Building Improvement into Your Mortgage

When prospectivee home buyers get into bidding wars trying to buy the home of their dreams, it can often price out those with lower incomes or first time home buyers with small down payments. In this type of market, it can be more beneficial to purchase a fixer-upper at a lower initial cost and then renovate the home to increase its value. However, the renovations can also be costly, which deters many buyers from taking on such a big commitment. To assist with the process, the Canada Mortgage and Housing Corporation, which issues government mortgage loans to those with down payments of less than 20 percent, developed the CMHC Improvements Program.

What Is the CMHC Improvements Program?

Under this program, the CMHC allows home buyers to include the costs of renovations into the amount of the mortgage. Qualified borrowers can borrow up to 10 percent of the improved value of the home to cover the costs of the renovations. The upgrades must improve the home itself, so new appliances will not be covered, as you may decide to take them with you if you decide to sell the house.

Benefits to the Home Buyer

This program can be a great option for first time home buyers who cannot afford to make a large down payment and fund renovations at the same time. It is also a great way to quickly build equity in the home, as the home’s value increases as soon as the renovations are complete. By rolling the costs into the mortgage, buyers can take advantage of the low interest rate. This is a much less expensive financing option; funding renovations and repairs with a credit card, personal loan or line of credit will cost the buyer a lot more in the long run as these options come with much higher interest rates. In addition, by increasing the value of the home, the homeowner will make a nice profit when he or she decides to sell the house later on.

Benefits to the Community

This program does not just help the homebuyer; it helps the entire community as well. When the value of one home in a neighbourhood increases, it improves the quality of the area. It can contribute to raising the value of other nearby homes as well. This can help those homeowners afford to make renovations, and the cycle continues.

The process of obtaining a mortgage and purchasing a home can be a daunting one. A qualified real estate agent can help. For all your Edmonton home buying and selling needs, contact Elisse Moreno at HomeTribe. Our talented team is standing by to help get you into your dream home.

The last half of 2015 was quite the time for Elisse Moreno and all of us here at Home Tribe! Not only was Home Tribe (our new app matching buyers to their ideal homes based on lifestyle) launched in Oct 2015, Elisse was also recognized at her office with two very prestigious awards:

• RE/MAX Excellence Rookie of the Year
• Executive Sale Club – given to RE/MAX Sales Associates whose paid commissions in a given year totalled $50,000 to $99,999. (sales from June -Dec 2015)

We want to thank everyone who helped us achieve such amazing success in 2015:

• This includes our many business mentors
• Our unbelievable clients who help us wake up everyday excited and ready to do more
• Our families including my husband Roberto Moreno and my father Wayne William Heine who is also a rockstar REALTOR is his own right.

2016 promises to be an even more exciting year – we hope you join us on our journey of helping enhance the Edmonton Real Estate market!

JUST THINK of what you could do with this newly renovated West Edmonton 2 bedroom, 2 bathroom condo. This modern condo features an open kitchen that leads into a large dinning room and living room area perfect for entertaining guests. From the living room, you can walk out onto the functional balcony for a breath of fresh air and a mid-summers BBQ. Inside is a lavish master bedroom with a walk through closet leading into a full private bathroom. There is also room for everything in the second bedroom which features a large, mirrored closet.  This condo is just a few green blocks away from Bessie Nichols School, a grade K-9 school  making this a great family neighbourhood. If your a busy person coming and going then not far away is the Anthony Henday Hwy and Whitemud Hwy for easy access to any edmonton location. This is definitely a must see condo! Contact Elisse Moreno and the Home Tribe team to learn more and view more details regarding this great South Hamptons condo seen here.

This past Wednesday, February 17, AWE hosted an all day entrepreneur learning event; “Alberta’s Best Leadership Day” at MacEwan University’s downtown campus. The day was filled with discussions on solving challenges and incorporating change into your business and industry to help reach greater success for all entrepreneurial thinkers. The program consisted of motivational talks from previous AWE Celebration of Achievement award winners as well as thought encouraged discussions, workshops, networking and paired time with experts. One of these experts was Home Tribe’s very own Elisse Moreno who was speaking out about Disruptive Idea-Building & Innovation alongside with Meghan Dear (Localize Your Food) and Robyn Henderson (Kids Uncomplicated).

