Lethbridge Real Estate and Mortgage Info

Lethbridge Real Estate

As I review my blog I am amazed at some of the strange things that I have posted and am now ranked in google for.  There are some pretty strange things that if you search for them, the top of the search comes up with this blog.  Now that was not my intention, heck I blog for the fun and entertainment of it as well as because it is good for my business.

Point of fact is that the majority of my clients still come directly from personal referrals.  However, second to that is the number of people who find me online.

In an effort to expand my presence I have decided I will increase the scope of my keyword content.  Some of the words and phrases that I plan to try to incorporate into future blog posts include:

Lethbridge

real estate

mortgages

homes, houses, residences, rentals, condos

Lethbridge real estate

Lethbridge homes for sale

Lethbridge houses for sale

Open houses in Lethbridge

Lethbridge Realtor

Real Estate companies in Lethbridge

Lethbridge mortgage broker

Lethbridge interest rates

moving to Lethbridge

Lethbridge mortgages

Real estate agents in Lethbridge

Lethbridge MLS

Lethbridge Listings

I think those should be a good start.  The key to me is that I target only my local geographic region.  I realize that lots of people move from across the Province or Country, but the focus of my business is very local.  To that end, I will combine Lethbridge with all sorts of search words related to real estate and mortgage financing.   For now I will avoid subdivision specific search terms as I do not think they are generating enough search interest to bother with.  Hopefully with a week or two of focus I can improve the content and frequency of these words within my blog pages.  Improving the content and reach of this blog is always a hobby and interest of mine.

Lethbridge Real Estate

The Lethbridge real estate market has remained surpisingly robust through the global economic turmoil.  There were a few months where things slowed down and the Lethbridge real estate market appeared to be taking a turn for the worse, but then as soon as the weather would warm up the Lethbridge real estate market would get buzzing again.

Currently, Lethbridge is enjoying some nice warm spring weather and that has the local real estate market going at full speed once again.  If you are thinking of selling real estate that you own, or are looking to purchase Lethbridge real estate for either your own residence or for real estate investment purposes, there are lots of great opportunities.

The Lethbridge real estate market remains strong for those who have the help of an experienced and skilled Lethbridge Realtor working for them.  There are bargains to be had and there are still great financing terms available from a Lethbridge mortgage broker.

We are bound to get a bit more cold weather before spring is officially here, but in the meantime, lets make the most of this great real estate market that we are experiencing and lets make some money.  Give me a call if you want to talk about the Lethbridge real estate market, real estate investments, or any aspects of real estate financing.

Lethbridge Real Estate - Lethbridge Mortgage Rates

Here is a heads up to anyone who has been watching Lethbridge interest rates and waiting to make a move.  The bond market went crazy in Canada the past 2 days and by the end of today it will be even crazier.  This is putting huge pressure on interest rates to rise, as the lenders like to maintain a spread between the bond rate and the fixed long term mortgage rates.

Expect to see the 5 year fixed interest rates rise by at least .50% (thats half a percent!) before Monday.  I urge anyone who is sitting on the fence to get off their butts and get their financing or pre-approvals done ASAP!  I even expect that some lenders will jump the gun and raise rates before the close of business today.  Contact your Lethbridge Mortgage Broker today.  Contact your Lethbridge Realtor today.  Get on it.

If you are in a variable mortgage, this may not be an issue today, but it will soon.  Rates are moving up a bit and they are doing it NOW.

Want to know more about Alberta? Want to know why we are leading the world economy and will continue to be the strongest economic powerhouse for the next decade? It is as simple as an open door...

Want information on living and investing in Alberta? Let's talk.

Lethbridge real estate - Buy Rental Property Now

Once again, I want to urge anyone who has been considering purchasing investment or Lethbridge rental real estate property in Lethbridge, to hurry up and act fast.  With the mortgage financing rules changing very soon it will become increasingly more expensive and difficult to purchase this type of property.  Please read my last post on this subject for the specifics of the changes for rental property mortgages.

I have just listed and have access to a couple of great rental properties.  The owners know that by selling them in March, they will have access to many more buyers than will be available after the rules change.  As a result of these changes I have a few new buyers and a few new sellers, who I will be trying to match up with each other and find properties and deals which work for everryone.  

If you are a potential buyer or are thinking of selling a Lethbridge rental property that you own, please contact me right away and maybe I have a client who will match up with your needs.

Lethbridge Real Estate - Rental Properties

LAST CHANCE!!!

Just a heads up to all those Lethbridge real estate investors.  The rules regarding the financing of rental properties are changing in just over one months time.  After the rules change, it will no longer be possible to purchase revenue property with less then 20% downpayment.

However, if you act fast, you can still purchase under the existing rules.

I have lenders who will allow you to purchase rental properties with as little as 5% downpayment!  But you must act fast to take advantage of this before the rules change.  I urgently invite you to take advantage of this opportrunity before it is gone, as you will never again have opportunity to leverage your investment in a rental property like is currently available for the next month.

Here is an example of one mortgage product that I have available TODAY!

Rental Properties

• Minimum Credit Score of 650
• 80% Rental Offset for subject property
• Up to 95 LTV Financing on 1-2 Units, 90 LTV Financing 3-4 Units.
• Personal Lending only No Company names.
• 80% Rental offset can be used for non-subject properties when it is verifiable to 2 of the following:
  • lease agreement (established)
  • economic rental value via appraisal (known rental – history)
  • bank statements (1year min)
  • Tax Returns.
• No area or location restrictions
• Down payment must be from own resources, no borrowed or gifted down payments accepted.
• Maximum 5 properties (individual units) in portfolio including primary residence.
• Max Mortgage of $1,000,000.00.

