We have sold a property at 337 10120 Brookpark BOULEVARD SW in Calgary

We have sold a property at 337 10120 Brookpark BOULEVARD SW in Calgary. See details here

Well-maintained two-bedroom 846 sq ft top-floor apartment condo in Braeside Estate across the street from Southland Leisure Centre. Large living room with a corner wood-burning stone fireplace and a sliding patio door leading to a quiet east-facing patio which is great for relaxation. The spacious dining room can easily entertain a large group. The functional kitchen is equipped with three appliances (a 7-month-old refrigerator, electric range and built-in dishwasher), ample cupboard space and a pass-through serving window. Also comes with a good-sized 4-piece bath, an in-unit storage room and a storage area on the balcony. Laminate flooring throughout with the exception of the kitchen, storage and bath. The assigned parking stall has a plug-in. Paid laundry facilities at the bottom of each building. This condo complex is close to the sports arena, schools, public transit, playgrounds, shopping, restaurants and entertainment. Great value for a starter home or investment.

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We have sold a property at 479 3223 83 STREET NW in Calgary

We have sold a property at 479 3223 83 STREET NW in Calgary. See details here

This property is in a great location! So close to C.O.P., Trans Canada Highway, Stoney Trail, and so many amenities including a network of pathways into Baker, Bowness, Bowmont Parks, and Bow River. This 1278 sq. ft. mobile home features an open-concept kitchen, family room, and dining area with laminate flooring and the kitchen has newer stainless-steel appliances. 3 bedrooms total and one of the secondary bedrooms has a large attached area for extra seating or study area. Tandem parking for 2 and a yard with a storage shed. The property is mostly fenced and has a large front deck for lounging and BBQs with family and friends. This property has been well cared for and pride of ownership. The list of many upgrades includes new French doors to the deck (2016), new sealed interior ceilings, a new deck (2017), an entirely new wood exterior (2016), exterior painted (2021), new eavestroughs (2019), new water tank 80 gallons! (2019), insulated all plumbing (2018). Don't wait this property shows 10/10.

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We have sold a property at 155 Sierra Vista CIRCLE SW in Calgary

We have sold a property at 155 Sierra Vista CIRCLE SW in Calgary. See details here

O/H MAY 20TH NOON TO 2:00 PM. The perfect "DIAMOND IN THE ROUGH" The owner is the botanical type and has a wide array of plants throughout the home. Don't let this distract you from the awesome location & potential of this fully finished 1,365 sq foot walkout bi-level. You have 3 bedrooms up with a 4-pce main and a 4-pce en-suite. Open entry landing with a few steps up to open L/R and D/R or a few steps down to a huge family and rec room area. Brand new gas F/P insert never used. Another large BR and 4-pce bath on this w/out level. The deck has been removed prior to listing as per a "Safety Liability" due to its age & condition. Once the buyer installs the new deck again, you'll have mountain views back and overlook nature's serene walking path/park. The home is well cared for but dated to 1991 so with fresh flooring and paint "you be stylin'!" Already has a newer furnace, hot water on demand & shingles. Maintainance-free stucco exterior with aluminum-clad wood windows. The backyard is fully treed & private with extensive rock and stone retaining walls/sidewalk & a gazebo w/firepit. Complete U/G sprinkler system including the shrubbery and flowerbeds.

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New property listed in Signal Hill, Calgary

We have listed a new property at 155 Sierra Vista CIRCLE SW in Calgary. See details here

O/H MAY 20TH NOON TO 2:00 PM. The perfect "DIAMOND IN THE ROUGH" The owner is the botanical type and has a wide array of plants throughout the home. Don't let this distract you from the awesome location & potential of this fully finished 1,365 sq foot walkout bi-level. You have 3 bedrooms up with a 4-pce main and a 4-pce en-suite. Open entry landing with a few steps up to open L/R and D/R or a few steps down to a huge family and rec room area. Brand new gas F/P insert never used. Another large BR and 4-pce bath on this w/out level. The deck has been removed prior to listing as per a "Safety Liability" due to its age & condition. Once the buyer installs the new deck again, you'll have mountain views back and overlook nature's serene walking path/park. The home is well cared for but dated to 1991 so with fresh flooring and paint "you be stylin'!" Already has a newer furnace, hot water on demand & shingles. Maintainance-free stucco exterior with aluminum-clad wood windows. The backyard is fully treed & private with extensive rock and stone retaining walls/sidewalk & a gazebo w/firepit. Complete U/G sprinkler system including the shrubbery and flowerbeds.