For those that were unable to attend, we wanted to share some key highlights that we discussed during our panel time. 

One of the questions we were asked is: What does disruptive innovation mean to you?

Think of Uber , Netflix and even Thomas Edison who all began with the idea to change their industry, even RE/MAX who started as a single brokerage in 1973. All of these companies knew that to truly become a disruptive company they needed to re-look at a problem and think outside of the box (be innovative). I’m sure they all asked themselves, what creative or innovative tactics could they utilize to change their industries and strive for better. Often times, the truly disruptive companies emerge when they can provide: Better Quality, at a Faster rate and at a Reduced cost.

Once you are able to innovative and change an industry, the biggest risk for a company is to fall behind and not push further innovations in order to constantly improve their business. 

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts” said Richard Branson, and he is right! Getting to the top of an industry is hard, but not until you get there does your real work truly begin. A company has to be constantly evolving and changing in order to remain a “game changer” in their industry.

Another important thing to note, is when is the right time to get started. We can all be perfectionists at times, however, it’s the “baby steps” that ultimately result in mega milestones down the road.

We couldn’t agree more with Marie Forleo’s statement: “The key to success is to start before you’re ready”. That leaves us to one final point – WHAT ARE YOU WAITING FOR? Let’s all go out there and make something (exciting) happen! We certainly will be. 🙂

Discover HomeTribe.ca on the Apple TV

The future of home searching is now here. Larger and better than ever!!!

Looking for a better way to browse for your next Edmonton home? HomeTribe.ca has done it again, bringing innovation to the forefront with their recently launched app for the Apple TV. What could be better than sitting on your coach skimming all the great real estate finds Edmonton has to offer.

Key features include: Available on 4th Generation Apple TV

• View listings in our most popular neighbourhoods
• Easily search for the desired communities you want to live in
• View Full Images and details on all listings
• Easily connect with our team to book a showing or ask a question

HomeTribe.ca is all about empowering people by offering innovative technology solutions for the home buying and selling process. We are extremely excited about launching our own custom app! How to find it? Simply search “Edmonton Real Estate” in the apple tv app store.

Any questions, feel free to connect with our team.

Valentine’s Day is a time of fun, flowers, romance and quality time spent with your partner. It’s also a great chance to search for that special place to spend an afternoon or evening with your loved one. Edmonton’s 104th Street is the hub of the city with historical attractions, great shopping and a degree of sophistication loved by locals and visitors alike. This makes it also ideal for an Edmonton Valentine’s Day date to remember! So what’s happening on the street to help you celebrate this coming Valentine’s Day weekend on 104th Street? What about these three fantastic suggestions to get you started.

Credo Cafe

This favourite cafe of Edmonton folk is more than just a place to grab a quick coffee. It is known as a place where all parts of the coffee experience are seen as an art form. With a range of the finest Intelligentsia Whole Beans (including Black Cat Espresso, House Blend and In-Season Single Origin Beans) and delicious fresh bakery products such as: muffins, cookies and the cafe’s famous carrot cake with cream cheese icing, this is a venue that is suited for a romantic coffee and cake afternoon. For more information visit credocoffee.ca

The Cavern

The unmatched Cavern wine and cheese bar is putting on a Valentine’s evening on Saturday the 13th of February that you and your partner won’t want to miss. A fabulous four-course menu for two for $80 ($150 with wine pairings) will be available from 5.30 to 8.30. Bookings are essential, so be sure to visit thecavern.ca for more details.

 Valentine Pairing: Chocolate, Spirit and Wine (just one block off 104th street)

For something really different why not try a wine, spirit and chocolate pairing event? Chocolate connoisseurs Jacek Chocolate Couture are partnering with The Chvrch of St John, an art bar to bring you a special Valentine’s Day-themed exploration of chocolate with wine, gin and whisky. Limited tickets are available for this one-off event. Visit the Chvrch of St John to get more information on booking and times.

