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Old 02-08-2012, 12:44 PM   #7 (permalink)
poutanen
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Join Date: Dec 2011
Location: Calgary, AB
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I just bought in Airdrie. My advice to anyone in Alberta is buy now. All indicators are the province will continue to lead the country. Ten of the fifteen fastest growing communities are in Alberta.

Now price and wage are your own thoughts. I bought my first house for $236k in Ontario when I was making $50k a year. I had no down payment (borrowed from my line of credit) so the house was 100% financed. I made $50k on it in 3 years and took a work relocation (ie they paid real estate fees, moving fees, etc.) to Calgary.

Bought a $350k house in Airdrie and put the $50k down on it. My salary is $70k plus bonus, truck, etc. and I'm very comfortable with the $300k mortgage. Mind you I'm paying 2.15% on it so it makes it very cheap. I also have a girlfriend that helps a lot.

The market has had a correction in the Calgary area so prices are more realistic now. But you never know what will happen to inflation and subsequently the prime rate. There is risk depending on what mortgage you pick, etc. Best thing is to start shopping for a mortgage and then pick your house based on that. I could have qualified for over $400k with the girlfriend, but $350k is where I'm comfortable for my second house.

Lots to consider on new vs. used (I've owned both), condo vs. townhouse vs. semi vs. detached. I'm a fan of fully detached and would rather a smaller single home than a larger semi or townhome, but that's just me.

What part of Alberta are you looking in?
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