Could this possibly be the BEST Real Estate blog in Calgary? Perhaps! Either way, we sure know how to throw a good blog. 

Everything Calgary. Everything Real Estate. #askthecret

March 25, 2021

Money Saving Tips When Purchasing a Home

$$Every dollar counts when purchasing a home$$

Raising children, buying a home, changing careers or just keeping up with the bills is not always easy. There are many benefits, credits and programs available to help you. Find out which ones you may be eligible for.

When Buying a home:

Whether you are buying your first home (congratulations!), buying a new home or renovating your current home, there is a program to help.

What is the Home Buyers' Plan (HBP)?

The Home Buyers' Plan (HBP) is a program that allows you to withdraw from your registered retirement savings plans (RRSPs) to buy or build a home for yourself or for a related person with a disabilityBudget 2019 increased the HBP withdrawal limit to $35,000. This applies to withdrawals made after March 19, 2019.


First-Time Home Buyer Incentive – lowers your monthly mortgage payments on your first home

First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.


The First-Time Home Buyer Incentive makes it easier for you to buy a home and lower your monthly mortgage payments. This program is a shared equity mortgage. This means that the government shares in the upside and downside of the property value. It allows you to borrow 5 or 10% of the purchase price of a home. You pay back the same percentage of the value of your home when you sell it or within a 25-year window.

It works like this:

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

Just as the name implies, this incentive is for first-time homebuyers. You’re considered a first-time homebuyer if:

  • You have never purchased a home before
  • You did not occupy a home that you or your current spouse or common-law partner owned in the last 4 years (the 4-year period begins on January 1 of the fourth year before the Incentive is funded and ends 31 days before the date the Incentive is funded)
  • You have recently experienced the breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements)


GST/HST new housing rebate – Gives you back some of the GST/HST paid on a home

Eligibility for the GST/HST new housing rebate

You may be eligible for a new housing rebate for some of the GST/HST paid if you are an individual who:

  • Purchased new or substantially renovated housing from a builder, including housing on leased land (if the lease is for at least 20 years or gives you the option to buy the land) for use as your (or your relation’s) primary place of residence
  • Purchased shares in a co-operative housing corporation (co-op) for the purpose of using a unit in a new or substantially renovated cooperative housing complex for use as your (or your relation’s) primary place of residence
  • Constructed or substantially renovated your own home or hired someone else to construct or substantially renovate your home for use as your (or your relation’s) primary place of residence, if the fair market value of the house when the construction is substantially completed is less than $450,000

If you are an individual who purchased a new or substantially renovated mobile home (including a modular home) or a new or substantially renovated floating home for use as your (or your relation’s) primary place of residence, you may be eligible for a new housing rebate for some of the GST/HST paid. In addition, for the purpose of claiming the GST/HST new housing rebate, you may have the option to treat the home as being purchased from a builder or as being an owner-built house.

GST/HST new housing rebates you can claim

The GST/HST new housing rebate allows an individual to recover some of the GST or the federal part of the HST paid for a new or substantially renovated house that is for use as the individual's, or their relation's, primary place of residence, when all of the other conditions are met. In addition, other provincial new housing rebates may be available for the provincial part of the HST whether or not the GST/HST new housing rebate for the federal part of the HST is available.

The new housing rebate is not available to a corporation or a partnership.


Documents you have to send


In most cases, you do not have to send supporting documents with your GST/HST new housing rebate application. However, you do have to send invoices with your worksheet if the vendor did not charge the GST/HST on the invoice (photocopies of these invoices will be accepted). The CRA may contact you to ask for proof of occupancy.

Documents you have to keep

Keep a copy of the filled-out forms. You also have to keep all your original invoices and documents you used to fill out the forms for six years in case the CRA asks to see them.

Only original invoices in the name of the claimant or the co-owners are acceptable. The CRA does not accept photocopies, credit card or Interac slips, or account statements, without the original invoices. The CRA does not accept estimates or quotes as proof. If the CRA asks you to send your invoices, they will be returned.


Home buyers’ amount – reduces your income taxes by providing a credit for the purchase of a home

You can claim $5,000 for the purchase of a qualifying home in the year if both of the following apply:

  • you or your spouse or common-law partner acquired a qualifying home
  • you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer)
Dec. 23, 2020

Merry Christmas from The Calgary Real Estate Team

Posted in Trending in YYC
Dec. 17, 2020's Top 7: Reasons Why Santa Claus Would Make a Great Real Estate Agent

Here is our Top 7 Reasons why Santa would make a great Real Estate Agent! 

View More
Posted in Top 7
Dec. 14, 2020

Market Snapshot: November 2020

Posted in Monthly Snapshot
Dec. 9, 2020's Top 7: West Calgary Acreages

We've handpicked seven acreages that are personal fav's of ours. Here they are! 

View More
Posted in Top 7
Dec. 3, 2020's Top 7: Christmas Light Displays in Calgary

Christmas and Holiday Lights in Calgary 2018 - 2019

Photo Credit: Spruce Meadows Lights

Enjoy the best time of the year in all its glory with your Family. A list of places to enjoy Christmas and holiday light displays in Calgary.

