buying or renting in calgary
Mar 19th 2009, 11:33 am
#1
Just Joined
Thread Starter
Joined: Oct 2008
Posts: 15
buying or renting in calgary
with our fact finding holiday coming up, we were wondering how hard is it to get a mortgage in Alberta.
We have a 1 bed property in Kent which is worth about 125k and are hoping should all go well, to rent it out when we move to Calgary.
We dont particularly want to rentas we have two dogs to bring and havent had much luck finding rental properties which allow pets near calgary.
Hopefully we will both get job offers with Calgary so would have 2x Police wages coming in.
What sort of mortgage would webe able to get based on those wages?
Cheers
Bill and Marie
We have a 1 bed property in Kent which is worth about 125k and are hoping should all go well, to rent it out when we move to Calgary.
We dont particularly want to rentas we have two dogs to bring and havent had much luck finding rental properties which allow pets near calgary.
Hopefully we will both get job offers with Calgary so would have 2x Police wages coming in.
What sort of mortgage would webe able to get based on those wages?
Cheers
Bill and Marie
Mar 19th 2009, 7:28 pm
#2
Lost in BE Cyberspace
Joined: Jul 2006
Location: Cochrane, Alberta
Posts: 7,861
Re: buying or renting in calgary
An income of $150k+ is healthy enough to get a mortgage as big as you want (to hang yourself 
). It's the deposit that might prove an issue. Do you have savings or can you release some funds? You should be able to find deals with as little as a 5% deposit in many cases - but don't be surprised if asked for more. Lending still seems OK here at the moment.
You might be better posing this in the main Canada forum - some realtors and mortgage brokers lurk there and will be happy to offer advice or PM Sam-in-Okotoks - she has some contacts for mortgage brokers for new arrivals who could outline what would be available to you.
On that income, you will not need to live in a one bed flat. The temptation might be to not spend too much
Your timeline may have some bearing too guys - at the moment, I think most people would advocate renting for the next year or so just to see how the market pans out here. Renting with dogs is possible, but again it might mean making personal contacts with landlords from their adverts (who might say no pets, but might actually be open to negotiation if you pay cleaning deposits for example), or making contact with a realtor who may have direct history with landlords who don't mind. Also, the size or breed of dogs might sway it one way or the other.
If your timeline is more than a year away yet - don't sweat it
). It's the deposit that might prove an issue. Do you have savings or can you release some funds? You should be able to find deals with as little as a 5% deposit in many cases - but don't be surprised if asked for more. Lending still seems OK here at the moment.You might be better posing this in the main Canada forum - some realtors and mortgage brokers lurk there and will be happy to offer advice or PM Sam-in-Okotoks - she has some contacts for mortgage brokers for new arrivals who could outline what would be available to you.
On that income, you will not need to live in a one bed flat. The temptation might be to not spend too much
Your timeline may have some bearing too guys - at the moment, I think most people would advocate renting for the next year or so just to see how the market pans out here. Renting with dogs is possible, but again it might mean making personal contacts with landlords from their adverts (who might say no pets, but might actually be open to negotiation if you pay cleaning deposits for example), or making contact with a realtor who may have direct history with landlords who don't mind. Also, the size or breed of dogs might sway it one way or the other.
If your timeline is more than a year away yet - don't sweat it
Mar 26th 2009, 4:46 am
#3
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Joined: Feb 2008
Location: Okotoks Albetra
Posts: 459
Re: buying or renting in calgary
You might be better posing this in the main Canada forum - some realtors and mortgage brokers lurk there and will be happy to offer advice or PM Sam-in-Okotoks - she has some contacts for mortgage brokers for new arrivals who could outline what would be available to you.
If you send me your email address I will put you in touch with a mortgage broker who has helped a number of ex UK Police. The mortgage broker will happily give advice via email and point you in the right direction. We also have friends who have just arrived in Calgary on a research trip, they have just been accepted into CPS with a joining date in the summer. I can put you in touch with them and you can pick there brains when they return to the UK. If you need help with anything else feel free to give me a shout. Sam
If you send me your email address I will put you in touch with a mortgage broker who has helped a number of ex UK Police. The mortgage broker will happily give advice via email and point you in the right direction. We also have friends who have just arrived in Calgary on a research trip, they have just been accepted into CPS with a joining date in the summer. I can put you in touch with them and you can pick there brains when they return to the UK. If you need help with anything else feel free to give me a shout. Sam
