Calgary Herald - Calgary Herald New Condos - - New Con­dos -

“I got ex­actly one hit: a 490-square-foot loft in McKen­zie Towne.”

When the re­ces­sion hit, prices for con­dos came down, he says, “es­pe­cially in new de­vel­op­ments. Brand­new de­vel­op­ers seem to be more flex­i­ble than per­sonal home­own­ers and are more will­ing to ad­just the prices ac­cord­ing to what the mar­ket dic­tates.”

Jakubowski had def initely nar­rowed down his wants to a new de­vel­op­ment.

“I de­cided I was in­ter­ested in own­ing a new or close-tonew condo in the north­west (where he grew up) so that my place was mod­ern and at min­i­mal risk of hav­ing a large as­sess­ment slapped onto it that I couldn’t af­ford in the near fu­ture,” he says.

But it was still a pa­tient wait­ing game for Jakubowski.

“My par­ents bought their f irst home on an eight-year line of credit with a dou­bledigit in­ter­est rate while they were mak­ing min­i­mum wage,” he says. “While their house wasn’t glam­orous and they had great diff iculty mak­ing the pay­ments, the fact is most cou­ples look­ing to get into the mar­ket to­day have to both be work­ing pro­fes­sion­als to be able to com­fort­ably af­ford an av­er­age home on a 35-or 40-year mort­gage.”

But some changes in the hous­ing sec­tor caught his at­ten­tion as he waited pa­tiently.

“Be­tween when I started shop­ping and when I took the plunge, I was start­ing to get wor­ried that my win­dow was go­ing away,” he says.

“In that time, the Bank of Canada raised its prime lend­ing rate twice, and also re­duced the max­i­mum length of a mort­gage from 40 years to 35. It was re­cently re­duced again to 30 years.”

As he kept look­ing around, Swan Land­ing by the Swan Group was on his radar.

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