Report the Sale of Your Principal Residence

If you sell your home, it will need to be reported on your personal income tax return.

CRA will charge a penalty of $100 per month
to a maximum of $8,000, if not reported

In the past, you were not required to report anything if you sold a home that was designated as your principal residence and the gain was fully exempt. Although the gain is still exempt from tax, CRA has changed its policy. This means that if you sell your home, it now needs to be reported on Schedule 3 of you 2017 personal income tax return.

The following information must be reported:

• Year of acquisition
• Description of the property
• Original purchase price
• Sale price (proceeds)
• Costs associated with the sale

WHY MOBILE HOME OWNERSHIP MAY BE A GREAT OPTION FOR YOU

The Lore Group is often asked by purchasers if buying a mobile home is a good investment. Here are a few points we think purchasers should consider:

YOU WON’T BREAK THE BANK WHEN PURCHASING A MOBILE
Many people view home ownership as an unattainable dream. When purchasing a mobile home, you get to enjoy the perks of home ownership without the often higher financial cost of a traditional single family home. In this regard, mobile homes can make homeownership easier to achieve. And since mobile homes usually cost less per square foot than a stick built home, you can get more space and amenities for your money. Mobile homes can be purchased new or used, with used homes often offering even greater savings. The money saved affords a buyer much more freedom to experience all that life has to offer.

LOCATION, LOCATION, LOCATION
The negative stereotype of mobile home parks couldn’t be further from the truth. Most Fort McMurray mobile home communities are gorgeous! Check out areas such as Morgan Heights, Westborough Heights & Cartier Park in Timberlea. Newly rebuild areas in Beaconhill and Waterways offer both resale and brand new homes built with the most up to date energy efficiency packages. These beautiful neighbourhoods feature parks, playgrounds, waterparks and are close to schools and amenities.

QUALITY, SAFETY & ENERGY EFFICIENCY
Modern mobile homes are built in controlled environments by professional tradesmen. This means they can be consistently built to a high standard.
Many of the well-known mobile home builders are well-regarded throughout the industry for creating excellent homes, solidly built to exacting standards that address every aspect of the home; heating, plumbing, air conditioning, thermal and electrical systems, structural design, construction, fire safety & energy efficiency. Inspectors ensure that all standards are met, along every step of the way, from design, to construction to assembly. Recent technology has driven design forward and further improved the quality of Mobile Homes in a streamlined, proficient way that makes this type of housing affordable, safe, custom and environmentally sustainable.

ENJOY YOUR OWN PRIVATE YARD
For those with a love of gardening or family gatherings around the fire pit, mobile home ownership may be a perfect fit. Mobile homes in Fort McMurray have the added benefit of their own private and spacious yards. Safe and fun space for your children and pets to play, in many cases without restrictions often imposed by conventional condominium life, many lots feature generous privately owned parking and room to store all those toys.Fort McMurray offers both bareland condominium, and non condominium neighbourhoods. It’s important in any neighbourhood to become familiar with any rules and restrictions when determining if it’s the right place for you to set roots.

EMBRACE YOUR FREEDOM
There are so many different types and configurations of mobile homes, you can embrace this freedom and choose a home layout and décor that suits your lifestyle and personal taste. With mobile home lots now available to purchase at a reasonable cost, you can choose and customize your own brand new home! The most desired features of site built homes including bathrooms with whirlpools, walk-in closets, bay windows, fireplaces and fully-equipped kitchens with top of the line appliances. On the outside, you can choose your siding material and even build features like patios, decks, awnings, out buildings and fire pits, and in some cases yards are large enough for a garage. You can personalize…upgrade, paint, or completely remodel anytime you want. An added benefit to mobile home ownership is no overly close neighbor’s. While it is nice to get to know your neighbors, it’s also nice to have your own privacy. Unlike apartments, when you live in a mobile home you don’t share walls or a yard with your neighbors.

