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Real Estate As A Generational Wealth Builder

Canada's real estate market is on fire, leading the global rebound post-counter-inflationary interest rate hikes. Today, 73% of us still believe in the power of homeownership, but many feel it's just out of reach.

But wait, there's good news! Homeowners with equity can pave the way for the next generation's dream home by assisting with down payments. It's the ultimate financial legacy, securing your family's future.

Last year, 35% of first-time buyers in Canada received this crucial help. Think about it: homeowners have 40 times the net worth of renters! Let's set our families up for success. Down payment assistance opens doors to better neighbourhoods, top schools, and a secure future. And guess what? It can even keep retirement accounts intact.

Considering a move in 2024? Why not relocate closer to family and reap the rewards of your investment? For those aiming to climb the real estate ladder, it's time for that crucial conversation with family. Let's get your credit score and savings aligned for success.

Have questions? Reach out! Expert advice awaits. Let's build generational wealth together!

Jason Streich
Real Broker
(403) 807-2204
jason@jasonstreich.com

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Did you know?
Did you know? A whopping 66% of Canadians proudly call their house a home. Whether you're dreaming of stepping into your first home, finding the perfect space to accommodate your growing family, or seeking a smart investment opportunity, there's never been a better time to make your move in Calgary!

As a Realtor deeply rooted in Calgary's vibrant community, I'm not just here to sell houses—I'm here to empower you to embark on the next chapter of your life with confidence.Whether you're looking to buy, sell, upsize, downsize, or invest, let's navigate this journey together.

Every home tells a unique story, and I'm committed to helping you find the one that perfectly aligns with yours. Let's explore the possibilities and turn your real estate aspirations into reality.

Your home is more than just four walls—it's a sanctuary, an investment, and a reflection of your dreams.

Let's seize this moment and transform your vision into an inspiring reality.

Ready to take the next step? Reach out today, and let's embark on a journey that's as exciting as it is rewarding. Your dream home awaits in Calgary!

Jason Streich
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May is more than just flowers blooming!
May is more than just flowers blooming—it's also the perfect time to plant your roots in a new home! With spring in full swing, the housing market is bustling with opportunities. From longer days to warmer weather, there's something about May that makes house hunting an adventure.

Let's chat about why this month could be the ideal time for your next move.

Jason Streich
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Buyers Are Coming

The future looks bright! Here are three reasons why these trends are impactful:

Growing Families: With 3 million marriages and 7 million births projected, we're witnessing a significant increase in family formation. This not only signals personal milestones but also indicates a surge in the demand for larger homes or homes in family-friendly neighbourhoods.

Pent-Up Housing Demand: As more people get married and start families, combined with declining mortgage rates, there's a pent-up demand for housing. This creates a favourable environment for sellers as the market experiences increased competition and potentially higher selling prices.

Economic Implications: The housing market is not just about buying and selling homes; it's a crucial indicator of economic health. Increasing marriage rates and birth rates, along with favourable mortgage conditions, can stimulate economic growth by driving demand for construction, home improvement, and related industries, contributing to overall economic prosperity.

Ready to make your move? Reach out today!

Jason Streich
Real Broker
(403) 807-2204
jason@jasonstreich.com

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Sellers Are Coming

Exciting news ahead for homebuyers, sellers, and investors; it's time to seize the moment! Here are three reasons why the influx of sellers turning 65 over the next 2 years is a positive thing:

Increased Inventory: We'll see a boost in housing inventory, providing buyers with more options to find their dream home.

Diverse Buyer Pool: As cash-flush retirees enter the market, they'll not only be selling homes but also looking to downsize, upgrade, or invest. This diversity in buyer preferences will create a dynamic marketplace catering to a range of needs and desires.

Market Stimulus: The surge of retirement-age sellers will inject vitality into the real estate market, driving both supply and demand. This activity stimulates economic growth, fosters community development, and strengthens the overall health of our local housing market.

Together, let's navigate this dynamic landscape and turn your real estate goals into reality. Reach out today to embark on your journey with confidence!

Jason Streich
Real Broker
(403) 807-2204
jason@jasonstreich.com

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Understanding Property Rights in Canada: A Guide For Homeowners

Property rights form the cornerstone of a stable and thriving real estate market in any country, and Canada is no exception. Whether you're a first-time homebuyer, a real estate investor, or a seasoned homeowner, understanding property rights is crucial. In this comprehensive guide, we will unravel the intricacies of property rights in Canada, shedding light on the legal framework, ownership regulations, and essential aspects that every property owner should know.

