Transitioning from renter to condo owner is one of the biggest decisions you’ll make throughout your lifetime. It can also be a stressful experience if you don’t plan ahead by building a budget and saving prior to embarking upon ownership.

Budgeting is a core ingredient that helps alleviate the stress associated with money issues that can sometimes arise if you purchase a home or condo without knowing all of the associated costs – including down payment, closing expenses, ongoing maintenance, taxes, condo fees and utilities.

The trouble is, many first-time condo owners fail to carefully think about their finances, plan a budget or set savings aside. And in this society of instant gratification, money problems can quickly escalate.

The key is to create a realistic budget based on your goals. Track your spending and make your dollars go further by sticking to your budget once it’s in place. Budgeting offers a step-by-step formula for figuring out how to best save your hard-earned money to invest in home ownership.

Start by listing your household income, then your household expenses, and review your spending habits. All of this can be done on a pad of paper or on a computer spreadsheet.

Keeping receipts for everything that you purchase will enable you to accurately keep track of where your money is going each month so that you can review and make necessary changes to your plan on an ongoing basis.

Examine all areas of your life from entertainment to the type of food you buy, where you buy your food and clothes, and how and where you travel. Also look at your spending personality and make necessary adjustments. Are you a saver, a splurger, a spontaneous shopper or a hoarder? Become smarter with your money and avoid impulse buying.

If you find you’re spending a lot of money in one area, such as entertainment for instance, set aside a reasonable amount each month and prepare to stop spending money in this area once your budget has been exhausted.

Budgeting provides you with the opportunity to re-evaluate your needs and wants. Do you really need the magazine subscriptions, the gym membership and all the other things you may spend money on each month? Although everyone needs some “me time” to wind down, could you not get that by taking a walk or reading a good book you borrowed from the library?

If you can set your budget solidly in place before you head out home, condo or mortgage shopping, you will be far more prepared to purchase your first property.

Following are three top tips to help you prepare for the purchase of your first condo or home:

1. Set up a savings account. You can deposit a predetermined amount into this account each pay period that you will not touch unless it’s absolutely necessary. This will enable you to put money aside for a down payment and cover closing costs, as well as address ongoing homeownership expenses such as maintenance, taxes and utilities.
2. Save up for big-ticket items. As you accumulate money in your savings account, you will be able to also save for specific purchases to help furnish your home – avoiding the buy now, pay later mentality, which can have a negative impact on your credit when you’re seeking mortgage financing.
3. Surround yourself with a team of professionals. When you’re getting ready to make your first condo or home purchase, enlist the services of a licensed mortgage professional like Liz Bergeron and a real estate agent like Richard Bergeron www.richardbergeron.com These experts are invaluable to you as you set out on the road to homeownership because they help first-time buyers through the home purchase and financing processes every day. They will be able to answer all of your questions and set your mind at ease. A mortgage professional has access to multiple lenders, and can help you get pre-approved for a mortgage so you know exactly what you can afford to spend on a home before you head out house hunting, while a real estate agent will be able to match your needs with a house you can afford. Both parties will negotiate on your behalf to ensure you get the best bang for your buck. And, best of all, these services are typically free. They will also be able to refer you to other reputable professionals you may need for your home purchase, including a real estate lawyer and home appraiser.

I just finished uploading this House for sale, 327 LEIGHTON View, Rural Rocky View County, Alberta

Welcome to your Zen inspired, architecturally designed oasis in Elbow Valley West. Situated on over a 1/2 acre, prepare to be captivated by the panoramic WEST MOUNTAIN VIEWS through floor to ceiling windows. Behold a magnificent, yet different landscape view each day under ever changing Prairie skies. Open concept design home, perfect for entertaining - Main floor boasts 2100 SF of gracious living space: spacious great rm w/soaring ceilings & oversized sliding doors leading to west facing deck, entertainment style kitchen w/huge island & prime west facing windows, dining rm perfect for family dinners, media/family rm & the master retreat completes the main flr. Uniquely & thoughtfully designed with lofts at either end of the home: 2 bdrms, full bath & a loft on one, & a private guest suite w/loft & full bath on the other - this is the dream family home. Fully dev't lower level: massive rec rm, 2 add. bdrms (each with a full bath), wine rm & storage. So many additional features, this home must be viewed.
www.condosforsalecalgary.ca

I just finished uploading this Condo for sale, 1601 1078 6 Avenue, Calgary, Alberta