RESALE VALUE
The Real Estate market in Fort McMurray has not been without its changes in the past few years. It may interest a purchaser to know that on a percentage basis mobile homes have retained the strongest values year over year in 2017.
Research, Research, Research
All things considered, when buying a new home is there any reason not to go the Mobile Home route? Whether you are a first-time home buyer, looking for a change from apartment life or making the transition from a traditional single family home the process can be daunting. With so many mobile home sizes, designs and locations to choose from, the options are seemingly endless. A Lore Group Realtor would be pleased to assist you with the research required to find you the perfect home in a location you will love.

THINKING OF SELLING YOUR MOBILE HOME??

If you are considering selling your Fort McMurray home and would like a FREE MARKET EVALUATION feel free to contact Micheal Cammock, Jamie Hewat, Tristan Parker or Susan Lore to find out how much your home is worth in today’s market and how The Lore Group, Coldwell Banker Fort McMurray, can help you.

WHY BUYING A HOME DURING THE WINTER MONTHS CAN BE A SMART MOVE.

Winter is usually when people are looking to deck their own halls—not buy new ones. But buying a Fort McMurray home in November, December and January can have some big advantages.

While the cold, snow and short days may tempt you to hunker down and stay inside, winter could be a perfect time to find the home of your dreams for a great deal. Here are a few reasons why:

 REAL ESTATE SALES COOL DOWN

Traditionally during the winter there are fewer homes on the Fort McMurray market. As the weather cools, so does the Fort McMurray Real Estate market and many people wait to buy or sell until warmer weather hits. This means there are fewer buyers to compete with. It is simple economics-less buyers means lower demand, this can work in your favour and increase the odds that you find a house that ends up being a perfect fit. As things slow down, sellers and their properties get less action and this may make them more eager to work with you.

SKIP THE FORT MCMURRAY PEAK REAL ESTATE SEASON

Prices are normally at their highest during the spring and early summer months. Inventory rises, but there are a lot more buyers competing for properties and sometimes multiple offers. The laws of supply and demand are always a factor in Real Estate. This year due to the Fort McMurray wildfire rebuild, there are many awesome new homes coming to market for you to choose from.

SELLERS ARE MOTIVATED

Winter may not the ideal time for some to sell so sellers with properties in the market can sometimes be highly motivated by something urgent or time sensitive such as a new job, growing family or pending retirement. A winter sell can be a good indication of a seller’s motivation. For many people, it’s emotional. The end of the year brings closure and they want to tie up loose ends. Many sellers will want to get the deal closed.

NOTICE HOW A HOME WORKS IN HARSH WEATHER

Fort McMurray is known for long cold winters and brisk warming trends offering respite and fluctuations that will test the ability of a home to insulate and protect its residents. Serious problems are more likely to be detected such as drafty or frosted windows and doors, heating, plumbing, ice damning, roof and gutters issues. Winter is the ultimate litmus test of a home and most of its systems. This information is vitally important and can be useful when establishing price.

TAX MOTIVATIONS FOR WINTER BUYERS AND SELLERS

Year end is coming and many investors and corporations can take advantage of buying or selling properties to improve their tax situation. This could work to your advantage as timing is everything.

 MORTGAGE RATES MAY RISE IN 2018

This is no small matter. Scotiabank’s out with a new prediction. The nation’s #3 mortgage lender says rising rates will cause average mortgage carrying costs for new buyers to jump 8% in 2018 and another 4% in 2019 (assuming stable home prices). Now is a great time to prequalify for a mortgage and lock in to get the best mortgage rate you can. Buying during winter, before rates have a chance to increase, is a clear winning strategy if you want to save extra money.

THE HOLIDAYS MAY MAKE EVERYONE A LITTLE BIT MERRIER

As friends and family gather, many are in good spirits you may just get a better price based on holiday cheer.

THE LORE GROUP REALTORS LOVE THIS TIME OF YEAR

Don’t let winter put the chill on your house hunting efforts. If you are interested in viewing property a Lore Group Real Estate professional would love to tour with you , and walk you through the home buying process. Put on those cozy winter boots, bundle up, pack a warm cup of cocoa to go and let’s get out there.

