Foothills Home Lottery to give away $2.4-million home in Mahogany

Imagine living on a secluded island without ever needing to leave Calgary.

This will soon be the reality for one lucky homeowner.

This year's Foothills Hospital Home Lottery grand prize is a 5,890-square-foot custom-built estate home located in the southeast gated community of Mahogany Island valued at $2.4 million.

Airdrie looks to improve acceptance of secondary suites with bylaw review

Calgary is not the only Alberta city tackling the controversial issue of secondary suites.

Airdrie is putting its current land-use bylaw under the microscope, meaning residents in that city could soon see changes to the way the suites are regulated.

Suites are currently allowed in just three neighbourhoods: Bayview, The Canals and Silver Creek. Under the proposed bylaws, the City would allow at least one secondary housing option (a basement suite, a garden suite separate lot unit, or a garage suite) in most residential districts, with the development authority having final say on appropriate usage of a secondary suite.

By the numbers

Canada's central bank carries out monetary policy by influencing short-term interest rates. It does this by raising and lowering the target for the overnight rate, which is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves. Not surprisingly, the overnight rate has a strong impact on the rates Canadians get from their lending institutions when they save or borrow money.

To help the average Canadian get a better grasp on the overnight lending rate, CREB®Now presents some of the key numbers.

OK, so the weather outside may not be frightful but that just means there's still time to add a little holiday cheer to your home before the snow begins to fall. With a few simple steps you can be cosily ensconced in your home bedecked with colourful strings of Christmas lights during the long winter evenings.

For those DIY homeowners, here are a few simple steps and tips to make your home merry and bright:

Canadians are choosing to invest in home renovations over new home purchases

Canadian renovation activity is on the rise as the economic lull in the real estate market has left some homeowners reluctant to move, instead opting to update.

In a recent report, Scotiabank senior economist Adrienne Warren found spending on home additions, new installations and replacement of equipment rose six per cent year-over-year through the first half of 2015, with renovation spending up in most provinces and outlays on track to total $53 billion this year.

Warren said current homeowners looking to upgrade are seeing renovations as an attractive option, as industrial price inflation for many renovation-related construction materials, equipment and household goods – such as kitchen cabinets, appliances and furniture – remain consistent.

Some tips of the trade for making Canada your home

* This is the third of a four-part homebuying series for new Canadians in partnership with the Epoch Times. Each month, the series will explore hot topic issues such as understanding market trends, processes for buying a home, determining factors that influence house prices and more.

More than five dozen Calgarians from 24 different countries joined hundreds of others across the country in becoming Canadian citizens earlier this month as part of National Citizen Week in Canada Oct. 13-21.

To mark the occasion, CREB®Now is offering some tips on getting settled and, ultimately, finding that perfect place to call home.