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Lethbridge, AB Real Estate News

By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
This question is asked of me by Lethbridge real estate and mortgage customers who sometimes have little or no experience or knowledge of the benefits or difference in where they seek financing.  Customers wonder why they should hire me to help solve their financing needs vs using any of the other mortgage associates in Lethbridge or go directly to their bank or financial institution.  They wonder how can little old me compete with and consistently beat the service and the rates offered by others in the same industry.  It is much like David and Goliath.   The answer to the question is threefold.  The first is an explanation of why most lending institutions cannot compete with a mortgage broker.  Mortgage brokers are paid to find you financing that meets your needs.  If they cannot find y...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
For those who know Lethbridge Alberta real estate rental marketplace, you already know that our vacancy rate is about as close to zero as it can get.  For those who are little more unfamiliar with it, I would like to provide a brief overview of what the Lethbridge real estate rental market is currently like and why.   Lethbridge has a large population of college and university students due to the presence of 2 large educational institutions in our community.   Each of these institutions has about 7500 students, which means that there are 15000 youths primarily between the ages of 18-25 who are looking for affordable accommodations.    Many of these students find accommodations as borders, or as roommates sharing a single family house.  However many more of them end up renting illegal ba...
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By Liz Toles, Lethbridge Real Estate
(MyLethbridgeRealty.com)
  Transaction Brokerage (formerly known as Dual Agency in Alberta) is a common practice in common law real estate. Two examples where transaction brokerage might occur would be:   - You are working with a REALTOR® as your Buyer's Agent (ideally, under an Exclusive Buyer Brokerage Agreement). They introduce you to a property that they have listed for sale and you decide you would like to write an offer on it (and in Alberta, this would also apply to the properties listed by any other agent in your REALTORS® brokerage) - As a Seller, you list your property with a REALTOR® (using an Exclusive Seller Brokerage Agreement) and then they introduce a Buyer to the property who would like to write an offer on it. Before we proceed, there are a couple of things that you as either a Buyer or Selle...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
As many of my friends and associates are aware, I am an Alumni of the University of Lethbridge.  I graduated from the U of L in 1993 and became a member of the Alumni Association the same year.  Shortly thereafter, I was appointed as a Director and the Treasurer of the Alumni Association.  I also was appointed by the Alberta Minister of Education to be the Alumni Representative to the Board of Governors of the U of L, a position I held for three and a half years Oddly enough, I seemed to spend more time at the University after I graduated then I did when I was enrolled.  If you are interested in moving to Lethbridge to attend or work at the University of Lethbridge and would appreciate the advice of someone who is a local expert in all aspects of real estate as well as mortgage financi...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
Several times in the recent years I have fielded questions about the history of Lethbridge or the origin of the name of the City. Since I am no expert in that particular area, I often refer people to one of my favorite local sources of information, The Galt Museum and Archives. Below is an article which they have provided explaining the history and origin of the City of Lethbridge and how it developed in the past 100 years. This article is also available in brochure form and on the City of Lethbridge website. Enjoy, Robert May A short History of Lethbridge, Alberta By Greg Ellis, ArchivistSir Alexander Galt Museum & ArchivesOctober 2001 Based on the work of Alex Johnston Native People and the Coming of European TradersThe Lethbridge region formed part of the homeland of the Blackfoot C...
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By Liz Toles, Lethbridge Real Estate
(MyLethbridgeRealty.com)
As the year came to a close, there are a few things to note when looking at the Lethbridge, Alberta real estate market for the month of December: 1. Currently there are 566 homes for sale in Lethbridge (399 single family, 146 condo, 21 mobile homes) 2. 118 of those 566 listings were put up for sale in the month of December. 3. 55 homes sold in Lethbridge in the month of December. Now in order to see where we are in heading, we need to look back at the statistics for the entire board for the past few months: August - 534 new listings, 236 solds  September - 460 new listings, 228 solds   October - 527 new listings, 171 solds November - 354 new listings, 107 solds December - 240 new listings, 92 solds  The number of new homes put on the market changed each month by -14%, 14%, -32% and then...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
The North American Dream that has been chased by the majority of the western world for the past couple generations is much like the Parker Brother's game of Monopoly. Sometimes you get lucky and buy up all the good properties, sometimes you end up in the hospital, sometimes the tax man throws you a curve and takes a bunch of your money, and sometimes you even end up in jail. Every now and again we have all had the pleasant experience of picking up a 'chance' card or even got a little from the 'community chest'. Heck, some of us even know someone who knows someone who happened to land on 'free parking' and got a real windfall.   Most of us have been content to go through life for the past few years rolling the dice and moving from square to square, happy just to 'pass go' and 'collect $...