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We have sold a property at 101 25 Auburn Meadows AVENUE SE in Calgary

We have sold a property at 101 25 Auburn Meadows AVENUE SE in Calgary. See details here

This stunning MAIN FLOOR apartment in the Canoe Condo Building offers 2 bedrooms and 2 full bathrooms, as well as a spacious living room, a well-appointed kitchen with an eating area, and convenient in-unit laundry facilities. The south-facing back patio provides the perfect spot to soak up the sun and relax amidst a beautifully manicured garden. The main floor unit is incredibly convenient, offering easy access to both the parkade with your UNDERGROUND stall and main entrance. The building also features a beautiful private courtyard area complete with picnic tables and a cozy fire pit, perfect for entertaining guests or enjoying a quiet evening under the stars. Experience the ultimate in desirable living in Auburn Bay, a sought-after lake community that boasts an enviable location close to transit service, a dog leash park, the South Health Campus, lake access, and schools. Don't miss out on the opportunity to view this exceptional condo - be the first to schedule a showing today.

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Open House. Open House on Saturday, May 20, 2023, 12:00 PM - 2:00 PM Awesome location with mountain view in this 1,365 square foot bi-level. PLUS a fully developed 1,165 square foot W/O basement.

Please visit our Open House at 155 Sierra Vista CIRCLE SW in Calgary. See details here

Open House on Saturday, May 20, 2023, 12:00 PM - 2:00 PM Awesome location with mountain view in this 1,365 square foot bi-level. PLUS a fully developed 1,165 square foot W/O basement.

O/H MAY 20TH NOON TO 2:00 PM. The perfect "DIAMOND IN THE ROUGH" The owner is the botanical type and has a wide array of plants throughout the home. Don't let this distract you from the awesome location & potential of this fully finished 1,365 sq foot walkout bi-level. You have 3 bedrooms up with a 4-pce main and a 4-pce en-suite. Open entry landing with a few steps up to open L/R and D/R or a few steps down to a huge family and rec room area. Brand new gas F/P insert never used. Another large BR and 4-pce bath on this w/out level. The deck has been removed prior to listing as per a "Safety Liability" due to its age & condition. Once the buyer installs the new deck again, you'll have mountain views back and overlook nature's serene walking path/park. The home is well cared for but dated to 1991 so with fresh flooring and paint "you be stylin'!" Already has a newer furnace, hot water on demand & shingles. Maintainance-free stucco exterior with aluminum-clad wood windows. The backyard is fully treed & private with extensive rock and stone retaining walls/sidewalk & a gazebo w/firepit. Complete U/G sprinkler system including the shrubbery and flowerbeds.

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FORECLOSURES VERSA COURT-ORDERED SALES

Foreclosures and court-ordered sales

are two types of property sales that can occur when a homeowner defaults on their mortgage payments or fails to pay property taxes.

Foreclosure;

While both types of sales involve the forced sale of a property, there are some key differences between the two. Foreclosure is a legal process that a lender can initiate when a borrower defaults on their mortgage payments. In a foreclosure, the lender takes ownership of the property and sells it to recover the outstanding debt owed by the borrower. Foreclosures are typically initiated by banks or other financial institutions that hold a mortgage on the property.

Court Ordered;

On the other hand, a court-ordered sale is a legal process initiated by a court when a property owner fails to pay property taxes or other debts. In this case, the court orders the sale of the property to recover the outstanding debt owed by the owner. Court-ordered sales can also occur in divorce cases, where the court orders the sale of a jointly owned property to divide the assets between the parties. One key difference between foreclosures and court-ordered sales is that in a foreclosure, the lender is the one initiating the sale and is typically responsible for marketing and selling the property.

In contrast,

in a court-ordered sale, the sale is overseen by the court, and a court-appointed trustee is often responsible for marketing and selling the property. Another difference between the two types of sales is the timeline. Foreclosures can take several months to complete, while court-ordered sales typically move through the legal system more quickly. In terms of the potential risks and benefits for buyers, foreclosed properties are often sold "as-is" and may require significant repairs or renovations. Court-ordered sales, on the other hand, may offer a greater opportunity for buyers to inspect the property and negotiate the sale terms.

Overall,

while both foreclosures and court-ordered sales involve the forced sale of a property, there are important differences to consider. It is important for buyers to conduct thorough research and seek professional guidance when considering these types of sales.