FOR A LIST OF AVAILABLE FORT MCMURRAY PROPERTIES CALL OR TEXT SUSAN LORE, MICHEAL CAMMOCK, JAMIE HEWAT, TRISTAN PARKER OR SHERYL SCOTT AT 780 370 3325

Don’t put off searching for a new office space until the last minute

Tenants seeking Commercial space in Fort McMurray under 5,000 square feet should start a search at least 6 months ahead of time. Allow ample time for your Real Estate professional to search for a space that fits your requirements. You will need time to perform due diligence, negotiate and draft the lease. In cases where the space requires build out or remodelling plan for additional time to work with planners, architects and construction crews, this can take up to a year.

For large spaces businesses, should begin the planning process at least a year prior to expiry of their current lease. The larger the tenant the more complex their business needs may be. Big corporations need to start earlier to allow time to find the best possible fit.

Put together a team of professionals

Don’t go it alone. Putting together a team of qualified professionals may be your most important task. Choose a local experienced, full time Fort McMurray commercial agent who can share market trends, demographics, provide research on comparable rents and knowledge about the various areas for consideration. Many businesses make the mistake of not engaging the services of a local leasing agent. A Fort McMurray Real Estate agent can find you the optimal location assist you with finding the perfect commercial or industrial property, negotiate favourable terms and craft an offer to lease that will help you save time and money. Engage the services of a commercial Real Estate lawyer to review the finer details of the lease. You may need to enlist the services of professionals such as an architect, inspectors, accountant, various trades and in the case of larger businesses a project manager to serve as a single point of contact. Your Fort McMurray Real Estate professional can assist you with assembling a team.

Know your budget

Budget is important. Research all the costs to operate a space and your business. Many businesses wind up over budget because they didn’t review all the costs. Consult with your financial institution, accountant and review your business plan. While budget is important be open minded in your property search. Don’t let the rate be your only consideration. Bear in mind corporate image, visibility, parking, and the utility of the space and other complimentary businesses in the area that might create great synergy. Taking into consideration items such as this can help boost your corporate image, retain employees and attract new business.

Do your homework

Evaluate the buildings mechanical infrastructure to determine if it meets your business needs. Inspect the space or building inclusive of mechanical, electrical, plumbing and HVAC to ensure it is in good working order before you commence the lease. Be certain all building safety codes are met and the proper permits are up to date for any development in the space. Double check with the RMWB on zoning and ensure that your use will be permitted so that you can obtain a business license. Many businesses have made the huge mistake of assuming zoning alone is enough to ensure a business license. If your business requires a heath inspection check ahead to ensure you can meet applicable standards. Carefully review hours of operation, parking regulations, elevator access, security details, property tax and operating expenses. Did you know that many Landlords charge additional operating costs for running HVAC after normal operating hours?? Be in the know and avoid unplanned for costs that can affect your businesses bottom line.

Measure, Measure, Measure

When leasing commercial space, as a tenant, you must be 100% sure of the amount of space you are paying for. Do not rely on the landlords plans alone. Don’t be afraid to require the Landlord to prove it with a BOMA certified drawing. It could be a costly mistake if you do not have the space properly measured by a space expert.

Negotiate 

No term is too small to negotiate. Ask for favourable clauses that will benefit you. Explore Landlord incentives such as tenant improvement allowances, rent free periods and moving allowances. Carefully review options such as the option to sublease, terminate, extend and expand. Negotiate items such as designated parking and after- hours operation. Plan ahead for the future growth of your business. Address caps and terms for operating costs, pass through charges and negotiate the right to independently audit any charges.

If you would like to learn more about leasing or are considering leasing a commercial space for your business and contact Susan Lore, The Lore Group, Coldwell Banker Fort McMurray or visit our website theloregroup.com to view a list of available properties.

At last 2016 is in the rear view mirror! It’s been a tough one for Fort McMurray folks and most are glad to say goodbye. As we do so we would like to reflect on a few of the many things we are grateful for. For the great strength that we found in ourselves and each other during our most difficult times while fleeing a massive fire that decimated the community we love. For shoulders to lean on and the gracious and giving hearts of strangers we now call friends that reached out to the Fort McMurray community in our time of need. For the hope that inspires us as we work through the difficulties of the rebuild.