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By Liz Toles, Lethbridge Real Estate
(MyLethbridgeRealty.com)
In my efforts to stay on top of the real estate market in Lethbridge, I make it part of my job to study what homes are for sale. And I don't limit my efforts to just the properties listed on the MLS® system. I frequently visit the FSBO sites that have a small share of the real estate listed in our city. In my most recent visits, I made these observations about the current state of FSBO's in Lethbridge: 1. 95% of the properties listed on the FSBO sites are grossly overpriced. When I worked a reverse market analysis on the FSBO homes for sale using properties that have recently sold, the gap between market value and what the vendor is dreaming of getting is astronomical! I'm talking almost $100,000 over current market value for more than one of the homes I worked my numbers on! 2. The oth...
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By Liz Toles, Lethbridge Real Estate
(MyLethbridgeRealty.com)
Are you considering buying a home in Lethbridge, Alberta? Are you looking for more space, a better location, an investment property? Are you pre-approved for a mortgage and ready to make your move? If you have answered all these with a yes... my next question is, "Why are you still waiting?" The answer is likely "fear". Fear that you will overpay, fear that interest rates have not hit their lowest, fear that the timing is not perfect. Well, if your decision to wait is rooted in fear, I have something that can help you. No, it's not that almighty crystal ball (although that would make things much easier!) That something that I have is knowledge. I have knowledge of the current inventory. I am out there seeing it every day and evaluating it with critical eyes. I am showing homes to great ...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
I just read a story online about how a professional in our industry was bilked out of a large sum of money.  The story in itself is terrible, but it also points out a problem I see with the Canadian criminal code.  The criminal in the story stole almost half a million dollars, but the charge in Canada for that is "fraud over $5,000" and the penalty for it is rarely severe. The problem is that if the man had stole $5001  the criminal charge is the same as if he had stolen $1 million dollars.  That clearly doesnt make sense as the damages to the victim in the 2 crimes wouldnt be the same.  Here is a copy of the article and it points to the fact that even someone who should have known better can be duped by a shyster. Be vigilant.  Always use professionals who are established in their prof...
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By Shaun Serafini, B.MGT
(Shaun Serafini - Mortgage Expert - All Source Mortgages )
This holiday season, my thoughts turn gratefully to those people who have made my success possible. It is in this spirit that I say thank-you and best wishes for the holiday season and a very happy new year. May peace, prosperity and joy be with you all!!! All the best! Shaun
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
Lethbridge Alberta has always had a strong reputation as a tight rental market due in large part to the University of Lethbridge and the Lethbridge College and the large number of students they attract to southern Alberta.  Of course, the first choice rentals for students tend to be the low cost rentals, typically basement suites and small apartments.  However, as the students fill up those properties they displace and move working class people up and into condos, half duplex, and starter homes.    For most real estate investors Lethbridge is one of the safest choices to invest in real estate.  Most of our students enter 2 or 4 year post secondary programs, but most stay for 4 to 6 years.  This provides a landlord with the potential to have the same student tenant for a long period of t...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
Southern Alberta is rich with energy producing natural resource of wind power.  Out west towards Pincher Creek the number of wind turbines continues to increase yearly.  There is a lot of interest in this power generation and it is a nice alternative to coal fired electricity plants.  The problem currently has to do with transporting all of that clean energy into the Albert power grid.  There simply is not enough power line capacity between Pincher Creek and any major urban center with an electric substation in place.   There is currently an ongoing debate and discussion regarding how a transmission  line will be constructed to transport this power to urban areas, where the line will travel, how large the line will be, and whom will be inconvenienced by its new construction.   I fully ...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
                                       A credit score of 650 or better is becoming a necessity for applying for virtually any type of financing.  Of course the higher the score the better, but a minimum of 650 is becoming the cut off point for many financing and insurance products.  The credit score is weighted by the following percentages: 35% based upon payment history 30% based upon amount owed 15% based upon length of credit 10% based upon new credit 10% based upon type of credit    These percentages are based on the importance of the 5 categories for the general population. For particular groups - for example, people who have not been using credit long - the importance of these categories may be somewhat different.   Payment History ·         Account payment information on specific...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
  As lending criteria seem to be tightening on a weekly basis making it ever more difficult for individuals to qualify for financing, the interest rate for those who are still able to qualify continues to decline.  It is forecast that it may reach levels not seen in decades.  This morning there will be an announcement from the Bank of Canada where it is widely expected to cut rates by half a percent.  Hopefully enough to stimulate investors to jump into the real estate market and help reduce the growing inventory of unsold property. In times like these it is very important that you surround yourself with experienced professionals who take the time to understand what is going on and how it affects your present situation as well as what future opportunities and pitfalls it presents. Robe...