Author's perspective;

In my opinion, foreclosures and court-ordered sales may not be ideal options for first-time or inexperienced buyers. These types of sales often come with higher risks and can be frustrating to navigate, as banks and courts may not be motivated to facilitate the sale quickly. Even after completing due diligence and obligations with the property owners, buyers may encounter delays and a lack of respect from the seller's representatives.

Furthermore, in Calgary's current market, buyers may have to pay a premium for foreclosed or court-ordered properties due to the high demand and competition. In such cases, the "Fear of Loss" can influence bidding, driving up the price even further.

As a real estate professional, when clients approach me looking for "deals", I often recommend exploring distressed properties owned by private sellers instead. These properties may require some repairs or renovations, but with the right skills and effort, buyers can quickly build equity and create a valuable investment. If you feel you have the skills & qualifications to build up some "sweat equity" in your next home, contact us today and we will help you make that happen!

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New property listed in Auburn Bay, Calgary

We have listed a new property at 101 25 Auburn Meadows AVENUE SE in Calgary. See details here

This stunning MAIN FLOOR apartment in the Canoe Condo Building offers 2 bedrooms and 2 full bathrooms, as well as a spacious living room, a well-appointed kitchen with an eating area, and convenient in-unit laundry facilities. The south-facing back patio provides the perfect spot to soak up the sun and relax amidst a beautifully manicured garden. The main floor unit is incredibly convenient, offering easy access to both the parkade with your UNDERGROUND stall and main entrance. The building also features a beautiful private courtyard area complete with picnic tables and a cozy fire pit, perfect for entertaining guests or enjoying a quiet evening under the stars. Experience the ultimate in desirable living in Auburn Bay, a sought-after lake community that boasts an enviable location close to transit service, a dog leash park, the South Health Campus, lake access, and schools. Don't miss out on the opportunity to view this exceptional condo - be the first to schedule a showing today.

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We have sold a property at 5126 Erin PLACE SE in Calgary

We have sold a property at 5126 Erin PLACE SE in Calgary. See details here

This cared-for home shows! Lived in it for over 15 years, the furnace has been replaced (filter changed every month!) and the fence was stained about 7 years ago. The lower level has recently been freshly painted, and floors on the main level were redone about 5 years ago. On the east side of the house, there is a nice 48-foot run for a garden, used annually by the owner. When you enter the home you are greeted with an open-concept, vaulted ceiling. On the upper level, you will find the primary bedroom with a huge closet, the second bedroom and a 4-piece bathroom. On the Lower level, you will find the Family room with a wet bar, the third bedroom and a (2nd) 4-piece bathroom. Finally, the basement offers a large "easy access" storage area!

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Canada’s Underused Housing Tax

What You Need to Know About For the 2022 tax year

The federal government announced an annual 1% tax on real estate owned by any non-resident, non-Canadian, and considered vacant or underused. In some situations, this also applies to Canadian owners.

The Underused Housing Tax Act (UHT) requires individuals impacted by this tax to file an annual return, subject to certain exemptions, and pay a 1% tax on the property’s value. The filing deadline for the 2022 tax year is April 30, 2023.

Although the government suggested only non-residents would be affected by the UHT, the scope of the final legislation is broader. We recommend your clients speak with a tax professional if you or they believe it applies to them. Also, please keep in mind that some provinces/territories and municipalities impose similar vacancy taxes, and you should review these rules to better understand how they could impact your clients.

Who does this tax apply to?

The UHT imposes a tax on every taxpayer who, on December 31 of a calendar year, is an owner of a residential property in Canada, unless the owner is an “excluded owner” or an individual who qualifies for one of several exemptions available under the Act.

Residential property owners can be categorized into two classifications — excluded owners and affected owners.

Excluded owners:

The Underused Housing Tax rules do not apply to “excluded owners”. These owners, including Canadian citizens and permanent residents, have no UHT reporting or tax obligation. A complete list of conditions classifying an excluded owner can be found on the Government of Canada’s UHT page.

Affected owners:

All affected owners (mostly non-Canadian owners but includes some Canadian owners) are required to file a return for each residential property they own, even if they are not liable to pay any tax, due to qualifying for an exemption. A complete list of conditions classifying you as an affected owner can be found on the government’s UHT page.

This classification is further broken down into two groups:

  1. Owners are required to file a UHT return but with no tax payable due to qualifying for an exemption. The list of exemptions can be found on the government’s UHT page. 
  2. Owners are required to file a UHT return and they pay 1% tax.

