PURCHASING THAT FIRST HOME
‘I was surprised that we were able to afford this so easily … we couldn’t be happier’
The first step into home ownership is an exciting milestone that comes with important considerations.
Among them are where, what and when to buy.
Duplexes, townhomes and condos continue to be an affordable, attractive option for first time buyers. But for some people, that step is a single-family home.
The current market conditions set up an appealing opportunity to become a homeowner, says Crystal Chu, field sales manager for Trico Homes in north Calgary communities.
“It is the right time,” she says. “Interest rates are so low right now. What you’re getting from the home, there’s so much bang for your buck than there ever was before.”
Chu says the rookie purchasers she’s seen turn to single-family homes tend to range from their late 20s to mid-30s.
“They’re mature,” she says, adding many “first-time home buyers are coming from parents’ homes, so they are able to save for a larger down payment.”
And, she’s also seen parents play a role with helping out on the down payment.
Cliff Elarco, 36, and Jenny Rosa, 27, did it themselves. The couple tightened their budget and bought their first home this year.
“I was surprised that we were able to afford this so easily,” says Rosa. She says it was important to watch what they chose to upgrade, but they managed it properly and made the purchase work.
Elarco moved from a basement suite rental and Rosa was living with her parents prior to purchasing the Falabella laned home by Pacesetter by Sterling Homes in the northwest community of Evanston. They liked Evanston’s close proximity to Rosa’s parents in Sage Hill.
The laned model has three bed- rooms, 2.5 bathrooms and measures 1,552 square feet.
They liked the idea of having a yard of their own and enough space that it would work for their needs long-term.
“We dove in,” says Rosa. “We couldn’t be happier.”
Rosa says, the floor plan gave them more space than she was expecting and singles out the cooking space as one of her favourite features.
“The kitchen is the heart of the house,” she says. “You walk in and it’s really open. We like hanging out in the kitchen and are very family oriented.”
Elarco has a daughter named Quiana who lives with the couple part-time.
From Chu’s experience, first-time buyers are finding the right fit with a wide range of single-family formats. While laned homes tend to be the most attainable, some starter buyers can get into what many consider the move-up market.
“(Double front attached garage homes) are getting a little bit more affordable with zero lot line,” she Chu. “We’re seeing a bigger influx for that reason.”
Many Calgary communities are selling zero lot line homes, which are built against one side of the lot, saving the buyer on land prices.
Affordability has also been the driver for first time buyers turning to single-family homes through Jayman Built in Redstone, as well, says area manager Dwayne Habib.
“Many of our customers talk about a lifetime in the same house,” says Habib. The builder was recently selling laned homes from the $350,000s but they have since sold out.
It’s now on to duplexes with a rear attached garage from the $390,000s.
Habib recalls three buyers who “took the smallest plan on the (most affordable) lot, so they could have that starting price as low as that. Get out of renting ... didn’t load up with too many upgrades and then just stayed within the $350,000s,” he says.
He also says first-time buyers turning to the new home market are seeing the advantages, including the benefit of low interest rates.
“We are in the business of selling homes and have to be right-priced,” says Habib.
(Double front attached garage homes) are getting a little bit more affordable with zero lot line. We’re seeing a bigger influx ...