Very spacious two bedroom plus den suite with terrific city views (16th floor!) and TWO side by side parking stalls! Over 50 feet of floor to ceiling windows makes for a wonderful light and bright setting! Living room features a gas fireplace with natural slate front, open entertaining style kitchen with granite counters and tiled backsplash, two full baths with heated tile floors, lots of closet space and gorgeous cherry laminate floors throughout are some of the great features of this beautiful condo! Building amenities include concierge service, large main floor exercise facility, amenity room, pool & hot tub and plenty of indoor secured visitor parking for guests! Riverwest towers are located a half block from the Bow River & river pathway system and a block from the free zone DT LRT! A wonderful easy walk to everywhere location!
www.condosforsalecalgary.ca

I just finished uploading this Condo for sale, 1102 837 2 Avenue, Calgary, Alberta

River-side at the luxurious Point On The Bow! Unobstructed river, valley and city views are yours through floor to ceiling windows. Beautiful open kitchen with island and granite counters, two good size bedrooms plus a den/office, large walk-in closets, two full baths and lots of upgrades throughout. There are TWO titled parking stalls and a very large titled storage room included. Building amenities include full time concierge service, gorgeous all season atrium lobby, indoor pool, hot tub and exercise facility, indoor guest parking and wash bay. Point On The Bow has an exclusive private cul-de-sac location facing the river parkway! The best of the best. An easy walk to all Eau Claire has to offer, including the downtown office towers, Peace bridge and the shops of Kensington just across the river.

I just finished uploading this House for sale, 1101A 500 EAU CLAIRE Avenue, Calgary, Alberta

Superb location in Eau Claire Estates, steps to the downtown office towers, this 1 bedroom PLUS den suite has TONS of space - over 1640 SF and GREAT views of the Bow River and Prince's Island Park. The living room and dining area are huge, with windows and balcony to take in the view. The kitchen is large, with an eating area, lots of counter space and centre island. The spacious master bedroom offers a walk-in closet and ensuite bath, sliding pocket doors to the large den (could be used as a guest bedroom), and there is a second full bath. The suite comes with underground parking. The building offers residents THE BEST amenities - 24 hour concierge service, on-site health club with swimming pool, hot tub, exercise room and change rooms, sun deck with BBQ's, gorgeous central courtyard and of course a premier location in Eau Claire.

I just finished uploading this Condo for sale, 2403 1100 8 Avenue, Calgary, Alberta

The amazing VIEWS from this 24th floor suite will take your breath away! With windows on 3 sides, tons of space (over 2400 SF) and 2 parking stalls the POTENTIAL of this suite at this price is fantastic! Just image the showstopper renovation you and your designer can create with this much square-footage, overlooking the Bow River Valley with the Rocky Mountains beyond. Your dream suite awaits!

I just finished uploading this Condo for sale, 5 821 3 Avenue, Calgary, Alberta

Located on the quiet south side of Livingstone House this large two bedroom garden patio unit offers great potential. Ideal to renovate as it offers good size, a ground level patio overlooking the private fenced courtyard, kitchen with nook, corner fireplace in the living room, 4 piece bath and 2 bedrooms. Your inner city condo includes one underground parking stall. Livingstone House offers adult living (16+ age restriction) and is steps to the Eau Claire walkways, Prince's Island Park and a few blocks to the DT +15 indoor network. You'll love the beautiful Eau Claire community. It doesn't get much more convenient than this! Call to book your viewing today!

I just finished uploading this Townhouse for sale, 93 1815 VARSITY ESTATES Drive, Calgary, Alberta

Backing SW on the RIDGE - overlooking the golf course & Bowmont Park Natural Area, showcasing an amazing VIEW, this immaculate townhouse w/double attached garage in desirable Chateaux on the Green offers over 2000 SF of developed space to call your own! From the moment you step in the front door you are greeted with sweeping views overlooking the Bow River Valley. Spacious living room, w/cozy wood burning fireplace, & dining room offer a wall of windows. You'll appreciate all the counter space & storage in the large, bright white kitchen. Main floor is completed with 2 pc bath & guest bedroom. Upstairs is the loft area w/second wood burning fireplace, spacious master retreat & ensuite bath & additional bedroom (currently used as a home office). Lower level offers another bedroom, additional four piece bath, huge storage room plus laundry room. Enjoy the amenities in the complex: indoor swimming pool, exercise room, owners lounge and tennis court. Your new carefree lifestyle awaits - call to view today!

I just finished uploading this Condo for sale, 1803 210 15 Avenue, Calgary, Alberta

Great height + Great Price + Great building = your perfect inner city lifestyle! Downtown city views north are yours from this open floor plan with split bedroom layout in the beautiful Vetro building! Features include mocha cabinets & stainless steel appliances, granite countertops & breakfast ledge in the kitchen, tall 9 ft ceilings, central air for summer comfort, two good sized bedrooms, 2 full baths both with granite counters. This is a great suite for a room mate scenario or enough space for your home office. One titled underground parking stall and one assigned secured storage locker are included. Building amenities include concierge service, a fitness facility, media room, games room and rooftop patio on the 2nd level! Vetro has the perfect walk to work location, is in the heart of the Beltline with shops and restaurants just outside your door and is steps to the LRT. Capitalize on this opportunity today - call to book your private viewing.