• Fully Income Qualified.
• All Rentals are insured regardless of LTV.

Lethbridge real estate - foreclosures and bank owned homes

While much of the current marketplace in the US is driven by bank owned and foreclosure properties, it is far less common in Canada.  In my marketplace in Lethbridge Alberta, there are rarely more then a couple bank owned or foreclosures ever on the market.  Of course, there are more currently then there has ever been in the past 30 years, but still there are never more than a half dozen of these properties at any one time.

Recently, I have been asked to help monitor and watch over some of these Lethbridge foreclosure properties on behalf of one of the major lenders. 

My clients already have the inside track to many of the best deals in the city due to my connections with the lenders, as I am both a Realtor and a Mortgage Broker.  It is not uncommon for me to find and sell a property that will never be listed on the MLS system, and these properties are always the best deal.

If you are interested in Lethbridge foreclosure real estate, or wondering how you can get a deal as good as the rest of my clients, you need to be on my list of preferred buyers.  Feel free to give me a call if you are tired of missing out.

Lethbridge real estate - commercial buildings

I have written about some commercial buildings in Lethbridge before, and also posted some pics and video of this particular piece of Lethbridge real estate.  An aticle was just published in a commercial online publication and I thought it was great.  The piece is a little more journalistically stylish then my usual ramblings, so I thought I would share it here on my Lethbridge real estate blog.

Lethbridge, Alberta builder spends $2 million to turn water tank into restaurant

PAT BRENNAN

correspondent

LETHBRIDGE, Alta.

Builder Doug Bergen always marvelled at his town’s water tower while growing up in Lethbridge, Alta. It was the tallest structure out on the wide open prairies south of Calgary.

So, he was shocked when he learned Lethbridge proposed to scrap the retired water tower.

Bergen, an architectural technician and developer, persuaded the town to sell the water tower to him and more than $2 million later he opened it as one of Canada’s most unconventional restaurants.

He believes it is the only restaurant in the world built into a water tower 12 storeys above the ground. “The town council fought me all the way on this project. They made me jump through some very unreasonable hoops, but on our opening night in 2004 the entire council was there for the free booze and food,” said Bergen.

City engineers claim the tower, built in 1958, had outlived its usefulness and it sat abandoned for several years after a new community reservoir replaced it. “The town’s public works feared it was unstable and should come down, but I had consulting engineers check it out and found it was still strong and sturdy. The municipal guys wouldn’t even climb up the tower’s ladder to check inside the tank,” said 44-year-old Bergen.

“It’s been an iconic structure in Lethbridge and southern Alberta and if I was going to keep it alive I wanted to make it a place that the public could visit and use.”

It took him two years to find a tenant, but eventually Ric’s Grill, a chain of nine steak and seafood restaurants in Alberta and B.C. moved in and has become a popular tourist attraction in Lethbridge.

Bergen designed the 9,000-square-foot restaurant with two levels for eating and a third as a lounge in the bulbous water tank, which used to hold 500,000 gallons of water 36 feet deep. He had to hoist nearly 1,700 tons of washed gravel into the water tank to replace the weight of the water to keep the tank from swaying in the prairie winds.

He cut 32 windows into the side of the tank, plus skylights in the top. A catwalk was built around the outside of the tank so maintenance crews can wash the windows. An elevator was installed in the 8-foot-diameter central shaft of the tower to carry customers up to the restaurant. Eight narrower legs support the weight of the tower. Bergen added large banners between each of the legs, which he rents out as billboards.

A 60-foot-tall transmission aerial was added to the top of the water tower.

Everything but the customers and the Alberta beef steaks had to be lifted to the restaurant by mobile cranes. Steel floors were crafted to create the three levels.

Douglas J. Bergen and Associates designs and builds real estate and commercial projects in Southern Alberta, such as vacation cottages in the Crownest Pass in the Rocky Mountains.

Well, not exactly, but it sure feels like it today.

As global markets are in turmoil, the Canadian real estate market remains strong and solid.  Recent stats have all pointed to month after month increases in prices in all markets coast to coast.  Following on the heels of more positive market news the Federal Goverment today acted to stamp some of the life out of the market.

This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows:

1. All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
2. The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
3. Non-owner occupied properties will require a minimum down payment of 20%.

There were no changes to down payment requirements or length of amortizations for owner-occupied residences.

I agree that consumers need to keep debt in control.  However the problem that I have with this news today is that just a few weeks ago the same Finance Minister stated that "Canadian Banks DO NOT need more regulation, they are capable of regulating themselves" and now this week they move to regulate consumers!!!!  So the banks don't need regulation but the citizens do?

Is it still possible to find Lethbridge real estate at bargain prices?  Are there any good deals out there?

There are questions that my Lethbridge real estate clients and friends ask me on a regular basis.  The answer is overwhelmingly YES!  There are actually lots of good deals or bargain priced homes that come and go from the market in any given month.  There are not hundreds, there are not even dozens, but there are several each and every month.  Call Robert May at 403-330-3039 if this is the type of Lethbridge property you are interested in.

These Lethbridge real estate bargains may be foreclosures, court sales, divorces, frustrated landlords trying to unload a rental property, or just a tough sell property that is going for a good deal.  I have also came across homes that were listed by an incompetant real estate person at a price that was far below the true value of the property.  The point is, there are bargains to be had.  Call Robert May at 403-330-3039 if this is the type of Lethbridge property you are interested in. 

How do you get those bargains?

Call me.  Call me and tell me what you want, what you dont want, what is on your wish list, what might work, and then let me keep an eye out for you.  I come across literally dozens of properties that are new to the market each week, some MLS and some exclusively available through me.  Call Robert May at 403-330-3039 if this is the type of Lethbridge property you are interested in.