Understanding Canadian Property Rights: In Canada, property rights are safeguarded under the Constitution and various federal and provincial laws. These rights encompass the freedom to possess, use, and dispose of property. Canadian law ensures that property owners have the right to enjoy their properties without unreasonable interference.

Types of Property Ownership:Canada recognizes several types of property ownership, including freehold and leasehold. Freehold ownership grants the homeowner complete control over the property, while leasehold ownership involves leasing the land for a specific period.

Protection of Property Rights:Property rights in Canada are protected through legal mechanisms and court systems. Homeowners are safeguarded against unlawful seizure or infringement of their property rights.

Local Variations in Property Laws:It's important to note that property laws can vary by province and territory in Canada. Therefore, understanding local regulations is vital, especially in dynamic real estate markets like Calgary.

Property Rights in the Calgary Real Estate Market:For homeowners in Calgary and the surrounding areas, being aware of local property rights is essential. The Calgary Real Estate Board plays a significant role in regulating property transactions, ensuring fairness, and upholding the rights of both buyers and sellers.

Understanding property rights is fundamental for anyone involved in the Canadian real estate market. Whether you're buying, selling, or investing, knowledge of your rights empowers you to make informed decisions. In Calgary and across Canada, these rights are the bedrock upon which the real estate industry stands, providing security and stability to homeowners and investors alike.

Happy property hunting!

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Importance of Property Agreements for Common Law Partners in Alberta

When it comes to property rights and distribution, many people are aware of the laws that apply to married couples. However, for common law partners in Alberta, know the law. It is crucial for individuals in common law relationships to understand the importance of having agreements in place regarding property and its distribution. This blog post will highlight the significance of such agreements and the potential implications of not having them.

The Family Property Act in Alberta:

The Family Property Act, in effect in Alberta, addresses property division for common law partners. Under this act, the court has the authority to make a distribution of property between the spouses or adult interdependent partners based on the following factors:

Exempted Property: Certain types of property, such as gifts, inheritances, and property acquired before the relationship began, may be exempt from distribution.

Valuation Date: The value of the property to be distributed is determined as of the trial date, unless a written agreement states otherwise.

Just and Equitable Distribution: The court considers various factors, as outlined in section 8 of the act, to determine a fair and equitable distribution of property.

Income and Acquired Property: Property acquired by a spouse or adult interdependent partner during the relationship, including income derived from the original property, may be subject to distribution.

Importance of Agreements:

Having clear agreements in place regarding property rights and distribution is crucial for common law partners in Alberta. Here's why:

Protection of Individual Interests: A written agreement allows partners to define and protect their individual property interests. It can outline which properties are individually owned and which are jointly owned, reducing potential disputes in the future.

Control over Distribution: With an agreement, partners have control over how their property will be distributed in the event of separation. They can specify the division of assets and debts, ensuring a fair and mutually agreed-upon outcome.

Avoiding Legal Complexities: Without a written agreement, the court will rely on common law principles to determine property division. This can lead to complex legal proceedings and uncertainties about the outcome, potentially causing stress and financial burden.

Addressing Contributions: Agreements can address the contributions made by each partner during the relationship, whether financial or non-financial. This ensures that contributions are considered when distributing property, minimizing potential unfairness.

Clarity and Peace of Mind: By having a well-drafted agreement in place, common law partners can have peace of mind, knowing that their property rights are protected and that they have a clear plan in case of separation.

Common law partners in Alberta should understand the significance of having agreements in place regarding property and its distribution. The Family Property Act provides a framework for property division, but having a written agreement allows partners to define their own rules and protect their individual interests. Consultation with a family lawyer is recommended to ensure that agreements are properly drafted and legally binding. By taking proactive steps, common law partners can establish clarity, protect their rights, and avoid potential disputes in the future.

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Pre-Approval vs Pre-Qualifying For a Mortgage

Pre-qualification and pre-approval are two different steps in the mortgage application process.

Pre-qualification is the initial step in the process, in which a lender will ask you for basic information about your income, debt, and assets. Based on this information, the lender will give you an estimate of how much you might be able to borrow. Pre-qualification is typically done online or over the phone and is a relatively quick process.

Pre-approval, on the other hand, is a more detailed process that involves submitting documentation to the lender to verify your income, assets, and creditworthiness. This typically involves filling out an application and providing documentation such as T-4's, tax returns, bank statements, and pay stubs. The lender will then review your application and credit history to determine how much they are willing to lend you and at what interest rate.

