When you buy a home, a lot of the money you spend isn’t going towards your home equity. The cost of homeownership includes the money you spend on fees, taxes and interest. These costs do not increase the value of your home nor do they reduce the principal on your mortgage.
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CALGARY- It costs just pennies a day, but a new survey has found a large number of tenants don’t have property insurance.
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As a district of post-oil-boom communities perched away from colleges, universities and rapid transit, Ward 2 has few secondary suites.
Many residents want to keep it that way.
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On its own, it was a simple real estate transaction between buyer and seller. But the purchase of City Square Tower, a 28-storey residential building on 104 Avenue in downtown Edmonton, by Calgary’s Mainstreet Equity for $40 million in early June, wasn’t on its own. Instead, it was the culmination of a strategy that the company has been pursuing since 2007– one that saw it scoop up 77 properties containing 2,218 units in an area bounded by the airport lands to the north, Jasper Avenue to the south, 124 Street to the west and 97 Street to the east. And it’s about to pay off in a big, big way.
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Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. But rising mortgage rates have narrowed the gap between the cost of buying and the cost of renting. The 30-year fixed rate is now 4.80%, compared with 3.75% one year ago (according to the Mortgage Bankers Association, or MBA). This jump in rates has raised the cost of buying relative to renting. As a result, buying is 35% cheaper than renting today, versus being 45% cheaper than renting one year ago.
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The rise in mortgage rates may cause an increase in demand for rentals, reports CNBC’s Diana Olick.
CALGARY- The city has been dealing with a low vacancy rate for months—and it’s gotten much worse in light of the devastating June flood.
Renters looking for affordable housing say not only are properties being snapped up within hours of the listing being published, but they are also being gouged by greedy landlords.
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Tenants in a house damaged by the flood can claim damage to their personal possessions while a landlord can claim for flood damage to the house and property.
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Secondary suite owners are clueless as to what constitutes a safe living environment, a city pilot study has found.
For a year, the city’s building permit department and fire department studied 50 illegal secondary suites to find out how safe the units were.
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For the past three years they have been swarming over the hardest hit housing markets, buying distressed properties in bulk and pushing prices higher by double digits. The idea for these investors was not to buy and flip, but to hold and rent. Now some investors say they have priced themselves out of the market.
Read more: http://www.cnbc.com/id/100799067