When your neighbours moo, it's time to move
There came a point in Meghanne's 29-year-old life when she decided it was time to be an adult and buy a house. As a financial planner, she wanted to practice what she preached about investing in homeownership.
Then again, living on a dairy farm near Airdrie with only cows for neighbours could have been a factor, too.
Finding a home when everyone else wants one
After 11 years of renting, Meghanne was ready to buy. As a single woman with an active lifestyle, she didn't want an older house that required a lot of work or maintenance, so she focused her search on newer homes. Trouble was, many houses were out of her price range, and those that weren't got snapped up quickly.
Airdrie's lower cost of living has sparked a boom. People from more expensive cities, like Calgary, are flocking to the area. In fact, CBC named Airdrie one of Alberta's fastest-growing cities in 2021. After getting priced out of the market in their cities of origin, these transplanted residents weren't blinking at the median home price of $432,000. This and a shortage of inventory made for a super-hot real estate market — not exactly ideal when you're looking for your first home and have a limited budget.
A federal program that actually helped
Being resourceful, Meghanne started researching her options. She discovered the First-Time Home Buyer Incentive, whose mission is to help first-time home buyers qualify for their home. Meghanne qualified for the program by meeting the income limit of $120,000 and having a 5% down payment available.
Through the first-time buyer incentive, Meghanne found a newly-constructed home affordably priced at $335,000. At only 1100 square feet, the adorable small house featured three bedrooms, two bathrooms, a living area, kitchen, front porch and attached garage. Because Meghanne selected a new construction home she qualified for the 10% incentive, bringing her total down payment to 15%.
"I fell in love," says Meghanne, "and the price was perfect." And because the home wasn't fully complete, she was able to personalize it by making decisions on the finishes.
What happened next
Five months after moving in, her new home had already increased in value, appraising at $356,000 and boosting her equity by $21,000. And the planned close-knit community will soon be even closer when her co-worker moves into the same neighbourhood.
Meghanne's looking forward to having an already-made friend as her neighbour — instead of cows.
