The federal government is hailing its First-Time Buyer Incentive program as a golden opportunity for thousands of potential homebuyers across the country who are hoping to purchase their first property.

From mortgage stress test relief and red tape reduction to general economic good news and jobs to boost consumer confidence, Calgary's housing industry is cautiously optimistic the recent change in provincial government could help cross a few items off its wish list.

However, that all hinges on the new United Conservative Party (UCP) government following through on its campaign promises.

While the common refrain that renting amounts to nothing more than "paying your landlord's mortgage" is a bit misguided, it does raise an interesting question: what kind of house can you afford with what you're currently paying in rent?

Homes with secondary suites have been a hot topic in Calgary for years, but their appeal for homebuyers looking to generate extra revenue is only growing amid adverse economic conditions.

The financing, the finagling, the legwork and the looking – buying your first home is one of the most exciting times of your life, but it can also be one of the most intimidating and stressful things you'll ever do.

An experienced REALTOR® can help guide you through every step, negotiate on your behalf and streamline the entire purchase process.

How to buy a vacation home without getting burned

While sunburn can ruin a holiday, getting burned on a vacation home purchase can sting for much longer. Fortunately, doing your homework will help you find your place in the sun without feeling the heat.

"The market has seen price drops lately, so a lot of people are finding vacation properties at $300,000 or below," said Bill MacDougall, a real estate professional with Optimum Realty Group in Calgary.

Calgary home choices that won't break the bank

Not so long ago, half a million dollars in Calgary might get you a starter home, minus the view. Today, buyers in the $300,000 - $500,000 range will like what they see when weighing their options.

How much home can you afford?

Shopping for the home of your dreams requires knowing how much you can afford to spend, which for most buyers ties directly into a mortgage.

Financial institutions in Canada look at a buyer's Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to help determine how much mortgage to approve, and therefore, how much home a person can afford.

It's the biggest investment we are ever likely to make, yet too often buying and selling a home comes with a bunch of misconceptions about making the most of that investment.

Len T. Wong, broker/owner of RE/MAX Len T. Wong and Associates, chalks these misconceptions up to a lack of information, rather than any fundamental misunderstandings about the buying and selling process. Providing that education to the client, he says, is the role of an experienced REALTOR®.

Here are the top five buying and selling misconceptions Wong has seen throughout his 25-year real estate career: