double-edged sword,” said Calgary Mayor Naheed Nenshi. "Those people who move here don't bring schools and hospitals and roads with them. And from a city's perspective, they also don't bring buses and C-Trains or parks."


He's stressing responsible growth and smart budgeting to make the most of the positives — a city with lots of work and a young population.

Healthy economy


ATB Financial economist Todd Hirsch agrees, saying Calgary’s experiencing a healthy rate of growth.


"In this province we are never too far away from a boom and bust mentality, and we are an energy dependant province, there's no question about that. But I would say that in 2014, there's more diversity within the energy sector itself,” he said.


"We're still on kind of a roller coaster, but I'd call it more of a kiddie roller-coaster, there are still going to be ups and downs with energy price fluctuations, but I'm not looking for anything wildly dramatic." 

Memories of 2006

Calgary real estate agent Lucas Ramage says "sold" signs are going up fast.

"They're going quick, they're going close to list price, and again it's getting to that type of a situation where people are needing to potentially compromise of having any kind of conditions,” he said.

"It's getting back towards where, in ‘06, when things were getting really hot."

Housing prices skyrocketed in 2006 with an average residential property jumping 38 per cent in Calgary over the year.



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Lawrence Cummings


Hello to all of my clients and blog followers!  


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NW Calgary, NE Calgary, Calgary Condos, Okotoks and the Surrounding Calgary Area all with the click of a button.  To make your move easier you can find all of the information you need quickly on My Calgary Information Page.  School information is easily found here as well.  I want to make your Move as easy as possible!


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Are you looking for the lastest Calgary Marketing Statistics well look no further because I have a link to that too!  If you need Mortgage information I have made sure everything is up to date on my Mortgage Info Page. 


Every Page has interesting information on it and navigation is easy!  You can see different listing showcases on each page.


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Yup - I'm finally up and running!! Yippie - Kim you're the BEST!!!!!!!!!!!!!!!!!!!!!

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