We look forward to the coming year. As we do we are reminded that many are still in need and not in their own homes. 2017 will be full of challenges to be sure, we want you to know we are here for you!

The Fort McMurray Real Estate Market will be forging new unprecedented ground this year as we enter the rebuild process aggressively in the coming months. There will be new opportunities and challenges. As a home owner it may be important for you to keep informed.

Our group will be monitoring the market, building on our preferred trades and trusted builders list from amongst the most reputable home professionals.

Please feel free to reach out to member of our group for information. No question is too small and we are here to help.

As we’ve previously profiled, with doorbells a-ringing and children a-carroling “Trick or Treat”, the neighborhood comes alive on Halloween; and home is at the center of it all.

For many, Halloween is the most fun time of the year; the last hurrah before winter comes and sends most of the country indoors until spring.  While some are satisfied to celebrate by just setting a candy bowl outside of their front door with the “Take One Please” note posted to its side, you may be wanting to provide your family and friends with more.  And what oozes the Halloween spirit more than turning your home into a haunted house for the party of the year!

You want to make this year the Halloween people are talking about for years to come.  Here are some tips and tricks to turn your house into a haunted one Michael Myers would be proud to call home.

Go Big or Go Home

The first thing to plan out once you decide to make the ultimate haunted house is establish the boundaries for your fright fest.  Do you want a completely immersive experience taking place in every room from backyard (as long as it’s not too chilly) to attic?  Or is limiting your guests to the basement or garage going to allow for the most fun?

You will also want to take ages of those who will be attending into consideration when planning out the activities.  Are you going for terrifying? silly? or both?  If this is a silly and fun “haunted” house for young children, maybe recreating the prom scene from Carrie isn’t the best idea.

Set the Mood

Halloween is all about the mood.  It is that feeling crawling up your spine when you hear the door creak while you are curled up on the couch with the blanket up to your eyes watching Scream.

Lighting: It worked for Wes Craven, so making sure the lighting works to perfection will work for you too.  Black lights are a quick and easy way to set the mood for the entire night.  Strobe lights are another great way to get the blood pumping.  Cover your furniture with sheets to make the lighting work even better and give more of an “abandoned” feel to your house.

Music: This is going to be the soundtrack to your night.  There are also plenty of classics and modern day tracks (“The Monster Mash” and Michael Jackson’s “Thriller” are pretty much required) to choose from, so make sure your playlist satisfies everyone attending.

Fog:  Who knew a fog machine (or dry ice) could make all the difference in the world?  Your guests will be so impressed with your attention to detail they won’t care if they are scared out of their minds!

You can also start your guests off with a frightening thrill by the way you set up the walk to your front door! 

Must Have Decorations

Now that the mood is set and your guests SOMEHOW survived the walk to the entrance of your haunted house, you want the inside to be just as death-defying.

Wall Decorations: A couple of packs of fake spider webs to cover your furniture and fixtures is a great start.  But there are also scene setters and huge Halloween themed wallpaper you can purchase that will transform any door or wall in your home.

Hanging Decorations: Use fishing wire to hang fake bats and spiders along your ceiling.  You can hang them at different levels also to give a feel that the scariness is all around you!

Its All About the Details:  This is where your creative juices will be put to the test.  Every Halloween themed party needs a bowl of eyeballs (peeled grapes) and dish of brains (cooked spaghetti), but besides that, how creative are you willing to get?  Is each room going to be based on a different scene from your favorite horror flicks?  Is there going to be an operating room from the hospital of your nightmares filled with guts and brains? Or a witches lair with smoky cauldron, broomsticks and black cats? Here is where you can put your own spin on the haunted house!

Ask Your Minions For Help

Have a few friends willing to go all out with you or have the budget to hire some actors?  Strategically place them around corners dressed in their most frightening costumes (mummies and witches are the favorites) to scare all of your guests!

While a haunted house is a fun way to get everyone together, Halloween doesn’t have to be all scary. Plan other activities like a costume contest, pumpkin carving competition or send your guests home with one of these delicious dessert ideas!  But most importantly enjoy the holiday with family and friends!

As Christmas and the New Year fast approaches, all of us here at The Lore Group would like to wish all our friends, clients, and associates a Very Merry Christmas and a Happy New Year.

