Edmonton Real Estate Blog

Getting a Mortgage if You’re Self-Employed Requires More Effort

Getting a mortgage these days is tough enough, trying to achieve the same lofty goal if you’re self-employed is even worse. Granted, when the economy was in the darkest depths of the financial downturn, self-employed parties needed an extra large dose of luck. Even then the chances were almost nil.

Fast forward a few years and you have a collection of successful folks who decided to go it alone once they lost their jobs during the recession. It was one solution to an endless parade of closed doors and rejections. Now some of these entrepreneurial business people have reached a point where they want to upgrade their homes to better accommodate their office space. Or, they may even consider a stand alone office.

Either way, the majority of these buyers will need a mortgage. Lending companies are starting to take a second look at these individuals and seem to be receptive to self-employed mortgages, with reservations. Essentially, the more you do your homework before...

Edmontonians Love the Suburbs, But the City Centre Has Its Own Appeal

Edmonton is bursting at the seams, literally. Developers have consistently built out rather than up, increasing the city’s footprint as the population heads farther and farther into the suburbs. The appeal of more house and/or land for the buck is enticing even if long commutes and less at home time with the family are part of the package.

That dependence on the automobile has garnered a bit more scrutiny of late. Yes, Alberta is king as far as oil production in Canada and gas prices are not something the province should have to worry about. But there is still the environmental factor. Car designers have come up with more energy efficient models, and that is a great help.

There is also the issue of public transit. Extending bus, subway and metro lines is expensive. While it would be nice to connect each suburb to the city via one of these methods, the low density in suburbia means a lower tax base. The money just simply isn’t there, at least in most cases.