What's New at Axis

Summer is upon us once more and it is so good to get outside and enjoy the outdoors! At Axis in Walden, we have embraced the outdoors and used this opportunity to jumpstart construction along with a couple other surprises. Here’s what’s new for Summer 2022.

Z Model Show Home Now Open!

As of June, we opened the newest show home. This is the first time you can now tour a completely done up Z model. Featured in the show home are some of the most popular option upgrades including top picks like the walk in shower, iron spindle railings, and stainless steel hood fan. Following the popularity of our previous X model upgraded show home, this new show home features black accents throughout. From the lighting package, plumbing fixtures, bathroom accents, and door hardware, adding a touch of matte black throughout the home takes this home to a new level of luxury. Come see for yourself and tell us what your favorite feature is!

Show home located at 121 Walden Lane. Call David for questions or directions at 403-369-6216

Block 6 is Ready for Possession!

The Y models were already one of our most popular floorplans, and these one backing onto the greenspace are no exception. With a smart layout, these 1193sqft 2 storey towns pack a lot of space, especially considering they have a basement that can be developed with a 3rd full bathroom and/or a 4th bedroom. In June this block is going to get the newest residents to Axis and we are so excited to welcome these new families.

Block 1 Foundations are Done

Block 1 is where the next X model townhomes are located. Facing west they will have attractive views of the Mountains. Now that the foundations are completed, the next step is an exciting one – Framing! Now that’s where this block really takes shape, and with units to this block, this is really going to attract the attention of cars and people passing by. Which brings us to our next update…

Block 2 Now Open, New X Units Available for Purchase

Our very last block of homes is finally open for purchase. This block is made up of just 6 units of the X model. Facing west, you’re going to get clear views of the mountains. This is your last chance to get into a new townhome in Axis in Walden. Check out our floorplans to see what the X model looks like on the inside, or check out the gallery to see a virtual tour. Prices start at $415,000+gst and possession is expected to be late 2023/early 2024. Note: Only 2 units are released each month, and we anticipate this block selling out by September, so if you’re in the market for an amazing home, now’s the time to act!

That’s all for now. Stay tuned for more updates!

After speaking with a mortgage broker and determining how you are going to purchase your new home, the next consideration, often overlooked, is Timing; when you plan to take possession of your new home. Getting your rental expiry date to line up with your new home possession, and also making sure your mortgage interest rate hold lines up with possession are some things we'll discuss in this blog.

Mortgage Interest Rate Holds

When you get pre-approved for a mortgage, the lender will hold a rate for you, often for 90-120 days. You can also get rates held for a longer time such as a year, but this will often times result in the rate being slightly higher. If your home won’t be ready to move in for upwards of a year, and you are concerned that the interest rates are going to rise in that time frame, opting for a longer rate hold, and incurring a higher rate, may be your best option.

Lining up your possession date with the mortgage rate hold while still having control of selecting your finishing materials can be challenging. Here’s a tip that will help. The sweet spot number of days before possession that you want to pay close attention to is 120 days. If you are buying a townhome that is a spec (the home is framed up and built to drywall stage), usually the builder can have the home ready for possession within 120 days of you making your selections. This is a great time to lock in a competitive mortgage rate and still have the ability to customize your home.

PRO TIP: When you get within 30 days of your possession day, ask your mortgage broker to shop rates one more time, you might find there are some quick closing specials that may reduce your interest rate or offer better terms.

Dealing with Rental Leases

A rental lease is an agreement between you and your landlord to rent their premises for a specific amount of time, usually one year. But what if your possession date on the new home you bought comes up before the lease expires? Will you have to carry two homes for a period of time? Let’s dig into this.

Your landlord’s biggest concern is keeping his/her property rented. If they are easy to communicate with and you plan ahead, they can help facilitate your early departure by starting the process of qualifying a new tenant prior to the expiry, ensuring there is no vacancy. Alternatively, a heads up notice that you would like to stay in the place for an additional month or two beyond the expiry date should also be easily accommodated.

PRO TIP: Take a look at your rental lease, and see if there are any clauses regarding “sub leases”. Sometimes it states that if you find a replacement tenant, than you can exit the contract. Speak with a professional to find out the best way to use this term in the rental contract to your advantage.

Good communication and being proactive with your landlord goes a long way when figuring out whether you need extra time on your lease or need to exit prematurely.