Comments 2
By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
Effective today, Genworth has made a dramatic change to their mortgage insurance product for alt-a Business for Self product (also known as BFS).  The change has now made this product unavailable to commissioned income individuals!!!  This is huge!  This change will effect many professions, specifically Realtors, mortgage associates, car salesmen, industrial equipments salespeople, boat and rv salespeople, condo and timeshares salespeople, etc.  Anyone who is self employed and derives their income from commission sales will no longer be able to use this insured product for a stated income mortgage.   Here is the release from Genworth describing their explanation of why this product is being withdrawn: ************ In today’s changing mortgage environment, Genworth continues to evaluate ...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
If you currently have an Exceed, GE Money, Accredited, or Home Trust mortgage in place you should call me or another professional Mortgage associate ASAP and discuss your future plans for this mortgage product.  Recent fluctuations and changes to the mortgage and credit granting market in Canada has left many mortgage holders at risk, and only those who are proactive and prepare for this situation will not be inconvenienced by this.   In the past few months, several of the 'high risk' mortgage lenders have withdrawn from the lending market or have altered their lending practices to no longer offer mortgages which fall into the 'high risk' category.  Among the first products to disappear was mortgages for non-owneroccupied properties (rentals, second homes, vacation properties, etc), fol...
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By Liz Toles, Lethbridge Real Estate
(MyLethbridgeRealty.com)
This week, the Lethbridge and District Association of REALTORS® (LDAR) presented it's members the challenge of donating blood at our local Canadian Blood Services clinic. Although the turnout was not as impressive as it could have been, I am proud to say that over a third of the donations came from the REALTORS® at the brokerage I work under, Coldwell Banker First Lethbridge Realty. I have always felt strongly about the importance of donating if you meet the requirements for blood donation. When I was 14, my Aunt Rita suffered from kidney failure and was kept alive through daily renal dialysis. I still remember visiting her and she was chained to that damn dialysis machine for a good part of her day.  My mom offered her a kidney (the way someone else would offer to lend you a cup of sug...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
The following article was released today on the CP newswire.  The prediction is for a little bit more downside, but not near as much doom and gloom as others have anticipated.  Only time will tell if they are right or wrong.   Robert May   ********************************************** Robert May is the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed mortgage associate and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as mortgage financing, refinancing/renewals, preapprovals, and home equity financing to Lethbridge and Southern Alberta. He can be found online at www.LethbridgeLoans.com If you enjoyed thi...
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By Robert Havana, Alberta Real Estate License Parking
(Park and Protect- Alberta Real Estate License Parking)
I am the broker and owner of an independant real estate brokerage in Lethbridge Alberta.  I have been a member of the Lethbridge Real Estate Board, the Alberta Real Estate Association, and the Canadian Real Estate Association, for approximately 15 years now.  I have watched the organized real estate industry make several changes and evolve for all these years.  Some of the changes have been progressive while others have seemed to be misdirected. I have experienced the change from corporate owned offices to franchises, the rise of independant contractor status, the introduction of the 100% commission split, the introduction of new technologies, the alteration of the terminology, at least half a dozen revisions of the standard purchase contract from a simple 1 page form to a 2 page form t...
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