What exemptions exist?

Ownership of a residential property may be exempt from the Underused Housing Tax for a calendar year depending on:

  • the type of owner you are 
  • the availability of the residential property 
  • the location and use of the residential property 
  • the occupant of the residential property

Detailed information on each of these exemptions can be found on the government’s UHT page.

As an affected owner why should I file a UHT return if I have no tax payable?

All affected owners must file a separate Underused Housing Tax return for each residential property they own in Canada for the calendar year. Not filing for the UHT by April 30, 2023 could result in a penalty of $5,000 – $10,000 per return, even if no tax is owing due to an exemption.

For more information, please review Canada Revenue Agency’s (CRA) new UHT page, which includes the new UHT return, technical guidance and other information.

Please note: on March 27, 2023 the government announced UHT penalties and interest for the 2022 calendar year will be waived for any late-filed returns and for any late-payments, provided the return is filed or the UHT is paid by October 31, 2023.

The article above is for information purposes and is not legal or financial advice or a substitute for legal counsel. The CREA Café team is responsible for the official blog of The Canadian Real Estate Association (CREA). The CREA Café is a cozy place for CREA to connect with our valued members and friends by sharing our thoughts and insights over a virtual cup of coffee.

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We have sold a property at 44 Beddington CRESCENT NE in Calgary

We have sold a property at 44 Beddington CRESCENT NE in Calgary. See details here

MASSIVE PRICE ADJUSTMENT! to compensate the buyer to upgrade the carpet & paint throughout, (which should be well under 25K). RV OWNERS.... HUGE pie lot! 1,627 square foot two-storey home in the desirable neighbourhood of Beddington Heights. This family home offers plenty of room with 3 bedrooms above grade plus 1 additional bedroom with new Egress windows in the new completely renovated basement. You also have a new 4-piece bath plus a family room & laundry. The main floor boasts a new custom kitchen with Corian countertops, under-counter lighting, amazing porcelain tile floors and stainless steel appliances. Porcelain flooring continues thru the large formal D/R, front entry, hallway & 2-piece bath. Enjoy a cozy night in front of the brick-face, wood-burning fireplace in the formal living room or by the brick-face gas fireplace in the media room, both of which have sliding doors to the rear deck & patio. Upstairs you will find 3 spacious bedrooms & 4-pce bath. Enjoy outdoor living in the private HUGE pie-shaped fenced backyard with mature trees, a beautiful custom rock water feature & firepit. With this 78' backyard & 128' sideyard, you have plenty of room for a double garage PLUS RV parking with back alley access.

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Amendments to the Prohibition on the Purchase of Residential Property

Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations

March 27, 2023 

Today, the "Honourable" Ahmed Hussen, Minister of Housing and Diversity and Inclusion, announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s accompanying Regulations. The Act was passed by Parliament on June 23, 2022, and the Act and Regulations came into force on January 1, 2023, as part of the Government of Canada’s strategy to make housing more affordable for Canadians.

The accompanying regulations were developed for the Act to set out specific exceptions, definitions, and clarifications necessary to implement the prohibition. To enhance the flexibility of newcomers and businesses looking to add to Canada's housing supply, the Government of Canada is making amendments to the Regulations, to expand exceptions to allow Non-Canadians to purchase a residential property in certain circumstances.

These amendments will further support individuals and families seeking to build a life in Canada by pursuing home ownership in their communities sooner and addressing housing supply issues. These amendments came into force on March 27, 2023. The following amendments are being announced by the Minister of Housing and Diversity and Inclusion:

Enable more work permit holders to purchase a home to live in while working in Canada.

The amendments will allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at the time of purchase, and have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.

Repealing existing provisions so the prohibition doesn’t apply to vacant land.

We are repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed-use. Vacant land zoned for residential and mixed-use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.

Exception for development purposes.

This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province and controlled by a non-Canadian.

Increasing the corporation foreign control threshold from 3% to 10%.

For the purposes of the prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3% to 10%. This aligns with the definition of ‘specified Canadian Corporation’ in the Underused Housing Tax Act.

Quote:

“To provide greater flexibility to newcomers and businesses seeking to contribute to Canada, the Government of Canada is making important amendments to the Act’s Regulations. These amendments will allow newcomers to put down roots in Canada through home ownership and businesses to create jobs and build homes by adding to the housing supply in Canadian cities. These amendments strike the right balance in ensuring that housing is used to house those living in Canada, rather than a speculative investment by foreign investors.”

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