Its Not About "Timing the Market…"

Timing the market often comes up as being a major reason buyers hesitate or put off purchasing a new home. Some great advice is this: Don’t worry so much about timing the market. You will never be precise in buying at the lowest price. Instead, look at the monthly costs - if you are comfortable with affording those costs, then jump in. Making a return by being a homeowner comes down to how long you are in the market. It is over a long term period that you are paying off your mortgage principle, and if the market goes up in value, that is certainly a bonus. Real estate is not the same as the stock market. Gaining equity over a long term, and reducing your mortgage principle should be your focus as a first time home owner.

As the saying goes “ don’t wait to buy real estate, buy real estate and wait!”

Check out Rockfords quick possessions and upcoming releases. There's price points and possession times both short term and long term.

The Calgary housing market really took off this spring with a lot of action from buyers and sellers walking away with a premium on their house sale. An increase in buyers entering the housing market, coupled with a limited inventory of homes, helped to create a sellers’ market that saw homes selling in their first days on market, often with competing numbers. With the continued frenzy still going on in June, and with news of the “housing bubbles” in Vancouver and Toronto, many are asking “will the Calgary housing market crash?

Looking at future projections and key statements made by the federal government and bank of Canada, there are a few key takeaways that should give optimism to anyone still looking at purchasing their first home. Not only will the Calgary housing market not crash, it is actually expected to stay positive throughout the next couple of years. Here are the top three reasons to support this claim!

Returning Optimism

Its starting to feel like the beginning of the end of the pandemic. As vaccines become more readily available, and to more age groups, the optimism of things returning to normal is becoming more real. Just recently, Jason Kenney announced that potentially as early as June 11, we could reach a new phase in returning to normalcy, including reopening public libraries, indoor restaurants, gyms, and even movie theatres. There is even plans to have the Stampede return (even if its scaled back, this is still huge news!). And this is all great news for buyers and sellers of real estate. During the pandemic, Canadians saved much more than typical, going from around 3% before the pandemic to over 25% during. Uncertainty around job security forced people to save during these times in the event they lost their income.

With the vaccine rollout there is a lot more confidence in the job market which is also showing in the housing market. Now that the light at the end of the tunnel is becoming more apparent, these same savers will most likely become the biggest spenders opting for home ownership or larger homes to accommodate their new lifestyle of working from home which is becoming more acceptable and even preferred with many companies.

Long term stability of low interest rates

Interest rates continue to be at historical lows of just 2.45%. And with the Bank of Canada announcing that they plan on keeping it this way until at least October 2022, speculation for the future becomes much more predictable. But another interesting thing happens when the bank of Canada lowers the interest rates and announces no changes to be made until that far down the line – firms and households increase their demand for credit, and commercial banks increase their quantity of credit supplied.

This is huge, especially for the housing market. Having lower interest rates, and a larger pool to draw from, makes it easier for purchasers to finance their home, as well as increases the amount the amount they can borrow, giving them more choice in the market. One caveat to mention though is that they did also increase the mortgage stress test (read more here) to slow down the flurry of buyers entering the housing market. Regardless, low interest rates attract more buyers, and until the interest rates increase, you can expect people to take advantage of the low cost of financing.

Increase in Immigration

When the pandemic was officially announced in February of 2020, the Federal government gradually introduced stricter measures to limit travel into Canada. As a result, we saw immigration decrease by over 60% in 2020. Eventually, international travel did become more permissible, however, anyone entering Canada from another country were forced to be quarantine at approved hotels, with security present. Covid testing was also strictly enforced to ensure those travelling did not unwittingly bring the virus to Canada.

With the steady pace of vaccinations rolling out, these international travel restrictions are expected to be lifted, and with that, immigration to resume. In fact, during the last quarter of 2020, Marco Mendecino, the Canadian minister of immigration announced plans to significantly increase immigration levels in 2021-2023 to help the Canadian economy recover. (read article here). His projections are that over 400,000 immigrants will become permanent residents of Canada PER YEAR. To put this in other terms, if those numbers are met, that could mean that approx. 3% of Canada’s population could be newly landed immigrants by end of 2023.

With immigration comes an influx of investing, new opportunities, and an increase in the labor force. Over the next three years, over 1.2 million new people will move to Canada, and they are going to need a place to rent or buy!

If you are planning to purchase your first home soon, rest assured your investment will be well spent. Calgary is already one of the top ten best places to live, but if you zoom in enough on the map, you’ll see Axis at Walden, where we have some of the best built townhomes. Treat yourself to an amazing home, in an amazing city!

Our show homes can be found at 10 Walden Lane S.E

Hours of operation are 2-7pm Monday-Thursday, closed Friday, and open Saturday/Sunday/Holidays from noon – 5pm.