Pre-approval is more thorough than pre-qualification and provides a more accurate estimate of how much you can borrow. It also gives you a better idea of what your interest rate and monthly mortgage payment might be. Because pre-approval requires more documentation and a more detailed review by the lender, it typically takes longer than pre-qualification.

In summary, pre-qualification is a quick estimate of how much you might be able to borrow, while pre-approval is a more thorough process that provides a more accurate estimate of how much you can borrow and at what interest rate.

Reach out with your questions and if you need a mortgage broker, I can connect you to a like-minded individual.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

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Source: Pre-Approval vs Pre-Qualifying For a Mortgage | Greater Calgary Real Estate | Feb 24th, 2023 

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What Does Inflation Mean For A Real Estate Market?

Inflation typically means that the overall cost of goods and services in an economy is increasing. In the real estate market, this can lead to higher home prices as the cost of building materials, labor, and other expenses associated with buying and selling homes increases.

Additionally, if inflation is coupled with a strong economy, demand for housing may also increase, further driving up prices. However, it's important to note that inflation alone does not determine real estate prices, it is a complex market that is influenced by various factors.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca

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Source: What Does Inflation Mean For A Real Estate Market? | Greater Calgary Real Estate | Jan 27th, 2023

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Before heading into the long weekend...
I want to say a massive THANK YOU to the most incredible clients in Calgary!

The year has had a good start and as we approach the Spring market, I can feel it getting busier. You deserve the best experience and being prepared prior to listing will help keep you ahead of the curve when the Spring market arrives.

What’s in it for you?
- A Fun Client-First Experience
- Home Staging Assistance
- Professional Photography & Videography with Dzyne Culture
- Refined Listing & Marketing Strategy
- Systems to keep you updated & in charge

When you’re ready, call/text (403) 807-2204, send me a DM, or email jstreich@shaw.ca. I love to help!
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Housing Taxes and Benefits for 2023

Effective January 1, 2023

Anti Flipping Tax  - Profits from properties held for less than 12 months are fully taxed with certain exceptions for unexpected life events like death or divorce. This ensures investors pay their share and are an active role in lowering home prices. 

Speculation Tax – Effective May 7th, 2022, The Goods and Services Tax/ Harmonized Sales Tax (GST/HST) will be applied to all assignment sales of new construction or substantially renovated residential housing. Note, an assignment sale is when a property is resold before it’s been built or lived in.

Vacant Home Tax – Foreign-owned underused housing will have a 1% annual vacant homes tax to help make more homes available, the market more affordable and to ensure non-resident owners of Canadian housing pay their share. 

Foreign Buyers Ban – Foreign purchasing will be halted for 2 years effective January 1st, 2023 ensuring housing is used as Canadian homes and not as financial assets for foreign investors.

Benefits for Buyers in 2023 - The First-Time Home Buyer’s Tax Credit doubled to $1,500 in direct support to home buyers to offset the increasing costing costs involved in the home buying process. January 1st, 2023 saw the introduction of a refundable Multigeneration Home Renovation Tax Credit which provides $7,500 to support the construction of secondary suites for senior family members or other adults with needs like disability.  

Tax-Free First Home Savings Account (FHSA) If you contribute $8,000 per year to buy a home, it’s the equivalent of the government offering you a non-taxable gift. Unlike the HBP, you don’t need to pay back the amount, even if the withdrawals are not used on a down payment for a home. However, those withdrawals will be taxable.

Reach out with any questions! It would be a privilege to serve as your Realtor.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca

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Source: Housing Taxes and Benefits for 2023 | Greater Calgary Real Estate | November 26th, 2022

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How Do Interest Rates Affect Our Real Estate Market?

The real estate market can be significantly impacted by interest rates. When they’re low, it’s more affordable to borrow money to purchase a home which increases the demand and raises prices. When interest rates are high, it’s more difficult and less affordable to purchase a home which decreases demand and lowers prices.

Any change in interest rates can impact existing mortgage and the value of homes. They are crucial in understanding the overall health of the real estate market. If you have any questions about buying or selling, connect anytime! It would be a privilege to serve as your Realtor.

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca

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Source: How Do Interest Rates Affect Our Real Estate Market | Greater Calgary Real Estate | Jan 27th, 2023

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Common Real Estate Terms

This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!

Jason Streich⁠
Greater Calgary Real Estate⁠
403 807 2204⁠
jstriech@shaw.ca⁠

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The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.