Edmonton’s 104th Street is an eclectic mix of colour, atmosphere, culture and quirky cafes and restaurants. With a rich trading and cultural history, the Street has transformed itself into one of the “go-to” spots in Edmonton for entertainment, festivals and alternative shopping. The street also boasts the popular City Market and annual Al Fresco Block Party amongst its attractions. There’s no place better to explore and spend a wonderfully, romantic Valentine’s Day weekend with your loved one.

Welcome To Callingwood

IMAGINE the possibilities with this 2 bedroom, 2 bathroom condo located in the heart of West Edmonton. This bright, spacious condo layout simple makes sense. The alley kitchen leads to the dining room and living room featuring modern light fixtures and enough room to entertain. From the living room, step onto the nice sized balcony that boasts absolute privacy in the summer. Both bedrooms offer more space, with the master having enough room to fit a king size bed. The master bedroom also includes a nice walk-in closet and a 4 piece ensuite bathroom. Beyond the condo, did we mention LOCATION? Close to major routes, enjoy the amenities of what Callingwood has to offer. Minutes away from West Edmonton Mall, the weekly summer farmers market, grocery stores, schools, daycares and more… This is a must see condo! Contact Elisse Moreno and the Home Tribe team to learn more or view more details about this great new Callingwood listing here. 

On Sunday, I had the opportunity to try a new local restaurant for brunch in the Edmonton region called The Workshop Eatery. Situated in the community of Summerside, the restaurant can be found in The Mosaic Centre, considered Alberta’s most environmentally conscious buildings. The restaurant promises “handcrafted cuisine, inspired by local and seasonal fare, and genuine hospitality”. Overall I would agree with this statement.

Owned and operated by Paul Shufelt, who among his many careers worked with Century Hospitality Group, is bringing his own creative flair to the local food scene in Edmonton. It is always great seeing chefs go there own way and showcase their creative concepts to the world.

The setting of the restaurant is really nice in an unpretentious way with lots of light and an artistic drawing on the feature wall. Some of the selections sounded so incredibly good, like the feature of the day Carrot Cake Pancakes with a maple cream cheese sauce. I almost choose that, but decided to go for the healthier and heartier choice of the “Guilt Free Omelette”. I was not aiming for the least “guilty” meal on the menu, rather I am pescatarian and thus was more limited than my meat eating friends unless of course I wanted to indulge in the super sweet.

We also tried the featured appetizer of Arancini with jalapeno cream sauce. They were absolutely delicious. Overall, it would be a restaurant I would recommend. For southside residents, restaurants like this make a community more vibrant and I hope people will support places like Paul’s.

If I was to change one thing though, it would be the coffee. They individually brew each cup which is great, however you pay a lot for one cup and the coffee mugs are relatively small. I would suggest changing the process or at least increasing the coffee mugs to more “normal” sizes. (think Grande Starbucks size).

This restaurant is the perfect fit for The Mosaic Centre: Beautiful. Sustainable. Healthy. They also serve lunch and dinner and I definitely look forward to going back again in the near future.

Update: Had a great back and forth chat with The Workshop Eatery via Twitter today. First of all, I appreciated their quick acknowledgement of my review. They acknowledged the coffee situation and gave some great insight into their commitment to environmental impacts they create through their restaurant. Part of their goal is to reduce the amount of energy used. That being said, they also said “we hear you” and are looking at coming up with some creative and more cost effective ways that us coffee lovers can better get our fix. Their attention to this, truly shows that they care about their commitment to genuine hospitality. I would like to take a minute to thank Paul and his team for taking the time to acknowledge a minor concern of mine and to share in coming up with new ideas. I am even more impressed with them and look even more forward to recommending their restaurant to my family, friends and client. Kudos – keep up the awesome work.