This year has been a great one for us, and it’s included both old, familiar faces, and new ones we are happy to have met and hope to work with again in the future.

Of course, we know the Fort McMurray real estate market doesn’t stop just because its Christmas, and you can always reach a member of The Lore Group throughout the holidays at the team phone number, 780-370-3325. And if you’re spending your holiday starting your search for a new home, bookmark our Fort McMurray real estate search tool where you can create saved searches, mark your favourite listings, and get notified by email when new homes that meet your search criteria are listed.

The Lore Group team hopes you have a fantastic holiday this year, filled with family, warmth, and fun, and look forward to helping you with any 2013 real estate adventures you have planned!

Merry Christmas and Happy New Year from Susan, Jamie, Michael, Kelly, & Kyla.

GET THE LIFESTYLE YOU WANT… FOR THE VALUE YOU NEED.

The Lore Group is excited to be working with Devonian Properties on Fort McMurray’s latest and greatest Townhouse community, The Portage at Longboat Landing. With prices starting at only $550,000 and possessions starting as early as March, 2013 these townhouses are a great opportunity for Fort McMurray home buyers looking for a brand new home at an affordable price.

Available in 2 and 3 bedroom floor plans with three-floor open-concept layouts and two car garages, these townhouses are fully finished and upgraded throughout. Complete with window coverings, laminate flooring, stainless steel appliances, and modern light figures and finishings, these homes will be 100% move-in ready!

In addition to their great layouts, value, and prime location in the Downtown area, one of our favourite things about these townhouses is the extra bonus room on the ground floor. It comes fully finished, and would make a great office space, workout area, sewing room, or hobby area.

Benefits of Fort McMurray Townhouse Living

Fort McMurray townhouses are a unique blend of the privacy and square footage of a traditional house with the affordability and convenience of a condo. These are perfect for home buyers with busy, active lives and families who want the comfort of a house without the long list of maintenance work that can often come attached.

Here are some of the reasons we love townhouses, and are excited about the addition of The Portage development to Fort McMurray:

1. Amazing Central Location

This development is located in Fort McMurray’s Downtown, close to prime service and amenity areas. The area around The Portage is extremely walkable: most everything you need is within a 5 or 15 minute walk, including grocery stores, health services, parks and trail access, professional services, fitness centres, and entertainment venues.

2. Affordable & Modern

One of the key perks of buying a townhouse in Fort McMurray is price; often, townhouses cost less per square foot than standalone single-family houses. The value for your money will be unprecedented from this reputable, dependable, local developer. These new homes are fully finished with open-concept floor plans, and include gourmet kitchens with modern appliances and finishings, two-car garages, and a bonus room on the ground floor to accommodate your lifestyle.

3. Low Maintenance

If you’re not a fan of mowing, shovelling, or outdoor maintenance (and let’s be honest, who is?) a townhouse is a great option. The Homeowners Association will take care of a lot of this tedious yard maintenance for you. Additionally, purchasing a new Portage Townhouse means no renovations and many of the systems and appliances are covered against defects for the first few years by New Home Warranties.

4. Privacy & Security

Townhouses are medium-density developments, which means homeowners get a great mix of both privacy and security in these communities. Living with neighbours close by means extra pairs of eyes and ears around to keep watch. But you also aren’t “surrounded” on all sides like you would be with an apartment-style condo, which means you get a greater amount of privacy. You get your own home, your own entrance, and your own garage.

To learn more about The Portage development at Longboat Landing, visit the feature page on our website. You can also look through the first listings available in The Portage community, or contact us at any time with questions.

Heritage Landing: Yesterday’s Prices Today

1 & 2 Bedroom Fort McMurray Condos Starting at $259,900

Reserve Today: 780-370.3325

The Do’s and Don’ts in Purchasing a Condo

DO Hire a Professional REALTOR®

It’s FREE. Do your homework. Find the professional who’s experience in the condo market is undeniable.

DON’T Let UNCLE FRED Lead The Way

While Fred’s advice may be great, base your decision on facts. A subjective view is always best when investing in real estate.

