Questions people ask Rene

The best time to buy is when it works for your family: your income is steady, your down payment and closing costs are saved, you’re pre-approved, and you plan to stay for at least a few years. Predicting the market is hard even for economists. What Rene can do is show you what’s happening right now in the communities you like: recent sale prices, how fast homes are selling and how many are for sale.

Yes. A pre-approval tells you how much a lender is willing to lend and usually holds an interest rate for a period of time. It keeps you looking at homes you can actually buy, and sellers take your offer more seriously. Rene can connect you with a trusted mortgage specialist to get it done.

It comes down to budget, space and how much upkeep you want. Condos usually cost the least to buy but come with monthly fees and building rules; detached homes give you the most space and control, and all the maintenance. Townhouses sit in between. The condo, townhouse or detached guide compares them side by side.

Rene writes the offer with you: the price, the deposit, the conditions that protect you (such as financing and inspection) and the possession date. The seller can accept, reject or counter, and the price is almost always negotiable, though in a busy market you may compete with other buyers. See how offers work in Alberta.

You pay the deposit, which is held in trust, and work through your conditions: final mortgage approval, the home inspection and, for a condo, the condo documents. Once every condition is met or waived the deal is firm. Your lawyer then prepares the transfer, the lender sends the money, and you get the keys on possession day.

Lenders qualify you at the stress-test rate, the higher of your rate plus 2 points or 5.25%. At that rate, your housing costs (mortgage, property tax, heating and half of any condo fees) generally can’t be more than 39% of your gross income, and all your debt payments together no more than 44%. Your down payment also sets a limit. The mortgage calculator estimates a price for your income, debts and savings.

At least 5% of the first $500,000 of the price, plus 10% of any part between $500,000 and $1,499,999. A home at $1.5 million or more needs 20% down. So a $500,000 home needs $25,000, and a $600,000 home needs $35,000. With less than 20% down, you’ll also pay a mortgage insurance premium, which is added to your mortgage. See the down payment guide.

It depends on the price, your down payment, the interest rate and the amortization. As an example only: a $500,000 home with 5% down has a $475,000 loan plus a $19,000 insurance premium, so a $494,000 mortgage. At an example rate of 4.5% over 25 years, that’s about $2,734 a month, before property tax and utilities. Try your own numbers in the mortgage calculator.

Closing costs: your lawyer, the home inspection, an appraisal if the lender asks for one, Land Titles fees to register the transfer and the mortgage, property tax and utility adjustments, and home insurance. Alberta has no land transfer tax. Plan for roughly 1.5% to 4% of the price. The closing costs guide lists each one.

Yes. For an insured mortgage, a down payment can be a non-repayable gift from a relative. Most lenders ask for a signed gift letter and to see the money in your account before closing. If the money is coming from abroad, move it early and keep every transfer record.

Usually, yes. Canada’s ban on non-Canadians buying homes applies in the Calgary area, but work-permit holders are exempt if their permit has at least 183 days left and they buy only one home. Permanent residents aren’t affected at all. The ban is scheduled to end on January 1, 2027, and Ottawa has said it is reviewing its options, so check the rule that applies on the day you sign. See the newcomers guide.

Often, yes. The three mortgage insurers (CMHC, Sagen and Canada Guaranty) have newcomer programs for permanent residents and work-permit holders, with down payments starting at 5%. Instead of a long Canadian credit history, they may accept an international credit report, a reference letter from your bank back home, or a year of rent and bill payments. Lenders add their own rules, so a mortgage specialist will tell you where you stand.

Your home is worth what buyers are paying for similar homes nearby right now. Rene’s free evaluation compares it with recent sales and current listings in your community. Request one here.

The REALTOR® commission (explained in full in the listing agreement before you sign), your lawyer’s fees, any penalty for paying off your mortgage early, moving costs, and any repairs or cleaning you choose to do. Alberta has no land transfer tax.

Oo naman. Of course. Rene speaks English, Tagalog, Ilocano, Bisaya and Ilonggo, and many families mix them. Use whichever you’re most comfortable with.

All four quadrants of Calgary, plus Airdrie, Cochrane, Chestermere and Okotoks. See the community guides.

Rene explains exactly how he’s paid before you sign anything. Your buyer agreement with his brokerage spells out the commission and who pays it. In many Calgary sales the commission is paid out of the sale by the seller’s side, but your agreement is what counts for your purchase.

Rene focuses on buying and selling homes, so he doesn’t help with rentals. If you’re renting now and want to buy, he’s happy to help you plan for it.