In late November, city council approved the 2020 adjustments to the One Calgary Service Plans and Budgets, setting out the City's budget for the new year. So, what can homeowners expect from the 2020 budget?

Housing affordability was centre stage when the federal government announced the new First-Time Home Buyer Incentive program as part of their 2019 budget, and it promises to be a big campaign issue this fall.

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.

Limited budget need not limit buyer options

A dollar may not go as far as it used to, but $300,000 can still take Calgary homebuyers a long way.

"At that price, you could look at a one- or two-bedroom apartment with underground or outside parking, and an elevator if you want a high-rise," said Monique Windrem, a REALTOR® and leasing agent with Hope Street Real Estate Corp. "You might get extra storage, and if you opted for a one-bedroom, you may also have a gym, concierge and security if you're not set on living downtown."

Tips on how to see if you're bank account is ready for your first home

So you're ready to be a homeowner. But is your bank account?

Canada Mortgage and Housing Corp. (CMHC) offers the following tips to help first-time homebuyers determine if their financially ready to take that first step:

They say only two things are certain in life: death and taxes. But for once, the government is scaling back its share. With around nine million of Canadians set to see their tax burdens lessened in 2016 thanks to the Canadian government's newly introduced tax cuts, CREB®Now breaks down some of the small print included in the changes.

$3.4 billion
With around nine million Canadians making between $45,282 and $90,563 set to see their tax bills decrease in 2016, the total cost to the Canadian government will be $3.4 billion. Single individuals who benefit will see an average tax reduction of $330 every year, and couples who benefit will see an average tax reduction of
$540 every year. The maximum tax reduction will be $679 per individual and $1,358 per couple.

City council has approved what it's calling a 2016 Resilience Budget. Presented as part of adjustments to its operating budget for 2016-18, the resilience budget which will change what Calgarians will be paying for many City services.

CREB®Now takes a look at some of those changes:

1. $4.90
With a property tax hike originally pegged at 4.7 per cent when the City released its 2015-2018 Action Plan, the subsequent cut to 3.5 per cent will mean the average Calgarian will be shelling out $4.90 more per month rather than $6.75.

Decreases to Alberta's education budget causing further concern for Calgary parents

Candice Collins is no stranger to long commutes. Growing up in the northeast community of Rundle, she had to navigate the city's public transit system for hours each day to attend William Abrehart High School in city's northwest, her designated French-immersion school.

Now in her 30s, Collins is worried her five-year-old son may face the same fate in getting to school.
"[I'm concerned] he's going to wind up with a super long commute. Because in order to find the programs and the atmosphere that I want, we might have to move around," she said.

"I have quite a few people who have told me they have to take their kid great distances every day. Maybe their elementary school is close, but then their junior high isn't close and their high school might be even farther."