There are many costs associated with buying your first home or your dream home. There are upfront costs and ongoing costs that you need to consider when planning your home-buying budget.
Upfront costs may include:
- Down Payment – This needs to be ready at time of purchase and its source to be verifiable by the bank.
- Initial and Additional Deposits - This is part of your down payment and has to be accessible when you're placing an offer on a property.
- Home Inspection - Costs of a home inspection runs from $350 to $550 on average, but it can go up to $1500 for larger homes, acreages, and specialty houses.
- Condominium document reviews - When buying condo, having an independent professional to review your documents is really important. Costs vary from $350 to $550.
- Appraisal fees - This cost may be paid by the lender or bank, but in some cases you have to pay the cost again. Costs are between $250 and $550 and up for specialty homes.
- Mortgage Insurance fees - CMHC & Genworth fees are for mortgages with downpayments less 20%. This fee is added to your mortgage. You broker will advise you on the amount.
- Legal fees and disbursement - Legal fees vary from $1,200 to $1,500 and more. Fees are based on the price of the home and the size of your mortgage.
- Moving Costs - This is a hard one to estimate. It can range from a few hundred dollars by just renting a U-Haul to a few thousands by hiring professional movers.
Ongoing costs may include:
- Your Mortgage Payments - This can be in monthly, bi-weekly or weekly terms. The more frequent your payment is, the faster you are paying off your mortgage.
- Home insurance - Home insurance is based on the size of the house and several other factors.
Other regular fees include Property Taxes, Condo Fees, Utilities, Repairs and Maintenance.
Enjoyed by thousands of people, K Days is 10 days, July 17th to 26th, of parades, concerts, food, and fun. In the heat of the summer, the grounds at Northlands are transformed into an arena of endless games and rides, entertainment and concerts, shopping, food and family activities. Here’s a list of must-do’s to experience the essence of K-Days:
Schedule of Events
The Parade kicks things off at 10 a.m. on July 18. There will also be a mini parade in the midway from July 22 to 26 at 4:30 and 7:30 p.m.
The Koodonation Stage has some of North America’s premiere musical and variety acts. In the day entertainers, like hypnotists, mentalists and tribute acts will warm up the crowd for the night stage. Koodonation Stage Lineup
The TELUS Stage has the best in local live and community entertainment. Full of rhythm, dance and cultural diversity. TELUS Stage
Kids Town is a place where visitors are encouraged to take an active part in the community and work in the Construction Zone, Post & Doctor’s Offices, while in the city and learn the true meaning of ‘From Farm to Fork’ while at the ranch.
South Stage Concerts
Slower Market Beginning to Take a Turn
Edmonton, July 3, 2015: For the first time in 2015, the REALTORS® Association of Edmonton recorded an increase in year-over-year reported sales for the month. June 2015 Census Metropolitan Area (CMA) had 2,008 reported sales for all residential properties, 2.4% over the 1,961 all residential sales reported in June 2014. This number includes 1,243 single family dwellings (2.1% more than 2014), 572 condo sales (1.6% more than from 2014) and 156 duplex/rowhouses (11.4% more than 2014). Sales were also up 13% in June from the reported sales in May 2015.
“We finally saw prices take the expected small dip month over month that we have been waiting to see due to lower sales and higher inventory. Prices still remain higher than the same time last year and with sales ramping up again and inventory starting to settle, we likely won’t see our prices drop much more than this,” explains Geneva Tetreault, President of the REALTORS® Association of Edmonton.
Single family prices were up 2% year-over-year at $444,862 for June 2015. Condo prices continue to remain static at $255,662. Duplex/rowhouse are still popular and have seen price growth of 2% year over year. June prices have dropped slightly from May by 1.4% for single family, 0.1% for Condo and 0.8% for all residential.
Inventory is still healthy at 7,177 for the Edmonton CMA at the end of June 2015, down from 7,303 in May. All residential listings were up year over year by 7.7% but down month over month from May by 3.6%. There is currently just over three and half months’ supply of inventory in the Edmonton CMA.
“The reality of what we are seeing in the market is that the slight hesitation from buyers that came with the drop in oil prices is lessening. Edmonton has not been hit nearly as bad as what many predicted and buyers are becoming more confident that our market won’t plummet. This renewed confidence coupled with low mortgage rates and a healthy selection means that people are realizing that this is still a good time to buy.” Tetreault continues, “People move when their lifestyle warrants a change. This will always be true. There are always buyers and sellers, no matter what the market looks like or what analysts predict. REALTORS® are here to help you decide what move is best for you.”
Average days on market for all residential properties was up again this month at 49. Single family average days on market was up to 46 from 43 in May, Condominiums were averaging 52 days compared to 49 in May, and Duplex/Rowhouse took an average of 50 days to sell in June.