Gross Debt Service and Total Debt Service ratios are the two primary calculations lenders use during the loan application process. Together, these ratios play an integral role in determining your ability to qualify for a mortgage and how much home you can afford.

Here’s what you need to know:

GDS Ratios

Your GDS ratio refers to the percentage of your annual income needed to cover monthly housing costs – specifically your mortgage payment (principal and interest) as well as taxes, condo fees (50%, if applicable) and heating. As per the Canada Mortgage and Housing Corporation (CMHC), this percentage should be no higher than 35% when applying for a mortgage loan. 

How to Calculate Your GDS Ratio:

Your GDS ratio is the sum of your monthly…

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6 Reasons to Buy Your Home In a Bedroom Community Featured Image

Looking for affordable, amenity-friendly living with a small-town feel? A bedroom community may be exactly what you’ve been searching for! Neighbouring suburban towns and cities such as St. Albert, Spruce Grove, Stony Plain, Fort Saskatchewan, and many more, are seeing rapid increases in popularity thanks to the amazing benefits they have to offer.

Here are just a few of many great reasons to consider calling a bedroom community home:

1. Affordability

One of the first and best reasons to buy into a bedroom community is the home prices – and the potential to get more bang for your buck. For instance, say you’re in the market for a single-family home. Because prices in the surrounding areas can vary by (tens) of thousands of dollars (compared…

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Of course, you can’t believe everything you hear, especially regarding REALTORS® and one of the most significant transactions of your life. In fact, when it comes to your Edmonton home purchase or sale, it’s essential to separate fact from fiction if you hope to save money, time and stress in the process.

Here are our top 4 REALTOR® myths exposed.

1. You’ll Save Money If You Sell On Your Own 

While it’s true you COULD save by opting to sell your home without the help of an Edmonton REALTOR®; it’s a pretty risky undertaking. Here are just a few of the many reasons why selling on your own may cost you more in the long run:

Market Knowledge – If you hope to sell fast and for top dollar, you need to have a keen understanding of…

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When it comes to placing an offer, financial unpreparedness won’t just cost you time and money – it may cost you the home of your dreams. Be ready ahead of time with the help of these four essential steps.

Step 1: Decide on a Down Payment  

Chances are, you already know you need to have a down payment ready before putting in an offer. Of course, HOW MUCH you’ll need to put down will depend on the following:

What is the Average Listing Price?

Your down payment amount will vary depending on the style of home you’re interested in. For instance, in Edmonton, the 5% minimum for a single-family home vs. a duplex can differ by thousands of dollars. 

Are You Willing to Pay Mortgage Insurance? 

Mortgage insurance allows home buyers to…

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While it’s hard to assess the true condition of a home without the help of a licensed REALTOR® and professional inspection, there are a few tell-tale problems to watch out for.

Be on the lookout for any of the following: 

1. A Run-Down Roof

2. Leaky Business 

3. A Sense of Smell

4. Extreme Temperatures

5. Sketchy Structure

6. A Long History 

7. “Cover-Ups”

1. A Run-Down Roof

Missing or warped shingles, sagging and deterioration around roof extremities (such as vents or chimneys) are indications of poor maintenance. Even if you don’t see signs of distress, be sure to ask the current owner when the roof was last repaired or replaced.  

2. Leaky Business 

A poorly maintained roof is one of the first signs of potential…

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Confused about closing costs? We’ve got you covered. From insurance costs to legal fees, here’s what you need to know.

What Are Closing Costs? 

In short, closing costs are additional (generally one-time) costs and fees a buyer is required to pay upon completing a home purchase. While the exact total will vary depending on the property type, experts recommend setting aside at least one to three percent of a home’s overall sale price.

What Do They Cover? 

Closing costs may include (but aren’t limited to): 

Land Transfer Tax

Land title transfer tax is a mandatory fee paid by the buyer when property ownership is transferred (to the buyer) by the seller. Land title transfer fees in Alberta are based on both the size of your mortgage…

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Of course, buying a home in Edmonton during the spring (or early summer) certainly has its perks. After all, it’s the most popular time of year for real estate. BUT, did you know for every good reason to buy in the spring, there’s an equally GREAT incentive to buy in the fall?

Here are a few things to consider:

1. Less Competition

One of the first (and best) reasons to consider buying in the fall is the lack of competition. As Edmonton’s hot weather tapers off, so does the real estate market. Because many homebuyers have already opted to purchase earlier in the year, there will be less buyer-based competition for you to worry about.

2. Taking Your Time

Less competition also results in less pressure to run out and buy the first…

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Is it really possible to buy a home in Edmonton AND save money at the same time? With the right information, you bet it is. Here are a few key strategies to help you buy your dream home without breaking the bank.

Work With an Edmonton REALTOR® 

Whether you’re just starting out or you’ve had tons of real estate experience, partnering with a qualified Edmonton REALTOR® WILL save you money (potentially thousands)! Navigating current market conditions, assessing a home’s true value and expert negotiation skills are just a few of the many ways your agent will help you save on your dream home. 

Establish Your Wants Vs. Your NEEDS 

Viewing homes without understanding your wants and needs is a lot like visiting the grocery store with no grocery…

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With so many Edmonton REALTORS® active in today’s busy market, how do you know which agent or agency will be best for your unique situation? Here are some key questions you’ll want to ask to help you make the right decision.

1) How long have you been a REALTOR®?

Experience can go a long way in terms of saving you time and money. For this reason, we recommend working directly with either a seasoned Edmonton real-estate expert, or a REALTOR® represented by a reputable and well-known agency (even if they are less experienced, this means they have been taught and mentored by the very best in the industry). 

2) Do you work more with home buyers or home sellers? 

Some REALTORS® tend to focus on one more than the other. When vetting potential…

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From Spruce Grove to Fort Saskatchewan, the capital region is home to hundreds of great communities. But with so many amazing neighbourhoods to choose from, how do you know which one will be best for you? Here are 6 questions you’ll want to ask yourself when trying to make your decision.

1) What kind of home do I want? 

Of course, the type of home you’re looking for will be a huge determining factor when it comes to finding the right community. Some Edmonton neighbourhoods cater to a wide range of styles such as apartment-style condos, townhomes and duplexes while others are solely comprised of single-family dwellings. Knowing which home style you want (and can afford) is the first step to narrowing down your neighbourhood options.  

2)  What…

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