You’ve decided to buy a home now that you have saved up enough money to put 5% down (or less than 20%). You know you’ll be responsible for a mortgage, however, are you are aware that if your down payment is also less than 20% you’ll also be responsible for qualifying for a conventional mortgage and for mortgage loan insurance?

The first step is understanding: What Is Mortgage Loan Insurance

Mortgage Loan Insurance is basically a guarantee to the lender that you are good for the money, meaning you will not default on your mortgage. If a situation arises were you are not able to pay your mortgage, the insurance ensures that the lender won’t have to cover the balance of the purchase price. The federal government requires the lenders to ensure your mortgage if the home being purchased is made with less than a 20% downpayment. At present there are three companies in Canada that offer mortgage insurance: Canada Mortgage and Housing Corporation (CMHC) owned by the Canadian government and the only insurer that covers 100 percent, Genworth Financial and Canada Guaranty both of which cover only 90%.

The second step is understanding: How Much Will It Cost Me?

The cost of insurance really varied depending on how little or how much of a down payment you choose to include in your home purchase. For example CMHC highlights the following premiums:

In plain English, is that for example if you purchase a condo at $250,000, you will expect to pay a premium of:

• $8,550 with 5% down
• $5,400 with 10% down
• $3,825 with 15% down

That basically sums up with Mortgage Loan Insurance is and how it affects you and your mortgage. Any questions, please feel free to get in touch (587-400-SOLD (7653)) or send a message my way.

Situated just west of downtown Edmonton, Westmount is a small residential area that dates back to 1910. It was originally developed as a community for the many young professionals who called Edmonton home, and today, the area stays true to that heritage. With two thirds of residents having attended college or university, Westmount is one of the most well educated areas in the city. Are you ready to discover what life is like in Edmonton’s smartest neighbourhood? Here are just a few of the things you’ll find waiting for you in Westmount.

Lots of Great Schools for Students of All Ages

Westmount is home to the local Westglen School, a public K-6 school that offers daily physical education and fine arts classes. The school also offers a mandatory IB program for sixth grade students, which is designed to prepare students for the challenges of higher education and give them the tools they need to participate in an ever-changing society.

To the southwest sits Westminster Junior High in nearby Glenora, a school that offers two special education programs, including the Strategies program for students with learning disabilities. Westminster Junior High emphasizes critical thinking skills and has implemented a school-wide reading program to improve students’ critical thinking capacities.

Ample Shopping Opportunities at Westmount Centre

The Westmount Centre at Groat Road and 111 Avenue NW is the main shopping destination in Westmount. This mall is home to a variety of retailers, making it easy to get groceries or a haircut, find a holiday gift, or do your banking. The Westmount Centre is also home to a variety of health services offices, including Westmount Dental, the Westmount Eye Care Clinic, and HearingLife Canada. Looking for a quick bite? At Westmount, you’ll find lots of cuisine options, including two pizzerias, a steakhouse, a sub shop, a sushi restaurant, and more.

Easy Access to Parks, Golf, and River Views

The Westmount area is conveniently situated close to lots of different natural amenities for the whole family to enjoy. Looking to take a lazy Sunday stroll? You’ll love the nearby MacKinnon Ravine Park, which offers a variety of hiking and cycling trails for avid outdoor enthusiasts. There are also a few smaller parks nearby, including the local Westmount Park. Situated in the heart of Westmount, Westmount Park is home to amenities like a soccer field, a fitness zone, a baseball diamond, a hockey rink, a water park, and multiple playgrounds.

Golfers will love the nearby Victoria Golf Course, the oldest city-run golf course in Canada. This course has been operating since 1896, before the City of Edmonton was incorporated. This public course is a great course for beginners, with gentle slopes and large fairways making for an easy, relaxing game.

Westmount is a great neighbourhood with lots to offer potential new residents. This beautiful, mature community is home to a variety of upscale contemporary homes and affordable condos, making it a prime area for families. Are you ready to find your new family home in Westmount? Contact us today to start your next Westmount home search.