View More
Nov. 11, 2020

Bank of Canada Does Not Expect to Raise Interest Rates Until 2023

In a scheduled announcement on October 28,2020, the Bank of Canada maintained its overnight lending rate at 0.25%. The Bank noted economic headwinds are rising as the number of COVID-19 cases continues to rise across the country.

The Bank stated it will hold the policy interest rate at its effective lower bound until economic slack is absorbed, and the 2% inflation target is sustainably achieved.

The Bank is making some technical changes to its asset purchase, or quantitative easing program. It will reduce overall asset purchases while targeting assets that have a larger impact of the borrowing rates that are most important to households and businesses. The Bank saidthe adjustments will provide at least as much stimulus as before.

The Bank also stated the recovery was broadly in line with the expectation laid out in the July Monetary Policy Report; however, as the economy enters a “recuperation phase” the Bank is expecting a slower growth rate will continue through the fourth quarter of 2020 and the first quarter of 2021.

While oil prices remain below pre-pandemic levels, non-energy resource prices have, on average, more than recovered.

The Bank highlighted the recovery has been uneven across sectors, with lockdowns impacting low-income workers most severely. As such, government programs will continue to be an important part of supporting the economy.

Therefore the Bank is now expecting the 2% inflation target to not be achieved until 2023. This means borrowers can expect interest rates to remain low for at least the next three years.

As of October 28, 2020, the benchmark five-year lending rate was 4.79%. All mortgage applicants must qualify for financing based on an interest rate no less than the benchmark five-year lending rate, even if the mortgage is for less than five years.

Canada’s major chartered banks are currently advertising five-year fixed mortgage special interest rates of around 1.97%. Home buyers can often negotiate the interest rate for mortgage financing based on their creditworthiness and the degree to which they do other banking business with the mortgage lender.

The Bank of Canada’s next scheduled interest rate announcement will be on December 9, 2020, while the next update of the Bank’s Monetary Policy Report will be on January 20, 2021.

Source: CREA Cafe #askthecret

Nov. 10, 2020

Introducing... Top 7's

The Calgary Real Estate Team introduces a new weekly blog; Top 7. Everything Calgary. Everything Real Estate.

Keep an eye out for our weekly Top 7 blog! Follow us on LinkedIn, Facebook, Twitter and Instagram



Posted in Top 7
Nov. 9, 2020's Top 7: Most Expensive Property in Calgary

November 2020

#Seven - 1028 Bel-Aire drive SW (Bel-Aire):

Starting the list at number 7. We have this stunning Moderno built home with 4100+ sqft of contemporary living space. Offering 5 bedrooms, 6 bathrooms and an abundance of natural light. This Bel-Aire masterpiece is listed at $4,199,000

bel-aire drive 7


#Six - 1104 Drury Avenue NE (Bridgeland):

Number 6 on the list is truly stunning with 5000 linear feet of LED strip lighting, I mean, just click the address and look for yourself. This home also offers 4000sqft of high end living space, 4 bedrooms, 5 bathrooms and a 5 car garage. Going up? The see thru glass elevator gives you access to all levels of this dream home, starting from your garage. Listed at $4,399,000


#Five - 1031 Durham Ave SW (Upper Mount Royal):

Located in Mount Royal is where you will find the 5th property on our list. The Max Bell House is rich in provenance and heritage. This 2 story 5000+sqft mansion has 5 bedrooms and 7 bathrooms. Acquire a piece of Calgary's Heritage at $4,495,000


#Four. 15 Pump Hill Close SW (Pump Hill):

Over in Pump Hill is where you will find number 4 on the list. We have this beautiful 5600+sqft, 5 level split. With 5 bedrooms and 6 bathrooms this home is listed at $5,488,000


#Three. 6 Aspen Ridge Lane SW (Aspen Woods)

At number 3 in Aspen Woods is where you will find this absolutely stunning 5 bedroom,7 bathroom, 5000+ sqft 2 story. listed for $6,595,000


#Two. 738 1st Avenue SW #1110 (Eau-Claire) The Concord 

With 2800+ sqft, this Concord Tower gem offers privacy with your own triple car garage connected to an elevator that takes you up to your condo. With 3 bedrooms and 4 bathrooms, this inner city masterpiece is number 2 on the list at $6,824,895


#One. 738 1Ave SW #1307 (Eau-Claire) The Concord

At #1 on our Calgary's Top priced listings, is this extremely luxurious Dream unit at the Concord Towers in Eau-Claire. Offering 2 bedrooms, 3 bathrooms and over 3500 sqft of living space. This Concord Condo gives you some of the best river/mountain and downtown views in Calgary. Listed for sale at $8,999,900 and includes a private elevator that goes from the indoor 4 car garage, directly to your suite. Truly one of a kind condo in Calgary. 


Written by Matt Mychajliv

Posted in Top 7
Nov. 6, 2020

Market Snapshot: October 2020

Market Snapshot