DO Hire a Certified Home Inspector

Enough said.

DON’T Become House Poor

Finding a great REALTOR® is only the start, aligning yourself with a mortgage specialist is a must do. Understanding how much you can afford will ensure you do not break the bank!

DO Read

Condo ownership involves a joint interest set under the provisions of a Condo Corporation. Documents including bylaws, condo fee schedules, reserve fund studies, etc., are available, Read these documents thoroughly and hire a condominium document specialist or lawyer to red flag any potential issues.

For more information about Heritage Landing, check out the Heritage Landing Project Page on our website, or visit www.fortmaccondos.com.

Today marks the longest day of the year and the official start of summer here in Fort McMurray, and we know you’re all excited to enjoy the long, warm days. But if you’re trying to sell your Fort McMurray home this summer, you’ve probably got other things on your mind besides camping trips and BBQs.

Selling a home in the summer can be a tricky affair for exactly the same reasons most people love summer so much: it’s warm, we’ve got vacation plans on the brain, our kids are out of school, and buying real estate is often the last thing on people’s To Do list. Fort McMurray home sellers often have fewer showings when they put their home on the market in the summer, and it’s vitally important to make the most of the showings you do get. Buyers are out there looking, and if you want your home to get noticed you’ll need to spend some extra time getting your home – and your yard – in tip-top summer shape.

Outdoor Appeal

Curb appeal and outdoor spaces are never more important than during the summer months, and sellers should make sure they keep their front and back yards impeccable to capitalize on a home buyer’s natural inclination to notice these spaces more this season.

• Mow your lawns regular: at least once a week, and when the grass is growing fast twice a week is a must. Reseed and sod any patchy bits of lawn, and water regularly to ensure it stays a rich, health green colour.
• Trim any trees, bushes or shrubs to make sure they’re neat and tidy.
• Plant colourful flowers in gardens, boxes and hanging baskets. It’s summer time, and your yard planters should look the part and be in full bloom. Make sure you weed and water regularly.
• Decks and patios should be cleaned and looking their best. Use a power washer to get off must and caked-on dirt, and if your deck has been stained it might be time for a fresh coat. If you have patio furniture make sure it’s clean and appropriately sized for your space. Staging is just as important for outside spaces as it is for indoor ones!
• If you have a pet who roams your back yard, make sure you clean up after it regularly: the last thing you want is for one of your buyers to step in something your dog has left behind!

Indoor Details

Make sure the inside of your house looks great and is kept clean all the time: you don’t always get much warning when it comes to showings, so it’s best to be prepared and accommodating to anyone willing to view your home.

• Pay attention to the temperature and adjust accordingly. If it’s been hot and you don’t have air conditioning, you may need to bring out a few fans to keep the indoor temperature down. When it comes to fans, remember to turn them down just before you leave for a showing: a gentle breeze is fine, but a fan on high can be noisy and annoying to prospective buyers.
• Pack away all your winter boots and clothing. In the heart of summer, the last thing a prospective buyer wants to think about is winter!
• Fresh flowers add a lovely summer quality to your rooms. Make sure they’re colourful and in good condition: wilting flowers should be tossed immediately.
• Open the windows. Unless it’s raining, it’s better to keep air moving and prevent rooms from getting musty. Keep blinds up and window treatments pulled neatly back to showcase your home’s summer views. Keep your winds clean and free of fingerprints and streaks.

Time to Show

When it comes time for potential buyers to view your home, it’s important to make sure they feel comfortable and can focus on the task at hand: falling in love with your home!

• Leave your home while buyers are viewing to ensure they feel comfortable in the space and don’t feel like they’re being watched.
• Take your pets with you. Take your dog to the park or for a drive while your home is being shown. Your pet might be adorable and friendly, but it’s best if buyers don’t have to navigate around pets or worry about accidentally letting them escape while they’re viewing your property. If your cat or dog must be at home during the showing, crate them or put them in a closed room and leave a note letting the agent and buyers know there is a pet in the house and where it can be found.
• Provide cool beverages for prospective buyers. A jug of ice water or lemonade on particularly hot and muggy days is always greatly appreciated and leaves a positive impression.