Genesis’ acquisition
The company paid a deposit of $2.7 million, with an additional $9.1 million due at the transaction's closing on June 7, 2024. The remaining balance of $42.1 million will be paid in four instalments over the next four years.
The option to purchase an additional 106 acres immediately south of the land may be exercised between January 1, 2029 and December 31, 2037.
The City of Calgary has optioned both pieces of land for future urban development. Both are located within the East Calgary Regional Context Study Area, which will require an area structure plan to be approved prior to development.
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Sign up nowGenesis’ recent developments
Earlier in May, Genesis was contracted to sell a 40% ownership stake to two separate Calgary-based home builders in the Genesis Huxley development project for proceeds of $21.4 million.
The Huxley project contains 160 acres of residential development land in the east Calgary community of Belvedere. When fully developed, it is planned to contain approximately 1,400 homes. Both transactions are scheduled to close on December 13 of this year.
Genesis also reported $68.3 million in revenues in the first quarter of 2024, with $7 million in net earnings. The company sold 123 residential lots, an increase of 98% from the same period in 2023. In addition, Genesis sold 85 homes, an increase of 42% from Q1 2023. It had 113 new home orders compared to 24 in the same period last year.
The Q1 report noted Genesis is working with key contractor partners and home buyers to address concerns relating to cost increases and a lack of skilled labour, as well as some products and materials in its land development and home building divisions.
Choosing a mortgage lender
Securing the right mortgage is a crucial step in the home buying process. It's essential to find a mortgage with the most favorable rates and terms that align with your individual financial situation. That's when you need to choose a mortgage lender that fits your needs. Just a few of the features you should be looking for in a mortgage lender include fixed- and variable-rate options for mortgages, guaranteed rates, flexible payment schedule, lump sum prepayments, regular payment increase and online or in-person application.
One of the top mortgage lenders in Canada is Tangerine. Formerly known as ING Direct Canada, this bank is probably best known by Canadians for its no-fee chequing account. Furthermore, Tangerine has great products with competitive rates and unique features that set it apart from other Canadian mortgage lenders.
Tangerine’s rates are competitive and guaranteed for up to 120 days — which is definitely on the longer end, as some banks will only hold the rate for 30 days. If the rate drops within that time period, you can apply to qualify for the lower rate. But its standout feature has to be its portability, which means that if you choose to move, you can take your mortgage with you. There is no penalty to do this and you can keep your current rate, term and loan amount. Apply online at Tangerine now.
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