CREBNow’s three-part series examining the news, community and culture of cycling in the city.

April 28 saw Calgary’s city council voting in favour of a downtown cycle track pilot.

The 8-7 vote comes on the heels of months of planning, community forums and debates on whether the track would be a feasible idea for downtown Calgary.

The pilot originally called for tracks on First Street S.E., Fifth Street S.W., Eighth Avenue W and Stephen Avenue, Ninth Avenue E, 12th Avenue and Eighth Street.… Read More

Cycle pilot approved is a post from: CREBNow

CALGARY – Employees at a vehicle auction house in Airdrie made a shocking discovery this week.

RCMP received a call from staff at Adessa on Tuesday, saying what appeared to be a grenade had been found inside the glove box of a vehicle.

Officers cleared the area around the vehicle and called in the RCMP Explosive Disposal Unit (EDU) from Edmonton.

Experts were able to determine the grenade was inert, at which point it was removed and taken to Airdrie Detachment to await proper disposal.

Bill 13 to enhance protection for owners, improve condo communities

Alberta condo owners can expect easier access to information and quicker dispute resolutions thanks to new amendments to the province’s condo property act.

Improved disclosure and governance were among the amendments tabled after the Alberta Government introduced Bill 13: The Condominium Property Act.

“Buying a condo is an affordable option for Albertans entering the housing market and is often their first real estate experience,” said Doug Griffiths, minister of Service Alberta.… Read More

Province introduces new condo act is a post from: CREBNow

WATCH ABOVE: Global meteorologist Nicola Crosbie’s weather forecast from Friday’s edition of the News Hour. For more info, check out Global Edmonton’s weather page.

EDMONTON – High winds and heavy rain drenched areas across the Capital Region Friday, wreaking havoc on city roads, trees, power lines and resident’s basements.

The weather caused flight delays and cancellations at the Edmonton International Airport. As of 2:00 p.m. Friday, approximately 48 flights had been cancelled or diverted. EIA says passengers whose flights have been cancelled should contact their airlines for rebooking.

READ MORE: High winds cancel or divert dozens of flights at EIA 

Margie Balaneski, who lives in the area of 145 Avenue and 96 Street, spent most of the evening vacuuming water out of her basement after area sewer lines backed up into her home.

Balaneski says she has a back water shut off valve, but “it couldn’t hold the pressure that came through the lines.”

This isn’t the first time Balaneski has been forced to clean up following heavy rainfall; in August 2013, she was vacuuming water out of her basement after an intense overnight thunderstorm.

“We experienced the same problem. We have sewer water in the basement and we have been busy… vacuuming it up, taking it out in bucket loads,” she explained Friday night.

“History has repeated itself.”

READ MORE: Flooding in Edmonton following overnight storm

Due to the extreme weather, the Interstellar Rodeo was cancelled Friday night.  Artists that were set to play Friday - or whose flights had been cancelled or delayed – will be moved to Monday.

“Edmontonians are hearty, and not afraid of a little rain,” said producer Shauna de Cartier, “but the high winds and rain make for unsafe conditions and we decided to work on a Plan B.”

Organizers say Corb Lund and the Hurtin’ Albertans, scheduled to perform Friday, will be back Monday night. Saturday and Sunday performances will go ahead as scheduled. All Friday Interstellar Rodeo tickets will be honoured on Monday night.

The wet weather also rained on Taste of Edmonton’s parade Friday night.

More sad news. We’ll have to shut down at 7pm tonight due to flooding. Still have a couple wet hours left though! #yeg #yegwx

— Taste Of Edmonton (@TasteOfEdm) July 25, 2014

Okay update, we should be able to stay open as long as people keep coming. Restaurants will be open as long as it’s safe to cook!

— Taste Of Edmonton (@TasteOfEdm) July 25, 2014

But, earlier in the day, some brave souls battled the rain to check out the treats.

“There are no line-ups,” said Amber Durocher.  “You don’t have to push anyone out of your way and the food is just as good.”

Concerts at the K-Days midway went ahead as scheduled Friday night. Northlands staff offered free gate admission after 6 p.m.

