Paying Off Your Mortgage Faster?

Fri, 22 Mar by edmontonhomepros

Paying off your mortgage faster may not always be a good thing.

For Canadians it’s all about balance: balancing your checkbook, balancing your work and personal life, and balancing your debts. Over the last year, the real estate market saw two dramatic changes: household debt climbed to a record high and 32% of homeowners increased their mortgage repayments.

Mortgage Image

Image by: 401(K) 2013

Somehow, these Canadians had found ways to pay off their mortgages faster. In fact, approximately 1.9 million mortgage-holders had made additional payments during the past year. The remaining 60% continued to make their minimum biweekly payments while contributing to their RRSP’s, utilities, groceries, vehicles and daycare costs.

While being mortgage-free is a homeowners dream, one must remember that it’s all about balance- although their mortgage debt is falling, their consumer debt is rising. Some of the 1.9 million mortgage-holders acquired debt elsewhere, such as: credit card balances and lines of credit. As a result, they are not getting ahead in their overall debt load, despite their faster mortgage repayments. It’s a dangerous game, especially when credit card debt comes with a very high interest rate.
The keys to obtaining mortgage freedom are balance, cash flow discipline, and a commitment not to spend additional income on items other than your mortgage repayment. Mortgage rates are at an all time low, so now is a perfect time for Canadians to take advantage of it and shorten their amortization periods- as long as they do it wisely.

Stephen Lau and the Edmonton Home Pros team can help Edmontonians become homeowners. Looking to buy a home? We can bring in mortgage specialists to talk financing options with you and answer any questions you may have. Contact Stephen Lau today!

Future Community Developments- West Rossdale

Fri, 08 Mar by edmontonhomepros
West Rossdale Development

Image obtained fromThe City of Edmonton website

Edmonton has taken the next step in the river valley evolution. The development of West Rossdale will bring residents closer to nature with pedestrian friendly streets, property enhancements and new condominiums, while preserving the area’s existing open spaces and parks.

A view of the community of Rossdale from the roof of the Crowne Plaza hotel.
Image by: Bulliver

Currently, the plan also includes the placement of an esplanade along the northern riverbank with river and dock access. Developed in 2008, the West Rossdale Plan was created with the vision of carefully integrating downtown Edmonton, the river and surrounding neighbourhoods. West Rossdale would serve as a main gateway to Edmonton’s downtown core.

The West Rossdale development plan will continue to respect the existing history and archeological significance in the community of Rossdale. As one of Edmonton’s oldest neighbourhoods, Rossdale was originally home to two fur trading forts in 1802. The community has transformed over the years with the removal of mature structures and vacant properties. The Rossdale housing market is made up of single-detached homes, semi-detached triplex and fourplex, row homes, apartments over five stories and apartments under five stories. The average asking price of a Rossdale home is $432,300. West Rossdale’s housing portfolio would include a large variety of housing forms and densities, as well as nearby amenities and retail services.

West Rossdale residents can expect a pedestrian friendly neighbourhood with scenic tree-lined streets, generously wide sidewalks with seating furniture, bicycle racks and bus stops. West Rossdale will be located at the heart of three river crossings: Low level bridge, 98th avenue and 105th Street NW, which means easy travel to areas south of the river for residents.

Schools located near the future development of West Rossdale and the community of Rossdale are: Grandin Catholic School (Catholic Elementary) | Oliver School (Public School) |Centre High Campus (Contining Education)

When searching for real estate properties in or near the river valley area, look no further than Edmonton Home Pros. Stephen Lau and his team can find you the perfect home in the community of West Rossdale, or near the future developments of West Rossdale. Contact Stephen Lau today! Alternatively, you can also begin searching for properties in Rossdale.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
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