Drop by this afternoon (Oct 30 - 2-4pm) to say hello and check out this great new listing at 241 Tuscany Ravine View.
This 1820+ sq ft home includes a bonus room and has a great deck in the sun filled south facing backyard. 
 
 
 
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Today you can get 25 or 35 year mortgages. Some folks choose a longer amortizaton period to manage payments, but sometimes people have a small mortgage compared to their williness or ability to pay it down and don't realize they can shorter the amortization period on their mortgage to save themselves significant amounts of money.

This tip can be a bit more painful in the wallet, but it can also have dramatic effects on how much money you save in interest and payments. By reducing your amortization period by just 5 years you can save thousands of dollars.
 
You can instruct your bank to do this on anniversary dates or when your current term expires. Some institutions will allow you to change this at any time but may charge a penalty for doing so. Some banks will offer it as an incentive to attract new business.
 
Example:
Based on a $100,000 mortgage at 6.00% interest for a 5-year term amortized over 25 years.
Your montly payment would be $639.81.
You would pay $28,225.07 in interest over the first 5 years.
You would pay $10,163.50 in principle over the same 5 years.
 
Implementing a Shorter Amortization Period:
Based upon the same $100,000 at 6.00% interest for a 5-year term amortized over 20 years.
Your monthly payment would be $712.19
Your total interest paid in 5 years amortized over 20 years would be $27,527.47.
You would have paid a total of $15,203.93 in principle over the first 5 years.
 

What You Will Save:
Once again you save $697.60 in interest and save 5 years of payments.
You also pay an additional $5,040.43 in principle over 5 years.

This method could cost you $72.38 more each month, but look at the savings. Could you spare $72.38 extra to save you that much money and be debt free on your home 5 years sooner?
 
Courtesy of Daryl Marsden, VERICO Canada Mortgage Direct
 
p.s. If your mortgage is higher than this example and the 5 year adjustment would be too much, then consider just rounding up your payments by whatever is comfortable to you. For example, round up a biweekly payment of $532.99 to $550.00 or even $580.00.  Small changes can make a big difference over the life of a mortgage.
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I've been working with a few folks lately that are considering this time in the market as an opportunity to trade up to a larger home.   The numbers make sense.
 
If home prices dropped by 5%, here is what it would look like if you decided to trade up:
 
 
                               Home Price: $200,000                        Home Price: $400,000
                               Sell at $190,000                                    Buy at $380.000 
                               Loss = $10,000                                     Savings = $20,000
 
The smaller loss at sale will be compensated for by greater savings at purchase, resulting in a significant net gain.
 
If you have been considering a trade up to a large home, consider your numbers and if this is the right time for you.
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Driving down Nose Hill Drive south from Country Hills to Crowfoot, you may or may not have noticed the construction on the west side just north of John Laurie Blvd.
 
What is it you wonder?
 
It is the North West High School currently under construction at 8777 Nose Hill Drive NW.
 
NW High School is expected to be open for the 2013-2014 school year. Serving students in grades 10-12 the school will have an opening capacity of 1500 students. The high school will accommodate students from Citadel, Arbour Lake, Scenic Acres, Ranchlands, Hawkwood and Tuscany. Residents from Rocky Ridge and Royal Oak have also been engaged about the possibility of accommodating students from those areas as well.
 
With schools at capacity in the very popular NW communities, this is a very welcome school development.
 
 
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Wishing you all a wonderful Thanksgiving this weekend  It is officially tomorrow though we are having turkey tonight. :)
 
Thank you for all that we have, our family and friends and the good fortune to live where we do. Calgary and Canada in general, provide us a life that is so full of opportunity.
 
All the best to you and yours,
Monika
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Calgarians use about 340 litres of water per person per day in their homes. In the UK each person uses about 147 litres per day.
 
Wondering how you can reduce your water use?
 
Review your appliances and see if they are matching your needs. For example, do you have a large family that requires daily use of the washing machine? If so, consider a high efficiency front load washer which uses substantially less water than a traditional top load model.

Check for leaks. A faucet losing one drop per second wastes up to 25 litres per day or over 10,000 litres per year.

Check for toilet leaks by adding a few drops of food coloring to the toilet tank. Wait 10 minutes and look in the bowl. If there is coloured water in the bowl, you have a leaky toilet.
Replace your 18 litre per flush toilet with a low flow 6 litre per flush model and use 70% less water.
If you let the water run while brushing your teeth or shaving you can let 45 litres of water run down the drain in 5 minutes.

Keep drinking water in the fridge so you don't have to run the tap to get cold water. Water plants with unused drinking water.
 
The Sanitary and Storm Sewer charges on your ENMAX bill are based on a flat monthly fee plus a charge per cubic metre of water use. So if you conserve water you will save money for both the clean water coming into your house and the waste water leaving.
 
The City of Calgary can help fix that leaky faucet or toilet. www.calgary.ca and search: "Repairing Taps and Toilets".
 
The City of Calgary also provides a $50.00 rebate on the replacement of high water use toilets. www.calgary.ca/waterservices and click on 'Toilet Rebates' under "Quick Links" on the right hand side. Also check out the "Water Use Scorecard" and many additional resources available.
 

Info courtesty of www.livegreencalgary.com and additional info from www.calgary.ca

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The September Calgary real estate statistics published today by CREB show a positive change to recent trends in our market.  Inventory is down and sales are up.  Whether this is a temporary event or an indicator of a general market trend, only time will tell.  It is notable, however, that we have been hearing more positive than negative news lately and I look forward to a busy fall.
Some notable quotes:
 
The number of single family home sales in the month of September 2010 grew by 10 per cent at 958, compared with August 2010, when sales were 867.  The number of condominium sales for the month of September 2010 was 366. This was an increase of 1 per cent from the 364 condominium transactions recorded in August 2010.
 
“There are signs that September may mark a gradual, if not slight, uptick for Calgary’s housing market—we are seeing a modest improvement since the market’s decline, that really started in April of this year,” says Diane Scott, president of CREB®.
 
The average price of a single family home in the city of Calgary in September 2010 was $460,278, showing a 3 per cent increase from August 2010, when the average price was $445,617, and no significant change from September 2009, when the average price was $459,085. The average price of a condominium in the city of Calgary in September 2010 was $284,028, showing a 1 per cent decrease from August 2010, when the average price was $286,384 and a 2 per cent decrease over last year, when the average price was $290,253. Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.
 
The median price of a single family home in the city of Calgary for September 2010 was $390,000, showing a 1 per cent decrease from August 2010 when the median price was 395,000. This was a 2 per cent decrease from September 2009, when the median price was $399,900. The median price of a condominium in September 2010 was $265,000, showing a 2 per cent increase from August 2010, when the median price was $260,000, and no change from September 2009, when it was the same – $265,000.
 
“Clearly there is a shift in the types of buyers entering the market. It was first-time home buyers who drove the late market recovery last fall and this spring.  While lower priced home sales have declined, home sales over $1 million have actually increased by 2% this year, as compared to the same period last year,” says Scott.
 
“While consumer confidence and job growth has improved, economic jitters will continue to impact Calgary’s housing marketing into the fall. More and more homebuyers will eventually return to the marketplace, but for the moment they remain moderately cautious.  Fall sales should improve slightly, reflecting improved job creation—but in-migration will be needed to fuel a sustained recovery in Calgary’s housing market,” says Scott.
 
As always, feel free to contact me anytime regarding the of your current home or purchase of a new home.
 

Cheers,
Monika

 

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