Summerland Tour won’t be washed away! Free @KDaysyeg gate admission after 6 p.m. tonight. https://t.co/PbmMStePaQ #KDAYS

— K-Days (@KDaysyeg) July 25, 2014

The nightly fireworks show was cancelled, though, as the grounds closed following the concerts.

According to Global Meteorologist Nicola Crosbie, a cold low has moved in from Northern B.C., creating major instability across central Alberta.

Rain was falling at a rate of about five mm per hour, which Crosbie says is significant.

The unofficial rainfall amount in west Edmonton is 100 mm, which Crosbie says fell between 11 p.m. Thursday and 5 p.m. Friday. The average rainfall for July is 94 mm, according to Crosbie.

A wind warning was in place for much of the day, but it was dropped by Environment Canada by Friday evening.

Fortunately, this wet and rainy day is not expected to carry on throughout the weekend.

“The good news is the forecast really improves for Saturday,” Crosbie explains. “A strong ridge of high pressure builds in again and temperatures will head into the 30s by Tuesday.”

Storied, flood-damaged park to re-open by end of year

A historical and natural jewel in the city of Calgary, Bowness Park is expected to be once again open to the public by the end of the year.

In the midst of a $12 million redevelopment project, the park was one of the areas hit hardest by June 2013 flooding.… Read More

Back to Bowness Park is a post from: CREBNow

Government report could change rules forcing disclosure of grow-op properties in Alberta

Alberta homebuyers could soon have more protection in place to ensure they don’t buy former grow-ops without their knowledge.

Last week, the government released a report titled Grow-Op Free Alberta Recommendations concerning proposed legislation to combat the ill effects of marijuana grow operations on Albertans, their homes and
neighbourhoods.

Counted among the 37 suggestions contained in the report is a requirement that potential buyers be informed if a house was ever used as a grow-op.… Read More

Growing concerns is a post from: CREBNow

This year’s Homes by Avi Stampede Rotary Dream Home takes on urban eateries and foodie fanatics

While kicking up their heels and tasting the latest deep fried treats, visitors to the Calgary Stampede also have a chance to win the home of their dreams while supporting a good cause.

In its 19th year, the Homes by Avi Stampede Rotary Dream Home is the major funding initiative for the Rotary Club of Calgary South.… Read More

A dream home of your own is a post from: CREBNow

Do you believe in ghosts? If you’re a non-believer, Calgary Ghost Tours just might change your mind.

Around for eight years, the company started organizing tours around the historic communities of Inglewood and Kensington – as well as downtown and even Banff – in the search for signs of the dearly departed.… Read More

Pop the Question: Johanna Lane is a post from: CREBNow

CREB’s first female board director discusses her life and her craft

Grace Turley was never one for barriers.

As a small child she would escape her family yard in order to explore the surrounding town of Ochre River, Manitoba. That sense of curiosity would lead her to the world of real estate years later when she settled with a family of her own in Calgary.… Read More

Ninety-nine and counting is a post from: CREBNow

City releases Bicycle Count report

Calgarians love their bicycles, and the City has the numbers to prove it.

Released as part of the City of Calgary’s first ever official bike count, data collected by the city
showed over 19,000 cyclists passed by one of 51 collection points during two six-hour periods (6:30-9:30 a.m.… Read More

Have bike, will travel is a post from: CREBNow

CALGARY – Calgary’s Muslim and Jewish leaders have condemned tensions during recent rallies in the city over the Gaza conflict.

Leaders of both religious groups met Thursday after an imam reached out to Jewish leaders and requested a meeting.

Last week, a protest at city hall in support of Palestinians killed by Israeli fire in Gaza turned violent when a handful of Israeli supporters showed up.

Some men began pushing and shoving, and one man stomped on an Israeli flag before police moved in and separated the groups.

Police have also charged a man after two replica handguns were brought to a pro-Israel rally earlier this week.

The leaders have agreed imams will invite rabbis to speak at mosques and rabbis will invite imams to speak at synagogues to promote understanding.

“Violence cannot be tolerated under any circumstances. We may disagree on issues and perspectives but we are firmly against resolving disputes and conflicts through violence,” reads a statement from both sides following the meeting.

“The only way to resolve disputes and conflicts is through dialogue and the promotion of mutual understanding.”

The meeting was held at the Beth Tzedec synagogue.

For most of the Muslim leaders, the joint statement said, it was the first time they had ever entered a synagogue and met a rabbi.

“We believe in the freedom of expression. This is a treasured value of Canadian society that every citizen has an equal right of expression. We recognize and respect the rights of both the pro-Palestine and pro-Israel individuals and groups,” the statement said.

“They have the right to protest and lobby for their causes, but these protests and rallies must be peaceful and law-abiding. We will never allow anyone to disturb the peace of our city.”