I wonder about the purpose of this video? To bring more AirBNB business to Canmore? Is this kind of business not sufficiently developed at this point? Is it creating more competition to Banff? And just out of interest (for non-Canadians)- how much is the local government involved in the whole story? I mean, it's up to them to decide whether or not the city of Canmore needs more such rental properties that compete against each other. Does the city do anything in order to make the place more attractive for such kinds of investment?
What if i use an out of province bank to get, lets say 10% down. Anything hindering me from that purchase going through? Any local laws stating minimum 20% down for example?
Hi Nathan, thanks for the comment. There is nothing hindering a purchase from going through if you are an out of province buyer as long as you're a canadian citizen or permanent resident of Canada. That being said, due to these types of properties and the way the banks views them they all require a minimum of 20% down unless you plan to use a form of private lending. Are you looking to get into the Canmore real estate market? Hope this helps. Cheers!
35% down payment? That limits buyers by a loooot. I will never achieve my dream to have a townhouse in Canmore if the down payment is 35%. IF average price is 1.2M then down payment 35% is 420K. Who has these money in the pocket right now?
@@alexandrucovaliov8989 35 percent down if you are doing an “investment” property …short term rental. Not otherwise. Short term rental is regarded like a hotel and needs a higher down payment.
I wonder about the purpose of this video? To bring more AirBNB business to Canmore? Is this kind of business not sufficiently developed at this point? Is it creating more competition to Banff? And just out of interest (for non-Canadians)- how much is the local government involved in the whole story? I mean, it's up to them to decide whether or not the city of Canmore needs more such rental properties that compete against each other. Does the city do anything in order to make the place more attractive for such kinds of investment?
What if i use an out of province bank to get, lets say 10% down.
Anything hindering me from that purchase going through? Any local laws stating minimum 20% down for example?
Hi Nathan, thanks for the comment. There is nothing hindering a purchase from going through if you are an out of province buyer as long as you're a canadian citizen or permanent resident of Canada. That being said, due to these types of properties and the way the banks views them they all require a minimum of 20% down unless you plan to use a form of private lending. Are you looking to get into the Canmore real estate market? Hope this helps. Cheers!
Excellent info. Thanks for sharing
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Never heard of 20
Percent down for Canmore. I believe it’s 35 percent minimum down for financing.
Correct me if I am wrong
Hi Bodhi, thanks for the comment. There are a few local lenders where we have seen our clients do 20% down. It really depends on the sale price.
@@canmorearealiving Thad’s great to know. Thank you
You're welcome! Let us know if we can help further.
35% down payment? That limits buyers by a loooot. I will never achieve my dream to have a townhouse in Canmore if the down payment is 35%. IF average price is 1.2M then down payment 35% is 420K. Who has these money in the pocket right now?
@@alexandrucovaliov8989 35 percent down if you are doing an “investment” property …short term rental. Not otherwise. Short term rental is regarded like a hotel and needs a higher down payment.